A method for determining project performance. It compares the value of the work that was planned (BCWS) with the how much work was actually earned (BCWP), with what was actually spent (ACWP). These comparisons provide invaluable information about actual conditions within the project and trends that may be developing in terms of schedule and cost performance. Earned Value Analysis is commonly abbreviated as EVA.
SOURCE; microsoft project glossary-projectlearning.net
A) Analysis of project progress where the actual money budgeted and spent is compared to the value of the work achieved.
B) Earned Value can be used as a basis for calculating cost performance to date with that which was planned, or budgeted. A series of cost fields need to be established including:
ACWP - Actual Cost of Work Performed (Spent Cost) BAC - Baseline at Completion BCWP - Budgeted Cost of Work Performed (Earned Value/Achieved Cost) BCWS - Budgeted Cost of Work Scheduled (Elapsed Cost/Baseline Cost to Date) CV - Cost Variance CPI - Cost Performance Indicator EAC - Estimated Actual at Completion FTC - Forecast to Completion SC - Scheduled Cost SPI - Scheduled Performance Indicator SV - Schedule Variance Variance
Analysis of project progress where the actual money budgeted and spent is compared to the value of the work achieved.