Earned Value Management (EVM) Calculator (CPI, SPI, EAC, TCPI)

Understanding the earned value management (EVM) calculator — concept and principle

This calculator applies earned value management to a project at a status date. From the budget at completion and three numbers, planned value, earned value and actual cost, it gives cost and schedule variances, the CPI and SPI indices, forecasts of the final cost (EAC), the estimate to complete, the variance at completion and the TCPI. Project managers and controllers use it in monthly reporting.

Earned value vs plan vs spend — with the default inputs: EAC $583,333.

How it is calculated

CV = EV − AC; CPI = EV ÷ AC
SV = EV − PV; SPI = EV ÷ PV
EAC = BAC ÷ CPI (same as AC + (BAC − EV) ÷ CPI)
EAC (CPI × SPI) = AC + (BAC − EV) ÷ (CPI × SPI)
ETC = EAC − AC; VAC = BAC − EAC
TCPI = (BAC − EV) ÷ (BAC − AC)
Percent complete = EV ÷ BAC × 100

The principle

EVM measures progress in money. Planned value is the budget for the work scheduled so far; earned value is the budget for the work actually done; actual cost is what was spent. Comparing EV with AC shows cost efficiency, and EV with PV shows schedule progress. Indices below 1 and negative variances are unfavourable. The basic forecast assumes the cost efficiency so far continues for the rest of the work. The CPI × SPI version also assumes that being behind schedule will push costs up. TCPI is the efficiency the remaining work would need to finish on budget.

Worked example

Defaults: BAC 500,000; PV 200,000; EV 180,000; AC 210,000.

CV = 180,000 − 210,000 = -$30,000; CPI = 180,000 ÷ 210,000 = 0.857.
SV = 180,000 − 200,000 = -$20,000; SPI = 180,000 ÷ 200,000 = 0.9.
EAC = 500,000 ÷ 0.857 = $583,333; ETC = $373,333; VAC = -$83,333.
EAC (CPI × SPI) = 210,000 + 320,000 ÷ 0.7714 = $624,815.
TCPI = 320,000 ÷ 290,000 = 1.103; percent complete = 36%.
Status: Over budget · behind the schedule.

Each point is the calculator re-run with only “Earned value to date (EV)” changed; the gold point is the default example. Change the inputs above and this chart follows your numbers.

Earned value to date (EV)	Estimate at completion, EAC = BAC ÷ CPI
45,000	$2,333,333
90,000	$1,166,667
135,000	$777,778
180,000	$583,333
225,000	$466,667
270,000	$388,889
360,000	$291,667

How to read the result

Where does your result fall?

A CPI of 0.857 means each dollar spent has earned about 86 cents of planned work. To finish on the original budget, the remaining work would need a CPI of 1.103, which is rarely achieved after a weak start; a realistic plan should consider the EAC instead. Early in a project the indices move a lot; they become more stable after about a fifth of the work is done.

Common mistakes

Measuring earned value by money spent rather than work completed.
Mixing up the order of terms in CV and SV.
Reporting only one EAC formula without stating the assumption behind it.
Using a baseline that has changed without updating PV.

Keep in mind: EVM forecasts are extrapolations. Scope changes, risk events and recovery plans can move the final cost well away from any formula.

Frequently asked questions

What does a CPI below 1 mean?

The project is getting less work done per dollar than planned, so it is over budget.

Which EAC formula should I use?

BAC ÷ CPI is the standard when current efficiency is expected to continue; the CPI × SPI version is more pessimistic when schedule pressure affects cost.

What is a good TCPI?

Close to or below 1. A TCPI well above the current CPI signals that the budget is unlikely to be met.

Sources: U.S. Department of Commerce, Office of the CIO, IT Capital Planning, "Earned Value Management" · SAS Institute, SAS/OR 12.1 User's Guide: Project Management, Earned Value Management Macros, Performance Indices

Checked 9 Nov 2026. CV = EV − AC, CPI = EV/AC, SV = EV − PV, SPI = EV/PV, EAC = (BAC − EV)/CPI + AC and (BAC − EV)/(CPI × SPI) + AC, ETC = EAC − AC, VAC = BAC − EAC: U.S. Department of Commerce, Office of the CIO, IT Capital Planning, “Earned Value Management” (archived 2008). TCPI = (BAC − EV)/(BAC − AC): SAS Institute, “SAS/OR 12.1 User’s Guide: Project Management”, Earned Value Management Macros, Performance Indices (Table 11.12).

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