Planned Value - As of today, what is the estimated value of the work planned to be done?
EV
Earned Value - As of today, what is the estimated value of the work actually accomplished?
AC
Actual Cost (total cost) - As of today, what is the actual cost incurred for the work accomplished?
BAC
Budget at Completion (the budget) - How much did we BUDGET for the TOTAL project effort?
EAC
Estimate at Completion - What do we currently expect the TOTAL project to cost (a forecast)?
ETC
Estimate to Complete - From this point on, how much MORE do we expect it to cost to finish the project (a forecast)?
VAC
Variance at Completion - As of today, how much over or under budget do we expect to be at the end of the project?
Cost Variance
CV = EV - AC (NEGATIVE is over budget; POSITIVE is under budget)
Schedule Variance
SV = EV - PV (NEGATIVE is behind schedule; POSITIVE is ahead of schedule)
Cost Performance Index
CPI = EV/AC (We are getting $X worth of work out of every $1 spent. Funds are or not being used efficiently.
Schedule Performance Index
SPI = EV/PV (We are only progressing at X percent of the rate originally planned.
Estimate at Completion 1
AC + Bottom-up ETC (This formula calculates actual plus a new estimate for the remaining work. It is used when the original estimate was fundamentally flawed.
Estimate at Completion 2
BAC / Cumulative CPI (This formula is used if no variances from the BAC have occurred or you will continue at the same rate of spending).
Estimate at Completion 3
AC + (BAC - EV) (This formula calculates actual to date plus remaining budget. it is used when current variances are thought to be atypical of the future. It is essentially AC plus the remaining value of work to perform).
Estimate at Completion 4
AC + [(BAC - EV) / (Cumulative CPI x Cumulative SPI)] (This formula calculates actual to date plus the remaining budget modified by performance. It is used when current variances are thought to be typical of the future. It assumes poor cost performance and a need to hit a firm completion date).
To Complete Performance Index
TCPI = (BAC - EV) / (BAC - AC) (This formula divides the work remaining to do by the money remaining to do it. It answers the quest of "In order to stay within budget, what rate must we meet for the remaining work?")
Estimate to Complete
ETC = EAC - AC (How much more will the project cost)
Variance at Completion
VAC = BAC - EAC (How much over or under budget will we be at the end of the project?