Earned Value Calculator
Percent Complete Lies; Earned Value Doesn't
Ask a project lead how a project is going and "on track" is the default answer — right up until it isn't. Earned value management replaces that impression with three dollar figures: what work was planned by now (Planned Value), what work has actually been completed, valued at budget (Earned Value), and what it actually cost to get there (Actual Cost). The ratios between them are the earliest reliable warning signs a project has for schedule and cost trouble.
The Formulas
CPI = EV / AC
SV = EV − PV
CV = EV − AC
SPI (Schedule Performance Index) and CPI (Cost Performance Index) are ratios: a value above 1 is favorable, below 1 is unfavorable, exactly 1 means on plan. SV (Schedule Variance) and CV (Cost Variance) are dollar amounts using the same interpretation — positive is favorable, negative is unfavorable.
Where This Is Useful
- Status reporting — SPI and CPI are the standard metrics in formal project status reports on government, construction, and large enterprise programs.
- Forecasting overruns early — a CPI trending below 1 in month two is a far earlier warning than waiting for the budget to actually run out.
- Separating schedule problems from cost problems — a project can be behind schedule but under budget, or vice versa; EVM's four numbers make that distinction visible at a glance.
Reading the Indexes
| Index value | Schedule (SPI) | Cost (CPI) |
|---|---|---|
| > 1.0 | Ahead of schedule | Under budget |
| = 1.0 | On schedule | On budget |
| < 1.0 | Behind schedule | Over budget |
Worked Example
With EV = $45,000, PV = $50,000, and AC = $42,000:
| Metric | Calculation | Result |
|---|---|---|
| SPI | 45,000 / 50,000 | 0.9 (behind schedule) |
| CPI | 45,000 / 42,000 | 1.071 (under budget) |
| SV | 45,000 − 50,000 | −$5,000 |
| CV | 45,000 − 42,000 | $3,000 |
How to Use This Calculator
- Enter Earned Value (EV) — the budgeted value of the work actually completed.
- Enter Planned Value (PV) — the budgeted value of the work scheduled to be complete by now.
- Enter Actual Cost (AC) — what has actually been spent so far.
- Select Calculate to get SPI, CPI, SV, and CV, each with a plain-language status.
Related Calculations
Use the Project Budget Variance Calculator for a simpler actual-versus-planned comparison, or set the original budget with the Project Cost Estimate Calculator.