Basics

Calculation
Comments
PV
The planned time-phased value of the work that is scheduled

MS Project: BCWS – Budgeted cost of the work scheduled
EV
Earned value is simply percent complete times its budgeted cost of the work
EV = % Complete * PV
MS Project: BCWP – Budgeted cost of the work performed
AC
Actual cost of the work completed

MS Project: ACWP – Actual cost of the work performed
BAC
The total planned value of the project

Budgeted cost at completion
Cost

CV
Cost variance adjusted budget costs to the actual spent costs
CV = EV-AC
Negative number indicates over budget. Positive number indicates under budget. Need to know % over budget to indicate magnitude.
CPI
Cost performance index is a measure of cost efficiency on a project
CPI = EV/AC
A value less than 1 indicates a cost overrun. A value greater than 1 indicates cost savings. CPI = .90 means “we are only earning 90 cents of planned work for each dollar spent.” Found on the EV Cost Indicators Table in MS Project.
TCPI
To complete performance index
TCPI = (BAC-EV)/(BAC-AC)
The amount of value each remaining dollar must earn for the project to stay within budget. A number greater than 1 means there is more work than there is budget left. A number less than 1 means there is less work than there is budget left. Found on the EV Cost Indicators Table in MS Project.
Schedule

SV
Schedule variance: How much work that has been done compared with how much should have done at this point in time
SV = EV-PV
Negative number indicates work that was suppose to be done at this time has not been done. Positive number indicates work that was not suppose to be done by this time has been accomplished. SV = -1,000 means $1,000 worth of work that was scheduled to be done at this time has not been accomplished.
SPI
Schedule performance index is a measure of schedule efficiency on a project
SPI = EV/PV
A value less than 1 indicates that work on the project is behind schedule. A value greater than 1 indicates work on the ahead of schedule. SPI = 1.10 means “$1.10 worth of work has been accomplished for each $1 worth of scheduled work.” Found at MS EV Schedule Indicators Table.
Critical Path
Look at current activity on the critical path or most recent milestone to see if it is on schedule

Compare the planned early start of most recent critical activity with the actual start. Alternative compare most recent milestone date and actual milestone date.
PCIB
Percent complete in terms of budget
PCIB = EV/BAC
What percentage