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We've shown companies how to lower defects rates by 25% and have a 100% pass rate on the PMP exam.
Cost Variance (CV): The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.
Schedule Variance (SV): A measure of schedule performance expressed as the difference between the earned value and the planned value.
Cost Performance Index (CPI): A measure of cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
Schedule Performance Index (SPI): A measure of schedule efficiency expressed as the ratio of earned value to planned value. Cost Variance (CV): The difference between project progress (earned value) and the actual cost (actual cost) at a given point in the schedule. Schedule Variance (SV): The difference between project progress (earned value) and the planned progress (planned value) at a given point in the schedule. Building on the conceptual model of the first two articles in this series, let’s puts some equations to the diagrams. Schedule Performance Index (SPI) – are we getting full value for the time spent working on the project? A typical stumbling block for those studying for the Project Management Professional (PMP®) exam is memorizing the equations. Since we write these equations in the same order, we know the second hint for writing them correctly. Cost variance provides the difference between what we budgeted versus what we’ve actually spent.

In this article, we described the equations used to understand the current state of a project.
In the next article, we describe the forecasting formulas and what we need to do in order to bring our project in line with the plan.
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Earned Value Management (EVM) uses specific metrics to measure, forecast and improve project performance.  The principles of EVM are positive predictors of project success, yet organizations often struggle to assemble the source cost and schedule data to effectively support EVM initiatives. EcoSys EPC is an ideal Earned Value Management System (EVMS) that supports all levels of earned value management needs — ranging from fundamental EV metrics like CPI and SPI to support of full EIA 748 compliance, formerly ANSI 748, for government agencies and contractors.
Through EPC’s advanced integration and reporting capabilities, cost and schedule data are brought together to form automated EV reports in a timely and accurate manner. Further, EcoSys EPC incorporates extensive change management processes, ensuring that adjustments to budgets, funding, performance, and other required attributes are maintained in a fully auditable historical record.
The pillars or inputs for EV analysis are a set of core project controls practices.  EcoSys EPC supports these core practices, including work package management, budget management, change control, progress measurement, expenditure integration, and schedule integration. In the first article, we described Earned Value Management (EVM) using a conceptual model without delving into the mathematics. These equations give us great insight into the project’s health and show us where we are excelling or missing the mark. Formally trained and field hardened, our consultants provide the very best in training and consulting.
EcoSys EPC is a scalable solution, allowing organizations to apply the appropriate level of rigor to their projects and processes, while adapting as EVM needs change over time.

Cost variance and Cost Performance Index has to do with cost, therefore, the only logical variable used would be AC. The Schedule Performance Index (.8) is negative also, but not as bad as the Cost Performance Index. The variances provide the values by which we differ from our plan while the indexes show our project performance.
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Represented in money, we would simply multiply the hourly rate and hours remaining giving us the schedule variance. One of the main challenges is that often an organisation cannot simply extract EVM type data from what it has in place today; as this often produces poor quality data, resulting in the whole process losing credibility. If schedule variance is negative, we are behind schedule – we are not getting the full value of our time worked. EVM does not require a complete re-write of current processes, but there are key elements that must be reviewed, and one of the best examples is how to ensure objectivity in progress data on projects.

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