Work authorisation and project control
3 important questions on Work authorisation and project control
Name the earned value definitions
- PV - Planned Value (budgeted cost of work scheduled)
- EV - Earned Value (budgeted cost of work performed or supposed cost)
- AC - Actual Cost (actual cost of work performed)
- SV - Schedule Variance (SV = EV - PV)
- TV - Time variance (SP - Status Date; SP is the date where PV - EV in time units)
- CV - Cost variance (CV = EV - AC)
- Positive variances imply good results
How do you calculate the Performance Index?
SPI = EV / PV
EV: earned value
PV: planned value
SPI > 1 (Ahead of schedule), SPI < 1 (Behind schedule)
EV: earned value
PV: planned value
SPI > 1 (Ahead of schedule), SPI < 1 (Behind schedule)
How do you calculate the Cost Performance Index?
CPI = EV / AC
EV: earned value
AC: actual cost
CPI > 1 (Cost saving), CPI < 1 (Over expenditure)
EV: earned value
AC: actual cost
CPI > 1 (Cost saving), CPI < 1 (Over expenditure)
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