# Earned Value Report: [Project name], period [YYYY-MM]

> Earned value report: the periodic report that compares the work
> planned, the work actually accomplished and the cost actually spent
> against one integrated scope, schedule and cost baseline. It gives the
> cost and schedule variances, the cost and schedule performance indices
> (CPI and SPI), a range of estimates at completion (EAC) with the
> to-complete performance index (TCPI) as a realism check, an S-curve,
> variance explanations with corrective actions, and the decisions the
> sponsor or customer is asked to take. The content follows the earned
> value guidance of ISO 21508:2026 (Earned value management) and the
> EVMS guidelines of SAE EIA-748 (Revision E, February 2026), with
> formulas as published in the public GAO Cost Estimating and Assessment
> Guide (GAO-20-195G). Replace every `[bracketed]` value and every row
> marked *Example*. Contract clauses quoted as examples are not legal
> advice; check the current official text and your contract.

<!--
Guidance: How to use this template
- Issue one report per reporting period (usually monthly) after the
  books close for that period. Earned value without actual cost from the
  same cut-off date is meaningless, so align the status date with the
  finance calendar first.
- The baseline is the performance measurement baseline (PMB): the
  time-phased budget for all authorised work. Reserves held outside the
  PMB (management reserve) never earn value.
- Fill section 1 once and copy it forward; fill sections 2 to 12 every
  period. Keep the units the same all through (for example EUR
  thousands) and say so in section 1.
- Recompute every index from the table values before issue. A report
  whose CPI does not match EV divided by AC loses the reader at once.
- The worked example uses a fictional company, Orvane Freight Systems,
  and a 12-month depot sortation upgrade with a budget at completion
  (BAC) of EUR 2,400 thousand, reported at the end of month 6.
-->

## Document control

<!-- Guidance: Identify the report, the period and the baseline it measures against. A report against a superseded baseline must say so here. -->

| Field | Value |
|---|---|
| Document ID | [EVR-PROJECT-YYYY-MM] |
| Project name and code | [Project name], [PRJ-NNNN] |
| Reporting period | [YYYY-MM-DD to YYYY-MM-DD] |
| Status date (cut-off) | YYYY-MM-DD |
| Baseline measured against | [PMB version, approval date, change reference] |
| Version | [1.0] |
| Status | [Draft / In review / Issued] |
| Prepared by | [Project controls analyst] |
| Owner | [Project manager] |
| Reviewers | [Control account managers, finance business partner] |
| Distribution | [Sponsor, project board or steering committee, customer if contractual] |
| Currency and units | [EUR thousands] |
| Last updated | YYYY-MM-DD |
| Classification | [Internal / Confidential / Commercial in confidence] |

### Approvals

| Role | Name | Decision | Date |
|---|---|---|---|
| Project manager | [Name] | [Issued] | YYYY-MM-DD |
| Finance business partner (actual cost reconciled) | [Name] | [Confirmed] | YYYY-MM-DD |
| Sponsor or customer representative (if required) | [Name] | [Noted / Decisions in section 12] | YYYY-MM-DD |

### Revision history

| Version | Date | Author | Change |
|---|---|---|---|
| 0.1 *(Example)* | YYYY-MM-DD | [Analyst] | Draft from cost ledger and schedule status at month 6 |
| 1.0 *(Example)* | YYYY-MM-DD | [Project manager] | Variance narratives added, issued to steering committee |
| 1.1 *(Example)* | YYYY-MM-DD | [Analyst] | Corrected CA-03 actual cost after late supplier invoice |

## Contents

1. [Reporting basis](#1-reporting-basis)
2. [Executive summary](#2-executive-summary)
3. [Baseline, budget and reserves](#3-baseline-budget-and-reserves)
4. [Cumulative performance](#4-cumulative-performance)
5. [Period and trend performance](#5-period-and-trend-performance)
6. [Control account analysis](#6-control-account-analysis)
7. [Variance analysis and corrective actions](#7-variance-analysis-and-corrective-actions)
8. [Schedule analysis](#8-schedule-analysis)
9. [Estimate at completion](#9-estimate-at-completion)
10. [Risks, issues and reserve use](#10-risks-issues-and-reserve-use)
11. [Data quality and system checks](#11-data-quality-and-system-checks)
12. [Decisions requested](#12-decisions-requested)
13. [Glossary and formulas](#13-glossary-and-formulas)
14. [References](#14-references)

## 1. Reporting basis

<!-- Guidance: State how the numbers were produced so a reader can trust and reproduce them. Which earned value techniques apply to which work, which thresholds trigger a variance explanation, and where the actual cost comes from. Pitfall: changing the technique mid-project without saying so, which makes the trend lines jump. -->

This report measures performance for the period stated in Document
control against the performance measurement baseline (PMB) named there.
All values are in [EUR thousands], cumulative from project start unless
the column says "period". Actual cost comes from the [general ledger and
committed cost accruals] at the status date; earned value comes from
status reported by control account managers and reviewed by project
controls.

### 1.1 Earned value techniques

| Technique | How value is earned | Use for | Control accounts *(Example)* |
|---|---|---|---|
| 0/100 | All value when the work package finishes | Work packages of one period or less | CA-04 small deliverables |
| 50/50 | Half at start, half at finish | Work packages of two periods | n/a |
| Weighted milestones | Fixed share of budget at each objective milestone | Work packages longer than two periods with clear checkpoints | CA-01, CA-02 |
| Physical percent complete | Assessed share of measurable quantities done (metres installed, tests passed) | Repetitive or quantity-based work | CA-02 conveyor installation |
| Units complete | Budget per unit times units accepted | Identical units | CA-03 scanner configuration |
| Apportioned effort | In fixed proportion to a related discrete work package | Inspection and quality control tied to production work | CA-02 quality inspection |
| Level of effort (LOE) | Equals planned value with the passage of time | Support work with no measurable output, kept small | CA-04 project management |

Keep level of effort small. Because LOE earns exactly what was planned,
it always shows a schedule variance of zero and dilutes the real signal
from discrete work. GAO-20-195G treats more than 15% of budget as level
of effort as a trigger for scrutiny, not a hard limit; set your own
threshold here: [15]%.

### 1.2 Variance thresholds

| Measure | Green | Amber (explain) | Red (explain and act) |
|---|---|---|---|
| Cumulative CPI *(Example)* | 0.95 or above | 0.90 to below 0.95 | below 0.90 |
| Cumulative SPI *(Example)* | 0.95 or above | 0.90 to below 0.95 | below 0.90 |
| Cumulative cost variance *(Example)* | within 5% of PV and below EUR 25 thousand | over 5% of PV or over EUR 25 thousand | over 10% of PV or over EUR 50 thousand |
| Variance at completion *(Example)* | within 2% of BAC | 2% to 5% of BAC | over 5% of BAC |
| TCPI minus cumulative CPI *(Example)* | 0.05 or below | above 0.05 | above 0.10 |

Thresholds come from the project management plan
(`project/project-management-plan`) or the contract. Index thresholds
alone hide large absolute variances on big control accounts, so use
both a ratio and an amount.

## 2. Executive summary

<!-- Guidance: Five lines a sponsor can read in one minute: overall status, the two indices, the most likely EAC, the main cause, and what you ask for. Write the cause in business terms, not in acronyms. -->

| Item | Value *(Example, month 6 of 12)* | Status |
|---|---|---|
| Budget at completion (BAC) | 2,400 | Baseline v1.2 |
| Planned value (PV) | 1,280 | |
| Earned value (EV) | 1,110 | 46.3% of BAC earned |
| Actual cost (AC) | 1,250 | 52.1% of BAC spent |
| Schedule variance (SV = EV - PV) | -170 | Red |
| Cost variance (CV = EV - AC) | -140 | Red |
| SPI (EV / PV) | 0.867 | Red |
| CPI (EV / AC) | 0.888 | Red |
| Selected EAC (bottom-up, section 9) | 2,590 | VAC -190 (7.9% of BAC) |
| Independent EAC range (section 9) | 2,540 to 2,925 | |
| Forecast finish (earned schedule, section 8) | about 13.2 months against 12 planned | Amber |

*Example narrative:* The project has earned 1,110 of the 1,280 it
planned to earn by month 6 and spent 1,250 to do so. Almost two thirds of
both variances sit in the conveyor control account (CA-02), where a late
motor delivery idled the installation crew for three weeks. The team's
bottom-up estimate at completion is 2,590, which needs future cost
efficiency of 0.963 against 0.888 achieved so far, so the steering
committee is asked in section 12 to note a likely overrun of 140 to 320
(up to 525 under the composite CPI x SPI method) and to approve a
recovery plan for CA-02.

## 3. Baseline, budget and reserves

<!-- Guidance: Show how the budget is built and every baseline change since the last report. The PMB plus management reserve equals the total budget the sponsor or contract authorised. Pitfall: moving management reserve into the PMB to hide a cost variance; reserve use must follow the change process and appear here. -->

| Element | Value *(Example)* | Note |
|---|---|---|
| Distributed budget (control accounts) | 2,400 | Sum of section 6 BACs |
| Undistributed budget | 0 | Authorised work not yet assigned to a control account |
| Performance measurement baseline (PMB) | 2,400 | Equals BAC in this example |
| Management reserve (MR) | 150 | Held by the sponsor, outside the PMB |
| Total authorised budget | 2,550 | PMB plus MR |
| Baseline finish date | Month 12 (YYYY-MM-DD) | |

### 3.1 Baseline changes in the period

| Change ID | Description | Budget moved | From | To | Approved by | Date |
|---|---|---|---|---|---|---|
| BCR-004 *(Example)* | Add fire-door interlock work package to CA-01 | 30 | MR | CA-01 | Sponsor | YYYY-MM-DD |
| [BCR-NNN] | [Description] | [Amount] | [Source] | [Destination] | [Name] | YYYY-MM-DD |

*Example:* after BCR-004 the management reserve shown above (150) is
the balance after the transfer; the BAC of 2,400 already includes the
30 moved into CA-01. Retroactive changes to budget for work already
performed are not allowed except to correct errors, and each correction
is listed here with its reason. Changes go through `project/change-control`.

## 4. Cumulative performance

<!-- Guidance: The core numbers at project level, cumulative to the status date, plus the S-curve. Check that EV is never above BAC and that percent complete is computed as EV / BAC, not AC / BAC. -->

| Measure | Formula | Value *(Example)* |
|---|---|---|
| Planned value (PV) | Budget for work scheduled to date | 1,280 |
| Earned value (EV) | Budget for work actually completed to date | 1,110 |
| Actual cost (AC) | Cost recorded for the work completed | 1,250 |
| Schedule variance (SV) | EV - PV | -170 |
| Cost variance (CV) | EV - AC | -140 |
| SV % | SV / PV | -13.3% |
| CV % | CV / EV | -12.6% |
| SPI | EV / PV | 0.867 |
| CPI | EV / AC | 0.888 |
| Percent planned | PV / BAC | 53.3% |
| Percent complete | EV / BAC | 46.3% |
| Percent spent | AC / BAC | 52.1% |

```mermaid
xychart-beta
  title "Cumulative PV, EV and AC, EUR thousands (Example)"
  x-axis [M1, M2, M3, M4, M5, M6]
  y-axis "EUR thousands" 0 --> 1400
  line [100, 250, 450, 700, 980, 1280]
  line [90, 220, 400, 610, 850, 1110]
  line [95, 240, 440, 680, 950, 1250]
```

The lines are, from top to bottom at month 6: PV 1,280, AC 1,250 and
EV 1,110. AC above EV means the work done cost more than its budget; EV
below PV means less work was done than planned. The full baseline curve
continues to month 12 at 1,560, 1,810, 2,030, 2,210, 2,330 and 2,400.

## 5. Period and trend performance

<!-- Guidance: Show each period, not only the cumulative position. A cumulative CPI moves slowly late in a project; the period values show whether things are getting better or worse now. Note any period with a data correction. -->

| Month | PV period | EV period | AC period | Period CPI | Cumulative SPI | Cumulative CPI |
|---|---|---|---|---|---|---|
| M1 *(Example)* | 100 | 90 | 95 | 0.95 | 0.90 | 0.95 |
| M2 *(Example)* | 150 | 130 | 145 | 0.90 | 0.88 | 0.92 |
| M3 *(Example)* | 200 | 180 | 200 | 0.90 | 0.89 | 0.91 |
| M4 *(Example)* | 250 | 210 | 240 | 0.88 | 0.87 | 0.90 |
| M5 *(Example)* | 280 | 240 | 270 | 0.89 | 0.87 | 0.89 |
| M6 *(Example)* | 300 | 260 | 300 | 0.87 | 0.87 | 0.89 |
| **Total** | **1,280** | **1,110** | **1,250** | | **0.867** | **0.888** |

*Example reading:* the period CPI has stayed between 0.87 and 0.90 since
month 2. GAO-20-195G reports studies showing that once programmes are
about 15% complete, performance indicators can predict the final outcome
and trends are hard to reverse, so a recovery to 1.0 on the remaining
work would be unusual and needs a specific, funded cause. The three-month average CPI (months 4 to 6) is
0.877.

## 6. Control account analysis

<!-- Guidance: Break the totals down to the control accounts, the level where one manager owns scope, schedule and budget. Totals must equal section 4. Sort by the size of the variance, not by account number, when there are many accounts. -->

| Control account | Manager | BAC | PV | EV | AC | SV | CV | SPI | CPI | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| CA-01 Civil and building works *(Example)* | [Name] | 600 | 420 | 400 | 410 | -20 | -10 | 0.95 | 0.98 | Green |
| CA-02 Conveyor and sortation *(Example)* | [Name] | 1,000 | 480 | 380 | 470 | -100 | -90 | 0.79 | 0.81 | Red |
| CA-03 Warehouse software and scanners *(Example)* | [Name] | 500 | 230 | 190 | 220 | -40 | -30 | 0.83 | 0.86 | Red |
| CA-04 Project management and training *(Example)* | [Name] | 300 | 150 | 140 | 150 | -10 | -10 | 0.93 | 0.93 | Amber |
| **Total** | | **2,400** | **1,280** | **1,110** | **1,250** | **-170** | **-140** | **0.87** | **0.89** | |

CA-02 holds 59% of the schedule variance (100 of 170) and 64% of the
cost variance (90 of 140). CA-04 is mostly level of effort, so its
schedule variance comes from its small discrete part (training material
not yet accepted).

## 7. Variance analysis and corrective actions

<!-- Guidance: Write one variance analysis record for every threshold breach in section 1.2. Each record answers: what happened, why (root cause, not symptom), what it does to the rest of the project, and what will be done by whom and when. Pitfall: "resource issues" as a cause; name the resource, the event and the dates. -->

| VAR ID | Control account | Type | Amount | Root cause | Impact at completion | Corrective action | Owner | Due |
|---|---|---|---|---|---|---|---|---|
| VAR-06-01 *(Example)* | CA-02 | Schedule and cost | SV -100, CV -90 | Drive motors shipped three weeks late (supplier capacity), installation crew of six held on site idle for 12 days | Installation finish moves from month 8 to month 9 unless recovered; about 60 extra labour cost | Resequence: install sorter frames ahead of motors, second shift for two weeks, claim delay costs under supply contract clause [N] | [CA-02 manager] | YYYY-MM-DD |
| VAR-06-02 *(Example)* | CA-03 | Schedule and cost | SV -40, CV -30 | Interface specification for the transport management system changed twice after design approval | 15 extra days of integration effort | Freeze interface under change request CR-011, raise the cost through change control | [CA-03 manager] | YYYY-MM-DD |
| [VAR-NN-NN] | [CA] | [Type] | [Amount] | [Root cause] | [Impact] | [Action] | [Owner] | YYYY-MM-DD |

Track every action from earlier reports until closed:

| VAR ID | Action | Due | Status | Effect seen |
|---|---|---|---|---|
| VAR-05-01 *(Example)* | Add second scanner configuration technician | YYYY-MM-DD | Done | CA-03 period SPI 0.86 in M6 against 0.80 in M5 |
| [VAR-NN-NN] | [Action] | YYYY-MM-DD | [Open / Done / Overdue] | [Evidence] |

## 8. Schedule analysis

<!-- Guidance: SPI measured in money tends towards 1.0 at the end of every project, even a late one, because all budget is eventually earned. Add a time-based view: the critical path, milestone status, and the earned schedule measures. Pitfall: reporting SPI 0.98 on a project whose critical path is three weeks late. -->

### 8.1 Earned schedule

Earned schedule (ES) is the point in time at which the baseline planned
to earn the value that has actually been earned. It is found on the PV
curve and gives schedule measures in time units that stay meaningful
until the end.

| Measure | Formula | Value *(Example)* |
|---|---|---|
| Actual time (AT) | Months elapsed at the status date | 6.00 |
| Earned schedule (ES) | C + (EV - PV at C) / (PV at C+1 - PV at C), where C is the last whole month with PV at or below EV | 5 + (1,110 - 980) / (1,280 - 980) = 5.43 |
| Schedule variance in time, SV(t) | ES - AT | -0.57 months (about 2.5 weeks) |
| SPI(t) | ES / AT | 0.906 |
| Independent estimate of duration, IEAC(t) | Planned duration / SPI(t) | 12 / 0.906 = 13.2 months |

The time-based forecast is a statistical signal, not the schedule
forecast. Compare it with the critical path forecast from the
integrated schedule (`project/project-schedule`) and explain any gap.

### 8.2 Critical path and milestones

| Milestone | Baseline | Forecast | Variance | On critical path | Comment |
|---|---|---|---|---|---|
| M3 Building handover *(Example)* | Month 4 | Month 4 | 0 | No | Achieved |
| M4 Sorter mechanically complete *(Example)* | Month 8 | Month 9 | +1 month | Yes | VAR-06-01 recovery plan aims to recover 2 weeks |
| M5 Integrated test passed *(Example)* | Month 10 | Month 11 | +1 month | Yes | Follows M4 |
| M6 Go-live *(Example)* | Month 12 | Month 12 + 3 weeks | +3 weeks | Yes | Peak season freeze starts week [NN] |
| [Milestone] | [Date] | [Date] | [Variance] | [Yes / No] | [Comment] |

For a probabilistic view of the forecast finish and the confidence of
meeting the go-live date, run a schedule risk analysis
(`project/schedule-risk-analysis`).

## 9. Estimate at completion

<!-- Guidance: Show several independent EACs next to the team's bottom-up estimate. Index-based EACs answer "what if the future looks like the past"; the bottom-up estimate answers "what does the team expect". If the bottom-up EAC is much lower than every index-based EAC, test it with the TCPI. Pitfall: reporting only one EAC, usually the most optimistic. -->

| Method | Formula | EAC *(Example)* | VAC (BAC - EAC) | TCPI to reach this EAC |
|---|---|---|---|---|
| Remaining work at budget rate (past variance atypical) | AC + (BAC - EV) | 2,540 | -140 | 1.000 |
| Cumulative CPI | BAC / CPI | 2,703 | -303 | 0.888 |
| Three-month average CPI (0.877) | AC + (BAC - EV) / CPI 3-month | 2,722 | -322 | 0.877 |
| Weighted cost and schedule (0.8 CPI + 0.2 SPI) | AC + (BAC - EV) / (0.8 CPI + 0.2 SPI) | 2,710 | -310 | 0.884 |
| Composite CPI x SPI | AC + (BAC - EV) / (CPI x SPI) | 2,925 | -525 | 0.770 |
| Bottom-up estimate to complete (ETC 1,340) | AC + ETC | 2,590 | -190 | 0.963 |

### 9.1 Selected EAC and realism check

| Check | Value *(Example)* | Reading |
|---|---|---|
| Selected EAC | 2,590 (bottom-up) | Team estimate with recovery plan for CA-02 |
| TCPI to reach BAC | (BAC - EV) / (BAC - AC) = 1,290 / 1,150 = 1.122 | Finishing within 2,400 would need 1.12 of value per unit spent, against 0.89 so far: not credible |
| TCPI to reach selected EAC | (BAC - EV) / (EAC - AC) = 1,290 / 1,340 = 0.963 | |
| TCPI minus cumulative CPI | 0.963 - 0.888 = 0.075 | Above the 0.05 rule of thumb in GAO-20-195G: the bottom-up EAC looks optimistic |
| Independent range | 2,540 to 2,925 | Selected EAC sits in the lower part of the range |
| Funding needed beyond BAC | 190 at the selected EAC; management reserve available 150 | Gap of 40 even if all reserve is used |

*Example conclusion:* the bottom-up EAC of 2,590 is only reachable if
the CA-02 recovery plan works and the CA-03 interface change is funded
through change control. The analyst recommends planning funding to the
cumulative CPI EAC of 2,703 and reviewing again after month 7.

## 10. Risks, issues and reserve use

<!-- Guidance: Link the earned value picture to the risk log. Risks that have occurred become issues and often explain variances; open risks explain why the EAC range is wide. Show contingency and management reserve separately, with every use since the baseline. -->

| ID | Type | Description | Linked VAR or CA | Cost exposure | Schedule exposure | Status |
|---|---|---|---|---|---|---|
| R-014 *(Example)* | Risk | Second late shipment of drive motors | CA-02 | 40 to 90 | 2 to 4 weeks | Open, mitigation: buffer stock agreed with supplier |
| I-022 *(Example)* | Issue | Motor delivery delay (risk R-009 occurred) | VAR-06-01 | 60 | 3 weeks | Recovery plan active |
| R-017 *(Example)* | Risk | Transport system interface changes again | CA-03 | 20 to 50 | 1 to 2 weeks | Open |
| [ID] | [Risk / Issue] | [Description] | [Link] | [Range] | [Range] | [Status] |

| Reserve | Original | Used to date | Remaining | Last use |
|---|---|---|---|---|
| Management reserve *(Example)* | 180 | 30 (BCR-004) | 150 | YYYY-MM-DD |
| [Contingency held in control accounts, if any] | [Amount] | [Amount] | [Amount] | YYYY-MM-DD |

The full risk log lives in `project/raid-log`.

## 11. Data quality and system checks

<!-- Guidance: Run these checks every period before issue. They catch most of the errors that make an earned value report misleading. Record failures and their fixes; repeated failures point to a weakness in the earned value management system itself. -->

| Check | Result *(Example)* | Action if failed |
|---|---|---|
| Sum of control account PV, EV, AC and BAC equals project totals | Pass | Find the missing or duplicated account |
| EV never above BAC for any work package | Pass | Correct the status |
| No actual cost on work packages that have not started, and no completed work package without actual cost | Fail: 2 packages with EV and no AC | Raise accrual for supplier invoices not yet booked |
| No retroactive budget changes in the period other than error corrections | Pass | Reverse and route through change control |
| LOE share of BAC below the threshold in section 1.1 | Pass (LOE only in CA-04, at most 12.5% of BAC) | Split LOE into discrete work |
| Status date of schedule equals cost cut-off | Pass | Re-run status |
| Management reserve plus PMB equals total authorised budget | Pass | Reconcile with section 3 |
| Indices recomputed from table values match | Pass | Correct the arithmetic |

### 11.1 System guideline coverage

Where the contract or organisation requires an earned value management
system (EVMS) that complies with SAE EIA-748, the guideline groups in
Revision D (January 2019) were: organisation; planning, scheduling and
budgeting; accounting considerations; analysis and management reports;
and revisions and data maintenance (32 guidelines in total). Check the
structure of the current Revision E (February 2026) in your licensed
copy. Use the table to show where this report draws its evidence from.

| Guideline area | Evidence in this report |
|---|---|
| Organisation | Control accounts and managers in section 6, WBS reference in section 14 |
| Planning, scheduling and budgeting | Baseline and budget in section 3, techniques in section 1.1 |
| Accounting considerations | Actual cost source in section 1, accrual check in section 11 |
| Analysis and management reports | Sections 4 to 9 |
| Revisions and data maintenance | Baseline change log in section 3.1 |

*Example of a contractual requirement (United States federal defence
contracts):* DFARS clause 252.234-7002, Earned Value Management System
(version dated JAN 2025), requires a system that complies with the EIA-748
guidelines and, for contracts at or above USD 50 million, a system the
cognizant federal agency has determined to be acceptable. FAR 34.201
requires earned value reporting at least monthly on contracts where an
EVMS applies. EU and UK public bodies and private customers set their own
requirements by contract. This is not legal advice; check the current
official text and your contract with a qualified professional.

## 12. Decisions requested

<!-- Guidance: List each decision with the options, the recommendation and the date it is needed. Decisions outside the project manager's authority (see the project charter) go here. -->

| ID | Decision | Options | Recommendation | Needed by |
|---|---|---|---|---|
| DEC-06-01 *(Example)* | Approve second shift for CA-02 for two weeks (cost 24) | Approve, reject | Approve: recovers about 2 of the 4 weeks of slip at M4 | YYYY-MM-DD |
| DEC-06-02 *(Example)* | Note the likely overrun of 140 to 320 and plan funding to 2,703 | Note, ask for re-plan | Note now, decide on funding at the month 7 review | YYYY-MM-DD |
| [DEC-NN-NN] | [Decision] | [Options] | [Recommendation] | YYYY-MM-DD |

Escalate a forecast breach of the agreed tolerance through an exception
report (`project/exception-report`) rather than waiting for the next
periodic report.

## 13. Glossary and formulas

<!-- Guidance: Keep the glossary short and consistent with the terms in your project management plan. Some organisations still use the older names BCWS, BCWP and ACWP; give both so readers of older reports can follow. -->

| Term | Older name | Meaning |
|---|---|---|
| Planned value (PV) | BCWS, budgeted cost of work scheduled | Time-phased budget for the work scheduled up to the status date |
| Earned value (EV) | BCWP, budgeted cost of work performed | Budget for the work actually completed up to the status date |
| Actual cost (AC) | ACWP, actual cost of work performed | Cost recorded for the work completed |
| Budget at completion (BAC) | | Total PMB budget for the scope |
| Estimate to complete (ETC) | | Expected cost of the remaining work |
| Estimate at completion (EAC) | | AC plus ETC |
| Variance at completion (VAC) | | BAC minus EAC; negative means overrun |
| Cost performance index (CPI) | | EV / AC; below 1.0 means over cost |
| Schedule performance index (SPI) | | EV / PV; below 1.0 means behind plan |
| To-complete performance index (TCPI) | | Cost efficiency needed on remaining work to reach a target: (BAC - EV) / (target - AC) |
| Control account | | Management control point where scope, budget, schedule and actual cost meet, owned by one manager |
| Performance measurement baseline (PMB) | | Approved time-phased budget plan against which performance is measured |
| Management reserve (MR) | | Budget held outside the PMB for unknown work within scope |
| Earned schedule (ES) | | Time at which the baseline planned the value now earned |
| Level of effort (LOE) | | Support activity that earns value with time, not with output |

## 14. References

<!-- Guidance: List the documents and data sources this report depends on, with versions, so the next reader can trace each number. -->

| Reference | Title | Use |
|---|---|---|
| [Doc ID] | Project management plan (`project/project-management-plan`) | Thresholds, reporting cycle, baseline control |
| [Doc ID] | Work breakdown structure (`project/work-breakdown-structure`) | Control accounts and work packages |
| [Doc ID] | Integrated schedule (`project/project-schedule`) | PV time-phasing, critical path |
| [Doc ID] | RAID log (`project/raid-log`) | Risks and issues in section 10 |
| [Doc ID] | Change log (`project/change-control`) | Baseline changes in section 3.1 |
| [Doc ID] | Steering committee report (`project/steering-committee-report`) | Where this report's summary is presented |
| [Doc ID] | Status report (`business/status-report`) | Narrative status for wider audiences |
| [Doc ID] | Schedule risk analysis (`project/schedule-risk-analysis`) | Probabilistic finish date and contingency |
| ISO 21508:2026 | Project, programme and portfolio management, earned value management (2nd edition) | Purpose, processes and use of earned value (cited only) |
| ISO 21512:2024 | Earned value management implementation guidance (with Amendment 1:2026) | Implementation guidance (cited only) |
| SAE EIA-748, Revision E | Earned Value Management Systems, revised February 2026 | EVMS guidelines (cited only) |
| GAO-20-195G | GAO Cost Estimating and Assessment Guide, March 2020 | Formulas, EAC practice, TCPI and LOE rules of thumb (US government publication) |

## Standard and licence note

Structure aligned with ISO 21508:2026, *Project, programme and portfolio
management: Earned value management* (second edition, published
February 2026, replacing ISO 21508:2018), with ISO 21512:2024 (earned
value management implementation guidance, amended in 2026) and with
SAE EIA-748, *Earned Value Management Systems*, Revision E (revised
17 February 2026; Revision D was dated January 2019). These are
copyrighted publications: this template cites their names, editions and
public scope only, is original text written for this collection, and
reproduces no text, tables or figures from them. The guideline group
names in section 11.1 come from earlier public descriptions of Revision
D. Formulas and the TCPI rule of thumb follow the public US Government
Accountability Office *Cost Estimating and Assessment Guide*
(GAO-20-195G, March 2020). The DFARS and FAR references are dated
examples, not legal advice. Check the current editions and official
texts before relying on them.

Official text: ISO, purchase or licensed access:
https://www.iso.org/standard/87899.html (ISO 21508:2026) and
https://www.iso.org/standard/63584.html (ISO 21512:2024), also from
national standards bodies. SAE International, purchase or licensed
access: https://saemobilus.sae.org/standards/eia748e-earned-value-management-systems.
GAO guide (free): https://www.gao.gov/products/gao-20-195g.

Template licence: MIT.