Microsoft® Project 2007 Bible

Glossary

ACWP

(actual cost of work performed) Cost of actual work performed to date on the project, plus any fixed costs.

ALAP

(as late as possible) A constraint placed on a task's timing to make it occur as late as possible in the project schedule, based on its dependency relationships.

ASAP

(as soon as possible) A constraint placed on a task's timing to make it occur as early in the project as possible, based on its dependency relationships.

BAC

(budget at completion) The total of planned costs to complete a task (also referred to as baseline costs).

BCWP

(budgeted cost of work performed) Also called earned value; this term refers to the value of work completed. A task with $1.000 of associated costs, when 75 percent complete, has a baseline value of $750.

BCWS

(budgeted cost of work scheduled) The planned completion percentage multiplied by the planned cost. This calculated value reflects the amount of the task that is completed and the planned cost of the task.

CV

(earned value cost variance) This variance indicates the difference between the planned costs (baseline costs) and the costs after taking into account actual costs to date and estimated costs going forward (scheduled costs). The difference between these two values produces either a positive (overbudget) or negative (underbudget) cost variance.

EAC

(estimate at completion) The total scheduled cost for a resource on a task. This calculation provides the costs incurred to date plus costs estimated Tor remaining work on the task.

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