Chapter 11

Project Execution and Control

Project Management for Business,

Engineering, and Technology

Intro to Project Execution and

Control

1
 Systems Development Cycle (SDC)
Phase A: Conception phase Phase B: Definition phase
Initiation on
Focuses stage
Problem Project
Focuses ondefinition
Solution
Feasibility
- What is needed? stage System definition
- What to build? (preliminary design)
- Is Proposal preparation
it significant? - How toUser and
build? system
(master plan)
- Can it be resolved in an requirements
acceptable fashion
Phase D: Operation phase Phase C: Execution phase
System maintenance Design stage
and evaluation
From an Idea to
Production/build stage
Physical
FabricationEnd-Item
Testing
System System
Implementation stage
Improvement termination
Training
Acceptance tests
(To Phase A: Installation
repeat cycle) Termination

Project Life Cycle

Today’s Project Management Situation

◼ Need for accurate and consistent status

information
◼ Numerous complex (and interrelated)
projects
❑ Projects with many WBS activities
❑ Virtual offices
❑ Diverse technology platforms - Link

2
San Francisco-Oakland Bay Bridge Construction

San Francisco-Oakland Bay Bridge Construction

3
There’s Room For Improvement

◼ 70% of projects:
❑ Over budget
❑ Behind schedule
◼ 52% of all projects finish at 189% of their
initial budget
◼ Some, after huge investments of time and
money, are simply never completed

Source: The Standish Group. (2011). Review and Assessment of Federal Major
Systems Acquisition.

Summarizing with Q&A

4
Execution Phase

Systems Development Cycle

Phase A: Conception phase Phase B: Definition phase
Initiation stage Project definition
Feasibility stage System definition
Proposal preparation User and system
requirements

Phase D: Operation phase Phase C: Execution phase

System maintenance Design stage
and evaluation Production/build stage
Fabrication
Testing
System System
Implementation stage
Improvement termination
Training
Acceptance tests
(To Phase A: Installation
repeat cycle) Termination

Project Life Cycle

5
Design Stage
◼ Purpose: Convert system specifications
and requirements into plans, sketches,
drawings.
1. Functional design
- Components of the system and their relationships

2. Physical design
- Size, shape, weight, strength

Production/Build Stage
◼ System fabrication/ construction/ assembly
❑ Components prepared by contractors and
suppliers are assembled into the final end-item

◼ System Testing
❑ requirement vs. design (verifying the design)
❑ design vs. production/build (verifying the product)
❑ production/build vs. customer expectations

◼ Detailed planning for the implementation stage

6
Implementation Stage
◼ The process of turning the system over to
the user:
❑ The best approach for converting from the old system
to the new system
❑ Sequencing and scheduling of implementation
activities and trainings
❑ Acceptance criteria for the new system

- Performed in collaboration with the Customer

Systems Development Cycle

Phase A: Conception phase
Initiation stage
Feasibility stage
Proposal preparation
Phase B: Definition phase
Project definition
System definition
User and system
requirements
PROJECT CONTROL

Phase D: Operation phase Phase C: Execution phase

System maintenance Design stage
and evaluation Production/build stage
Fabrication
Testing
System System
Implementation stage
Improvement termination
Training
Acceptance tests
(To Phase A: Installation
repeat cycle) Termination

Project Life Cycle

7
Summarizing with Q&A

Project Control

8
Project Control
◼ PM Team Role Throughout Phase C

Plan Do

Act Check

Project Control
◼ PM Team Role Throughout Phase C
❑ Guide project to meet performance
requirements, scheduled due dates, and
budgeted expenses. (Do)
❑ Track project performance vs. plan (Check)
❑ Take corrective action (Act)
◼ Make project conform with plan
◼ Make plan conform to new realities/expectations

❑ Forecast future performance (Plan)

9
Project Control

◼ During the Execution phase, the PM Team is

responsible for implementing and controlling
the project plan:
1. What? Project Scope Statement / SOW Change Control
2. How? Work Breakdown Structure (Configuration Mgmt)

3. Who? Responsibility Assignment Matrix Leadership

Schedule/
4. When, how long, and in what order? Schedule Procurement
Cost Control Control
5. How much? Cost Estimation
6. How well? Quality Management Quality Control

7. What if? Risk Management Risk Monitoring and Control

Project Control

◼ During the Execution phase, the PM Team is

responsible for implementing and controlling
the project plan:
1. What? Project Scope Statement / SOW Change Control
2. How? Work Breakdown Structure (Configuration Mgmt)

3. Who? Responsibility Assignment Matrix Leadership

Schedule/
4. When, how long, and in what order? Schedule Procurement
Cost Control Control
5. How much? Cost Estimation
6. How well? Quality Management Quality Control

7.
Earned Value Management
What if? Risk Management
System
Risk Monitoring and Control
(EVMS)

10
Summarizing with Q&A

Earned Value Management System

11
 Earned Value Management

Required by:
◼ NASA (http://evm.nasa.gov)

◼ DoD (http://www.acq.osd.mil/evm/resources/websites.shtml)

◼ DoE (https://www.directives.doe.gov/directives/0413.3-EGuide-10/view)
◼ Private industry

Earned Value Management (EVM) EVM Terminology

Reference Card ACWP Actual Cost of Work Performed (Actual cost incurred for work accomplished during a given period)
AUW Authorized Un-priced Work (Work contractually approved, but not yet negotiated)
EAC BAC Budget At Completion (Total planned value for the project)
TAB
BCWS Budgeted Cost for Work Scheduled (Planned Value - budget assigned to the planned scheduled
(CBB or PBB) BAC
work to be accomplished)
VAC
BCWP Budgeted Cost for Work Performed (Earned Value - budget value for the physical work
Management Reserve (MR) accomplished)
CA Control Account (Management control point to plan and control scope, schedule, and budget)
CBB Contract Budget Baseline (Total negotiated cost plus AUW)
Performance Measurement Baseline ETC EAC Estimate At Completion (Expected total cost of the project when the scope of work will be
(PMB) completed)
ETC Estimate To Complete (Expected cost needed to complete all remaining work)
MR Management Reserve (Budget withheld for unknowns / risk management)
NCC Negotiated Contract Cost (Contract price minus profit or fees or project value for in-house work)
OTB Over Target Baseline (Sum of CBB and recognized overrun)
SV
PBB Project Budget Baseline (Same as CBB for in-house projects)
CV PMB Performance Measurement Baseline (Time-phased budget plan)
$ Actual Costs PP Planning Package (Far term effort within a CA not yet defined into WPs)
(ACWP) TAB Total Allocated Budget (Sum of all budgets for work on contract = NCC, CBB/PBB, or OTB)
TCPI To Complete Performance Index (Efficiency needed from ‘status date’ to achieve an EAC or BAC)
Time Now UB Undistributed Budget (Broadly defined effort not distributed into CAs)
Projected
Planned Value WP Work Package (Near term effort detailed planned within a CA)
Slippage
(BCWS)
Earned Value
(BCWP)
Contract Price (Project Price)

Time TAB Fee/Profit

(no Project analogy)
Variances: (Favorable is Positive, Unfavorable is Negative) NCC CBB Plus
OTB
Cost Variance (CV): CV = BCWP – ACWP CV% = CV / BCWP x 100 AUW PBB Overrun
Schedule Variance (SV): SV = BCWP – BCWS SV% = SV / BCWS x 100
Variance at Completion (VAC): VAC = BAC – EAC VAC% = VAC / BAC x 100
PMB MR
Performance Indices: (Favorable is > 1.0, Unfavorable is < 1.0) Status Percentage
Cost Performance Index (Efficiency): CPI = BCWP / ACWP % Complete = BCWPCum / BAC x 100
Schedule Performance Index (Efficiency): SPI = BCWP / BCWS % Spent = ACWPCum / BAC x 100
UB CAs
% Schedule = BCWSCum / BAC x 100
To Complete Performance Index (TCPI)
TCPIEAC = Work Remaining / Cost Remaining = (BAC – BCWPCum) / (EAC – ACWPCum) WPs PPs
TCPIBAC = Work Remaining / Budget Remaining = (BAC – BCWPCum) / (BAC – ACWPCum)

Estimate at Completion (EAC) = ACWP + ETC NASA Contract / Project Hierarchy

EAC = Actuals to Date + Work Remaining / Performance Factor Common EAC Calculations
EACComposite = ACWPCum + (BAC – BCWPCum) / (CPICum x SPICum)
EACCPI = BAC / CPICum

For NASA in-house programs/projects and contract policies and requirements for the
Revised May 2012 application of EVM, please refer to the NASA EVM Website: http://evm.nasa.gov.

12
 EARNED VALUE MANAGEMENT Contract Price

‘GOLD CARD’ NCC

TAB
CBB
Profit / Fees

AUW OTB
OVERRUN
EAC
PMB Management
Total Allocated Budget
Reserve (MR)
Management Reserve BAC Undistributed Control Summary Level
PMB Budget (UB) Accounts (CA) Planning Packages (SLPP)
Projected Slip ?

Work Packages (WP) Planning Packages (PP)

Schedule Variance ACRONYMS
Cost Variance ACWP Actual Cost of Work Performed Cost actually incurred in accomplishing work performed
$ ACWPCum AUW Authorized Unpriced Work Work contractually approved, but not yet negotiated / definitized
= ACTUAL COST

BAC Budget At Completion Total budget for total contract thru any given level
BCWP Budgeted Cost for Work Performed Value of completed work in terms of the work’s assigned budget = EARNED VALUE
BCWSCum BCWS Budgeted Cost for Work Scheduled Time-phased Budget Plan for work currently scheduled = PLANNED VALUE
CA Control Account Lowest CWBS element assigned to a single focal point to plan & control
BCWPCum scope / schedule /
budget
CBB Contract Budget Base Sum of NCC & AUW
Time Time
Now
Completion
Date EAC Estimate At Completion Estimate of total Cost for total contract thru any given level generated by
Ktr, PMO, DCMA,
etc. = EACKtr / PMO / DCMA
LRE Latest Revised Estimate Ktr’s EAC or EACKtr
VARIANCES Positive is Favorable, Negative is Unfavorable OVERALL STATUS MR Management Reserve Budget withheld by Ktr PM for unknowns / risk management
Cost Variance CV = BCWP – % Schedule = (BCWSCUM / BAC) * 100 NCC Negotiated Contract Cost Contract Price Minus profit or fee(s)
ACWP CV % = (CV / BCWP) * % Complete = (BCWPCUM / BAC) * 100 OTB Over Target Baseline Sum of CBB + additional budget approved for remaining work
100 % Spent = (ACWPCUM / BAC) * 100 PAC Price At Completion EAC Plus Adjusted Profit or Fee(s)
Schedule Variance SV = BCWP – PMB Performance Measurement Baseline Contract time-phased budget plan
BCWS SV % = (SV / BCWS) * PP Planning Package Far-term CA activities not yet defined into WPs
SLPP Summary Level Planning Package Far-term contract activities not yet defined into CAs
100
TAB Total Allocated Budget Sum of all budgets for work on contract = NCC, CBB, or OTB
Variance at Completion VAC = BAC – EAC TCPI To Complete Performance Index Efficiency needed from ‘time now’ to achieve a Cost Target = BAC, LRE, or EAC
EFFICIENCIES VAC % = (VAC / BAC) * UB Undistributed Budget Broadly defined activities not yet distributed to CAs or SLPPs
Cost Efficiency CPI
100 = BCWP / ACWP Favorable is > 1.0, Unfavorable is < WP Work Package Near-term, detail-planned activities within a CA
1.0
Schedule Efficiency SPI = BCWP / BCWS Favorable is > 1.0, Unfavorable is < EVM POLICY: DoDI 5000.02, Encl 4. Table 5.
1.0 EVMS in accordance with ANSI/EIA-748 is required for cost or incentive contracts, subcontracts, intra-government work
BASELINE EXECUTION INDEX (BEI) & Hit Task % agreements, & other agreements valued > $20M (TY $). Contracts > $50M (TY $) require that the EVMS be formally
BEI = Total Tasks Completed / (Total Tasks with Baseline Finish On or Prior to Current Report Period ) validated by the cognizant contracting officer.
EVM is discouraged on Firm-Fixed Price, Time & Material Contracts, & LOE activities regardless of cost.
Hit Task % = 100 * (Tasks Completed ON or PRIOR to Baseline Finish / Tasks Baselined to Finish Refer to the IPMR Implementation Guide for IPMR Tailoring Guidance.
DoD’s EVM CONTRACTING REQUIREMENTS:
within Current Report Period )
DFARS CLAUSES 252.234-7001 “NOTICE OF EVMS” FOR SOLICITATIONS
ESTIMATE @ COMPLETION = ACTUALS TO DATE + [ (REMAINING WORK) / (PERFORMANCE FACTOR) ] 252.234-7002 “EVMS” FOR SOLICITATIONS & CONTRACTS
EACCPI = ACWPCUM + [ (BAC – BCWPCUM) / CPICUM ] 252.242-7005 “CONTRACTOR BUSINESS SYSTEMS” FOR SOLICITATIONS & CONTRACTS
EACComposite = ACWPCUM + [ (BAC – BCWPCUM) / (CPICUM * SPICUM) ] CONTRACT PERFORMANCE REPORT DI-MGMT-81466A 5 FORMATS = WBS, ORGANIZATION, BASELINE, STAFFING, EXPLANATIONS & PROB ANALYSES
INTEGRATED MASTER SCHEDULE DI-MGMT-81650 MANDATORY FOR DOD EVMS CONTRACTS
TO COMPLETE PERFORMANCE INDEX (TCPI) § # Integrated Program Mngt Report DI-MGMT-81861 * 7 FORMATS = WBS, OBS / IPT, BASELINE, STAFFING, EXPLANATIONS & PROB ANALYSES,
IMS, HISTORY / FORECAST COST
TCPITarget = Work Remaining / Cost Remaining = (BAC – BCWPCUM) / (Target – ACWPCUM) INTEGRATED BASELINE REVIEW MANDATORY FOR ALL EVMS CONTRACTS
§ To Determine the TCPI for BAC, LRE, or EAC Substitute TARGET with BAC, LRE, or EAC WBS For Defense Materiel Items MIL-STD-881-C
# To Determine the Contract Level TCPI for EAC, You May Replace BAC with TAB * Combines & Supersedes DI-MGMT-81466A & 81650; Effective July 1, 2012
EVM CoP: https://acc.dau.mil/evm
eMail Address: EVM.dau@dau.mil
Revised August 2013

13
 EAC
EAC
TAB Total Allocated Budget
(CBB or BAC
PBB) VA
C Management Reserve
Management Reserve (MR) BAC

ETC PMB
Performance Measurement Baseline
(PMB)

Projected Slip ?
Schedule Variance
SV
Cost Variance
CV $
$ Actual Costs ACWPCum
(ACWP)

Time Now Projected

Planned Value Slippage BCWSCum
(BCWS)
Earned Value
(BCWP) BCWPCum

Time Time Time

Now
Completion
Date

ACRONYMS
ACWP Actual Cost of Work Performed Cost actually incurred in accomplishing work performed = ACTUAL COST
AUW Authorized Unpriced Work Work contractually approved, but not yet negotiated / definitized
BAC Budget At Completion Total budget for total contract thru any given level
BCWP Budgeted Cost for Work Performed Value of completed work in terms of the work’s assigned budget = EARNED VALUE
BCWS Budgeted Cost for Work Scheduled Time-phased Budget Plan for work currently scheduled = PLANNED VALUE
CA Control Account Lowest CWBS element assigned to a single focal point to plan & control
scope / schedule /
budget
CBB Contract Budget Base Sum of NCC & AUW
EAC Estimate At Completion Estimate of total Cost for total contract thru any given level generated by
Ktr, PMO, DCMA,
etc. = EACKtr / PMO / DCMA
LRE Latest Revised Estimate Ktr’s EAC or EACKtr
MR Management Reserve Budget withheld by Ktr PM for unknowns / risk management
NCC Negotiated Contract Cost Contract Price Minus profit or fee(s)
OTB Over Target Baseline Sum of CBB + additional budget approved for remaining work
PAC Price At Completion EAC Plus Adjusted Profit or Fee(s)
PMB Performance Measurement Baseline Contract time-phased budget plan
PP Planning Package Far-term CA activities not yet defined into WPs
SLPP Summary Level Planning Package Far-term contract activities not yet defined into CAs
TAB Total Allocated Budget Sum of all budgets for work on contract = NCC, CBB, or OTB
TCPI To Complete Performance Index Efficiency needed from ‘time now’ to achieve a Cost Target = BAC, LRE, or EAC
UB Undistributed Budget Broadly defined activities not yet distributed to CAs or SLPPs
WP Work Package Near-term, detail-planned activities within a CA

Summarizing with Q&A

14
Earned Value through an Example

What does “VALUE” mean?

15
 Mat Foundation
- Equipment and Tools
- Materials
- Labor
- Overhead and Profit
- Concrete required for
Mat Foundation = 1,000 C.Y.
- Total Cost = 11.10 x 1,000 = $11,100
This is what you will gain
after completing this work
package
(ultimate VALUE)

Bare Cost
Total Including O&P
Unit Daily Output Labor-Hours Labor Equipment Total
C.Y. 400 0.16 $5.90 $1.97 $7.87 $11.10
RSMeans Building Construction Cost data

Mat Foundation
Planned Duration = 4 days

25% 25% 25% 25%

Planned
Value =
¼ * $11,100 = $2,775

This is what you will gain

after completing this work
package
(ultimate VALUE = $11,100)

16
Mat Foundation
Planned Duration = 4 days

25% 25% 25% 25%

Planned
Value =
¼ * $11,100 = $2,775

By the end of day 1, you only

performed 20% of work
20%

Earned
Value =
0.2 * $11,100 = $2,220

Mat Foundation
Planned Duration = 4 days

25% 25% 25% 25%

Planned
Value =
¼ * $11,100 = $2,775 At the end of day 1,
Earned Value < Planned
By the end of day 1, you only Value, so the project is
performed 20% of work behind schedule.
20%

Earned
Value =
0.2 * $11,100 = $2,220

17
Mat Foundation
Planned Duration = 4 days

25% 25% 25% 25%

Planned
Value =
¼ * $11,100 = $2,775 At the end of day 1,
Earned Value < Planned
- What if actual cost is $2,000?
Value, so the project is
behind schedule.
20%
At the end of day 1,
Earned Value > Actual
Earned
Value = Cost, so the project is
0.2 * $11,100 = $2,220 under budget.

Mat Foundation
Planned Duration = 4 days

25% 25% 25% 25%

Planned
Value =
¼ * $11,100 = $2,775 At the end of day 1,
Earned Value < Planned
- What if actual cost is $2,000?
- What if actual cost is $3,000?
Value, so the project is
behind schedule.
20%
At the end of day 1,
Earned Value < Actual
Earned
Value = Cost, so the project is
0.2 * $11,100 = $2,220 over budget.

18
 EAC
EAC
TAB Total Allocated Budget
(CBB or BAC
PBB) VA
C Management Reserve
Management Reserve (MR) BAC

ETC PMB
Performance Measurement Baseline
(PMB)

Projected Slip ?
Schedule Variance
SV
Cost Variance
CV $
$ Actual Costs ACWPCum
(ACWP)

Time Now Projected

Planned Value Slippage BCWSCum
(BCWS)
Earned Value
(BCWP) BCWPCum

Time Time Time

Now
Completion
Date

ACRONYMS
ACWP Actual Cost of Work Performed Cost actually incurred in accomplishing work performed = ACTUAL COST
AUW Authorized Unpriced Work Work contractually approved, but not yet negotiated / definitized
BAC Budget At Completion Total budget for total contract thru any given level
BCWP Budgeted Cost for Work Performed Value of completed work in terms of the work’s assigned budget = EARNED VALUE
BCWS Budgeted Cost for Work Scheduled Time-phased Budget Plan for work currently scheduled = PLANNED VALUE
CA Control Account Lowest CWBS element assigned to a single focal point to plan & control
scope / schedule /
budget
CBB Contract Budget Base Sum of NCC & AUW
EAC Estimate At Completion Estimate of total Cost for total contract thru any given level generated by
Ktr, PMO, DCMA,
etc. = EACKtr / PMO / DCMA
LRE Latest Revised Estimate Ktr’s EAC or EACKtr
MR Management Reserve Budget withheld by Ktr PM for unknowns / risk management
NCC Negotiated Contract Cost Contract Price Minus profit or fee(s)
OTB Over Target Baseline Sum of CBB + additional budget approved for remaining work
PAC Price At Completion EAC Plus Adjusted Profit or Fee(s)
PMB Performance Measurement Baseline Contract time-phased budget plan
PP Planning Package Far-term CA activities not yet defined into WPs
SLPP Summary Level Planning Package Far-term contract activities not yet defined into CAs
TAB Total Allocated Budget Sum of all budgets for work on contract = NCC, CBB, or OTB
TCPI To Complete Performance Index Efficiency needed from ‘time now’ to achieve a Cost Target = BAC, LRE, or EAC
UB Undistributed Budget Broadly defined activities not yet distributed to CAs or SLPPs
WP Work Package Near-term, detail-planned activities within a CA

Summarizing with Q&A

19
 EVMS Basics

Earned Value Management

❑ PV = planned value (also called BCWS:
budgeted cost of work scheduled): The value of
work scheduled to be performed in a given time
period.
❑ EV = earned value (or BCWP: budgeted cost of
work performed): The planned cost of work
completed to date.
❑ AC = actual cost (or ACWP: actual cost of work
performed): The actual cost of worked completed
to date.

20
EVMS Basic Definitions

◼ BCWS - Budgeted Cost of Work Scheduled

❑ is the plan.
❑ It is the cost allocated in the budget for the work
scheduled to be accomplished through the given
time period. This is the “Planned Value”.
❑ The sum cost of all works and apportioned efforts
scheduled to be completed within a given time
period as specified in the original budget.

EVMS Basic Definitions

◼ BCWP - Budgeted Cost of Work Performed

❑ is the budgeted cost for the work actually

completed through the given time period. This is
the “Earned Value”.
❑ The value of the work performed so far (fully
and/or partially completed work packages)
according to the original budget.

21
EVMS Basic Definitions

◼ BCWP - Budgeted Cost of Work Performed

❑ EV for a completed work task is the same as the

PV for that task.
❑ EV for a partially completed work task is
computed as the estimated percent complete for
the task multiplied by the budget for the task.

EVMS Basic Definitions

◼ ACWP - Actual Cost of Work Performed

❑ is the amount reported as actually expended

through the given time period for the work that
was actually done.
❑ The actual expenditure as of a given time period.

22
Summarizing with Q&A

Earned Value Concepts

23
Earned Value Concept (EV)
Status
Date
A 100%

B
50% C

75%

Total Expenditure
How well is this Budget to date
project doing?
A 1000 1000
B 2000 2050
C 1000 250

4000 3300

Earned Value Concept (EV)

Status
Date
A 100%

B
50% C

75%

(a)
Total (c) Percent (a) x (c)= (d) Percent (a) x (d)=
Budget (b) AC Scheduled PV Completed EV

A 1000 1000 100 1000 100 1000

B 2000 2050 100 2000 50 1000
C 1000 250 50 500 75 750

4000 3300 3500 2750

AC = Actual Cost PV = Planned Value EV = Earned Value

24
Earned Value Concept (EV)
Status
Date
A 100%

B
50% C

75%
(a) x (d)=
Budget
Total AC PV (a) x (c)=
(c) Percent EVPercent
(d) (EV)
4000
Budget 3300
(b) ACWP 3500 BCWS
Scheduled 2750
Complete BCWP

A 1000
• Since 1000is behind
EV < PV, project 100 schedule
1000 in terms100
of value 1000
of work
B (ignores
2000 critical2050
path) 100 2000 50 1000
C 1000
• Since 250is over 50
AC > EV project budget in500 75 of work
terms of value 750
completed

4000 3300 3500 2750

Summarizing with Q&A

25
 Class Exercise
EVMS

Class Exercise
%
Scheduled by PV % Complete EV AC
Budget the end of week
six

A A 220 100 100 240

B B 190 100 100 180

C C 250 100 50 150

D D 90 100 100 110

E E 350 100 50 190

F F 400 50 100 380

G G 250 0 0 0

H H 140 0 0 0

I I 240 0 0 0

1 2 3 4 5 7 8 9 10 11
2,130 1,250

26
 Class Exercise-Answer
Second Example %
Scheduled by PV % Complete EV AC
Budget the end of week
six

A A 220 100 220 100 220 240

B B 190 100 190 100 190 180

C C 250 100 250 50 125 150

D D 90 100 90 100 90 110

E E 350 100 350 50 175 190

F F 400 50 200 100 400 380

G G 250 0 0 0 0 0

H H 140 0 0 0 0 0

I I 240 0 0 0 0 0

1 2 3 4 5 7 8 9 10 11 1,300 1,200
2,130 1,250

Earned Value Example

Status summary analysis, end of week 6:

1. Project Cost to date $1,250
2. Value of work completed, EV = $1,200
3. Since EV < PV, project is behind schedule in
terms of value of work
4. Since AC > EV project is over budget in terms
of value of work completed

27
Summarizing with Q&A

28