Earned Value Management (EVM) Calculator
Calculate all key Earned Value Management metrics including Cost Variance, Schedule Variance, CPI, SPI, and Estimate at Completion (EAC) to track project budget and schedule performance.
How to use this tool
- Enter budget at completion (bac), planned value (pv), earned value (ev) and actual cost (ac) in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your cost performance index (cpi) and the full breakdown beneath it.
⚠ This tool provides general estimates for education only and is not financial, tax or legal advice. Figures may not reflect your situation — verify with a qualified professional.
Formula
CV = EV − AC SV = EV − PV
CPI = EV / AC SPI = EV / PV
EAC = BAC / CPI
ETC = EAC − AC VAC = BAC − EAC
How it works
Earned Value Management integrates scope, schedule, and cost data to provide an objective measure of project performance. CPI greater than 1.0 means you are getting more value than you are spending (under budget), while SPI greater than 1.0 means you are ahead of schedule. The Estimate at Completion assumes future work will be performed at the same cost efficiency as work completed to date (EAC = BAC / CPI).
Worked example
Project Tracking at 50% Planned Completion
- BAC = $100,000; PV = $60,000; EV = $50,000; AC = $55,000.
- Cost Variance = EV − AC = $50,000 − $55,000 = −$5,000 (over budget).
- Schedule Variance = EV − PV = $50,000 − $60,000 = −$10,000 (behind schedule).
- CPI = $50,000 / $55,000 = 0.9091; SPI = $50,000 / $60,000 = 0.8333.
- EAC = $100,000 / 0.9091 = $110,000 (projected final cost).
CPI is 0.9091 (over budget) and SPI is 0.8333 (behind schedule). Projected final cost (EAC) is $110,000.00.
Common mistakes to avoid
- Confusing Planned Value (PV) with the total project budget (BAC) — PV is the budgeted cost of work scheduled to date, not the full project budget.
- Using actual expenditures in place of Earned Value when calculating CPI and SPI, which conflates spending rate with work completion rate.
- Assuming an EAC of BAC/CPI is always appropriate — this estimate assumes future performance mirrors the past; alternative EAC formulas should be used when conditions change mid-project.
Key terms
- What is Earned Value (EV)?
- The budgeted value of work actually completed to date. It represents how much of the budget should have been spent based on the work done, not the actual cost.
- What is CPI?
- Cost Performance Index = EV / AC. A CPI above 1.0 means the project is under budget; below 1.0 means over budget.
- What is SPI?
- Schedule Performance Index = EV / PV. An SPI above 1.0 means ahead of schedule; below 1.0 means behind schedule.
- What is EAC?
- Estimate at Completion — the projected total cost of the project if work continues at the current cost efficiency (CPI). Calculated as BAC / CPI.
- What is Planned Value (PV)?
- The budgeted amount for work scheduled to be completed by a specific point in time. Also called Budgeted Cost of Work Scheduled (BCWS).
Frequently asked questions
- What does a CPI below 1.0 mean?
- CPI < 1.0 means you are spending more than budgeted for the work completed. For every dollar of budgeted work delivered, you are spending more than one dollar.
- How is EAC different from ETC?
- EAC (Estimate at Completion) is the total expected project cost. ETC (Estimate to Complete) is only the remaining work cost: ETC = EAC - AC. EAC = AC + ETC.
- Can SPI be greater than 1.0?
- Yes. SPI > 1.0 means you are ahead of schedule — more work has been completed than was planned for this point in time.