Which EAC formula should I use on the PMP exam?

If the question does not specify, use EAC = BAC / CPI (the typical formula). Use the atypical formula EAC = AC + (BAC − EV) only when the question states the current variance was a one-off.

PMP Formulas Cheat Sheet

Q: How many EVM formulas are on the PMP exam?

The PMP exam draws from a standard set of about ten Earned Value Management formulas: CV, SV, CPI, SPI, three EAC variants, ETC, VAC, and TCPI.

Q: Are positive variances always good?

For CV, SV, and VAC, positive values are favorable. For TCPI, the rule is inverted — values at or below 1.0 are achievable while values above 1.0 are a warning.

Q: Is this cheat sheet aligned with the PMBOK Guide?

Yes. The formulas match those defined in the Project Management Institute's Standard for Earned Value Management and the PMBOK Guide.

Every Earned Value Management formula you need for the PMP exam, on one printable page.

Last reviewed: 3 May 2026 · Source: Project Management Institute, The Standard for Earned Value Management

Metric	Formula	Meaning
Cost Variance (CV)	CV = EV − AC	Positive = under budget. Negative = over budget.
Schedule Variance (SV)	SV = EV − PV	Positive = ahead of schedule. Negative = behind schedule.
Cost Performance Index (CPI)	CPI = EV / AC	≥ 1.0 efficient. < 1.0 inefficient.
Schedule Performance Index (SPI)	SPI = EV / PV	≥ 1.0 on or ahead. < 1.0 behind.
EAC (typical)	EAC = BAC / CPI	Default forecast — current cost performance continues.
EAC (atypical)	EAC = AC + (BAC − EV)	Use when current variance is a one-off.
EAC (cost & schedule)	EAC = AC + ((BAC − EV) / (CPI × SPI))	Both cost and schedule performance continue.
Estimate to Complete (ETC)	ETC = EAC − AC	Cost expected from now to project finish.
Variance at Completion (VAC)	VAC = BAC − EAC	Projected surplus (positive) or deficit (negative).
To-Complete Performance Index (TCPI)	TCPI = (BAC − EV) / (BAC − AC)	≤ 1.0 achievable. > 1.0 means future work must beat the original rate.

Quick interpretation rules

Variances (CV, SV, VAC): positive is good, negative is bad.
Indices (CPI, SPI): ≥ 1.0 is favorable, < 1.0 is unfavorable.
TCPI is inverted: ≤ 1.0 is achievable; > 1.0 is a warning.

Common confusions

EV is in budget dollars, not actual dollars. It is the value of work earned at the planned rate.
BAC is set at the start of the project and does not change unless a formal baseline change is approved.
"At Completion" (EAC, VAC) refers to the end of the project, not "right now."

Frequently asked questions

How many EVM formulas are on the PMP exam?

The PMP exam draws from a standard set of about ten EVM formulas: CV, SV, CPI, SPI, three EAC variants, ETC, VAC, and TCPI. Memorize the formula and the interpretation rule for each.

Which EAC formula should I use?

Default to EAC = BAC / CPI. Use the atypical formula EAC = AC + (BAC − EV) only when the question states the current variance was a one-off. Use the cost-and-schedule formula when both performance indices are expected to continue.

Are positive variances always good?

For CV, SV, and VAC, positive is favorable. For TCPI the rule is inverted: ≤ 1.0 is achievable, while > 1.0 is a warning that remaining work must beat the original cost plan.

Is this cheat sheet aligned with the PMBOK Guide?

Yes. The formulas match those defined in the PMI Standard for Earned Value Management and the PMBOK Guide. Always cross-check against the latest published edition before relying on a result for a real project.

Disclaimer: Educational reference only. Verify against your organization's project controls policies and the latest PMI / PMBOK Guide. "PMP" and "PMBOK" are trademarks of PMI; this site is not affiliated with PMI.