| Baseline budget | A concrete document and commitment; it represents the first real plan with cost, schedule, and resource allocation. The planned cost and schedule performance are used to measure actual cost and schedule performance. Serves as an anchor point for measuring performance.
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| Budget at completion (BAC) | Budgeted cost at completion. The total budgeted cost of the baseline or project cost accounts.
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| Control chart | This chart is another tool used to monitor past project schedule performance and current performance and to estimate future schedule trends.
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| Cost performance index (CPI). | The ratio of work performed to actual costs (EV/AC).
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| Cost variance (CV) | The difference between EV and AC (CV = EV - AC). Tells if the work accomplished cost more or less than was planned at any point over the life of the project.
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| Earned value (EV) | The physical work accomplished plus the authorized budget for this work. Previously this was called the budgeted cost of work performed (BCWP).
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| Estimated cost at completion (EAC) | The sum of actual costs to date plus revised estimated costs for the work remaining in the WBS. The text uses EACre to represent revisions made by experts and practitioners associated with the project. A second method is used in large projects where the original budget is less reliable. This method uses the actual costs to date plus an efficiency index (CPI = EV/AC) applied to the remaining project work. When the estimate for completion uses the CPI as the basis for forecasting cost at completion, we use the acronym EACf, where EACf = estimated costs at completion. Includes costs to date plus revised estimated costs for the work remaining. (Uses formula to compute EAC.)
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| Estimated cost at completion—Forecasted (EACf) | Estimated cost to complete (uses formula to compute estimates).
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| Estimated cost at completion—Revised (EACre) | Estimated cost to complete (uses expert estimates).
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| Percent complete index—budget costs (PCIB) | Percentage of work accomplished to date based on original budget of the project (EV/BAC).
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| Percent complete index—actual costs (PCIC). | Percentage of work accomplished to date based on expected cost of the project. (AC/EAC).
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| Schedule performance index (SPI) | The ratio of work performed to work scheduled (EV/PV).
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| Schedule variance (SV) | The difference between the planned dollar value of the work actually completed and the value of the work scheduled to be completed at a given point in time (SV = EV – PV). Schedule variance contains no critical path information.
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| Scope creep | The tendency for the scope of a project to expand once it has started.
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| To complete performance index (TCPI) | The value each remaining dollar in the budget must earn to stay within budget (BAC-EV/BAC-AC).
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| Tracking Gantt chart | A Gantt chart that compares planned versus actual schedule information.
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| Variance at completion (VAC) | Indicates expected actual cost over- or under run at completion (VAC = BAC − EAC).
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