Make Earned Value Tables and Views More Accessible

If you review the earned value table often, you might do well to add it to the Table menu. To do this, follow these steps:

1 Click View, Table, More Tables.

2 In the More Tables dialog box, click Earned Value or one of the other earned value tables you want to add to the Table menu.

3 Click Edit.

4 At the top of the Table Definition dialog box, select the Show In Menu check box.

The selected table is now listed in the Table menu in the current project, and you can get to it with fewer clicks.

You can also create a custom earned value view, perhaps with the Earned Value table applied to the Task Sheet. You can then add your new view to the Views menu as well.

For information about creating custom views, see "Customizing Views" on page 761.

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Although the Earned Value table shows the majority of the earned value fields, two other tables (added with Project 2002) help you focus on specific types of earned value information. Apply the Earned Value Cost Indicators table to analyze your project for budget performance. Apply the Earned Value Schedule Indicators table to analyze schedule and work performance. The fields included by default in each of the three earned value tables are shown in Table 13-1.

Table 13-1. Earned Value Tables

Table Name Included Fields

Earned Value BCWS (Budgeted Cost of Work Scheduled)

BCWP (Budgeted Cost of Work Performed) ACWP (Actual Cost of Work Performed) SV (Schedule Variance) CV (Cost Variance) EAC (Estimate At Completion) BAC (Budget At Completion) VAC (Variance At Completion) Earned Value Cost Indicators BCWS (Budgeted Cost of Work Scheduled)

BCWP (Budgeted Cost of Work Performed) CV (Cost Variance) CV% (Cost Variance Percent)

Table Name

Earned Value Schedule Indicators

Included Fields

CPI (Cost Performance Index)

BAC (Budget At Completion)

EAC (Estimate At Completion)

VAC (Variance At Completion)

TCPI (To Complete Performance Index)

BCWS (Budgeted Cost of Work Scheduled)

BCWP (Budgeted Cost of Work Performed)

SV (Schedule Variance)

SV% (Schedule Variance Percent)

SPI (Schedule Performance Index)

Tip Add an earned value field to another table

Add one or more earned value fields to other task or resource tables if you want to keep a close eye on one or two calculations without having to apply an entire earned value table. Display the view and table you want and then click the column header where you want the earned value field to be added. Click Insert, Column. In the Field Name box, click the earned value field you want and then click OK.

Understanding the Earned Value Fields

Measuring earned value helps you see the adherence to the baseline plan or deviation from it, in terms of cost and schedule. The following list details each earned value field in Microsoft

Project and how they're calculated:

Budgeted Cost Of Work Scheduled (BCWS). The original planned cost of a task, up to the status date. BCWS indicates the amount of budget that should have been spent by now on this task (or for this resource). For example, if a task should be 50 percent finished according to the schedule, the BCWS would be 50 percent of the original planned cost of that task. Microsoft Project determines the values by adding the timephased baseline dates for the task up to the status date.

Budgeted Cost Of Work Performed (BCWP). The cost of the task work actually done, according to the original budget. BCWP indicates the amount of budget that should have been spent by now on this task (or this resource), based on the amount of actual work reported by this date. If the task is actually 50 percent complete, the BCWP will be the originally planned cost of the work on the task multiplied by 50 percent. Because this is a measure of actual work costs incurred, BCWP is sometimes called the earned value of a task.

Actual Cost Of Work Performed (ACWP). The sum of all costs actually accrued for a task to date. It includes standard and overtime costs for assigned resources, any per-use costs,

and fixed costs for tasks. ACWP indicates the amount of budget that should have been spent by now on this task (or this resource), based on the actual work reported by this co date. rte pt

Cost Variance (CV). The difference between the budgeted costs and the actual costs of a task J2

(ACWP-BCWP). The CV dollar amount indicates the difference between the baseline ° and actual costs for tasks. A positive CV means that the task is currently under budget. A negative CV means that the task is currently over budget. A CV of $0.00 means that the task is exactly on budget.

Schedule Variance (SV). The measure of the difference between the cost as planned and the cost as performed (BCWP-BCWS). Even though it's called "schedule variance," the variance really calculated is the cost resulting from schedule considerations. The SV dollar amount indicates the difference between the baseline costs for scheduled tasks and actual progress reported on those tasks. A positive SV means that the task is ahead of schedule in terms of cost. A negative SV means that the task is behind schedule in terms of cost. An SV of $0.00 means that the task is exactly on schedule in terms of cost. SV does not necessarily specify whether you're under or over budget; however, it can be an indicator that budget should be looked at more closely. SV shows clearly how much schedule slippage and duration increases affect cost.

Estimate At Completion (EAC). The projected cost of a task at its completion, also known as Forecast At Completion (FAC). EAC is the amount calculated from the ACWP, BCWP, and the Cost Performance Index (CPI), resulting in a composite forecast total of costs for the task upon completion. This dollar amount indicates the current best guess of what this task will cost by the time it's finished. The projection is based on current schedule performance up to the status date.

Budgeted At Completion (BAC). The baseline cost of a task at its completion. BAC is the cost for the task as planned. BAC is exactly the same as the baseline cost, which includes assigned resource costs and any fixed costs for the task. The budgeted cost is based on the baseline planned schedule performance.

Variance At Completion (VAC). The difference between actual cost at completion and baseline cost at completion, or BAC-EAC. VAC is the cost variance for a completed task. A negative VAC indicates that the forecasted cost for the task is currently over budget. A positive VAC indicates that the forecasted cost for the task is currently under budget. A VAC of $0.00 indicates that the task is right on budget.

Cost Performance Index (CPI). The ratio of budgeted to actual cost of work performed. CPI is also known as Earned Value for Cost. When the CPI ratio is 1, the cost performance is now exactly as planned, according to current work performance. A ratio greater than 1.0 indicates that you're under budget; less than 1.0 indicates that you're over budget. CPI is calculated by dividing BCWP by ACWP.

Schedule Performance Index (SPI). The ratio of budgeted cost of work performed to budgeted cost of work scheduled. SPI, which is also known as Earned Value for Schedule, is often used to estimate the project completion date. When the SPI ratio is 1.0, the task is precisely on schedule. A ratio greater than 1.0 indicates that you're ahead of schedule; less than 1.0 indicates that you're behind schedule. SPI is calculated by dividing BCWP by BCWS.

Cost Variance Percent (CV%). The difference between how much a task should have cost h and how much it has actually cost to date, displayed in the form of a percentage. CV is f calculated as follows: [(BCWP-ACWP)/BCWP]*100. A positive percentage indicates

1 an under-budget condition, whereas a negative percentage indicates an overbudget w condition.

Schedule Variance Percent (SV%). The percentage of how much you are ahead of or behind schedule for a task. SV is calculated as follows: (SV/BCWS) * 100. A positive percentage indicates that you're currently ahead of schedule, whereas a negative percentage indicates that you're behind schedule.

To Complete Performance Index (TCPI). The ratio of the work yet to be done on a task to the funds still budgeted to be spent on that task. TCPI is calculated as follows: (BAC-BCWP)/(BAC-ACWP). TCPI helps you estimate whether you will have surplus funds or a shortfall. Values over 1.0 indicate a potential shortfall. Increased performance for remaining work would be needed to stay within budget.

Physical Percent Complete. This is a user-entered value that can be used in place of % Complete when calculating earned value or measuring progress. It represents a judgment that overrides the calculations based on actual duration. To use this option, click Tools, Options and then click Calculation. Click the Earned Value button. In the Default Task Earned Value Method list, click Physical % Complete.

Tip See all available earned value fields

You can see a list of all earned value fields available in Microsoft Project. Click Help, Microsoft Project Help (or press F1). In the Search For box, type fields and then press Enter. Click Earned Value Fields. The list of all available earned value fields appears in a separate Help window.

Click a field name to open a Help topic that gives a description of each field, how it's calculated, its best uses, and an example of its use. \_/

Generating the Earned Value Report

The Earned Value report is based on the Earned Value table for tasks. Every non-summary task is listed, along with its earned value calculations for BCWS, BCWP, ACWP, SV, CV, EAC, BAC, and VAC. To run the Earned Value report, follow these steps:

1 Click View, Reports.

2 Double-click Costs.

3 Double-click Earned Value.

A preview of the Earned Value report appears (see Figure 13-3).

Figure 13-3. The Earned Value report shows earned values for all tasks, based on your specified status date.

Figure 13-3. The Earned Value report shows earned values for all tasks, based on your specified status date.

4 To print the report, click the Print button at the top of the report preview window.

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