The Earned Value Management Template is the integrated performance measurement tool that combines scope, schedule, and cost data to provide an objective assessment of project performance. In PMBOK 8, revenue and cost forecasts — including EVM metrics — are outputs of the Monitor and Control Finances process. This free Excel template automates all key EVM calculations.

What's Included in This Earned Value Management Template?

This free PMBOK 8 Earned Value Management Template is a comprehensive Excel spreadsheet that includes:

• Planned Value (PV) — the budgeted cost of work scheduled.
• Earned Value (EV) — the budgeted cost of work actually performed.
• Actual Cost (AC) — the real cost incurred for work performed.
• Cost Variance (CV) — EV − AC (negative = over budget).
• Schedule Variance (SV) — EV − PV (negative = behind schedule).
• Cost Performance Index (CPI) — EV ÷ AC (below 1.0 = over budget).
• Schedule Performance Index (SPI) — EV ÷ PV (below 1.0 = behind schedule).
• Estimate at Completion (EAC) — projected final cost based on current performance.
• Variance at Completion (VAC) — BAC − EAC (projected over/under run).
• To-Complete Performance Index (TCPI) — CPI required to complete within budget.

Why Earned Value Management Matters in PMBOK 8

EVM is the most powerful project performance measurement technique available to project managers. It answers three critical questions:

• Are we ahead or behind schedule? → Schedule Variance (SV) and SPI.
• Are we over or under budget? → Cost Variance (CV) and CPI.
• Where will we end up? → Estimate at Completion (EAC) and VAC.

Without EVM, the only way to know project status is to ask team members — a subjective and often optimistic assessment. EVM provides objective, data-driven answers.

EVM Formulas Quick Reference

• CV = EV − AC
• SV = EV − PV
• CPI = EV ÷ AC
• SPI = EV ÷ PV
• EAC (typical) = BAC ÷ CPI
• EAC (atypical) = AC + (BAC − EV)
• VAC = BAC − EAC
• TCPI = (BAC − EV) ÷ (BAC − AC)

All of these are pre-built into this free Excel template — just enter your PV, EV, and AC values.

How to Use the Earned Value Management Template

1. Set the BAC: Enter the Budget at Completion — the total approved project budget.
2. Enter PV by period: Record the planned value for each reporting period from your project schedule.
3. Record EV: Calculate earned value based on % complete × budgeted cost for each work package.
4. Record AC: Enter actual costs from your accounting system or expense reports.
5. Review indexes: CPI and SPI below 1.0 require immediate corrective action.
6. Use EAC in reports: Include the projected final cost in every status report to the sponsor.

Related PMBOK 8 Templates

• Cost Baseline Template — the BAC comes from the cost baseline.
• Financial Management Plan — defines the EVM approach.
• Schedule Forecasts Template — complements EVM with schedule projection.
• Status Report Template — include EVM metrics in your status reports.

The Project Management Institute (PMI) has advocated for Earned Value Management for decades as the most objective method for measuring project performance. Download this free PMBOK 8 EVM template to bring this discipline to your projects today.