EVM Planning and Scheduling
Expert-defined terms from the Certified Professional in Earned Value Management (EVM) in Projects course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Actual Cost (AC) – Related #
Planned Cost, Earned Value. The total expense incurred for work performed to date. Example: If labor and materials total $150,000, AC = $150,000. Used to calculate cost variance; challenge is accurate expense tracking.
Activity Duration Estimate – Related #
Work Breakdown Structure, Critical Path. Predicted time required to complete a single activity. Example: Installing software may be estimated at 5 days. Helps build the project schedule; uncertainty can lead to schedule drift.
Activity Sequence – Related #
Predecessor, Successor. Logical order in which activities must occur. Example: Foundation work must precede framing. Determines network diagram; challenge is identifying hidden dependencies.
Baseline – Related #
Budget Baseline, Schedule Baseline. Approved version of project plan against which performance is measured. Example: A baseline cost of $1M and duration of 12 months. Provides reference point; changes require formal baselines.
Budget at Completion (BAC) – Related #
Estimate at Completion, Forecast. Total budget authorized for the project. Example: BAC = $2,000,000. Used to assess overall performance; challenge is ensuring realistic budgeting.
Critical Path – Related #
Float, Network Diagram. Longest path through the schedule network, determining minimum project duration. Example: If critical path is 30 weeks, project cannot finish sooner. Managing it prevents schedule overruns; limited flexibility.
Cost Performance Index (CPI) – Related #
Earned Value, AC. Ratio of earned value to actual cost (EV/AC). Example: CPI = 0.9 indicates cost overrun. Guides cost forecasting; low CPI signals need for corrective action.
Cost Variance (CV) – Related #
CPI, AC. Difference between earned value and actual cost (EV‑AC). Example: CV = –$20,000 shows a cost deficit. Highlights budget issues; may be masked by schedule variance.
Earned Value (EV) – Related #
Planned Value, AC. Budgeted cost of work actually performed. Example: If 40% of a $500,000 task is complete, EV = $200,000. Core metric for performance analysis; requires accurate progress measurement.
Earned Value Management (EVM) – Related #
Cost Control, Schedule Control. Integrated methodology for measuring project performance and forecasting outcomes. Example: Using EV, AC, and PV to compute CPI and SPI. Provides objective insight; implementation can be complex.
Estimate at Completion (EAC) – Related #
BAC, Forecast. Predicted total cost of the project upon completion. Example: EAC = BAC / CPI = $2,000,000 / 0.95 = $2,105,263. Used for budgeting decisions; accuracy depends on CPI stability.
Estimate to Complete (ETC) – Related #
EAC, AC. Expected cost to finish remaining work (EAC‑AC). Example: ETC = $300,000 if EAC = $1,800,000 and AC = $1,500,000. Helps allocate remaining resources; uncertainty grows as project progresses.
Floating (Float) – Related #
Critical Path, Slack. Time that an activity can be delayed without affecting project finish date. Example: An activity with 3 days float can slip up to 3 days. Provides schedule flexibility; mismanagement can erode buffer.
Forecasting – Related #
EAC, Trend Analysis. Predicting future performance based on current data. Example: Using CPI trends to project final cost. Essential for proactive decision‑making; forecasts can be skewed by outliers.
Gantt Chart – Related #
Schedule Baseline, Milestones. Visual bar chart showing start and finish dates of activities. Example: Bars display each task’s duration across a timeline. Facilitates stakeholder communication; limited in showing complex dependencies.
Integrated Baseline Review (IBR) – Related #
Baseline, Change Control. Formal assessment of the project baseline before execution. Example: Team reviews schedule logic and cost allocations. Ensures baseline credibility; may be time‑consuming.
Milestone – Related #
Deliverable, Schedule Baseline. Significant point or event in the project timeline. Example: Completion of design phase is a milestone. Used to track progress; milestone dates can be unrealistic if not validated.
Monte Carlo Simulation – Related #
Risk Analysis, Probability Distribution. Statistical technique to model schedule or cost uncertainty. Example: Running 10,000 simulations to estimate probability of finishing within 12 months. Provides risk insight; requires quality input data.
Performance Measurement Baseline (PMB) – Related #
Scope Baseline, Cost Baseline. Integrated scope, schedule, and cost baseline for performance measurement. Example: PMB combines $5M budget with 24‑month schedule. Basis for EVM calculations; changes must be formally approved.
Planned Value (PV) – Related #
Budgeted Cost of Work Scheduled, Earned Value. Authorized budget for work scheduled to date. Example: If 30% of a $1M task is scheduled, PV = $300,000. Serves as schedule reference; inaccurate planning skews variance analysis.
Planned Cost (PC) – Related #
PV, Cost Baseline. Budgeted amount assigned to scheduled work. Example: PC aligns with PV for each reporting period. Used in variance calculations; may differ from actual cost due to estimation errors.
Project Management Information System (PMIS) – Related #
EVM Software, Data Repository. Toolset for collecting, storing, and analyzing project data. Example: A PMIS generates weekly EVM reports. Enhances data consistency; implementation cost can be high.
Project Schedule Network Diagram – Related #
Activity Sequence, Critical Path. Graphical representation of activities and their logical relationships. Example: Nodes represent tasks, arrows show dependencies. Essential for critical path analysis; complexity grows with large projects.
Quality Assurance (QA) – Related #
Quality Control, Process Improvement. Systematic activities to ensure quality standards are met. Example: QA audits schedule data for accuracy. Supports reliable EVM data; may add administrative overhead.
Schedule Performance Index (SPI) – Related #
PV, EV. Ratio of earned value to planned value (EV/PV). Example: SPI = 1.05 indicates schedule ahead of plan. Guides schedule forecasting; can be misleading if work is unevenly distributed.
Schedule Variance (SV) – Related #
SPI, PV. Difference between earned value and planned value (EV‑PV). Example: SV = –$10,000 shows schedule delay. Highlights timing issues; may be masked by cost performance.
Scope Baseline – Related #
Work Breakdown Structure, PMB. Approved project scope statement, WBS, and WBS dictionary. Example: Defines deliverables and boundaries. Foundation for cost and schedule baselines; scope creep threatens baseline integrity.
Scope Creep – Related #
Change Control, Scope Baseline. Uncontrolled expansion of project scope without adjustments to time, cost, or resources. Example: Adding new feature without budget increase. Diminishes performance metrics; requires strict change management.
Schedule Baseline – Related #
Time Estimate, Critical Path. Approved version of the project schedule. Example: 12‑month baseline with defined milestones. Basis for schedule variance analysis; modifications must follow change control.
Schedule Compression – Related #
Crashing, Fast‑Tracking. Techniques to shorten project duration without changing scope. Example: Adding resources (crashing) to reduce task time. Can increase cost risk; must be justified.
Schedule Contingency – Related #
Buffer, Risk Management. Time reserved for unforeseen events. Example: 5% of total duration set aside as contingency. Provides flexibility; over‑allocation can inflate schedule.
Schedule Risk Assessment – Related #
Monte Carlo, Critical Path. Process of identifying and evaluating schedule uncertainties. Example: Assessing probability of missing milestone dates. Enables proactive mitigation; requires accurate data.
Time Estimate – Related #
Activity Duration, Schedule Baseline. Approximation of how long an activity will take. Example: Using three‑point estimating (optimistic, most likely, pessimistic). Drives schedule creation; poor estimates propagate errors.
Variance at Completion (VAC) – Related #
BAC, EAC. Difference between budget at completion and estimate at completion (BAC‑EAC). Example: VAC = $200,000 indicates projected underrun. Indicates final cost outlook; depends on EAC accuracy.
Work Breakdown Structure (WBS) – Related #
Scope Baseline, Activity Definition. Hierarchical decomposition of project deliverables. Example: Level 1: Project, Level 2: Design, Construction, Testing. Provides basis for cost and schedule planning; must be detailed enough for accurate EVM.
Work Package – Related #
WBS, Activity. Smallest unit of work defined for planning and control. Example: “Install HVAC unit” as a work package. Enables precise cost and schedule assignment; overly large packages reduce control granularity.
Earned Schedule (ES) – Related #
SPI, Time‑Based Index. Schedule metric that converts earned value into time units. Example: ES = 8 months when PV indicates 7 months. Offers more intuitive schedule insight; requires reliable EV data.
Time‑Based Index (TBI) – Related #
Earned Schedule, SPI. Ratio of earned schedule to actual time elapsed. Example: TBI = 1.10 indicates project is progressing 10% faster than planned. Supplements SPI for schedule health; sensitive to reporting frequency.
Planned Duration (PD) – Related #
Schedule Baseline, Critical Path. Total time allocated for the project in the baseline. Example: PD = 24 months. Serves as benchmark for schedule performance; must reflect realistic expectations.
Actual Duration (AD) – Related #
AD, PD. Time elapsed from project start to current date. Example: AD = 18 months. Compared with PD to assess schedule progress; differences highlight variance.
Earned Value Management System (EVMS) – Related #
EVM, PMIS. Formalized set of processes, tools, and procedures for applying EVM. Example: An organization adopts EVMS to standardize reporting. Provides consistency across projects; requires training and governance.
Performance Review – Related #
Variance Analysis, Management Reporting. Periodic assessment of project performance using EVM data. Example: Monthly review of CPI and SPI trends. Identifies corrective actions; can become bureaucratic if overly frequent.
Trend Analysis – Related #
Forecasting, Variance. Examination of performance indices over time. Example: Plotting CPI over six months to detect degradation. Supports early warning; trends may be distorted by outliers.
Cost Forecasting Model – Related #
EAC, CPI. Mathematical formula used to predict final cost. Example: EAC = AC + (BAC‑EV)/CPI. Provides baseline for budgeting; model choice affects accuracy.
Schedule Forecasting Model – Related #
SPI, ES. Formula to project final completion date. Example: Estimate at Completion (time) = AD + (PD‑EV)/SPI. Helps anticipate finish dates; relies on stable SPI.
Earned Value Baseline (EVB) – Related #
PMB, VC. Subset of the performance measurement baseline focusing on earned value. Example: EVB defines EV targets for each reporting period. Supports detailed variance tracking; must be aligned with cost and schedule baselines.
Variance Analysis – Related #
CV, SV, CPI, SPI. Process of investigating differences between planned and actual performance. Example: Analyzing why CV is negative. Drives root‑cause identification; can be time‑intensive.
Root Cause Analysis (RCA) – Related #
Variance Analysis, Corrective Action. Systematic approach to identify underlying reasons for performance issues. Example: Using fishbone diagram to find cost overruns. Enables effective mitigation; may uncover complex interdependencies.
Corrective Action – Related #
RCA, Change Management. Steps taken to bring performance back on track. Example: Re‑allocating resources after a cost variance. Essential for project recovery; must be timely.
Preventive Action – Related #
Risk Management, Process Improvement. Measures taken to avoid potential problems before they occur. Example: Conducting schedule risk workshops early. Reduces future variances; requires foresight.
Change Control Board (CCB) – Related #
Change Management, Baseline. Group authorized to approve or reject changes to the baseline. Example: CCB reviews a scope increase request. Ensures controlled baseline modifications; can delay needed changes.
Change Request – Related #
CCB, Baseline Amendment. Formal proposal to modify scope, cost, or schedule. Example: Request to add a new feature with associated cost. Must be evaluated for impact on EVM metrics; risk of scope creep.
Baseline Amendment – Related #
Change Request, PMB. Authorized change to the performance measurement baseline. Example: Adjusting BAC after a approved scope change. Updates all EVM calculations; requires documentation.
Earned Value Reporting Period – Related #
Reporting Cycle, Data Collection. Time interval for which EV data is gathered and reported. Example: Weekly reporting period for large projects. Determines data granularity; too short periods increase administrative burden.
Reporting Cycle – Related #
Earned Value Reporting Period, Management Review. Frequency at which performance reports are generated. Example: Monthly reporting cycle for executive stakeholders. Balances timeliness and effort; mismatched cycles can cause stale data.
Data Collection Method – Related #
Progress Measurement, Field Surveys. Technique used to gather actual work and cost data. Example: Using time‑sheet entries and purchase orders. Accuracy of AC and EV depends on reliable collection; inconsistent methods cause errors.
Progress Measurement – Related #
Earned Value, Physical Percent Complete. Determination of how much work has been completed. Example: Physical inspection confirming 60% of piping installed. Directly influences EV; subjective assessments can bias results.
Physical Percent Complete (PPC) – Related #
Earned Value, Progress Measurement. Estimate of completed work based on physical observation. Example: 40% of a wall built = PPC 40%. Used when monetary measures are unavailable; may be difficult to quantify precisely.
Earned Value Index (EVI) – Related #
CPI, SPI. Composite metric combining cost and schedule performance (CPI × SPI). Example: EVI = 0.95 × 1.05 = 0.9975. Provides overall health snapshot; interpretation requires context.
Performance Indicator – Related #
KPI, EVM Metric. Quantitative measure used to assess project performance. Example: CPI > 0.95 considered acceptable. Guides management focus; selection must align with project goals.
Key Performance Indicator (KPI) – Related #
Performance Indicator, Dashboard. Critical metric that reflects success factors. Example: On‑time milestone delivery rate. Used for executive reporting; too many KPIs dilute focus.
Dashboard – Related #
KPI, Management Reporting. Visual display of key metrics for quick assessment. Example: Real‑time dashboard showing CPI, SPI, and VAC. Enhances decision‑making; requires reliable data feeds.
Management Reserve – Related #
Contingency, Budget at Completion. Funds set aside for unforeseen work not covered by contingency. Example: 5% of total budget reserved for emergency repairs. Provides financial flexibility; may be perceived as waste if not used.
Contingency Reserve – Related #
Schedule Contingency, Risk Management. Allocation for known risks identified in risk register. Example: $100,000 set aside for potential material price increase. Supports risk response; excessive contingency can inflate budget.
Risk Register – Related #
Risk Management, Contingency. Document listing identified risks, their probability, impact, and mitigation plans. Example: Register includes risk of regulatory delay with 20% probability. Basis for contingency sizing; must be kept current.
Risk Management Plan – Related #
Risk Register, Risk Response. Strategy for identifying, analyzing, and responding to project risks. Example: Plan outlines risk workshops and Monte Carlo analysis. Ensures systematic handling; inadequate planning leads to unmanaged risks.
Risk Response – Related #
Mitigation, Transfer, Acceptance. Action taken to address identified risk. Example: Mitigation by adding schedule buffer for permitting delays. Influences project baseline; inappropriate response can waste resources.
Mitigation – Related #
Risk Response, Contingency. Reducing probability or impact of a risk. Example: Conducting early stakeholder engagement to lower scope change risk. Improves project stability; may increase upfront effort.
Transfer – Related #
Risk Response, Insurance. Shifting risk ownership to a third party. Example: Purchasing performance bond to cover contractor default. Reduces internal exposure; may increase cost.
Acceptance – Related #
Risk Response, Residual Risk. Deciding to bear the impact of a risk without action. Example: Accepting minor schedule variance as tolerable. Simplifies management; can lead to unexpected overruns if risk materializes.
Residual Risk – Related #
Acceptance, Risk Register. Remaining risk after mitigation measures are applied. Example: After adding buffer, remaining chance of delay is low. Must be monitored; can become significant over time.
Opportunity Management – Related #
Positive Risk, Benefit Realization. Process of identifying and exploiting favorable events. Example: Early procurement leading to cost savings. Enhances project value; may be overlooked if focus is only on threats.
Positive Risk – Related #
Opportunity, Risk Register. Uncertain event that could have beneficial effect. Example: Favorable exchange rate reducing equipment costs. Managed similarly to threats but with upside potential.
Benefit Realization – Related #
Opportunity Management, Project Value. Process of ensuring projected benefits are achieved. Example: Tracking cost savings from efficient design. Aligns project outcomes with strategic goals; requires post‑project measurement.
Earned Value Integration – Related #
EVMS, Data Consolidation. Combining cost, schedule, and scope data into a unified EVM framework. Example: Linking financial system with schedule software. Improves data consistency; integration complexity can be high.
Data Consolidation – Related #
Earned Value Integration, PMIS. Merging data from multiple sources into a single repository. Example: Aggregating labor hours and purchase orders. Enables comprehensive analysis; data quality issues may persist.
Project Charter – Related #
Scope Baseline, Authorization. Document formally authorizing the project and outlining objectives. Example: Charter defines $5M budget and 18‑month timeline. Provides top‑level reference; changes to charter affect baseline.
Project Sponsor – Related #
Stakeholder, Governance. Individual with authority to fund and support the project. Example: Sponsor approves budget increase after variance review. Influences decision‑making; sponsor disengagement can stall corrective actions.
Stakeholder – Related #
Sponsor, Communication Plan. Person or group with interest in project outcomes. Example: End‑users, regulators, suppliers. Their expectations affect scope and schedule; poor stakeholder management leads to scope creep.
Communication Plan – Related #
Stakeholder, Reporting Cycle. Strategy for delivering information to project participants. Example: Weekly status emails to team, monthly dashboards to executives. Ensures transparency; overly complex plans can cause information overload.
Governance – Related #
CCB, Project Sponsor. Framework of authority, accountability, and decision‑making. Example: Governance defines escalation paths for variance resolution. Provides structure; rigid governance may impede timely actions.
Escalation Path – Related #
Governance, Issue Management. Defined route for raising issues beyond immediate authority. Example: Variance exceeding thresholds escalates to steering committee. Enables timely intervention; unclear paths cause delays.
Issue Management – Related #
Escalation Path, Corrective Action. Process for identifying and resolving problems as they arise. Example: Tracking a cost overrun issue through an issue log. Prevents issues from becoming risks; requires disciplined tracking.
Issue Log – Related #
Issue Management, Documentation. Record of identified problems, their status, and resolutions. Example: Log shows issue ID, description, owner, and closure date. Centralizes problem handling; may become unwieldy without proper maintenance.
Documentation Control – Related #
Configuration Management, Baseline. System for managing project documents and revisions. Example: Using version control for schedule files. Ensures consistency; lack of control leads to outdated data.
Configuration Management – Related #
Documentation Control, Baseline. Process of maintaining integrity of project artifacts. Example: Controlling changes to the WBS and cost baseline. Supports auditability; requires disciplined procedures.
Audit Trail – Related #
Configuration Management, Compliance. Record of changes made to project data and who approved them. Example: Audit shows who modified the budget at a specific date. Provides accountability; must be preserved securely.
Compliance – Related #
Audit Trail, Governance. Adherence to internal policies, standards, and external regulations. Example: Ensuring EVM reporting meets industry standards. Reduces legal risk; compliance effort can be resource‑intensive.
Performance Dashboard – Related #
KPI, Management Reporting. Consolidated visual of key metrics for senior leadership. Example: Dashboard displays CPI, SPI, VAC, and risk heat map. Facilitates quick decisions; data must be refreshed regularly.
Management Reporting – Related #
Performance Dashboard, Stakeholder. Formal communication of project status to decision‑makers. Example: Quarterly report summarizing EVM trends and corrective actions. Keeps leadership informed; excessive reporting can distract project team.
Lesson Learned – Related #
Post‑Project Review, Knowledge Management. Documented insights gained during project execution. Example: Lesson noting that early cost tracking reduced variance. Captured for future projects; must be shared effectively.
Knowledge Management – Related #
Lesson Learned, Organizational Learning. System for creating, storing, and reusing knowledge assets. Example: Repository of EVM best practices. Enhances capability; poor tagging reduces retrieval.
Organizational Learning – Related #
Knowledge Management, Continuous Improvement. Process of embedding lessons into corporate culture. Example: Training new project managers on EVM based on past experiences. Drives performance uplift; requires leadership commitment.
Continuous Improvement – Related #
Organizational Learning, Process Review. Ongoing effort to enhance processes and outcomes. Example: Periodic refinement of cost estimating methods. Sustains competitiveness; can be perceived as endless if not focused.
Process Review – Related #
Continuous Improvement, Audit. Systematic examination of procedures for effectiveness. Example: Review of change control workflow after project completion. Identifies bottlenecks; must be actioned to add value.
Change Control – Related #
CCB, Baseline Amendment. Formal process for managing alterations to project baselines. Example: Submitting a change request to extend schedule by two weeks. Maintains baseline integrity; excessive bureaucracy can hinder agility.
Baseline Integrity – Related #
Change Control, Configuration Management. Assurance that the baseline reflects approved scope, cost, and schedule. Example: Regular checks confirm no unauthorized changes. Critical for reliable EVM; compromised integrity leads to misleading metrics.
Performance Review Meeting – Related #
Variance Analysis, Management Reporting. Forum where project performance data is discussed and decisions made. Example: Monthly meeting reviewing CPI trends and corrective actions. Drives accountability; meeting fatigue may reduce effectiveness.
Decision Gate – Related #
Governance, Milestone. Review point where project continuation is evaluated based on performance criteria. Example: Gate 2 requires CPI > 0.95 and SPI > 1.0. Controls investment risk; gating too early can stall progress.
Earned Value Trend Chart – Related #
Trend Analysis, Dashboard. Graph displaying EV, PV, and AC over time. Example: Chart shows divergence of AC from EV indicating cost overrun. Visual tool for spotting issues; requires consistent data.
Schedule Trend Chart – Related #
Earned Value Trend Chart, SPI. Plot of SPI values across reporting periods. Example: Declining SPI highlights emerging schedule risk. Helps anticipate delays; noisy data can obscure real trends.
Cost Trend Chart – Related #
CV, CPI. Graph of CPI over time. Example: Sudden drop in CPI flags cost performance problem. Enables early intervention; outliers may cause false alarms.
Earned Value Index (EVI) Dashboard – Related #
Composite Metric, Management Reporting. Consolidated view of CPI, SPI, and EVI for quick health assessment. Example: Dashboard shows EVI = 0.98, prompting review. Simplifies complex data; may oversimplify nuanced issues.
Performance Threshold – Related #
Decision Gate, KPI. Predefined values that trigger actions when crossed. Example: CPI falling below 0.90 triggers corrective plan. Provides clear warning signs; thresholds must be realistic.
Variance Threshold – Related #
Performance Threshold, Escalation Path. Specific level of variance that requires escalation. Example: SV > $50,000 escalates to senior management. Enables timely response; too low thresholds generate unnecessary alerts.
Earned Value Methodology Training – Related #
Knowledge Management, Certification. Instructional program teaching EVM concepts and tools. Example: 3‑day workshop covering PV, EV, AC calculations. Builds competence; training must be refreshed to stay current.
Certification – Related #
Earned Value Management, Professional Development. Formal recognition of proficiency in a discipline. Example: Certified Professional in Earned Value Management (CPEVM). Enhances credibility; requires maintenance through continuing education.
Professional Development – Related #
Certification, Training. Ongoing learning activities to advance skills. Example: Attending EVM webinars and conferences. Keeps practitioners current; may compete with project workload.
Project Management Office (PMO) – Related #
Governance, Standards. Organizational entity that defines and maintains project management standards. Example: PMO develops EVM templates and guidelines. Provides support and oversight; can become overly prescriptive.
Standard Operating Procedure (SOP) – Related #
PMO, Process Review. Documented step‑by‑step instructions for routine tasks. Example: SOP for weekly cost data collection. Ensures consistency; may need updates as tools evolve.
Toolset – Related #
PMIS, EVMS. Collection of software applications used for project planning and control. Example: Primavera for scheduling, Excel for cost tracking, and a dedicated EVM module for reporting. Enables integrated analysis; tool compatibility issues may arise.
Data Integrity – Related #
Data Collection Method, Audit Trail. Accuracy and consistency of project data throughout its lifecycle. Example: Verifying that AC entries match invoices. Fundamental for reliable EVM; compromised data leads to faulty decisions.
Data Validation – Related #
Data Integrity, Quality Assurance. Process of checking data for correctness before use. Example: Cross‑checking labor hours against timesheets. Prevents errors; adds an additional verification step.
Performance Baseline Review – Related #
IBR, Baseline Integrity. Periodic examination of the baseline to ensure it remains realistic. Example: Quarterly review adjusts BAC based on scope changes. Maintains relevance; frequent changes can erode baseline credibility.
Scope Verification – Related #
Acceptance, Deliverable. Formal confirmation that deliverables meet defined requirements. Example: Customer sign‑off on completed module. Provides closure; inadequate verification can lead to rework.
Deliverable – Related #
Scope Baseline, Acceptance. Tangible or intangible output produced by the project. Example: Final software release package. Basis for measuring earned value; unclear deliverables cause measurement difficulty.
Milestone Verification – Related #
Milestone, Acceptance. Confirmation that milestone criteria have been satisfied. Example: Sign‑off that testing phase is complete. Supports schedule tracking; delayed verification can mask schedule slippage.
Schedule Buffer – Related #
Schedule Contingency, Float. Extra time inserted to protect the critical path. Example: Adding 2 weeks buffer before final acceptance. Mitigates risk of delays; excessive buffer can inflate schedule.
Cost Buffer – Related #
Contingency Reserve, Management Reserve. Additional budget allocated for unforeseen expenses. Example: $50,000 cost buffer for inflation. Provides financial safety net; may be misused as spending leeway.
Earned Value Calibration – Related #
Data Validation, Performance Baseline Review. Process of aligning EV calculations with actual work performed. Example: Adjusting EV after physical measurement reveals discrepancy. Improves metric accuracy; requires periodic recalibration.
Project Closeout – Related #
Final Report, Lesson Learned. Formal ending of project activities and handover of deliverables. Example: Conducting final EVM report summarizing CPI, SPI, and VAC. Marks transition to operations; incomplete closeout can leave issues unresolved.
Final Report – Related #
Project Closeout, Management Reporting. Comprehensive document summarizing project performance and outcomes. Example: Report includes variance analysis, corrective actions taken, and recommendations. Provides historical record; must be concise yet thorough.
Variance Threshold Matrix – Related #
Performance Threshold, Escalation Path. Table defining actions based on variance magnitude and trend. Example: Matrix assigns corrective plan for CPI < 0.95 and escalation for CPI < 0.90. Clarifies response levels; matrix must be maintained.
Earned Value Dashboard Widgets – Related #
Dashboard, KPI. Small visual components displaying specific EVM metrics. Example: Widget showing current CPI trend line. Enables customizable views; design must avoid information overload.
Performance Index Ratio – Related #
CPI, SPI, EVI. Ratio derived from combining cost and schedule performance measures. Example: Ratio = CPI × SPI = 0.92 × 1.03 = 0.95. Offers single‑point health indicator; interpretation depends on project context.
Schedule Compression Technique – Related #
Crashing, Fast‑Tracking. Method applied to reduce project duration. Example: Crashing by adding resources to critical tasks. Accelerates delivery; may increase cost and risk.
Crashing – Related #
Schedule Compression, Cost Increase. Adding resources to shorten activity duration, often at higher cost. Example: Hiring extra crew to finish foundation two weeks early. Quickens schedule; diminishing returns after certain point.
Fast‑Tracking – Related #
Schedule Compression, Overlap. Performing activities in parallel that were originally sequential. Example: Starting procurement while design is still underway. Shortens timeline; raises coordination risk.
Resource Leveling – Related #
Resource Allocation, Float. Adjusting activity start dates to balance resource usage. Example: Shifting non‑critical tasks to avoid overallocation. Improves resource efficiency; may extend project duration.
Resource Allocation – Related #
Work Package, Resource Leveling. Assignment of personnel, equipment, and materials to activities. Example: Assigning 3 engineers to design phase. Critical for accurate AC and EV; overallocation leads to cost overruns.
Resource Histogram – Related #
Resource Allocation, Reporting. Bar chart showing resource usage over time. Example: Histogram displays labor hours per week. Visualizes peaks and valleys; aids in leveling decisions.
Earned Value Baseline Alignment – Related #
PMB, Schedule Baseline. Ensuring that EV targets correspond to approved schedule and cost plans. Example: Aligning EV milestones with WBS deliverables. Guarantees coherent measurement; misalignment causes misleading variance.
Scope Definition – Related #
WBS, Scope Baseline. Process of detailing what is included and excluded from the project. Example: Defining functional requirements for software. Sets foundation for cost and schedule planning; vague definition leads to scope creep.
Scope Management Plan – Related #
Scope Definition, Change Control. Document outlining how scope will be defined, validated, and controlled. Example: Plan specifies change request procedure and approval hierarchy. Provides governance; must be adhered to throughout project.
Earned Value Integration Workshop – Related #
Training, Knowledge Transfer. Interactive session to align team understanding of EVM processes. Example: Workshop walks participants through EV calculation steps. Builds shared language; requires skilled facilitator.
Performance Indicator Dashboard – Related #
KPI, Management Reporting. Consolidated visual interface displaying multiple performance metrics. Example: Dashboard shows CPI, SPI, risk exposure, and budget burn rate. Supports holistic view; must be kept up‑to‑date.
Variance Analysis Report – Related #
Management Reporting, Corrective Action. Document detailing reasons for cost and schedule variances. Example: Report outlines causes of CV = –$30,000 and recommends resource reallocation. Drives informed decisions; report quality determines usefulness.
Earned Value Data Model – Related #
EVMS, Database Schema. Structured representation of EVM data elements and relationships. Example: Model defines entities for Activity, Cost, Schedule, and Earned Value. Enables consistent data handling; complexity may hinder adoption.
Earned Value Software Configuration – Related #
Toolset, Data Validation. Setup of software parameters to reflect project specifics. Example: Configuring cost codes and activity IDs in EVM tool. Ensures accurate calculations; misconfiguration leads to errors.
Performance Review Checklist – Related #
Performance Review Meeting, RCA. List of items to verify during performance assessment. Example: Checklist includes CPI, SPI, variance thresholds, and open issues. Standardizes reviews; checklist must be kept relevant.
Earned Value Reporting Template – Related #
Management Reporting, SOP. Pre‑formatted document for presenting EVM results. Example: Template includes tables for EV, AC, PV, CPI, SPI, and variance commentary. Streamlines reporting; templates should be adaptable.
Project Health Index – Related #
Composite Metric, EVI. Overall indicator derived from multiple performance measures. Example: Health index combines cost, schedule, risk, and quality scores. Provides executive summary; weighting must reflect project priorities.
Risk Exposure – Related #
Risk Register, Contingency. Quantitative measure of potential impact from identified risks. Example: Calculated as probability × impact for each risk, summed across register. Guides contingency sizing; high exposure demands proactive mitigation.
Earned Value Maturity Model – Related #
Process Review, Continuous Improvement. Framework assessing an organization’s EVM capability level. Example: Model stages from initial (ad‑hoc) to optimized (continuous). Helps plan improvement roadmap; assessment must be objective.
Process Maturity – Related #
Earned Value Maturity Model, Organizational Learning. Degree to which processes are defined, measured, and improved. Example: Reaching level 3 maturity indicates defined processes. Correlates with project success; requires sustained effort.
Performance Benchmarking – Related #
KPI, Industry Standards. Comparing project performance against peers or standards. Example: Benchmarking CPI against industry average of 0.95. Identifies gaps; benchmarks must be relevant.
Earned Value Governance Framework – Related #
Governance, PMO. Structured set of policies, roles, and procedures for EVM implementation. Example: Framework outlines responsibilities for data collection, reporting, and variance analysis. Ensures consistency; overly rigid frameworks can stifle flexibility.
Cost of Quality (CoQ) – Related #
Quality Assurance, Cost Management. Expenses incurred to ensure quality and costs of failures. Example: CoQ includes prevention, appraisal, and failure costs. Influences overall project cost; neglect can