Key Terms in Earned Value Management​

Planned Value (PV): The budgeted cost of work scheduled (BCWP) to be completed by a specific date

Actual Cost (AC): The total cost actually incurred for work performed to date (aka ACWP).

EV % Complete: A measure of a task's percentage complete based upon its selected Earned Value Technique (EVT)

EV Period: The reporting interval for Earned Value Management data (e.g., monthly).

Status Date: The 'as of' date for all reported EVM performance data, also known as Time Now.

Integrated Master Schedule (IMS): A comprehensive, interconnected project timeline integrating technical scope, schedule, and cost for effective management and performance insight.

Performance Measurement Baseline (PMB): The time-phased budget plan against which project performance is measured, encompassing scope, schedule, and cost.