EVM Formula Map — PMP Cheat Sheet

🔗 How EVM Metrics Relate

flowchart TB
  subgraph inputs ["📥 THE THREE INPUTS"]
    direction LR
    PV["PV
Planned Value
What you planned to spend"]
    EV["EV
Earned Value
Value of work done"]
    AC["AC
Actual Cost
What you actually spent"]
  end

  subgraph variances ["📐 VARIANCES (Subtract)"]
    direction LR
    SV["SV = EV − PV
Schedule Variance"]
    CV["CV = EV − AC
Cost Variance"]
  end

  subgraph indices ["📈 INDICES (Divide)"]
    direction LR
    SPI["SPI = EV / PV
Schedule Perf Index"]
    CPI["CPI = EV / AC
Cost Perf Index"]
  end

  subgraph forecasts ["🔮 FORECASTS"]
    direction LR
    EAC["EAC
Estimate at Completion
Projected total cost"]
    ETC["ETC = EAC − AC
Estimate to Complete"]
    VAC["VAC = BAC − EAC
Variance at Completion"]
    TCPI["TCPI
To-Complete Perf Index"]
  end

  BAC["BAC
Budget at Completion
Original total budget"]

  PV --> SV
  EV --> SV
  EV --> CV
  AC --> CV
  EV --> SPI
  PV --> SPI
  EV --> CPI
  AC --> CPI
  CPI --> EAC
  BAC --> EAC
  EAC --> ETC
  AC --> ETC
  BAC --> VAC
  EAC --> VAC
  BAC --> TCPI
  EV --> TCPI
  AC --> TCPI

  style inputs fill:#dbeafe,stroke:#2563eb,color:#1e3a5f
  style variances fill:#dcfce7,stroke:#16a34a,color:#14532d
  style indices fill:#ede9fe,stroke:#7c3aed,color:#3b0764
  style forecasts fill:#ffe4e6,stroke:#e11d48,color:#881337
  style BAC fill:#fef3c7,stroke:#b45309,color:#78350f

📐 Core Formulas

Input

PV — Planned Value

Budget for work scheduled

What you planned to spend by now. The baseline.

Input

EV — Earned Value

Budget for work completed

The value of work actually done. The key metric.

Input

AC — Actual Cost

Actual spend to date

What you actually spent. Real money out the door.

Input

BAC — Budget at Completion

Total project budget

The original total budget. Doesn't change unless re-baselined.

Variance

SV — Schedule Variance

SV = EV − PV

Negative = behind schedule. Zero = on schedule. Positive = ahead.

Variance

CV — Cost Variance

CV = EV − AC

Negative = over budget. Zero = on budget. Positive = under budget.

Index

SPI — Schedule Performance Index

SPI = EV / PV

< 1.0 = behind schedule. 1.0 = on track. > 1.0 = ahead.

Index

CPI — Cost Performance Index

CPI = EV / AC

< 1.0 = over budget. 1.0 = on budget. > 1.0 = under budget.

Forecast

ETC — Estimate to Complete

ETC = EAC − AC

How much more you need to spend to finish.

Forecast

VAC — Variance at Completion

VAC = BAC − EAC

Negative = will be over budget. Positive = will be under budget.

Forecast

TCPI — To-Complete Performance Index

TCPI = (BAC − EV) / (BAC − AC)

Required efficiency to meet BAC. > 1.0 = must improve. < 1.0 = can relax.

🔮 EAC — Three Variations (Know When to Use Each)

flowchart TD
  Q["What caused the variance?"]
  Q -->|"CPI trend will continue
(most common on exam)"| T["Typical
EAC = BAC / CPI"]
  Q -->|"Variance was a one-time event
(won't recur)"| A["Atypical
EAC = AC + (BAC − EV)"]
  Q -->|"Both schedule and cost
factors apply"| B["Both Factors
EAC = AC + (BAC − EV) / (CPI × SPI)"]

  style Q fill:#fef3c7,stroke:#b45309,color:#78350f
  style T fill:#dcfce7,stroke:#16a34a,color:#14532d
  style A fill:#dbeafe,stroke:#2563eb,color:#1e3a5f
  style B fill:#ede9fe,stroke:#7c3aed,color:#3b0764

Scenario	Formula	When to Use
Typical (CPI trend continues)	`EAC = BAC / CPI`	Default on the exam. Past performance predicts future. Most common.
Atypical (one-time variance)	`EAC = AC + (BAC − EV)`	The variance was unusual and won't repeat. Remaining work at original rate.
Both factors (SPI + CPI)	`EAC = AC + (BAC − EV) / (CPI × SPI)`	Both schedule and cost performance affect the forecast.

💡 Exam Tip

If the question says "the current CPI is expected to continue" or doesn't specify, use EAC = BAC / CPI (typical). This is the default.

If it says "the variance was a one-time event" or "atypical," use EAC = AC + (BAC − EV).

🚦 Quick Interpretation Guide

SV (Schedule Variance)

PositiveAhead of schedule ✓

ZeroOn schedule

NegativeBehind schedule ✗

CV (Cost Variance)

PositiveUnder budget ✓

ZeroOn budget

NegativeOver budget ✗

SPI (Schedule Index)

> 1.0Ahead of schedule ✓

= 1.0On schedule

< 1.0Behind schedule ✗

CPI (Cost Index)

> 1.0Under budget ✓

= 1.0On budget

< 1.0Over budget ✗

TCPI (To-Complete Index)

< 1.0Can relax pace ✓

= 1.0Stay the course

> 1.0Must improve ✗

🧠 Memory Trick

Variances: EV is always first. EV − PV (Schedule), EV − AC (Cost). Negative = bad.

Indices: EV is always the numerator. EV / PV (Schedule), EV / AC (Cost). Below 1.0 = bad.

Pattern: PV = schedule, AC = cost. If the second term has P → schedule. If it has C → cost.

📝 Other Key Formulas

📡 Communication Channels

n(n − 1) / 2

Where n = number of stakeholders (including the PM).
Example: 10 people → 10(9)/2 = 45 channels
Add 1 person → 11(10)/2 = 55 channels (+10!)

📊 PERT Estimate

tE = (O + 4M + P) / 6

O = Optimistic, M = Most Likely, P = Pessimistic
Weighted toward the most likely estimate (4× weight).

📏 Standard Deviation

σ = (P − O) / 6

Measures spread of the estimate. Larger σ = more uncertainty.
Variance = σ² = ((P − O) / 6)²

💰 Point of Total Assumption (PTA)

PTA = ((CP − TP) / BSR) + TC

CP = Ceiling Price, TP = Target Price, BSR = Buyer's Share Ratio, TC = Target Cost
Used only for Fixed Price Incentive Fee (FPIF) contracts.

📊 EVM Formula Map

📡 Communication Channels

📊 PERT Estimate

📏 Standard Deviation

💰 Point of Total Assumption (PTA)