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English: The graph illustrates three scenarios described in the PMI A Practice Guide (2022 edition, p. 311): - The To-Complete Performance Index (TCPI) required to complete the project on plan, assuming the Budget at Completion (BAC) remains unchanged (i.e., EAC = BAC).
Progress can be assessed using fundamental earned value calculations and variance analysis (Planned Cost, Actual Cost, and Earned Value); these calculations can determine where project performance currently is using the estimated project baseline's cost and schedule information. [15]
Budgeted cost of work performed (BCWP) also called earned value (EV), is the budgeted cost of work that has actually been performed in carrying out a scheduled task during a specific time period. [1] The BCWP is the sum of the budgets for completed work packages and completed portions of open work packages, plus the applicable portion of the ...
The BOE can be used to ensure financial stability of a company. Through accurate budgeting and proper calculations, all projects, regardless of size and scope, can incorporate a BOE. Through the incorporation of this essential tool, a company's financial budget can run effectively and smoothly based on fine-tuned calculations.
Earned schedule (ES) is an extension to the theory and practice of earned value management (EVM). It has been stated that Earned Schedule provides a useful link between traditional Earned Value Analysis and traditional project schedule analysis -- a link that some say has been missing in traditional EVM theory.
Techno-economic assessment or techno-economic analysis (abbreviated TEA) is a method of analyzing the economic performance of an industrial process, product, or service. The methodology originates from earlier work on combining technical, economic and risk assessments for chemical production processes. [ 1 ]
A positive net present value indicates that the projected earnings generated by a project or investment (in present dollars) exceeds the anticipated costs (also in present dollars). This concept is the basis for the Net Present Value Rule, which dictates that the only investments that should be made are those with positive NPVs.
The value of work done (VOWD) is a project management technique for measuring and estimating the project cost at a point in time. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services progressed, regardless of whether or not they have been paid for or received. The primary purpose ...