{"id":62543,"date":"2021-05-16T23:10:06","date_gmt":"2021-05-17T03:10:06","guid":{"rendered":"http:\/\/bangla.salearningschool.com\/recent-posts\/project-cost-management-part-2-pmp-project-management\/"},"modified":"2025-04-29T21:41:32","modified_gmt":"2025-04-29T21:41:32","slug":"project-cost-management-part-2-pmp-project-management","status":"publish","type":"post","link":"http:\/\/bangla.sitestree.com\/?p=62543","title":{"rendered":"Project Cost Management – Part 2 #PMP – Project Management"},"content":{"rendered":"

Project Cost Management – Part 2<\/b><\/p>\n

Terms:<\/b>
Earned Value:<\/b> The value the spent money brought to the project. Just like double entry accounting system: for every debit to an account there is a corresponding credit.<\/p>\n

Budgeted at Completion (BAC):<\/b> How much was originally planned for this project.<\/p>\n

Planned Value (PV):<\/b> Calculates how much of the project should be complete at a certain date according to the plan. Planned Value = Planned%complete*BAC<\/p>\n

Earned Value (EV):<\/b> How much is actually done during a period. EV=Actual%Complete*BAC <\/p>\n

Actual Cost:<\/b> Money spent over the period <\/p>\n

Cost Variance (CV):<\/b> Difference between planned cost and actual cost. CV = EV – AC<\/p>\n

Schedule Variance (SV):<\/b> Difference between the planned schedule and actual schedule (as:Where the project is in the schedule). SV=EV-PV <\/p>\n

Cost Performance Index (CPI):<\/b> The rate at which the project cost is performing regarding cost expectations. CPI is done for a given period of time. CPI = EV\/AC <\/p>\n

Cumulative CPI:<\/b> It’s the CPI from the project start time to a particular point in time. CCPI = CEV\/CAC <\/p>\n

Schedule Performance Index (SPI):<\/b> The rate at which the project is performing in respect of schedule expectations up to a point in time. SPI=EV\/PV <\/p>\n

Estimate at Completion (EAC):<\/b> Forecast the total cost at project completion based on the project performance up to a point in time. EAC = BAC\/CCPI<\/p>\n

Estimate to Completion (ETC):<\/b> How much more will be spent to complete the project based on past performance. <\/p>\n

Variance at Completion (VAC):<\/b> Difference between what was budgeted and what will actually be spent. VAC = BAC – EAC<\/p>\n

Project managers need to calculate these values to get a good understanding of the project cost. He can get answers to questions like: How much is spent? How much more are required? Is the project progress satisfactory in terms of cost? — these will ultimately help in project cost control.<\/p>\n

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Project Cost Management – Part 2 Terms:Earned Value: The value the spent money brought to the project. Just like double entry accounting system: for every debit to an account there is a corresponding credit. Budgeted at Completion (BAC): How much was originally planned for this project. Planned Value (PV): Calculates how much of the project … <\/p>\n

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Just like double entry accounting system: for every debit to an account there is a corresponding credit. Budgeted at Completion (BAC): How much was originally planned for this project. Planned\u2026","rel":"","context":"In "FromSitesTree.com"","block_context":{"text":"FromSitesTree.com","link":"http:\/\/bangla.sitestree.com\/?cat=1917"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62754,"url":"http:\/\/bangla.sitestree.com\/?p=62754","url_meta":{"origin":62543,"position":1},"title":"Details on Cost Management Terms. Part – 10: Project Cost Management #PMP – Project Management","author":"Author-Check- Article-or-Video","date":"May 20, 2021","format":false,"excerpt":"Details on Cost Management Terms. Part - 10: Project Cost Management For now, this is just a placeholder post Actual Cost: Money spent over the period Cost Variance (CV): Difference between planned cost and actual cost. CV = EV - AC Schedule Variance (SV): Difference between the planned schedule and\u2026","rel":"","context":"In "FromSitesTree.com"","block_context":{"text":"FromSitesTree.com","link":"http:\/\/bangla.sitestree.com\/?cat=1917"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62752,"url":"http:\/\/bangla.sitestree.com\/?p=62752","url_meta":{"origin":62543,"position":2},"title":"Details on Cost Management Terms. Part – 9: Project Cost Management #PMP – Project Management","author":"Author-Check- Article-or-Video","date":"May 20, 2021","format":false,"excerpt":"Details on Cost Management Terms. Part - 9: Project Cost Management For now, this is just a place holder post Earned Value: The value the spent money brought to the project. Just like double entry accounting system: for every debit to an account there is a corresponding credit. Budgeted at\u2026","rel":"","context":"In "FromSitesTree.com"","block_context":{"text":"FromSitesTree.com","link":"http:\/\/bangla.sitestree.com\/?cat=1917"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62756,"url":"http:\/\/bangla.sitestree.com\/?p=62756","url_meta":{"origin":62543,"position":3},"title":"Details on Cost Management Terms. Part – 11: Project Cost Management #PMP – Project Management","author":"Author-Check- Article-or-Video","date":"May 20, 2021","format":false,"excerpt":"Details on Cost Management Terms. Part - 11: Project Cost Management For now, this is just a place holder post Schedule Performance Index (SPI): The rate at which the project is performing in respect of schedule expectations up to a point in time. SPI=EV\/PV Estimate at Completion (EAC): Forecast the\u2026","rel":"","context":"In "FromSitesTree.com"","block_context":{"text":"FromSitesTree.com","link":"http:\/\/bangla.sitestree.com\/?cat=1917"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6369,"url":"http:\/\/bangla.sitestree.com\/?p=6369","url_meta":{"origin":62543,"position":4},"title":"Project Cost Management – Part 2","author":"Author-Check- Article-or-Video","date":"February 27, 2015","format":false,"excerpt":"\u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa \u09ae\u09c2\u09b2\u09cd\u09af \u09ac\u09cd\u09af\u09ac\u09b8\u09cd\u09a5\u09be\u09aa\u09a8\u09be\u0983 \u09e8\u09df \u09aa\u09b0\u09cd\u09ac\u0964 \u09b0\u09bf\u09a6\u0993\u09df\u09be\u09a8 \u09ac\u09bf\u09a8 \u09b6\u09be\u09ae\u09c0\u09ae\u0964 \u00a0 \u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa \u09ae\u09c2\u09b2\u09cd\u09af \u09ac\u09cd\u09af\u09ac\u09b8\u09cd\u09a5\u09be\u09aa\u09a8\u09be\u09b0 \u0989\u09aa\u09b0 \u0995\u09bf\u099b\u09c1 \u09b8\u0982\u099c\u09cd\u099e\u09be \u09a8\u09bf\u09df\u09c7 \u0986\u09b2\u09cb\u099a\u09a8\u09be \u0995\u09b0\u099b\u09bf, \u0985\u09b0\u09cd\u099c\u09bf\u09a4 \u09ae\u09c2\u09b2\u09cd\u09af\u0983 \u098f\u099f\u09bf \u09b9\u09b2 \u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa\u09c7\u09b0 \u099c\u09a8\u09cd\u09af \u0996\u09b0\u099a \u0995\u09b0\u09be \u0985\u09b0\u09cd\u09a5, \u09a1\u09ac\u09b2 \u098f\u09a8\u09cd\u099f\u09cd\u09b0\u09bf \u098f\u0995\u09be\u0989\u09a8\u09cd\u099f\u09bf\u0999\u09c7\u09b0 \u09ae\u09a4 \u09aa\u09cd\u09b0\u09a4\u09bf\u099f\u09bf \u0996\u09b0\u099a\u09c7\u09b0 \u099c\u09a8\u09cd\u09af \u09aa\u09c1\u099e\u09cd\u099c\u09bf\u09a4 \u0985\u09b0\u09cd\u09a5 \u09b8\u099e\u09cd\u099a\u09bf\u09a4 \u09a5\u09be\u0995\u09c7\u0964 \u09ac\u09be\u099c\u09c7\u099f\u09c7\u09a1 \u098f\u099f \u0995\u09ae\u09aa\u09cd\u09b2\u09c7\u09b8\u09a8 (BAC)\u0983 \u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa \u09b8\u09ae\u09cd\u09aa\u09be\u09a6\u09a8\u09c7\u09b0 \u099c\u09a8\u09cd\u09af \u09ae\u09c2\u09b2\u09a4 \u0995\u09a4 \u0985\u09b0\u09cd\u09a5 \u09ac\u09b0\u09be\u09a6\u09cd\u09a6 \u099b\u09bf\u09b2\u2026","rel":"","context":"In "\u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa \u09a8\u09bf\u09df\u09a8\u09cd\u09a4\u09cd\u09b0\u09a3 \u0964 Project Management (PMP) Basics"","block_context":{"text":"\u09aa\u09cd\u09b0\u0995\u09b2\u09cd\u09aa \u09a8\u09bf\u09df\u09a8\u09cd\u09a4\u09cd\u09b0\u09a3 \u0964 Project Management (PMP) Basics","link":"http:\/\/bangla.sitestree.com\/?cat=187"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62746,"url":"http:\/\/bangla.sitestree.com\/?p=62746","url_meta":{"origin":62543,"position":5},"title":"Cost Control in Short : Part – 6: Project Cost Management #PMP – Project Management","author":"Author-Check- Article-or-Video","date":"May 20, 2021","format":false,"excerpt":"Cost Control in Short : Part - 6: Project Cost Management Monitoring, controlling, adjusting costs When it is performed? 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