applying earned value analysis to your project

8/22/2019 Applying Earned Value Analysis to Your Project

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Applying earned value analysis to your project

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Microsoft Office Project 2003

You may have heard that earned value analysis is complicated. But aside from the many acronyms, it's not. And it can help you

answer questions like, "Is there enough money left in the budget?" and, "Will we finish on time?"

Want to know more about how Project handles earned value analysis? Read on.

What is earned value analysis?

What else does earned value measure?

How do I interpret earned value?

How does % complete versus physical % complete affect earned value?

Which earned value quantities can I show or calculate in Project?

Where in Project do I see earned value data?

What is earned value analysis?

At the root of earned value analysis are three fundamental values calculated for each task:

The budgeted cost of tasks as scheduled in the project plan, based on the costs ofresourcesassigned to those tasks, plus anyfixedcostsassociated with the tasks. Called "the budgeted cost of work scheduled,"BCWSis thebaseline costup to thestatus dateyouchoose. For example, the total planned budget for a 4-day task is $100 and it starts on a Monday. If the status date is set to the

following Wednesday, the BCWS is $75.

Theactual costrequired to complete all or some portion of the tasks, up to the status date. This is the actual cost ofworkperformed(ACWP). For example, if the 4-day task actually incurs a total cost of $35 during each of the first 2 days, the ACWP for this period is $70

(but the BCWS is still $75).

The value of the work performed by the status date, measured in currency. This is literally the value earned by the work performed andis called the budgeted cost of work performed (BCWP). For example, if after 2 days 60% percent of the work on a task has beencompleted, you might expect to have spent 60 percent of the total task budget, or $60.

With me, so far? Let's go on.

Earned value analysis is always specific to a status date you choose. You may select the current date, a date in the past, or a date in

the future. Most of the time, you'll set the status date to the date you last updated project progress. For example, if the current day is

Tuesday, 9/12, but the project was last updated with progress on Friday, 9/8, you'd set the status date to Friday, 9/8.

Here is one example of how to analyze project performance with earned value analysis. Let's say a task has a budgeted cost (BCWS)

of $100, and by the status date it is 40 percent complete. The earned value (BCWP) is $40, but the scheduled value (BCWS) at the

status date is $50. This tells you that the task is behind scheduleless value has been earned than was planned. Let's also say that the

task's actual cost (ACWP) at the status date is $60, perhaps because a more expensive resource was assigned to the task. This tells

you that the task is also over budgetmore cost has been incurred than was planned. You can see how powerful such an analysis can

be. The earlier in a project's life cycle you identify such discrepancies between ACWP, BCWP and BCWS, the sooner you can take stepsto remedy the problem.
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One common way of visualizing the key values of earned value analysis is to use a chart. Start with a simple chart showing a steady

accumulation of cost over the lifetime of a project:

The vertical y-axis shows the projected cumulative cost for a project.

The horizontal x-axis shows time.

The planned budget for this project shows a steady expenditure over the lifetime of the project. This line represents the cumulativebaseline cost.

After work on the project has begun, a chart of the key values of earned value analysis may look like this:

The status date determines the values Project calculates.

The actual cost (ACWP) of this project has exceeded the budgeted cost.

The earned value (BCWP) reflects the true value of the work performed. In this case, the value of the work performed is less thanthe amount spent to perform that work.

What else does earned value measure?

In addition to measuring BCWS, ACWP, and BCWP, earned value analysis measures:

Cost variance (CV)the difference between a task's estimated cost and its actual cost (the formula CV = BCWP - ACWP). Take ourearlier example where the total planned budget for a 4-day task is $100 and it starts on a Monday. When the status date is set to the

following Wednesday, the BCWS is $75, the ACWP for this period is $70, and the BCWP is $60. In that case, the task's CV is -$10.

Schedule variance (SV)the difference between the current progress and the scheduled progress of a task, in terms of cost (theformula SV = BCWP - BCWS). In the example above, the task's SV is -$15.

Thecost performance index (CPI)the ratio of budgeted costs to actual costs (the formula CPI = BCWP / ACWP). In the exampleabove, the task's CPI is about .86, or 86 percent.
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Theschedule performance index (SPI)the ratio of work performed to work scheduled (the formula SPI = BCWP / BCWS). In theexample above, the task's SPI is .80, or 80 percent.

Theto complete performance index (TCPI)the ratio of the work remaining to be done to funds remaining to be spent as of the statusdate, or budget at completion (the formula TCPI = [BAC - BCWP] / [BAC - ACWP]).

How do I interpret earned value?

Earned value indicators that are variances or ratios can help you determine if there is enough money left in the budget and if the

project will finish on time.

Variances, such as a cost variance (CV), can be either positive or negative:

A positive variance indicates that the project is ahead of schedule or under budget. Positive variances might enable you to reallocatemoney and resources from tasks or projects with positive variances to tasks or projects with negative variances.

A negative variance indicates that the project is behind schedule or over budget and you need to take action. If a task or project has anegative CV, you might have to increase your budget or accept reduced profit margins.

Ratios, such as the cost performance index (CPI) and the schedule performance index (SPI), can be greater than 1 or less than 1:

A value that's greater than 1 indicates that the project is ahead of schedule or under budget. A value that's less than 1 indicates that you're behind schedule or over budget. For example, an SPI of 1.5 means that you've taken

only 67 percent of the planned time to complete a portion of a task in a given time period, and a CPI of 0.8 means that you've spent25 percent more time on a task than was planned.

How does % complete versus physical % complete

affect earned value?

You can specify whether Project should use each task's percent completevalue or physical percent complete value for earned valuecalculations related to BCWP. (Remember, other values are calculated from BCWP, so your decision affects the entire earned valueanalysis.)

Percent complete may be calculated by Project or entered directly by you, depending on how you track actual work. Physical percent complete is always entered directly by you. Use physical percent complete when percent complete would not be an

accurate measure of real work performed or remaining.

Here's a simple example of how the two values may differ: a project of building a stone wall that consists of 100 stones stacked

5 high. The first row of 20 stones can be laid in 20 minutes, but the second row would take 25 minutes because you have to lift the

stones up one row higher, so it takes a little longer. The third row would take 30 minutes, the fourth 35 minutes, and the last row

would take 40 minutes to lay150 minutes total. After laying the first three rows, the project could be said to be 60 percent

physically complete (you laid 60 of 100 stones). However, you only spent 75 of 150 minutes; so in terms of duration, the job is only

50 percent complete.

Depending on how you get paid for the workhow the value is earned (by the stone or by the hour)you may choose the percentcomplete value or the physical percent complete value to properly reflect this in the earned value analysis.

Which earned value quantities can I show or

calculate in Project?
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With Project, you can show:

Actual cost of work performed (ACWP)shows actual costs incurred for work already performed by a resource on a task, up to theproject status date or today's date. Normally Project correlates actual costs with actual work. Only if you enter actual costs

independent of actual work or change resourcepay rateswill actual cost be out of step with scheduled cost.

Budget at completion (BAC)shows an estimate of the total project cost. Budgeted cost of work performed (BCWP)shows how much of the budget should have been spent given the actual duration of the

task. BCWP is also referred to as "earned value." Note that Project calculates BCWP at the task level differently than it does at theassignment level. For best results, use the task-level BCWP values, which are the values Project rolls up to summary taskand the

project summary taskBCWP values. This value is calculated for each individual task but analyzed at an aggregate level (typically at the

project level).

Budgeted cost of work scheduled (BCWS)shows how much of the budget should have been spent in view of the baseline cost of thetask, assignment, or resource. BCWS is calculated as the cumulative timephased baseline costs up to the status date or today's date.

(Budgeted cost values are stored in the baseline fields, or if you've saved multiple baselines, in fields Baseline1 through Baseline10.)

Cost variance (CV)shows the difference between the budgeted cost of work performed (BCWP) on a task and its actual cost (actualcost of work performed or ACWP). If the CV is positive, the cost is currently under the budgeted (or baseline) amount; if the CV is

negative, the task is currently over budget.

Schedule variance (SV)shows the difference between the budgeted cost of work performed (BCWP) and the budgeted cost of workscheduled (BCWS). If the SV is positive, the project is ahead of schedule in cost terms; if the SV is negative, the project is behind

schedule in cost terms.

Variance at completion (VAC)shows the difference between the budget at completion (BAC) and the estimate at completion (EAC). InProject, the EAC is the Total Cost field and the BAC is the Baseline Cost field from the associated baseline.

Cost performance index (CPI)is the ratio of budgeted, or baseline, costs of work performed to actual costs of work performed(BCWP/ACWP).

Cumulative cost performance index (CPI)is the sum of the BCWP for all tasks divided by the sum of the actual costs of work performed(ACWP) for all tasks. Cumulative CPI is often used to predict whether a project will go over budget and by how much.

Schedule performance index (SPI)is the ratio of work performed to work scheduled (BCWP/BCWS). SPI is often used to estimate theproject completion date.

Estimate at completion (EAC)is the expected total cost of a task or project, based on performance as of the status date. EAC is alsocalled forecast at completion, and is calculated like this: EAC = ACWP + (BAC - BCWP) / CPI.

To complete performance index (TCPI)is the ratio of remaining available budget to be spent to the remaining scheduled cost as of thestatus date. TCPI is calculated like this: TCPI = (BAC - BCWP) / (BAC - ACWP). A TCPI value greater than 1 indicates good projected

performance for remaining work; less than 1 indicates poor projected performance.

Where in Project do I see earned value data?You can see earned value information in any sheet view by applying the Earned Value table or the Earned Value Cost Indicators table.

The Earned Value table shows you BCWS, BCWP, ACWP, SV, CV, EAC, BAC, and VAC. Use this table to see consolidated earned valueinformation, including the key variance fields. Use EAC, BAC, and VAC to evaluate the difference between your scheduled and

budgeted costs. Compare CV, which shows the difference between your budgeted and actual cost?of work, with SV, which shows the

difference between the budgeted cost of work and the actual cost of work.

The Earned Value Cost Indicators table shows you BCWS, BCWP, CV, CV%, CPI, BAC, EAC, VAC, and TCPI. Use this table to analyze costvariances. Check the CPI and TCPI to see how the project is progressing against its budget and how the rate of work compares with the

expected rate. If CPI is less than than 1, you are getting less work per dollar than planned. The TCPI tells you how much of an increase

in performance you'll need on the remaining tasks in order to keep within budget.
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ACWP fields

Hide AllThe ACWP (actual cost of work performed)fieldsshow costs incurred forworkalready done on a task, up to the projectstatus dateortoday's date.

There are several categories of ACWP fields.

Data Type Currency

ACWP (task field)

Entry Type Calculated

How Calculated When a task is first created, the ACWP field contains 0.00. As progress (percentage of completion or actual work)

is reported on the task, Microsoft Office Project calculates the actual cost of work performed (ACWP). This is the cost of actual work

plus anyfixed costsfor the task to date. By default, how and when ACWP is calculated depends on the assigned resources' Standard

Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box, as well as the actual work

reported, fixed costs for tasks, and the status date or today's date. Project can calculate ACWP even if you do not have resources

assigned. In this case, the calculations are based on progress (percentage of completion or actual work) and fixed costs to date forthe task. If you prefer, you can have ACWP calculated based on your entries in the Actual Cost (timephased) field. On the Tools menu,

click Options, and then click the Calculation tab. Clear the Actual costs are always calculated by Microsoft Office Project check

box.

Best Uses Use the ACWP field in conjunction with the BCWP (budgeted cost of work performed) field to compare actual to

budgeted assignment costs. Use the CV (earned value cost variance) field to see the difference between the two fields. Add any or all

of these fields to a task view to display the resulting expense of a task based on actual work and the hourly rates of the assigned

resources, along with any other costs incurred up to the status date or today's date.

Example You need to report on ACWP as of last Friday. You enter Friday's date as the status date, and then review the costs on a

task that has a 10-hour duration. The assigned resources earn $20 per hour, and they have reported five hours of actual work as of

last Friday, and another five hours as of today. Using the status date, Project calculates that the ACWP up to last Friday is $100. If youused today's date as the status date, the ACWP would be calculated as $200.

Remarks Because the ACWP information is maintained on atimephasedbasis, ACWP is calculated from the first actual cost entry tothe status date or today's date.

ACWP (resource field)


How Calculated If a resource has not yet reported any work on any of the assigned tasks, the actual cost of work performed

(ACWP) field contains 0.00. As progress (percentage of completion or actual work) is reported by the resource on various tasks,

Microsoft Office Project calculates the ACWP. This is the cost of actual work plus any per-use costsfor the resource to date. By

default, how and when ACWP is calculated depends on the resource's Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual

settings in the Resource Information dialog box, as well as the status date or today's date. If you prefer, you can have ACWP

calculated based on your entries in the Actual Cost (timephased) field. On the Tools menu, click Options, and then click the

Calculation tab. Clear the Actual costs are always calculated by Microsoft Office Project check box.



of these fields to a resource view to display the resulting expense of a resource's work on all assigned tasks, based on the resource's

actual work, hourly rate, and other incurred costs through the status date.

Example You need to report on ACWP as of last Friday. You enter Friday's date as the status date, and then review the costs for a

resource that has a cost of $20 per hour. The resource is assigned to 15 different tasks throughout the duration of the project. You

add the ACWP field to the Resource Sheet view to see how much this resource has cost up through last Friday. At the end of the
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project, you can use the ACWP field to see how much of thebudgetwas spent for this resource to help with cost analysis and future

planning.

Remarks Because the ACWP information is maintained on atimephasedbasis, ACWP is calculated from the first actual cost entry tothe status date or today's date.

ACWP (assignment field)


How Calculated When an assignment is first made, the actual cost of work performed (ACWP) field contains 0.00. As progress

(percentage of completion or actual work) is reported by the assigned resource, Microsoft Office Project calculates ACWP for the

assignment. This is the cost of actual work plus anyper-use costsfor the assignment to date. By default, how and when ACWP is

calculated depends on the assigned resource's Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource

Information dialog box, as well as the assignment's actual work reported and the status date or today's date. If you prefer, you can

have ACWP calculated based on your entries in the Actual Cost (timephased) field. On the Tools menu, click Options, and then click

the Calculation tab. Clear the Actual costs are always calculated by Microsoft Office Project check box.


budgeted assignment costs. Use the CV (earned value cost variance) field to see the difference between the ACWP and BCWP fields.

Add any or all of these fields to the sheet portion of the Task Usage or Resource Usage view to display the resulting expense of an

assignment based on actual work and the hourly rates of the assigned resources, along with any other costs incurred up to the statusdate.

Example You need to report on ACWP as of last Friday. You enter Friday's date as the status date, and then review the costs on a

task assignment that has a 10-hour duration. The assigned resource is $20 per hour, and the resource has reported five hours of

actual work as of last Friday, and another five hours as of today. Using the status date, Project calculates that the ACWP up to lastFriday is $100. If you used today's date as the status date, the ACWP would be calculated as $200.

Remarks Because the ACWP information is maintained on a timephased basis, ACWP is calculated from the first actual cost entry tothe status date or today's date.

ACWP (task-timephased field)


How Calculated When a task is first created, the actual cost of work performed (ACWP) field contains 0.00. As progress (percentage

of completion or actual work) is reported on the task, Microsoft Office Project calculates ACWP. This is the cost of actual work plus

anyfixed costsfor the task to date. By default, how and when ACWP is calculated depends on the assigned resources' Standard Rate,

Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box, as well as the actual work reported,

fixed costs for tasks, and the status date or today's date. Project can calculate ACWP even if you do not have resources assigned. In

this case, the calculations are based on progress (percentage of completion or actual work) and fixed costs to date for the task. If you

prefer, you can have ACWP calculated based on your entries in the Actual Cost (timephased) field. On the Tools menu, click Options,

and then click the Calculation tab. Clear the Actual costs are always calculated by Microsoft Office Project check box.



of these fields to the timephased portion of the Task Usage view to display the resulting expense of a task based on actual work and

the hourly rates of the assigned resources over time, along with any other costs up to the status date or today's date.

Example It's Friday, and you need to report on timephased ACWP for a task that has a five-day duration, scheduled from Monday

through Friday of this week. The two assigned resources each have a cost of $20 per hour, and they have reported eight hours of

actual work on the task through Tuesday, and another nine hours of work since then. If you want to see the timephased ACWP as of

Tuesday, you enter Tuesday's date as the status date, and then review the ACWP for the task in the Task Usage view. Using the status

date, Project calculates that the timephased ACWP up through Tuesday is $80 and $160 (four hours on Monday and four hours on

Tuesday, cumulative). If you used today's date as the status date, the timephased ACWP would be $80, $160, $220, $280, and $340for Monday through Friday, respectively.
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Remarks Because the ACWP information is maintained on a timephased basis, ACWP can be graphed from the first actual cost

entry to the status date or today's date.

ACWP (resource-timephased field)


How Calculated If a resource has not yet reported any work on any of the assigned tasks, the actual cost of work performed

(ACWP) field contains 0.00. As progress (percentage of completion oractual work) is reported by the resource on various tasks,

Microsoft Office Project calculates ACWP. This is the cost of actual work plus any per-use costsfor the resource to date. By default,

how and when ACWP is calculated depends on the resource's Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings

in the Resource Information dialog box, as well as the status date or today's date. If you prefer, you can have ACWP calculated

based on your entries in the Actual Cost (timephased) field. On the Tools menu, click Options, and then click the Calculation tab.Clear the Actual costs are always calculated by Microsoft Office Project check box.



of these fields to the timephased portion of the Resource Usage view to display the resulting expense of the resource's work on all

assigned tasks over time up to the status date or today's date, based on the resource's actual work, hourly rate, and other incurred

costs.

Example You need to report on ACWP as of last Friday. You enter Friday's date as the status date, and then review the costs for aresource that has a cost of $10 per hour. The resource is assigned to 15 different tasks throughout the duration of the project. You

add the ACWP field to the timephased portion of the Resource Usage view to see how much this resource has cost through last

Friday. You might see timephased ACWP values such as $80 (eight hours at $10 per hour) for each day cumulatively through last

Friday, that is, $80, $160, $240, $320, and so on. If the resource is assigned at fewerassignment units, or has fewer actual hours of

work, you might see lower ACWP values. If the resource has worked anyovertime, you might see higher ACWP values.

Remarks Because the ACWP information is maintained on a timephased basis, ACWP can be graphed from the first actual cost

entry to the status date or today's date.

ACWP (assignment-timephased field)


How Calculated When an assignment is first made, the actual cost of work performed (ACWP) field contains 0.00. As progress

(percentage of completion or actual work) is reported by the assigned resource, Microsoft Office Project calculates ACWP for the

assignment. This is the cost of actual work plus any per-use costs for the assignment to date. By default, how and when ACWP is

calculated depends on the assigned resource's Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource

Information dialog box, as well as the assignment's actual work values and the status date or today's date. If you prefer, you can

have ACWP calculated based on your entries in the Actual Cost (timephased) field. On the Tools menu, click Options, and then click

the Calculation tab. Clear the Actual costs are always calculated by Microsoft Office Project check box.



of these fields to the timephased portion of the Task Usage or Resource Usage view to display the resulting expense of an

assignment based on actual work and the hourly rates of the assigned resources over time, along with any other costs.

Example It's Friday, and you need to report on timephased ACWP for an assignment that has a five-day duration, scheduled from

Monday through Friday of this week. The assigned resource has a cost of $20 per hour, and the resource has reported eight hours ofactual work through Tuesday, and another nine hours of work since then. If you want to see the timephased ACWP as of Tuesday, you

enter Tuesday's date as the status date, and then review the ACWP for the assignment on either the Task Usage or Resource Usage

view. Using the status date, Project calculates that the timephased ACWP up through Tuesday is $80 and $160 (four hours on

Monday, and four hours on Tuesday, cumulative). If you used today's date as the status date, the timephased ACWP would be $80,$160, $220, $280, and $340 for Monday through Friday, respectively.

Baseline Cost fields
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Hide AllThe Baseline Cost fields show the total planned cost for a task, a resource for all assigned tasks, or for work to be performed by a

resource on a task. Baseline cost is also referred to as budget at completion (BAC), an earned value field. The timephasedversions of

these fields show values distributed over time.

There are several categories of Baseline Cost fields.

Data Type Currency

Baseline Cost (task field)

Entry Type Calculated or entered

How Calculated The baseline cost is calculated as the sum of the planned costs of all the assigned resources plus any fixed costs

associated with the task. This is the same as the contents of the Cost field when the baseline is saved.

Baseline Cost = (Work * Standard Rate) + (Overtime Work * Overtime Rate) + Resource Per Use Cost + Task Fixed Cost

Best Uses The baseline cost information becomes available when you set cost information for the assigned resources and set the

baselinefor the task. Add the Baseline Cost field to a task sheet when you want to review total planned costs for tasks. You can review

the baseline cost for the task to help set your budget for the task and the project. You can compare the values in the Baseline Costand Cost fields to determine whether the task is still on track within your budget. The Cost Variance field compares these two fields.

Example You have a task with a 10-hour duration and a single resource assigned at $20 per hour. The baseline cost for the task

would be $200. When the task is 50 percent complete, the Actual Cost field will be calculated at $100.

Remarks The Baseline Cost field contains 0.00 until you set a baseline for the project, which you can do even after the project hasbeen started. You set a baseline in the Set Baseline dialog box.

If you edit the contents of the Baseline Cost field, it does not affect any baseline task cost calculations, nor any timephased baseline

costs for the task. If you save another baseline after editing baseline costs, your edits are overwritten by the new baseline values.

The baseline cost does not change after it has been saved, even if work values change.

Baseline Cost (resource field)


How Calculated The baseline cost is calculated as the sum of the planned costs of the resource, including scheduled work,

scheduled overtime, and per-use costs for all work assigned to the resource. This is the same as the contents of the Cost field when

the baseline is saved.

Baseline Cost = (Work * Standard Rate) + (Overtime Work * Overtime Rate) + Per Use Cost

Best Uses The baseline cost information for the resource becomes available when you set cost information for the resource and set

abaselinefor the tasks to which the resource is assigned. Add the Baseline Cost field to a resource sheet when you want to review

total baseline costs for resources. Review these baseline costs to help set your resource budget. Compare the values in the Baseline

Cost and Cost fields to determine if the task is still on track within your budget. Better yet, use the Cost Variance field to compare thetwo fields.

Example You have a resource at $20 per hour assigned to 10 different tasks for a total of 100 hours. The baseline cost for the

resource would be $2,000.

Remarks The Baseline Cost field contains 0.00 until you set a baseline for the project, which you can do even after the project has

been started. You set a baseline in the Set Baseline dialog box.
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If you edit the contents of the Baseline Cost field, it does not affect any baseline resource cost calculations, nor any timephased

baseline costs for the resource. If you save another baseline after editing baseline costs, your edits are overwritten by the newbaseline values.


Baseline Cost (assignment field)


How Calculated The baseline cost is calculated as the sum of the planned costs of the assignment, including scheduled work,

scheduled overtime, and per-use costs for the assignment. This is the same as the contents of the Cost field when the baseline is

saved.

Baseline Cost = (Work * Standard Rate) + (Overtime Work * Overtime Rate) + Per Use Cost

Best Uses The baseline cost information for the assignment becomes available when you have set cost information for the

resource, assigned the resource to the task, and set a baselinefor the project. Add the Baseline Cost field to the sheet portion of the

Task Usage or Resource Usage view when you want to review total planned costs for assignments. You can review the baseline cost

for the assignment to help you set your budget for the task and the project. You can compare the values in the Baseline Cost andCost fields to determine if the task is still on track within your budget. The Cost Variance field compares these two fields.

Example You add a resource at $20 per hour to a task that has a 10-hour duration. The baseline cost for the assignment would be

$200.

Remarks The Baseline Cost field contains 0.00 until you set a baseline for the project, which you can do even after the project has

been started. You set a baseline in the Set Baseline dialog box.

If you edit the contents of the Baseline Cost field, it does not affect task or resource baseline cost calculations, nor any timephased

baseline costs for the assignment. If you save another baseline after editing baseline costs, your edits are overwritten by the new

baseline values.


Baseline Cost (task-timephased field)


How Calculated As soon as you save a baseline, the timephased Cost fields for the assignment are copied into the timephased

Baseline Cost fields. These are the task costs that include scheduled work, scheduled overtime, and per-use costs for the assigned

resources, along with any fixed costs for the task, distributed across the duration of the task.

Best Uses The baseline cost information becomes available when you set cost information for the assigned resources and set the

baselinefor the project. Add the Baseline Cost field to the timesheet portion of the Task Usage view to display baseline cost

information. Review the baseline cost for the task to help set your budget for the task and the project. Compare the values in the

Baseline Cost and Cost fields to determine whether the task is still on track within your budget. The Cost Variance field compares

these two fields.

Example Sean and Chris are assigned to the "Write proposal" task, which is scheduled for 16 hours of work next Monday through

Thursday. They are both $20 per hour. This will be timephased as 4 hours of work for each of the 4 days, so the timephased

scheduled cost is $80 for each of the 4 days. When you set the baseline, the timephased scheduled cost is copied as the baseline cost

for this task.

Remarks If you edit the contents of the Baseline Cost field, it does not affect task or resource baseline cost calculations, nor any

timephased baseline costs for the task. If you save another baseline after editing baseline costs, your edits are overwritten by the newbaseline values.

Baseline Cost (resource-timephased field)
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How Calculated As soon as you save a baseline, the timephased Cost fields for the resource are copied into the timephased

Baseline Cost fields, which can be displayed in the Task Usage or Resource Usage view. These are the resource costs that include

scheduled work, scheduled overtime, and per-use costs for all work assigned to the resource, distributed across the duration of the

task.

Best Uses The baseline cost information for the resource becomes available when you set cost information for the resource and setabaselinefor the tasks that the resource is assigned to. Add the Baseline Cost field to the timephased portion of the Resource Usage

view to display baseline cost information. You can review the baseline cost for the resource to help set your budget for the resource.

You can compare the values in the Baseline Cost and Cost fields to determine whether the task is still on track within your budget.The Cost Variance field compares these two fields.

Example Jamie, at $10 per hour, is assigned to 15 different tasks throughout the duration of the project. If Jamie is scheduled for

8 hours per day, the scheduled timephased cost values would be $80 (8 hours at $10 per hour) for each day worked. If Jamie is

assigned at fewer assignment units, you might see lower cost values. If there is scheduled overtime, you might see higher cost values.When you set the baseline, the timephased scheduled cost is copied as the baseline cost for this resource.


timephased baseline costs for the resource. If you save another baseline after editing baseline costs, your edits are overwritten by thenew baseline values.

Baseline Cost (assignment-timephased field)


How Calculated As soon as you save a baseline, the timephased Cost fields for the assignment are copied into the timephased

Baseline Cost fields, which can be displayed in the Task Usage or Resource Usage view. These are the assignment costs that include

scheduled work, scheduled overtime, and per-use costs for the assignment, distributed across the duration of the task.

Best Uses The baseline cost information for the assignment becomes available when you set cost information for the resource,

assign the resource to the task, and set abaselinefor the project. Add the Baseline Cost field to the timephased portion of the Task

Usage or Resource Usage view to display baseline cost information. You can review the baseline cost for the assignment to help you

set your budget for the task and the project. You can compare the values in the Baseline Cost and Cost fields to determine whetherthe task is still on track within your budget. The Cost Variance field compares these two fields.

Example Sean is assigned to the "Write proposal" task, which is scheduled for 16 hours of work from Monday through Thursday.

Sean's standard rate is $20 per hour. This will be timephased as 4 hours of work for each of the 4 days, so the timephased scheduled

cost is $80 for each day. When you set the baseline, the timephased scheduled cost is copied as the baseline cost for this assignment.


timephased baseline costs for the assignment. If you save another baseline after editing baseline costs, your edits are overwritten bythe new baseline values.

BCWS fields

Hide All

The BCWS (budgeted cost of work scheduled) fields contain the cumulative timephasedbaselinecosts up to the status date ortoday's date. Thetimephasedversions of these fields show values distributed over time.

There are several categories of BCWS fields. Learn more about field categories.

Data Type Currency

BCWS (task field)

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How Calculated To calculate BCWS for a task, Microsoft Office Project adds the timephasedbaseline costs of the task up to the

status date.

Best Uses Add the BCWS field to a task sheet to review how much of the budget should have been spent on a task to date,according to the task's baseline cost.

Example The baseline cost for a task is $500 and is evenly distributed over its duration. The baseline start for the task is June 1, and

the baseline finish is August 1. If today's date is July 1, then the BCWS for the task is $250, since the task should be half done.

Remarks You can compare the BCWS to the BCWP (budgeted cost of work performed) field to determine whether the task is

behind or ahead of schedule in terms of cost. The SV (earned value schedule variance) field shows the comparison of these fields overtime.

BCWS (resource field)


How Calculated To calculate BCWS for a resource, Microsoft Office Project adds the timephased baseline costs of the resource up

to the status date.

Best Uses Add the BCWS field to a resource sheet to review how much of the budget should have been spent on a resource todate.

Example Sean has a BCWS of $100 on one assigned task, $200 on another assigned task, and $50 on a third assigned task. In theResource Sheet view, you see that Sean has a rolled up BCWS of $350 up to the status date.

Remarks You can compare the BCWS to the BCWP (budgeted cost of work performed) field to determine whether the resource isbehind or ahead of schedule in terms of cost. The SV (earned value schedule variance) field shows the comparison of these fields.

BCWS(assignment field)


How Calculated To calculate BCWS for the assignment, Microsoft Office Project adds the timephasedbaseline costs of an

assignment up to the status date or today's date.

Best Uses Add the BCWS field to the timephased portion of the Task Usage or Resource Usage view to review how much of the

budget should have been spent on an assignment to date.

Example The baseline cost for an assignment is $500 and is evenly distributed over its duration. The baseline start for theassignment is June 1, and the baseline finish is August 1. If today's date is July 1, then the BCWS for the assignment is $250.

Remarks You can compare BCWS to the BCWP (budgeted cost of work performed) field to determine whether the assignment is

behind or ahead of schedule in terms of cost. The SV (earned value schedule variance) field shows the comparison of these fields over

time.

BCWS (task-timephased field)


How Calculated To calculate timephased BCWS for a task, Microsoft Office Project adds the cumulative timephased baseline costs

up to the status date.

Best Uses Add the BCWS field to the timephased portion of the Task Usage view to display how much of the budget should havebeen spent on a task. Also, use this field to plot BCWS on anS-curve graph.
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Example The baseline cost for a task is $500, and is evenly distributed over its duration. The baseline start for the task is June 1, and

the baseline finish is August 1. If today's date is July 1, then the BCWS is $250. On June 1, the timephased value is $12.50. On June 2,

the value is $25. On June 3, the value is $37.50. On June 4, the value is $50. The timephased values are shown in this manner,

distributed and accumulated across the month of June, until you see the total BCWS of $250 on July 1.

Remarks You can compare BCWS to the BCWP (budgeted cost of work performed) field to determine whether the task is behind orahead of schedule in terms of cost. The timephased SV (earned value schedule variance) field shows the comparison of these fields.

BCWS (resource-timephased field)


How Calculated To calculate timephased BCWS for a resource, Microsoft Office Project adds the timephased baseline costs of theresource up to the status date.

Best Uses Add the BCWS field to the timephased portion of the Resource Usage view. You'll display how much of the budget

should have been spent on a resource to date. You can also use this field to plot BCWS on anS-curve graph.

Example Sean has a BCWS of $100 on one assigned task, $50 on another assigned task, and $50 on a third assigned task. In the

timephased portion of the Resource Usage view, the past four days show the timephased BCWS as $50, $100, $150, and $200.

Remarks You can compare the BCWS to the BCWP (budgeted cost of work performed) field to determine whether the resource is

behind or ahead of schedule in terms of cost. The timephased SV (earned value schedule variance) field shows the comparison of

these fields over time.

BCWS (assignment-timephased field)


How Calculated To calculate timephased BCWS for an assignment, Microsoft Office Project adds the timephased baseline costs on

the assignment up to the status date of the project.

Best Uses Add the BCWS field to the timephased portion of the Task Usage or Resource Usage view. This field displays how much

of the budget should have been spent on an assignment to date. You can also use this field to plot BCWS on an S-curve graph.

Example The baseline cost for an assignment is $500 and is evenly distributed over its duration. The baseline start for the

assignment is June 1, and the baseline finish is August 1. If today's date is July 1, then the BCWS is $250. On June 1, the timephased

value is $12.50. On June 2, the value is $25. On June 3, the value is $37.50. On June 4, the value is $50. The timephased values areshown in this manner, accumulated and distributed across the month of June, until you see the total BCWS of $250 on July 1.

Remarks You can compare the BCWS to the BCWP (budgeted cost of work performed) field to determine whether the assignment

is behind or ahead of schedule in terms of cost. The timephased SV (earned value schedule variance) field shows the comparison of

these fields over time.

CPI fields

Hide AllThe CPI (cost performance index) fields show the ratio of budgeted (or baseline) costs of work performed to actual costs of workperformed, up to the project status date or today's date. Thetimephasedversion of this field shows values distributed over time.

There are two categories of CPI fields.

Data Type Percentage/Number

CPI (task field)
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How Calculated CPI is the ratio of BCWP (budgeted cost of work performed) to ACWP (actual cost of work performed):

CPI = BCWP / ACWP

Best Uses Add the CPI field to a task view to see the ratio of budgeted to actual costs. This value indicates whether you are over or

under budget as of the status date.

Example You expected that after two days, 50 percent of a four-day task would cost $60, the BCWP. This task actually incurs a totalcost of $70 for the first two days. The task's CPI is about .85, or 85 percent.

CPI (task-timephased field)


How Calculated CPI is the ratio of BCWP (budgeted cost of work performed) to ACWP (actual cost of work performed):

CPI = BCWP / ACWP

Best Uses Add the CPI field to the timephased portion of the Task Usage view to see the ratio of budgeted to actual costs. Thisindicates whether you are over or under budget as of the status date.

Example You expected that after two days, 50% of a four-day task would cost $60, the BCWP. This task actually incurs a total costof $70 for the first two days. The task's CPI is about .85, or 85 percent for both days.

CV fields

Hide AllThe CV (earned value cost variance) fields show the difference between how much it should have cost and how much it has actually

cost to achieve the current level of completion up to the status date or today's date. The timephasedversions of these fields showvalues distributed over time.

There are several categories of CV fields.

Data Type Currency

CV (task field)


How Calculated CV is the difference between the task's BCWP (budgeted cost of work performed) and ACWP (actual cost of workperformed). Microsoft Office Project calculates the CV for a task as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to a task sheet when you want to see whether you're under, over, or exactly within your budget for atask. You might find this useful when assessing budgetary performance in the project to date.

Example Your BCWP for an assignment is $500 and your ACWP is $400. Your CV is $100, meaning you're $100 under budget.

Remarks If the cost variance is positive, the cost for the task is currently under the budgeted, or baseline, amount, and your actual

costs are less than your baseline costs for the current level of completion on the task. If the cost variance is negative, the cost for the

assignment is currently over budget, and your actual costs are more than your baseline costs for the current level of completion onthe task.
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CV (resource field)


How Calculated CV is the difference between the resource's BCWP (budgeted cost of work performed) and ACWP (actual cost of

work performed). Microsoft Office Project calculates the CV for a resource as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to a resource sheet when you want to see whether you're under, over, or exactly within your budget fora resource. You might find this useful when assessing budgetary performance in the project to date.

Example Your budgeted cost for work performed for a resource is $5,000 and your ACWP is $4,500. Your CV is $500, meaningyou're $500 under budget.

Remarks If the CV is positive, the cost for the resource is currently under the budgeted amount, and your actual costs are less than

your baseline or planned costs for the current level of completion of the resource's work on the project. If the CV is negative, the cost

for the resource is currently over budget, and your actual costs are more than your baseline costs for the current level of completion

of the resource's work on the project.

CV (assignment field)


How Calculated CV is the difference between the assignment's BCWP (budgeted cost of work performed) and ACWP (actual cost

of work performed). Microsoft Office Project calculates the assignment CV as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to the sheet portion of the Task Usage or Resource Usage view when you want to see whether you're

under, over, or exactly within your budget for an assignment. You might find this useful when assessing budgetary performance inthe project to date.

Example Your budgeted cost of work performed (BCWP) for an assignment is $500 and your actual cost of work performed (ACWP)

is $400. Your CV is $100, meaning that it cost you $100 less than you had budgeted to achieve the current level of completion on the

assignment.

Remarks If the CV is positive, the cost for the assignment is currently under the budgeted amount; your actual costs are less than

your baseline or planned costs for the current level of completion of the assignment. If the CV is negative, the cost for the assignment

is currently over budget, and your actual costs are more than your baseline or planned costs for the current level of completion of the

assignment.

CV (task-timephased field)


How Calculated CV is the difference between the task's timephased BCWP (budgeted cost of work performed) and timephased

ACWP (actual cost of work performed). Microsoft Office Project calculates the timephased CV for a task as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to the timephased portion of the Task Usage view when you want to see whether you're under, over, or

exactly within your budget for a task. You might find this useful when assessing budgetary performance in the project to date.

Because timephased values for BCWP and ACWP are maintained, timephased values for CV are available.
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Example Your budgeted cost for work performed (BCWP) on a task was $500, or $100 per day across 5 days. Your actual cost for

work performed (ACWP) was $400, or $80 per day across 5 days. When you review timephased CV for the task in the Task Usage view,you see that it is $20 per day across the 5 days, for a total of $100 under budget.

Remarks If the cost variance is positive, the cost for the task is currently under the budgeted, or baseline, amount, and your actual

costs are less than your baseline costs for the current level of completion on the task. If the cost variance is negative, the cost for thetask is currently over budget, and your actual costs are more than your baseline costs for the current level of completion on the task.

CV (resource-timephased field)


How Calculated CV is the difference between the resource's timephased BCWP (budgeted cost of work performed) andtimephased ACWP (actual cost of work performed). Microsoft Office Project calculates the timephased CV for a resource as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to the timephased portion of the Resource Usage view when you want to see whether you're under,

over, or exactly within your budget for a resource. You might find this useful when assessing budgetary performance in the project to

date.

Example Your budgeted cost for work performed (BCWP) on a resource was $5,000, or $100 per day across 50 days for all the

resource's assigned tasks. Your actual cost for work performed (ACWP) was $4,000, or $80 per day across 50 days. When you review

timephased CV for the resource in the Resource Usage view, you see that it is $20 per day across the 50 days, for a total of $1,000under budget.

Remarks If the CV is positive, the cost for the resource is currently under the budgeted amount, and your actual costs are less than

your baseline costs for the current level of completion of the resource's work on the project. If the CV is negative, the cost for the

resource is currently over budget, and your actual costs are more than your baseline costs for the current level of completion of theresource's work on the project.

CV (assignment-timephased field)


How Calculated CV is the difference between the assignment's timephased BCWP (budgeted cost of work performed) andtimephased ACWP (actual cost of work performed). Microsoft Office Project calculates timephased CV for an assignment as follows:

CV = BCWP - ACWP

Best Uses Add the CV field to the timephased portion of the Task Usage or Resource Usage view when you want to see whether

you're under, over, or exactly within your budget for an assignment. You might find this useful when assessing budgetary

performance in the project to date.

Example Your budgeted cost for work performed (BCWP) on an assignment was $500, or $100 per day across 5 days. Your actual

cost for work performed (ACWP) was $400, or $80 per day across 5 days. When you review the timephased CV for the assignment in

the Task Usage or Resource Usage view, you see that it is $20 per day across the 5 days, for a total of $100 under budget.

Remarks If the CV is positive, the cost for the assignment is currently under the budgeted amount, and your actual costs are less

than your baseline or planned costs for the current level of completion on the assignment. If the CV is negative, the cost for the

assignment is currently over budget, and your actual costs are more than your baseline or planned costs for the current level of

completion on the assignment.

CV% fields

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The CV% (cost variance percent) fields show the ratio of cost variance (CV) to budgeted cost of work performed (BCWP), expressed as

a percentage. This indicates the variance between how much it should have cost to how much it has actually cost to achieve thecurrent level of completion up to the status date or today's date.

There are two categories of CV% fields.

Data Type Percentage

CV% (task field)


How Calculated CV% is the percentage of the cost variance (CV) divided by BCWP (budgeted cost of work performed). Projectcalculates the CV% for a task as follows:

CV% = [ (BCWP - ACWP) / BCWP ] * 100

Best Uses Add the CV% field to a task view when you want to see a percentage of how much you're under, over, or exactly on

budget for the level of completion on tasks.

Example Your BCWP for a task is $500 and your ACWP is $400. Your CV% for the task is therefore 20%, meaning you're 20 percentunder budget for the current level of completion.

Remarks If the CV% is a positive percentage, the task is under budget. If it's 0 percent, the task is right on target. If it's a negativepercentage, the task is over budget.

The CV% field is available by default on the Earned Value Cost Indicators table. You can apply it from the More Tables dialog box.

CV% (task-timephased field)


How Calculated CV% is the percentage of the task's timephased cost variance (CV) divided by timephased BCWP (budgeted cost

of work performed). The timephased values for BCWP and ACWP make timephased values for CV% available. Project calculates theCV% for a task as follows:

CV% = [ (BCWP - ACWP) / BCWP ] * 100

Best Uses Add the CV% field to the timephased portion of the Task Usage view when you want to see a percentage of how much

you're under, over, or exactly on target with your budget for the level of completion on tasks.

Example On Monday, the BCWP for a task is $500 and the ACWP is $400. You review timephased CV% for the task in the Task

Usage view and see that the CV% is 20 percent, meaning you're well under budget for the level of completion for this task. On

Tuesday, the BCWP for the same task is $500 and the ACWP is $500. The CV% is 0 percent, indicating that you're exactly on target. On

Wednesday, the BCWP for the task is $500 and the ACWP is $550. The CV% is -10%, indicating that the task is 10 percent over budgetso far.

Remarks If the CV% is a positive percentage, the task is under budget. If it's 0 percent, the task is right on target. If it's a negativepercentage, the task is over budget.

In addition to the timephased CV%, you can show total CV% for tasks in the timephased portion of the Task Usage view. Either add

the CV% field to the current table or apply the Earned Value Cost Indicators table, in which the CV% field is included by default. Youcan apply it from the More Tables dialog box.

EAC (task field)
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Data Type Currency


Description The EAC (estimate at completion) field shows the expected total cost of a task based on performance up to the status

date. EAC is also called forecast at completion (FAC).

How Calculated In previous versions of Project, EAC was equivalent to the scheduled Cost field. However, now EAC is calculated as:

EAC = ACWP + (Baseline cost X - BCWP) / CPI

When a task is created, resources are assigned, and a baseline saved, EAC is the same as scheduled cost, which is the total work value

multiplied by the resource cost rate. As actual work or actual cost is reported on the task, Project calculates EAC according to thisformula.

Best Uses Add the EAC field to a task view to display or filter for the expected total cost for the task, based on performance up to

the status date.

Example A task consists of 10 hours for two resources with rates of $20 per hour. At the start of the task, the cost is $200. As the

resources report actual work, this figure is adjusted based on actual costs, budgeted or baseline costs, and the cost performance

index. You add the EAC field to the Gantt Chart to see the expected total cost for this task.

Remarks The EAC field is available by default on the Earned Value and Earned Value Cost Indicators tables. You can set one of

these tables, with a task sheet displayed, in the More Tables dialog box.

Earned Value Method (task field)

Data Type Enumerated

Entry Type Entered

Description The Earned Value Method field provides choices for whether the % Complete or Physical % Complete field is to be

used to calculate budgeted cost of work performed (BCWP).

Best Uses Add the Earned Value Method field to a task view when you need to change the basis of earned value for a set of tasks. If

a task's earned value should be based on real accomplished work rather than the effort in terms of percent complete, set this field toPhysical % Complete.

Example Most of the tasks in your project use % Complete as the earned value method for calculating BCWP. There are about ten

tasks, however, that must use Physical % Complete as the earned value method. You add the Earned Value Method field to the GanttChart, and then change the method for those tasks to Physical % Complete.

Remarks The default setting for the Earned Value Method field is % Complete.

Budgeted cost of work scheduled (BCWS) is not affected by the setting in the Earned Value Method field because it is calculatedusing the status date and baseline cost values.

You can also set

applying earned value analysis to your project

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