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Project Cost Management Equations
PMI Project cost equations
22 cards·by vickyhardy
What is Planned Value
The authorised budget assigned to scheduled work
What is Earned Value
The measure of work preformed expressed as a budget
Actual Cost
The cost of all the work completed at this time
What is Budget at Completion
Baseline or sum of all budgets for work to be performed
What is Cost Variance
The amount over or under budget at any given time
Equation for CV
CV= EV - AC
What is Schedule Variance
The amount a project is ahead of behind a planned delivery date
What is the equation for Schedule Variance
SV = EV- PV
What is the Cost performance Index
A measure of the cost efficiency of budgeted resources
What is the equation for Cost Performance Index
CPI = EV/ AC
What does the Schedule Performance Index show
A measure of schedule efficiency
What is the equation for SPI
SPI = EV/ PV
What is EAC
The expected cost of competing all the work expressed as the sum of the Actual Cost of work to
date and estimate to complete
What is ETC
estimate complete is the expected cost to finish all remaining work
What is the equation for ETC
ETc = EAC - AC
What does a histogram show
understand patterns of processes by observing data frequency
What 3 factor limit a project
time, performance,cost and resource
What does WBS allow you to see
Tasks and how they are related
Correct Def for WBS
Deliverable orientated Hierachical decomposition of work to be executed by the project team
What does a deployment flow chart show
Team view
What is Maximin
best worst, negative view point for low demand
What is Maximax
Best outcome, used for high demand