1) Actual cost work performed = Acwp = Ac= Actual cost at the point of assessment(data point) 2) Budget cost work performed = EV = Earned value = work actually accomplished at the point of assessment(data point) 3)Budget cost work scheduled = Bcws= pv= planned cost at the point of assessment (data point)
If the reporting date is in the future. How would the actual costs and performed cost curves extended to meet the vertical line ? As we only actual and performed costs for only today.
what about PV (Planned Value), EV (Earned Value), and AC (Actual Cost)? I am trying to figuring out how these three produced into an Earned Value Chart and I think your video got it. Just the matter of how I connect those values with your video
Hello Nanda, this video is using old terminology. This is how you should interpret this. PV = BCWS: Planned Work EV = BCWP: Actual Work AC = ACWP: Cost of the Actual Work I hope this helps. All the best wit your PMP exam! #SunnySensei
Is there a correlation between CPI and SPI? In other words, if one is positive and the other negative, is there a calculation that indicates you can get back on track, either by spending more (because you're under budget, but behind on work) or spending less (because you're ahead of schedule, but overspending to get to that point)? I haven't been able to find any documentation that tells you if the project can get back on plan using the CPI and SPI numbers.
I'm not familiar with a method that works right off the shelf like you're describing, but that doesn't mean one doesn't exist. I made a handful of other videos that are very related to SPI / CPI and earned value in general. If you have some time it might be worth checking them out. They are videos 33 - 38 here: engineer4free.com/project-management
Hi Scott, neither CPI, not SPI can be negative. The worst is 0 but cannot go below that. There is a parameter called TCPI in EVM. This indicates the cost performance needed for the project to close within the allocated budget or BAC. The target is set by TCPI. but the actual mechanism is defined by the project manager. I hope this helps!! #SunnySensei
Great video, much appreciated. But shouldn't BCWS at the scheduled end of the project be called BAC (BUDGET AT COMPLETE) ?, and shouldn't BCWS be only the the planned value during a specific period of time.
Hey thanks for the question, check out videos 33-36 here if you haven't already: engineer4free.com/project-management it sets some groundwork for this tutorial. BCWS is the only thing that is truly planned during a specific period of time in the future. When that point in time comes, you can see if the budgeted cost of what you had scheduled is more or less than the budget cost of all the work that actually got done. This term, BCWP though depends on how much work actually got done (the project may be ahead or behind schedule at this point in time meaning more or less work got done than planned). Lets say you have some project that is is made of 10 activities each that are each expected to take 1 day and cost $100 each. For the end of day 5, BCWS is $500. If you ended up completing only 4 activities by this point in time and it cost you a total of $450, then the BCWS is still $500, the BCWP is $400, ACWP is $450 because that's the actual cost for the work performed. The reason BCWP is $400 is because you budgeted $400 for the actual 4 activities that have been completed. If this was the case though, at the end of day 5, the project would be considered behind schedule because we have only completed 4 activities when we planned to complete 5, and over budget because we have paid $450 for what we only expected to cost $400. Check out those other tutorials too, they go over an example like this. Aaaaaand as far as terminology and acronyms go, take them with a grain of salt. Wording may vary depending on where you live in the world so if you are used to seeing a different word for "how much money you expected to have spent by the end of the project" then just go with whatever that word is. Cheers, hope that helps!
ACWP = AC
BCWP = EV
BCWS = PV
🙌
What is "PV"?
I know AC is Actual Cost
I think EV is Earned Valued??
@@Engineer4Free What is "PV"?
I know AC is Actual Cost
I think EV is Earned Valued??
@@cwong1229 PV = Planned Value i.e. Planned Value = Planned % Complete x Budget
1) Actual cost work performed = Acwp = Ac= Actual cost at the point of assessment(data point)
2) Budget cost work performed = EV = Earned value = work actually accomplished at the point of assessment(data point)
3)Budget cost work scheduled = Bcws= pv= planned cost at the point of assessment (data point)
Super helpful video. Working an assignment at work that involves EVMS.
If the work is exactly on schedule ...the BCWP would be directly on the line of BCWS correct?
wish there are links to the previous videos and the videos after this
Hey, it's easiest to look at the website: engineer4free.com/project-management this video is #37 in the course. Cheers!
Great video. Very clear and informative. On an aside, I'm curious what applications/tech you use to generate the video?
Thanks John! I've got a full list of the hardware and software that I use for the videos at engineer4free.com/tools that you should check out 👌👌
hello. Which drawing program are you using? thanks. good job.
Thanks, this one was done in Sketchbook. I have a full list of my hardware and software at engineer4free.com/tools
If the reporting date is in the future. How would the actual costs and performed cost curves extended to meet the vertical line ? As we only actual and performed costs for only today.
what about PV (Planned Value), EV (Earned Value), and AC (Actual Cost)?
I am trying to figuring out how these three produced into an Earned Value Chart and I think your video got it. Just the matter of how I connect those values with your video
Hey check out videos 33-38 here: engineer4free.com/project-management for more discussion on this topic!
Hello Nanda, this video is using old terminology. This is how you should interpret this.
PV = BCWS: Planned Work
EV = BCWP: Actual Work
AC = ACWP: Cost of the Actual Work
I hope this helps.
All the best wit your PMP exam!
#SunnySensei
@@sunny.sensei thanks it was helpful!
I love it! That´s great help :) Thx a lot
Glad it helped!!! =)
Is there a correlation between CPI and SPI? In other words, if one is positive and the other negative, is there a calculation that indicates you can get back on track, either by spending more (because you're under budget, but behind on work) or spending less (because you're ahead of schedule, but overspending to get to that point)? I haven't been able to find any documentation that tells you if the project can get back on plan using the CPI and SPI numbers.
I'm not familiar with a method that works right off the shelf like you're describing, but that doesn't mean one doesn't exist. I made a handful of other videos that are very related to SPI / CPI and earned value in general. If you have some time it might be worth checking them out. They are videos 33 - 38 here: engineer4free.com/project-management
Hi Scott, neither CPI, not SPI can be negative. The worst is 0 but cannot go below that. There is a parameter called TCPI in EVM. This indicates the cost performance needed for the project to close within the allocated budget or BAC. The target is set by TCPI. but the actual mechanism is defined by the project manager.
I hope this helps!!
#SunnySensei
Great video, much appreciated.
But shouldn't BCWS at the scheduled end of the project be called BAC (BUDGET AT COMPLETE) ?, and shouldn't BCWS be only the the planned value during a specific period of time.
Hey thanks for the question, check out videos 33-36 here if you haven't already: engineer4free.com/project-management it sets some groundwork for this tutorial. BCWS is the only thing that is truly planned during a specific period of time in the future. When that point in time comes, you can see if the budgeted cost of what you had scheduled is more or less than the budget cost of all the work that actually got done. This term, BCWP though depends on how much work actually got done (the project may be ahead or behind schedule at this point in time meaning more or less work got done than planned). Lets say you have some project that is is made of 10 activities each that are each expected to take 1 day and cost $100 each. For the end of day 5, BCWS is $500. If you ended up completing only 4 activities by this point in time and it cost you a total of $450, then the BCWS is still $500, the BCWP is $400, ACWP is $450 because that's the actual cost for the work performed. The reason BCWP is $400 is because you budgeted $400 for the actual 4 activities that have been completed. If this was the case though, at the end of day 5, the project would be considered behind schedule because we have only completed 4 activities when we planned to complete 5, and over budget because we have paid $450 for what we only expected to cost $400. Check out those other tutorials too, they go over an example like this. Aaaaaand as far as terminology and acronyms go, take them with a grain of salt. Wording may vary depending on where you live in the world so if you are used to seeing a different word for "how much money you expected to have spent by the end of the project" then just go with whatever that word is. Cheers, hope that helps!
Your point is crystal clear and i totally agree . Thank you so much for clarifying.
No problem! Glad it helps :)
Can they intersect each other?
Yeah. It would depend on what you planned and how it actually went. Intersecting is possible
Thank you 🌹🌹🌹🌹
Too much coffee