ACWP = Actual Cost of Work Performed is the actual work effort or $ spent to date.
BCWP = Budgeted Cost of Work Performed = % Complete x BAC, the value of the work or $ accomplished to date in terms of the baseline schedule, otherwise known as earned value.
BCWS = Budgeted Cost of Work Scheduled is the work or $ that should have been accomplished to date according to the baseline plan.
BAC = Budget at Completion, the baseline total cost at the end of the project.
EAC = Estimate at Completion = BAC x (ACWP / BCWP) or BAC / CPI, the projected cost at end of project based on work efficiency to date, or the total spent to date (ACWP) + the total work remaining.
% Complete = BCWP / BAC x 100 or ACWP / (ACWP + work remaining) x 100.
SV = BCWP-BCWS = Schedule Variance, shows the difference between the earned value of how much we spent and how much we should have spent to date according to the baseline plan. 0 is good.
CV = BCWP-ACWP = Cost variance, shows the difference between the earned value of how much we spent and how much we actually spent to date. 0 is good.
CPI = BCWP / ACWP = Cost Performance Index, is the ratio of earned value over how much we actually spent to date. 1 is good.
SPI = BCWP / BCWS = Schedule Performance Index, is the ratio of earned value over how much we should have spent to date according to the baseline plan. 1 is good.
ATWP = Actual Time of Work Performed, is the date on which the current earned value was accomplished.
STWP = Scheduled Time of Work Performed, is the date on the baseline plan at which the current earned value should have been accomplished.
TV = STWP – ATWP = Time variance, shows how many calendar days ago on the BCWS line we should have reached today’s earned value on the BCWP line. 0 is good.
TPI = STWP / ATWP = Time Performance Index, the ratio of the time the earned value work should have been done over the time it actually got done. 1 is good.