Project Cost Management - PMP Note
Cost Variance (CV) is the difference between the amount you budget for a project and the actual amount you spend completing the project.
Earned Value (EC) is a way to measure and monitor the level of work completed on a project against the plan.
Cost performance index (CPI) is a measure of the conformance of the actual work completed (Measured by its earned value) to the actual cost incurred. CPI= EV/AC
Expected Monetary Value (EMV) looks to predict the value of risk or opportunity of an uncertain event.
EMV is a risk analysis tool that helps establish the contingency reserves for your project activities.
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