Built-in Earned Value (EV) calculations

Milestones Professional makes it easy to calculate and display Earned Value metrics with a simplified SmartColumn selection screen.

Present Earned Value

Here's how to add Earned Value calculation columns to an existing schedule:

STEP 1: Insert Milestones Professional's Earned Value SmartColumns.

1. Choose Insert | Rows, Columns | New Column | Earned Value...

2. On the dialog box for Earned Value, choose from this set of Earned Value SmartColumns:

Earned value fields entered (or imported) - Required

1. • Budget-at-Completion (required)-also called Budget, Performance Measurement Baseline (PMB) or Baseline Cost.  Once on the schedule, this  column acts as a Values SmartColumns, and values must be manually entered.

   • Actual Cost (required) - Also called Actual Cost of Work Performed (ACWP) or AC.  Once on the schedule, this  column acts as a Values SmartColumns, and values must be manually entered.

Earned value fields calculated by Milestones Professional

1. • Planned Value (PV) - also called Budgeted Cost of Work Scheduled (BCWS). Calculates expected budget expended to date; planned cost to date.

   • Earned Value (EV) - also called Budgeted Cost of Work Performed (BCWP). Calculates the value of the work completed; budget x percent complete.

   • CPI = Earned Value / Actual Cost - Calculates a ratio of the value of what was accomplished (EV) versus what was actually spent to accomplish it (AC), up to the status date.

   • To-Complete Performance Index (TCPI) - TCPI = (Budget-at-Completion - Earned Value) / (Budget-at-Completion - Actual Cost). Calculates the Cost Performance Index (CPI) required through the remainder of the task to stay within the stated budget; effectively the reverse of CPI.

   • Cost Variance (CV) - CV = Earned Value - Actual Cost. Calculates the dollar value of what was accomplished to date against what has actually been spent.

   • Schedule Performance Index (SPI) - SPI = Earned Value / Planned Value. Calculates a ratio of the value of what was accomplished (EV) versus what was budgeted to accomplish it (PV), up to the status date.

   • Schedule Variance (SV)
     SV = Earned Value - Planned Value. Calculates the dollar value of what was accomplished to date against what was budgeted to have been spent to date.

   • Estimate at Completion (EAC)
     EAC forecasts the expected total costs to be accrued over the life of the project based on current trends:

   • Overrun-to-Date method: EAC = (Budget-at-Completion - Earned Value) + Actual Cost. Assuming spending patterns remain the same, EAC: Overrun-to-Date forecasts the total amount to be spent by adding costs incurred to date to the remaining work to be earned.

   • Cumulative CPI Method: EAC = ((Budget-at-Completion - Earned Value) / CPI) + Actual Cost. The EAC: Cumulative CPI Method forecasts the total amount to be spent by adding costs incurred to date to the remaining work to be earned, which has been weighted against the current CPI performance value.

   • Cumulative CPIxSPI Method: EAC = ((Budget-at-Completion - Earned Value) / CPIxSPI) + Actual Cost. The EAC: Cumulative CPIxSPI Method forecasts the total amount to be spent by adding costs incurred to date to the remaining work to be earned, which has been weighted against the combined current CPI and SPI performance values

   • Variance at Completion (VAC)
     VAC forecasts the difference between the Budget-at-Completion and the expected total costs to be accrued over the life of the project based on current trends:

   • Overrun-to-Date method: VAC = EAC: Overrun-to-Date minus Budget-at-Completion.

   • Cumulative CPI Method: VAC = EAC: Cumulative-CPI-Method minus Budget-at-Completion.

   • Cumulative CPIxSPI Method: VAC = EAC: Cumulative-CPIxSPI-Method minus Budget-at-Completion.

STEP 2: Enter (or import) three required fields for each task:

1. 1. % complete

   2. Budget at Completion

   3. Actual Cost

Earned Value SmartColumn dialog box:

Example - Contract Review:

Example - Cost Account Plan: