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Earned Value Management (EVM) is one of the most tested topics on the PMP exam. The 2026 exam aligned with PMBOK 8th Edition continues to test EVM heavily in the Process domain (41% of the exam). Understanding these formulas is not optional — you will see EVM questions on exam day.
Cost Variance (CV) = EV − AC — Tells you whether you are under or over budget. A positive CV means you’re under budget (good). A negative CV means you’ve spent more than the value of work completed.
Schedule Variance (SV) = EV − PV — Tells you whether you are ahead or behind schedule. A positive SV means you’ve completed more work than planned (ahead). A negative SV means you’re behind where you should be.
Cost Performance Index (CPI) = EV ÷ AC — The efficiency of your spending. A CPI of 1.0 means you’re on budget. Above 1.0 is under budget. Below 1.0 means you’re burning through money faster than planned. PMI considers CPI the single most important EVM metric.
Schedule Performance Index (SPI) = EV ÷ PV — The efficiency of your time. An SPI of 1.0 means you’re on schedule. Above 1.0 is ahead. Below 1.0 means you’re behind. On the PMP exam, pay attention to whether the question asks about cost or schedule efficiency.
Estimate at Completion (EAC) — The projected total cost of the project. There are four EAC formulas tested on the PMP exam:
Estimate to Complete (ETC) = EAC − AC — How much more money you need to finish the project from this point forward.
Variance at Completion (VAC) = BAC − EAC — The projected budget overrun or underrun at the end of the project. Positive means under budget. Negative means over budget.
To-Complete Performance Index (TCPI) = (BAC − EV) ÷ (BAC − AC) — The cost efficiency you must achieve on remaining work to finish within the original budget. A TCPI greater than 1.0 means you need to be more efficient than you have been. Above 1.2 is generally considered unrealistic.
Tip 1: Know what the question is actually asking. Many EVM questions don’t ask you to calculate — they ask you to interpret. “The project has a CPI of 0.85 and SPI of 1.1. What should the PM do?” You need to know that CPI below 1.0 means over budget and SPI above 1.0 means ahead of schedule, then apply the PMI mindset to recommend the right action.
Tip 2: Memorize the direction. CV and SV: positive is good, negative is bad. CPI and SPI: above 1.0 is good, below 1.0 is bad. The exam will test whether you know which direction means what — especially in the first 10 seconds of reading a question.
Tip 3: Know which EAC formula to use. This is the most common EVM trap on the PMP. If the question says “current trends are expected to continue,” use EAC = BAC/CPI. If it says “the variance was a one-time issue,” use EAC = AC + (BAC − EV). Read the scenario carefully.
Tip 4: TCPI is the overlooked formula. Many candidates skip TCPI because it seems complex. But it shows up on the exam and it’s straightforward once you understand it: TCPI tells you how efficient you need to be on the remaining work. If TCPI is greater than 1.0, you need to improve. If it’s much greater than 1.0, the original budget may not be achievable.
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Start Free →Earned Value Management is a project management methodology that integrates scope, schedule, and cost data to measure project performance and progress. It answers three questions: How much work was planned? How much work was actually completed? How much did the completed work cost? EVM is a core topic on the PMP exam and appears in the Process domain.
PMI does not disclose exact question counts per topic, but EVM is consistently one of the most tested quantitative areas on the PMP exam. Candidates typically report 5 to 15 EVM-related questions, including both calculation and interpretation questions. The Process domain (41% of the exam) covers EVM most heavily.
The three core EVM values are Planned Value (PV), which is the authorized budget for work scheduled; Earned Value (EV), which is the authorized budget for work actually completed; and Actual Cost (AC), which is the total cost incurred for the work performed. Every other EVM formula is derived from these three inputs.
According to PMI, the Cost Performance Index (CPI) is the most critical EVM metric because it measures cost efficiency and is the most reliable predictor of final project cost. Once a project’s CPI is established after 20% completion, it rarely changes significantly. The PMP exam frequently tests CPI interpretation and its use in EAC forecasting.