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In pmev: Calculates Earned Value for a Project Schedule

pmev: Calculate Earned Value from a Project Schedule and Associated Costs.

Description

pmev implements project management tracking metrics as outlined in the Project Management Body of Knowledge (PMBOK) manual which can be found here.

Details

From an inputted list of project activities, start and end dates, planned costs, progress and costs to date, it calculates the following PMBOK metrics:

• Planned Value (PV) Planned Value is the amount of the task that is supposed to have been completed, in terms of the task budget. It is calculated from the project budget by:

  • PV = Percent Complete (planned) x Task Budget.

• Earned Value (EV) Earned Value is the amount of the task that is actually completed. It is also calculated from the project budget.

  • EV = Percent Complete (actual) x Task Budget.

• Actual Cost (AC) Actual Cost is the actual to-date cost of the task.

• Schedule Variance (SV) A value which tells you the amount that the task is ahead or behind schedule.

  • SV = EV – PV.

    • If SV is negative, the task is behind schedule.

    • If SV is zero, the task is on schedule

    • If SV is positive, the task is ahead of schedule.

• Schedule Performance Index (SPI) The SPI, similar to the SV, also indicates ahead or behind schedule but gives the project manager a sense of the relative amount of the variance.

  • SPI = EV / PV

    • If SPI < 1, the task is behind schedule

    • If SPI = 1, the task is on schedule

    • If SPI > 1, the task is ahead of schedule

• Cost Variance (CV) Cost Variance tells the project manager how far the task is over or under budget.

  • CV = EV – AC

    • If CV is negative, the task is over budget

    • If CV is zero, the project is on budget

    • If CV is positive, the project is under budget

• Cost Performance Index (CPI) The CPI, similar to the CV, also indicates over or under budget but gives the project manager a sense of the relative amount of the variance.

  • CPI = EV / AC

    • If CPI < 1, the task is over budget

    • If CPI = 1, the task is on budget

    • If CPI > 1, the task is under budget

• Budget at Completion (BAC) It is simply the total project budget, which is the aggregate of all of the task budgets.

• Estimate at Completion (EAC) This value tells the project manager what the overall project budget will be if everything else went according to plan.

  • pmev calculates this as EAC = BAC / CPI.

• Estimate to Complete (ETC) This value tells the project manager how much money must be spent from this point forward, to complete the project.

  • ETC = EAC – AC

• Variance at Completion (VAC) This value tells the project manager the forecasted cost variance (CV) at the completion of the project.

  • VAC = BAC – EAC

• To Complete Performance Index (TCPI) This value tells the project manager what CPI would be necessary to finish the project on budget. It gives an indication of how much efficiency needs to be found in the remainder of the project to make up for past negative variances.

  • pmev calculates this as TCPI = (BAC – EV) / (BAC – AC)

Author(s)

Maintainer: David Hammond [e-mail]

See Also

Useful links:

• https://github.com/david-hammond/pmev

• Report bugs at https://github.com/david-hammond/pmev

pmev documentation built on Sept. 11, 2024, 8:49 p.m.