Please explain the differences between the terminologies in project Management: AC, CV, SV, PV, EV

Question

How can we calculate any of the above EVM values by using any other two. Example: need to find SV & CV by having values of AC & PV.

Answer 1

These abbreviations are related to Earned Value Management (EVM).  Respectively, they stand for Actual Costs, Cost Variance, Schedule Variance, Planned Value and Earned Value.  Actual Cost are what you actually expended.  Cost Variance and Schedule Variance are the amount by which you deviated from the budget and timeline.

In general, you cannot compute any of these through the knowledge of a random two.  The key idea is that they integrate scope, cost, and schedule so that you are not watching one (say cost) while going over in another (e.g. schedule).

If you want to get started with Earned Value Management, I suggest you look at the tutorial here:  http://www.tutorialspoint.com/earn_value_management/index.htm.  You can also attend my Controlling Project Costs and Risks class which will be online again this Fall: http://extension.ucsd.edu/studyarea/index.cfm?vAction=singleCourse&vCourse=BUSA-40358.  Class starts on 9/19/2011 and includes material on EVM.