Final answer:
The term that means the same as earned value (EV) is Budgeted Cost of Work Performed (BCWP). It represents the budgeted cost for the work actually completed on a project at a particular point in time.
Step-by-step explanation:
The term that means the same as earned value (EV) is Budgeted Cost of Work Performed (BCWP). Earned Value Management is a project management technique for measuring project performance and progress. In essence, it integrates project scope, cost, and schedule measures to help the project management team assess and measure project performance and progress.
Here's a quick breakdown:
- Planned Value (PV) is what you expect to achieve within a given budget at a point in time.
- Actual Cost (AC) is the actual expense incurred for the work performed on a project at a specific time.
- Budgeted Cost of Work Performed (BCWP) is the budgeted cost for the work actually completed by the specified time, which is equivalent to EV.
- Cost Variance (CV) is the difference between the budgeted cost of work performed (EV) and the actual cost (AC).