Earned Value Calculator

Earned Value (EV), also called Budgeted Cost of Work Performed (BCWP), is the budgeted value of the work actually completed. It answers the question: how much of the budget have we earned through real progress? Comparing EV with the planned value and the actual cost reveals whether a project is ahead or behind schedule and over or under budget.

How to use the calculator

1. Enter the Budget at Completion (BAC) of the activity or project.
2. Enter the percent complete measured on site.
3. Optionally enter Planned Value (PV) and Actual Cost (AC) for the same date.
4. Read EV and the derived variances and indices.

Formulas

• EV = BAC × % complete
• Schedule variance SV = EV - PV, SPI = EV / PV
• Cost variance CV = EV - AC, CPI = EV / AC

Worked example

A retaining wall has a BAC of 500,000. At the end of month 3 it is 40% complete, so EV = 200,000. The plan expected 50% by now (PV = 250,000), and 230,000 has been spent (AC). SV = -50,000 and SPI = 0.80: the work is behind schedule. CV = -30,000 and CPI = 0.87: it is over budget.

Measuring percent complete

EV is only as good as the progress measurement. Common methods are:

• Physical units: 120 of 300 m³ placed = 40%.
• Weighted milestones: e.g. excavation 20%, rebar 30%, concrete 40%, backfill 10%.
• 0/100 or 50/50 rules for short activities.

Avoid estimating percent complete from money spent; that just repeats AC and hides problems.