| Term | Description | Interpretation |
| PV | Planned Value | What is the estimated value of the work planned to be done? |
| EV | Earned Value | What is the estimated value of the work actually accomplished? |
| AC | Actual Cost | What is the actual cost incurred? |
| BAC | Budget at Completion | How much did you BUDGET for the TOTAL JOB? |
| EAC | Estimate at Completion | What do we currently expect the TOTAL project to cost? |
| ETC | Estimate to Complete | From this point on, how much MORE do we expect it to cost to finish the job? |
| VAC | Variance at Completion | How much over or under budget do we expect to be? |
| Name | Formula | Interpretation |
| CV (Cost Variance) | EV – AC | NEGATIVE is over budget, POSITIVE is under budget |
| SV (Schedule Variance) | EV – PV | NEGATIVE is behind schedule, POSITIVE is ahead of schedule |
| CPI (Cost Performance Index) | EV / AC | I am [only] getting _____ cents out of every $1. |
| SPI (Schedule Performance Index) | EV / PV | I am [only] progressing at ___% of the rate originally planned. |
| EAC (Estimate At Completion) Note: There are a number of ways to calculate EAC. | As of now how much do we expect the total project to cost $_____. | |
| BAC / CPI | Used if no variances from the BAC have occurred | |
| AC + ETC | Actual plus a new estimate for remaining work. Used when original estimate was fundamentally flawed. | |
| AC + BAC – EV | Actual to date plus remaining budget. Used when current variances are atypical. | |
| AC + (BAC – EV) / CPI | Actual to date plus remaining budget modified by performance. When current variances are typical. | |
| ETC (Estimate To Complete) | EAC – AC | How much more will the project cost? |
| VAC (Variance At Completion) | BAC – EAC | How much over budget will we be at the end of the project? |
PV (Planned Value) is the new term for BCWS (Budgeted Cost of Work Scheduled).
EV (Earned Value) is the new term for BCWP (Budgeted Cost of Work Performed).
AC (Actual Cost) is the new term for ACWP (Actual Cost of Work Performed).