Earned Value Management Gold Card

Research Infrastructure Office (BFA/RIO)

The U.S. National Science Foundation Earned Value Management (EVM) Gold Card is a guideline document that outlines key earned-value concepts for managing NSF-funded projects that require earned value management.

It helps measure project performance in terms of cost, schedule and scope, allowing stakeholders and NSF to effectively monitor and control projects, ensuring adherence to established project goals.

On this page

Refer to the text below the image for details.
Diagram depicting the components comprising the total project cost and whether the component is NSF held and managed, awardee held and managed, or both.

Credit: U.S. National Science Foundation

1 If authorized as part of the Total Project Cost. MR is held by NSF. 
2 During execution, contingency moves into the PMB, per change control process.
3 If authorized as part of the Total Project Cost.

  • Total Project Cost (TPC)*
    • Other Direct Costs (ODC)*
    • Management Reserve1*
    • Award Amount§
      • Contingency2*§
      • Profit/fee1§
      • Performance Measurement Baseline (PMB)3§
        • Summary Level Planning Package (SLLPs)§
        • Undistributed Budget (UB; activities not yet distributed to the control account)§
        • Control Accounts (CA)4§

          • Planning Packages (PP; far-term activities within a control account)§

            Work Packages (WP; near-term, detail-planned activities within a control account)§

             

* NSF held and managed. 
§ Recipient held and managed.

1. If authorized as part of the total project cost.

2. During execution, contingency moves into the performance measurement baseline, per change control process.

3. Performance measurement baseline = CAs + UB + SLPPs = Budget at completion (BAC).

4. Control account = WP + PPs.

Components

  • CA: Control Account = WPs +PPs
  • MR: Management Reserve (held by NSF)
  • ODC: Other Direct Costs (including service or equipment provided by others)
  • PMB: Performance Measurement Baseline = CAs + UB + SLPPs = BAC
  • PP: Planning Package (far-term activities within a control account)
  • SLPP: Summary Level Planning Package
  • TPC: Total Project Cost
  • UB: Undistributed Budget (activities not yet distributed to control account)
  • WP: Work Package (near-term, detail-planned activities within a control account)

At start of Construction Stage

Diagram for the start of construction stage

During Construction Stage

See text below diagram for details.

Total project cost

  • TPCNSF  =  Total Project Cost (NSF authorized)
  • TPCAWD  =  Award Amount to Awardee (PMB + contingency + profit/fee)
  • TPCEVM  =  Total Project Cost managed by Awardee (PMB + contingency)

 

EVM basic components

  • AC  =  Actual Cost  =  ACWP  = Actual Cost of Work Performed
  • BAC  =  Budget at Completion  =  ∑BCWS  = Sum of Budgeted Cost for Work Scheduled
  • EAC  =  Estimate at Completion  =  ACWP + ETC
  • ETC  =  Estimate(d) to Complete = Estimated Cost of Work Remaining (WR)
  • EV  =  Earned Value  =  BCWP  = Budgeted Cost for Work Performed
  • PV  =  Planned Value  =  BCWS  = Budgeted Cost for Work Scheduled

 

Performance indices

Favorable is >1.0, unfavorable is <1.0.

  • CPI  =  EV / AC  =  BCWP / ACWP  =  Cost performance index
  • SPI  =  EV / PV  =  BCWP / BCWS  =  Schedule performance index
  • TCPIEAC  =  WR / (EAC – ACcum)  =  EAC-based to complete performance index

 

Variances

  • CV 3   =  EV – AC  =  BCWP – ACWP  = Cost variance
  • SV 3   =  EV – PV  =  BCWP – BCWS  = Schedule variance
  • CV%  =  (EV – AC) / EV  =  (BCWP– ACWP) / BCWP  = Cost variance %
  • SV%  =  (EV – PV) / PV  =  (BCWP– BCWS) / BCWS  = Schedule variance %
  • VAC  =  BAC – EAC  = Variance at completion

 

Overall status

  • % scheduled  =  PVcum/BAC  =  BCWScum/BAC
  • % complete  =  EVcum/BAC  =  BCWPcum/BAC
  • % budget spent  =  ACcum/BAC  =  ACWPcum/BAC
  • Work remaining (WR)  =  BAC – EVcum  =  BAC – BCWPcum

 

Estimate-at-completion formulae

  • EAC  =  BAC / CPIcum  = Estimate at completion (general)
  • EAC  =  ACcum + ETC   = Estimate at completion (general)
  • EACCPIcum  =  ACcum + WR/CPIcum  = Estimate at completion (CPI)
  • EACcomposite  =  ACcum + WR/(CPIcum * SPIcum)  = Estimate at completion (composite)
  • RAEAC  =  ACcum + ETC + risk exposure   = Risk-adjusted estimate at completion (general)
  • RAEAC  =  EAC + risk exposure   = Risk-adjusted estimate at completion (general)

Notes

1 If authorized as part of TPC. 

2 During execution, contingency moves into the PMB per change control process. 

3 Favorable > 0, Unfavorable < 0.

_______________________ 
cum=cumulative

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