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100 Essential Earned Value Management Definitions

Delve into the depths of project management proficiency as we present you with a comprehensive glossary, meticulously curated to encompass the very essence of Earned Value Management (EVM). This resource is designed to be your compass in navigating the intricate landscape of project performance measurement and control.
In this expansive glossary, you'll unearth not just definitions, but keys to unlocking a whole new level of comprehension. With 100 carefully crafted entries, we leave no stone unturned in elucidating the core concepts, terms, and calculations that constitute the realm of EVM.
Whether you're a seasoned project management veteran or just embarking on your journey, our glossary promises to be an indispensable companion

Actual Cost (AC)

The realized cost incurred for the work completed up to a given point in time.
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Actual Cost of Work Performed (ACWP)

The actual cost incurred for the work performed.
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Baseline

The original approved plan for the project.
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Budget at Completion (BAC)

The total budgeted cost for the project.
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Budgeted Cost for Work Performed (BCWP)

The budgeted cost of the work actually performed.
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Budgeted Cost for Work Scheduled (BCWS)

The planned budgeted cost for the work scheduled to be performed.
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Control Account (CA)

A management control point for measuring cost and schedule performance.
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Control Account Manager (CAM)

The individual responsible for managing a control account.
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Cost Baseline

The approved, time-phased budget for the project.
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Cost Estimate

The projected or actual monetary value assigned to project activities.
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Cost Estimate at Completion (CEAC)

The projected total cost of the project based on cost estimates.
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Cost Estimate to Complete (CETC)

The projected cost required to complete the remaining work based on cost estimates.
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Cost Performance Index (CPI)

The ratio of earned value (EV) to actual cost (AC). It indicates cost efficiency.
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Cost Performance Index Forecast (CPI Forecast)

The projected efficiency of cost performance based on the latest performance data.
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Cost Performance Index at Completion (CPIC)

The projected efficiency of cost performance at project completion.
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Cost Variance (CV)

The difference between earned value (EV) and actual cost (AC). Positive value indicates cost savings.
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Cost Variance at Completion (CVAC)

The projected difference between the earned value and the actual cost at project completion.
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Critical Path Method (CPM)

A project scheduling technique that determines the longest path of activities.
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Data Date

The specific date used as a reference point for performance measurement.
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EVM Index

A performance measurement index that integrates cost and schedule performance.
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Earned Schedule (ES)

A technique that measures schedule performance based on earned value.
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Earned Schedule Performance Index (ESPI)

A measure of schedule efficiency based on earned schedule metrics.
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Earned Schedule Variance (ESV)

The difference between the earned schedule and the planned schedule.
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Earned Value (EV)

The value of completed work expressed in monetary terms up to a given point in time.
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Earned Value Management (EVM)

Project management technique integrating scope, schedule, and cost performance to measure progress and performance.
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Estimate at Completion (EAC)

The projected total cost of the project based on performance to date.
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Estimate at Completion (EAC) with EAC Forecast

The projected total cost of the project based on the revised estimate at completion.
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Estimate at Completion (EAC) with ETC

The projected total cost of the project based on the estimated cost to complete the remaining work.
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Estimate at Completion (EAC) with TCPI

The projected total cost of the project based on the required efficiency to achieve a specific management goal for the remaining work.
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Estimate at Completion Range (EAC Range)

A range of projected values for the estimate at completion (EAC).
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Estimate at Completion with Actuals (EACA)

The projected total cost of the project based on actual costs incurred.
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Estimate at Completion with Combined Performance (EAC-C)

The projected total cost of the project based on combined cost and schedule performance analysis.
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Estimate at Completion with Cost Performance (EACC)

The projected total cost of the project based on cost performance analysis.
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Estimate at Completion with Earned Schedule (EACES)

The projected total cost of the project based on earned schedule analysis.
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Estimate at Completion with Performance Analysis (EACPA)

The projected total cost of the project based on performance analysis.
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Estimate at Completion with Performance Prediction (EACPP)

The projected total cost of the project based on performance prediction.
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Estimate at Completion with Revised Estimate (EACRE)

The projected total cost of the project based on a revised estimate.
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Estimate at Completion with Schedule Performance (EACS)

The projected total cost of the project based on schedule performance analysis.
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Estimate at Completion with Variance Analysis (EACVA)

The projected total cost of the project based on variance analysis.
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Estimate to Complete (ETC)

The projected cost to complete the remaining work of the project.
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Estimate to Complete (ETC) with EAC

The projected cost to complete the remaining work based on the projected total cost of the project.
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Estimate to Complete (ETC) with ETC Forecast

The projected cost to complete the remaining work based on the revised estimate to complete.
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Estimate to Complete (ETC) with ETC Remaining

The projected cost to complete the remaining work based on the remaining work's budgeted cost.
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Estimate to Complete (ETC) with TCPI

The projected cost to complete the remaining work based on the required efficiency to achieve a specific management goal for the remaining work.
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Estimate to Complete (ETC) with TCPI Remaining

The projected cost to complete the remaining work based on the required efficiency to achieve a specific management goal for the remaining work.
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Estimate to Complete with Actuals (ETCA)

The projected cost required to complete the remaining work based on actual costs incurred.
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Estimate to Complete with Combined Performance (ETC-C)

The projected cost required to complete the remaining work based on combined cost and schedule performance analysis.
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Estimate to Complete with Cost Performance (ETCC)

The projected cost required to complete the remaining work based on cost performance analysis.
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Estimate to Complete with Earned Schedule (ETCES)

The projected cost required to complete the remaining work based on earned schedule analysis.
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Estimate to Complete with Performance Analysis (ETCPA)

The projected cost required to complete the remaining work based on performance analysis.
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Estimate to Complete with Performance Prediction (ETCPP)

The projected cost required to complete the remaining work based on performance prediction.
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Estimate to Complete with Revised Estimate (ETCRE)

The projected cost required to complete the remaining work based on a revised estimate.
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Estimate to Complete with Schedule Performance (ETCS)

The projected cost required to complete the remaining work based on schedule performance analysis.
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Estimate to Complete with Variance Analysis (ETCVA)

The projected cost required to complete the remaining work based on variance analysis.
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Management Reserve (MR)

The contingency budget set aside for unforeseen risks.
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Management by Exception (MBE)

A management approach that focuses on addressing significant deviations from the plan.
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Performance Measurement Baseline (PMB)

The approved plan for measuring project performance.
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Performance Measurement Baseline Change Request (PMBCR)

A formal request to modify the performance measurement baseline.
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Performance Measurement Baseline Maintenance (PMBC)

The ongoing management and control of the performance measurement baseline.
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Performance Measurement Baseline Update (PMBU)

The process of revising the performance measurement baseline to reflect approved changes.
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Planned Value (PV)

The authorized budget planned for the work to be accomplished up to a given point in time.
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Planning Package (PP)

A higher-level task or set of tasks that require further planning.
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Project Performance Index (PPI)

A comprehensive indicator of overall project performance.
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Project Performance Review (PPR)

A comprehensive evaluation of project performance against established criteria.
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Schedule Baseline

The approved, time-phased schedule for the project.
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Schedule Estimate

The projected or actual duration assigned to project activities.
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Schedule Estimate at Completion (SEAC)

The projected time required to complete the remaining work based on schedule estimates.
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Schedule Estimate to Complete (SETC)

The projected time required to complete the remaining work based on schedule estimates.
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Schedule Performance Index (SPI)

The ratio of earned value (EV) to planned value (PV). It indicates schedule efficiency.
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Schedule Performance Index Forecast (SPI Forecast)

The projected efficiency of schedule performance based on the latest performance data.
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Schedule Performance Index at Completion (SPIAC)

The projected efficiency of schedule performance at project completion.
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Schedule Variance (SV)

The difference between earned value (EV) and planned value (PV). Positive value indicates schedule ahead.
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Schedule Variance at Completion (SVAC)

The projected difference between the earned value and the planned value at project completion.
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To-Complete Performance Index (TCPI)

The required efficiency to achieve a specific management goal for the remaining work.
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To-Complete Performance Index Range (TCPI Range)

A range of projected values for the to-complete performance index (TCPI).
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To-Complete Performance Index with Combined Performance (TCPI-C)

The efficiency required to achieve the project objectives based on combined cost and schedule performance analysis.
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To-Complete Performance Index with Cost Performance (TCPI-C)

The efficiency required to achieve the project objectives based on cost performance analysis.
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To-Complete Performance Index with Earned Schedule (TCPIES)

The efficiency required to achieve the project objectives based on earned schedule analysis.
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To-Complete Performance Index with Performance Analysis (TCPIPA)

The efficiency required to achieve the project objectives based on performance analysis.
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To-Complete Performance Index with Performance Prediction (TCPIPP)

The efficiency required to achieve the project objectives based on performance prediction.
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To-Complete Performance Index with Revised Estimate (TCPIRE)

The efficiency required to achieve the revised estimate at completion.
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To-Complete Performance Index with Schedule Performance (TCPI-S)

The efficiency required to achieve the project objectives based on schedule performance analysis.
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To-Complete Performance Index with Variance Analysis (TCPIVA)

The efficiency required to achieve the project objectives based on variance analysis.
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Trend Analysis

The examination of performance data over time to identify patterns and forecast future performance.
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Variance Analysis

The process of comparing planned values to actual values to identify discrepancies.
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Variance Threshold

A predefined limit used to determine the significance of variances.
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Variance at Completion (VAC)

The difference between budget at completion (BAC) and estimate at completion (EAC). Positive value indicates cost savings.
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Variance at Completion (VAC) with EAC

The difference between budget at completion (BAC) and estimate at completion (EAC). Positive value indicates cost savings.
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Variance at Completion (VAC) with EAC Forecast

The difference between budget at completion (BAC) and revised estimate at completion (EAC Forecast). Positive value indicates cost savings.
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Variance at Completion (VAC) with TCPI

The difference between budget at completion (BAC) and the earned value (EV) adjusted by the required efficiency to achieve a specific management goal for the remaining work. Positive value indicates cost savings.
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Variance at Completion (VAC) with TCPI Remaining

The difference between budget at completion (BAC) and the earned value (EV) adjusted by the required efficiency to achieve a specific management goal for the remaining work. Positive value indicates cost savings.
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Variance at Completion with Combined Performance (VACCPSP)

The difference between the budgeted cost and the earned value of the project, considering both cost and schedule performance.
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Variance at Completion with Cost Performance (VACCP)

The difference between the budgeted cost and the actual cost of the project.
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Variance at Completion with Earned Value (VACEV)

The difference between the earned value and the actual cost of the project.
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Variance at Completion with Performance Analysis (VACPA)

The difference between the budgeted cost and the projected cost of the project based on performance analysis.
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Variance at Completion with Performance Prediction (VACPP)

The difference between the budgeted cost and the projected cost of the project based on performance prediction.
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Variance at Completion with Schedule Performance (VACSP)

The difference between the budgeted cost and the earned value of the project.
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Work Breakdown Structure (WBS)

A hierarchical breakdown of project deliverables and activities.
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Work Package (WP)

A discrete task or set of tasks within a project.
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Work Package Manager (WPM)

The individual responsible for managing a work package.
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