Concepts

EV involves a number of basic concepts

• BCWS = Budgeted Cost of Work Scheduled (Planned Value)
  • I.e. the Project Budget distributed as planned

• BCWP = Budgeted Cost of Work Performed (Earned Value)
  • I.e. the Value actually Earned (hence "EV") to date

• ACWP = Actual Cost of Work Performed
  • I.e. the Actual Cost invested to date
  • Or the money spent to convert BCWS into BCWP
  • See diagram on the next page