Thursday February 19 09:52 am
PMP Exam Earned Value Management - Part 1, Basic Concepts
Sir Ganttalot helps you prepare for the PMP exam by explaining Earned Value Management. This is a three part lesson. Part 1 covers basic concepts, i.e. how to derive PV (Planned Value), EV (Earned Value) and AC (Actual Cost). (These terms are also known as BCWS, BCWP and ACWP respectively.) Part 2 shows how to apply these items to calculate variances (SV - Schedule Variance, CV - Cost Variance, SPI - Schedule Performance Index, CPI - Cost Performance Index). Part 3 explains how Earned Value Management is used to forecast project performance by calculating EAC - Estimate at Completion, ETC - Estimate to Complete, VAC - Variance at Completion, and TCPI - To Complete Performance Index.