Free Tool
Earned Value Calculator
Enter your Budget at Completion, Planned Value, Earned Value, and Actual Cost — get CV, SV, CPI, SPI, EAC, ETC, VAC, and TCPI instantly. Built for the PMP and CAPM exams.
CV — Cost Variance
-$7,000
Over budget
SV — Schedule Variance
-$5,000
Behind schedule
CPI — Cost Performance Index
0.8333
EV ÷ AC (≥ 1 is good)
SPI — Schedule Performance Index
0.8750
EV ÷ PV (≥ 1 is good)
EAC — Estimate at Completion
$120,000
BAC ÷ CPI
ETC — Estimate to Complete
$78,000
EAC − AC
VAC — Variance at Completion
-$20,000
BAC − EAC
TCPI — To-Complete Performance Index
1.1207
(BAC − EV) ÷ (BAC − AC)
Earned Value Management: The PMP Exam's Most Tested Math
Earned Value Management (EVM) integrates scope, schedule, and cost into a single set of metrics so a project manager can answer two questions at any moment: are we over or under budget, and are we ahead of or behind schedule? Everything starts with three measured values — Planned Value (PV, the budgeted cost of the work scheduled), Earned Value (EV, the budgeted cost of the work actually completed), and Actual Cost (AC, what you really spent) — plus the Budget at Completion (BAC), the total approved budget.
From those inputs the PMBOK Guide derives the full family of indicators. Cost Variance (CV = EV − AC) and the Cost Performance Index (CPI = EV ÷ AC) describe budget health; Schedule Variance (SV = EV − PV) and the Schedule Performance Index (SPI = EV ÷ PV) describe schedule health. Forecasting formulas project the finish: Estimate at Completion (EAC = BAC ÷ CPI), Estimate to Complete (ETC = EAC − AC), and Variance at Completion (VAC = BAC − EAC). Finally, the To-Complete Performance Index (TCPI = (BAC − EV) ÷ (BAC − AC)) tells you the efficiency required on remaining work to still hit the budget.
On the exam these show up as multi-step word problems, not simple recall. A single question might give you BAC, PV, EV, and AC and ask for the EAC, forcing you to compute CPI first. Practice recognizing which value is which from the wording, and rehearse the chain of formulas until the arithmetic is automatic — earned value points are among the most reliable on the entire test.
Frequently Asked Questions
What is the difference between CV and CPI?
Cost Variance (CV = EV − AC) is an absolute dollar figure: a negative CV means you have spent more than the work is worth. Cost Performance Index (CPI = EV ÷ AC) is a ratio: a CPI below 1.0 means you are getting less than a dollar of value for every dollar spent. CV tells you how much you are over or under; CPI tells you the rate of efficiency.
How do you calculate EAC on the PMP exam?
The most common EAC formula assumes the current cost efficiency will continue: EAC = BAC ÷ CPI. This calculator uses that method. The exam also tests three other EAC variants — BAC ÷ (CPI × SPI), AC + (BAC − EV), and AC + bottom-up ETC — so read each question carefully to see which assumption applies.
What does a TCPI above 1.0 mean?
The To-Complete Performance Index, TCPI = (BAC − EV) ÷ (BAC − AC), is the cost efficiency you must achieve on the remaining work to finish within budget. A TCPI greater than 1.0 means you have to perform better than a perfect dollar-for-dollar rate for the rest of the project — a warning sign that the original budget may no longer be realistic.
Are CPI and SPI good if they are above or below 1?
For both indices, exactly 1.0 is on plan, above 1.0 is favorable, and below 1.0 is unfavorable. A CPI of 0.83 means you are 17 percent over budget for the value delivered; an SPI of 0.875 means you have completed 87.5 percent of the work you had scheduled by now.
Do I need to memorize earned value formulas for the PMP?
Yes. Earned value questions appear throughout the PMP and CAPM exams, and you cannot bring a formula sheet. Memorize the eight core equations — CV, SV, CPI, SPI, EAC, ETC, VAC, TCPI — and practice plugging numbers quickly so you can solve each in under a minute.
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