Earned Value Management (EVM) Tracker in Excel: CPI, SPI and EAC

Percent complete alone does not tell you where a project stands. You might be 50% done but have spent 60% of the budget, or be behind schedule without noticing.

Earned value ties cost, schedule and progress together in clear numbers. This sheet applies it to 25 activities: enter the budget, planned and actual percent and actual cost, and it calculates the indices and forecasts the final cost.

Who is it for?

• Project managers and planning engineers
• Contractors tracking profitability
• Consultants preparing monthly reports for the owner

What is inside the sheet?

• A table for twenty-five activities with PV, EV, CV, SV, CPI and SPI
• Automatic coloring of indices below 1
• Project indicators: CPI, SPI, EAC, ETC, VAC and TCPI
• Percent complete and percent spent
• Project status in one line

How to use it

1. Enter the project name and status date.
2. Enter the approved budget of each activity.
3. Enter the planned percent to date from the schedule and the actual percent complete.
4. Enter the actual cost of each activity and read the indicators.

Formulas used

• PV = budget × planned %, EV = budget × actual %
• CPI = EV ÷ AC, SPI = EV ÷ PV
• EAC = BAC ÷ CPI, VAC = BAC − EAC
• TCPI = (BAC − EV) ÷ (BAC − AC)

Worked example from the sheet itself

A villa project with a budget of 1,000,000 and seven activities:

• Planned value to date is 576,500, earned value 522,000 and actual cost 555,000.
• CPI = 0.94 (over budget) and SPI = 0.91 (behind schedule). The estimate at completion is 1,063,218, an expected overrun of 63,218, and the remaining work needs 1.07 efficiency to stay on budget.

Tips for best results

• Update the sheet at the same point each month so comparisons are fair.
• Measure progress from quantities actually done, not guesses.
• Start with the activities that have the lowest CPI; they drive the overrun.

Frequently asked questions

What is the difference between PV and EV?

PV is the value of work that should be done by now per the plan; EV is the value of work actually done at budget prices.

What does a TCPI above 1 mean?

You need better than usual efficiency on the rest of the project to finish within budget.

Does it suit any project type?

Yes, any project with a budget and schedule: construction, maintenance, IT and more.

Download the sheet

Press the download button at the top of the page to get the Excel file. It includes a full guide sheet, yellow input cells and formulas protected from accidental edits. The sheet is also available in Arabic from the language switcher.