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Feature:
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Earned Value Smart Columns
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| In Milestones Professional choose the
Insert tab. In the Rows, Columns section
choose New Column, from the drop down list choose
Earned Value.... Check on as many EV metrics as you need! |
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Budget-at-Completion
and Actual Cost are necessary
fields to derive further EV calculations, so those two columns are pre-selected.
Once on
the schedule, these two columns act as Values
SmartColumns, and values must be manually entered.
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The optional
automatically calculated columns listed above are similar to Calculation/Indicator
SmartColumns. Each of the optional earned value columns can display
graphical indicators.
Any columns that are checked will be added to
the schedule; any columns that are un-checked will be deleted.
If a column in the list already exists on the
schedule, that column will already be checked in the Insert Earned Value
Column dialog.
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- Budget-at-Completion (BAC)
...also called Budget, Performance Management Baseline,
Baseline Cost, etc. Contains user-entered budget values; the total amount of
funds to be spent by the completion of the task.
- Actual Cost (AC)
...also called "Actual Cost of Work Performed (ACWP)."
Contains user-entered costs to date; the amount of funds spent up to the status
date.
- Planned Value (PV)
...also called "Budgeted Cost of Work Scheduled (BCWS)."
Calculates expected budget expended to date; planned cost to date.
- Earned Value (EV)
...also called "Budgeted Cost of Work Performed (BCWP)."
Calculates the value of the work completed; budget x percent complete.
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CPI = Earned Value / Actual Cost. Calculates a ratio of the
value of what was accomplished (EV) versus what was actually spent to accomplish
it (AC), up to the status date.
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To-Complete Performance Index (TCPI)
TCPI = (Budget-at-Completion - Earned Value) /
(Budget-at-Completion - Actual Cost). Calculates the Cost Performance Index
(CPI) required through the remainder of the task to stay within the stated
budget; effectively the reverse of CPI.
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Cost Variance (CV)
CV = Earned Value - Actual Cost. Calculates the dollar value
of what was accomplished to date against what has actually been spent.
- Schedule Performance Index (SPI)
SPI = Earned Value / Planned Value. Calculates a ratio of the
value of what was accomplished (EV) versus what was budgeted to accomplish it
(PV), up to the status date.
- Schedule Variance (SV)
SV = Earned Value - Planned Value. Calculates the dollar value
of what was accomplished to date against what was budgeted to have been spent to
date.
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Estimate at Completion (EAC)
EAC forecasts the expected total costs to be accrued over the
life of the project based on current trends:
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Cumulative CPIxSPI Method: EAC = ((Budget-at-Completion -
Earned Value) / CPIxSPI) + Actual Cost. The EAC: Cumulative CPIxSPI Method
forecasts the total amount to be spent by adding costs incurred to date to
the remaining work to be earned, which has been weighted against the
combined current CPI and SPI performance values.
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Overrun-to-Date method: VAC = EAC: Overrun-to-Date minus
Budget-at-Completion.
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Cumulative CPI Method: VAC = EAC: Cumulative-CPI-Method
minus Budget-at-Completion.
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Cumulative CPIxSPI Method: VAC = EAC: Cumulative-CPIxSPI-Method
minus Budget-at-Completion.
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