The VAC is a forecast of what the variance, specifically the Cost Variance (CV), will be upon the completion of the project. It is the size of the expected cost overrun or underrun. In many situations the project manager must request additional funding as early as possible, or at least report the potential for an overrun. The VAC represents the size of this … [Read more...]
In project management, gut feelings and guesswork can only get you so far—eventually, you need cold, hard numbers to tell you if you’re winning or sinking. Earned Value is a method of calculating project status. It does this from two perspectives: Time (schedule) and Cost. After applying the earned value method the project manager will know whether the project … [Read more...]
