Free Template · Excel · Updated March 2026
Free EVM Tracker Template
Excel Download
Enter Planned Value, Earned Value and Actual Cost for each task, and let the formulas do the rest. All ten EVM metrics auto-calculate: Schedule Variance, Cost Variance, SPI, CPI, EAC, ETC, VAC and more. A summary metrics panel at the top gives you the project-level picture in seconds.
Summary metrics panel
10 project-level EVM metrics auto-aggregate from the task table: PV, EV, AC, SV, CV, SPI, CPI, EAC, ETC, VAC.
50-task detail table
Task-level tracking with per-task SV, CV, CPI and SPI columns. Formulas protected against division-by-zero.
Zero formula errors
All formulas validated. Division-by-zero protected. Enter any combination of values without breaking the sheet.
EVM Tracker Template
Free Excel template: instant download
Format
Excel (.xlsx)
Metrics calculated
10 EVM metrics
Task rows
50 pre-formatted tasks
Summary panel
Project-level metrics
Compatible
Excel, Google Sheets, LibreOffice
Price
Free: no signup needed
No email required. Instant Excel download.
01 · EVM Metrics
All 10 EVM Metrics: Formulas and Meaning
The template auto-calculates all ten standard EVM metrics from three inputs. The three blue cards below are the inputs you enter. Everything else is calculated automatically.
✦
From my experience: I used earned value tracking on all my UAE projects as part of the monthly review, and I drill the same formulas into every PMP student I train. This tracker does the arithmetic so you can spend your time on what the numbers mean.
INPUT: Enter This
PV
Planned Value
Budgeted cost of scheduled work
The authorised budget assigned to the work scheduled to be done by the data date. The sum of all task PVs equals the project's Performance Measurement Baseline.
Also called BCWS: Budgeted Cost of Work Scheduled.
INPUT: Enter This
EV
Earned Value
Budgeted cost of work performed
The budget value of work actually completed. Enter the percentage of each task completed multiplied by its total budget. EV measures how much work has been done, valued at what it was planned to cost.
Also called BCWP: Budgeted Cost of Work Performed.
INPUT: Enter This
AC
Actual Cost
Actual cost incurred to date
The real cost incurred for the work completed to the data date. Comes from your finance system or timesheet records, not an estimate. Must use the same currency and cost basis as PV and EV.
Also called ACWP: Actual Cost of Work Performed.
AUTO-CALCULATED
SV
Schedule Variance
EV → PV
Positive SV = ahead of schedule (in cost terms). Negative SV = behind schedule. Zero = exactly on schedule. Note: SV is expressed in currency, not time. It measures the cost value of the schedule position.
AUTO-CALCULATED
CV
Cost Variance
EV → AC
Positive CV = under budget (getting more value than spent). Negative CV = over budget. The critical difference from simple budget variance: CV accounts for how much work was actually completed.
AUTO-CALCULATED
SPI
Schedule Performance Index
EV ÷ PV
Dimensionless efficiency ratio. SPI = 1.0 is on plan. SPI = 0.85 means you are doing 85 cents of work for every dollar of scheduled work: 15% behind. SPI = 1.15 means 15% ahead.
AUTO-CALCULATED
CPI
Cost Performance Index
EV ÷ AC
Cost efficiency ratio. CPI = 1.0 means every $1 spent delivers $1 of planned value. CPI = 0.90 means you are spending $1.11 to get $1 of value. CPI is the most reliable predictor of final cost outcome.
AUTO-CALCULATED
EAC
Estimate at Completion
BAC ÷ CPI
The forecasted total project cost if current CPI continues. Entered in the summary panel from the BAC you supply. If CPI is 0.90, EAC = BAC ÷ 0.90, meaning the project will cost 11% more than budgeted.
AUTO-CALCULATED
ETC
Estimate to Complete
EAC → AC
How much more it will cost to finish the project from today. ETC = EAC minus what has already been spent. Useful for sponsor conversations: "We've spent $X and we estimate we need another $Y to finish."
AUTO-CALCULATED
VAC
Variance at Completion
BAC → EAC
The projected over or underrun at project end. Positive VAC = under budget at completion. Negative VAC = over budget at completion. This is the single most useful number for executive reporting.
02 · Reading the Numbers
How to Interpret CPI and SPI Values
The two performance indices, CPI and SPI, are the numbers sponsors ask for most. Both use the same logic: above 1.0 is good, below 1.0 is a concern, exactly 1.0 is on plan.
| Value | Meaning | CPI Interpretation | SPI Interpretation | Action |
|---|---|---|---|---|
| > 1.0 | Favourable | Under budget: getting more value than spent | Ahead of schedule: completing work faster than planned | Monitor. Investigate if significantly above 1.2: may signal under-reporting of AC or incorrect EV. |
| = 1.0 | On Plan | Exactly on budget | Exactly on schedule | Continue. No intervention needed. |
| 0.9–1.0 | Watch | Slightly over budget: early warning | Slightly behind schedule | Investigate root cause. No escalation yet but monitor closely each period. |
| 0.8–0.9 | Concern | Meaningfully over budget: recovery needed | Meaningfully behind schedule | Formal corrective action plan. Sponsor notification. Review EAC and ETC. |
| < 0.8 | Critical | Severe cost overrun: project viability at risk | Severely behind schedule | Escalate immediately. Consider re-baselining. Project may need formal recovery or scope reduction. |
Worked Example: Reading a Project's EVM Snapshot
Example: Software Integration Project: Month 4 of 12
PV (Planned)
$180K
EV (Earned)
$153K
AC (Actual)
$175K
SV
−$27K
Behind schedule
CV
−$22K
Over budget
SPI
0.85
15% behind
CPI
0.87
13% overspend
Reading this snapshot: the project has completed work worth $153K of its planned $180K schedule. It is 15% behind on schedule. It has spent $175K to achieve that $153K of value, so it is also running 13% over cost. If CPI of 0.87 continues, the EAC = BAC ÷ 0.87. On a $540K project that means a forecast final cost of ~$621K, a $81K overrun. This is the power of EVM: you can forecast the final outcome in Month 4 of a 12-month project.
Use our free EVM Calculator too: For quick scenario modelling: "what happens to EAC if we improve CPI to 0.95?", use the free online EVM Calculator alongside this tracker template. The calculator handles real-time what-if analysis; the template handles the formal project tracking record.
03 · How to Use
How to Use the EVM Tracker Template
1
Enter the project BAC in the summary panel
BAC (Budget at Completion) is the total approved project budget. Enter it in cell B3 of the summary panel. This is the reference value all forecasting formulas (EAC, VAC) use. It should match your signed-off project budget document.
2
List your tasks in the task table
Enter each task name in column B of the task detail table. Use the same task names as your project schedule for traceability. The template ships with 50 rows: extend by copying the last row if you need more.
3
Enter PV for each task
Planned Value (column C) is the budgeted cost of the work scheduled to be complete by your data date. For a task that is 50% through its planned duration, PV is 50% of the total task budget. Update this each reporting period as more work becomes scheduled.
4
Enter EV for each task
Earned Value (column D) is the budget value of work actually completed. Use your agreed EV technique: 0/100, 50/50, percentage complete, or milestones. Do not use AC to estimate EV. That defeats the purpose of EVM and makes CPI meaningless.
5
Enter AC from your finance system
Actual Cost (column E) must come from your finance or timesheet system, not estimates. AC = what has actually been invoiced, paid or accrued. Consistency matters: if PV and EV include overhead allocations, AC must too. All three values must use the same cost basis.
6
Read the summary panel and share with stakeholders
Once data is entered the summary panel shows all 10 EVM metrics at project level, aggregated from the task table. Copy the summary panel into your monthly status report. Save each period's file separately: e.g. "EVM-Tracker-April-2026.xlsx": to track performance trends over time.
EV measurement technique matters: The most common EVM mistake is measuring EV by asking team members "what percentage complete are you?" Those estimates are almost always optimistic. Better techniques: 0/100 (task earns no credit until fully complete: conservative but honest for short tasks), 50/50 (earns 50% on start, 50% on completion), or physical milestones. Choose one technique per task type and apply it consistently throughout the project.
04 · FAQ
EVM Tracker: 4 Common Questions
Earned Value Management is a project performance measurement technique that integrates scope, schedule and cost to give an objective picture of project health. It uses three core values, Planned Value (PV), Earned Value (EV) and Actual Cost (AC), to calculate variances and performance indices. EVM's power is that it can tell you not just whether you are over budget but whether you are getting value for the money spent relative to work completed, and forecast the final outcome months before project end.
CPI (Cost Performance Index) = EV ÷ AC. It measures cost efficiency: how much value you are getting per dollar spent. Above 1.0 = under budget; below 1.0 = over budget. SPI (Schedule Performance Index) = EV ÷ PV. It measures schedule efficiency: how much planned work you are completing. Above 1.0 = ahead of schedule; below 1.0 = behind. Both are dimensionless ratios: exactly 1.0 means perfectly on plan. CPI is typically more reliable for forecasting final cost than SPI, which converges to 1.0 as the project nears completion.
EAC (Estimate at Completion) is the forecasted total project cost based on current performance. The standard PMI formula is EAC = BAC ÷ CPI, which assumes current cost efficiency continues. If CPI is 0.85, every remaining planned dollar will cost $1.18, and EAC reflects this. Alternative formulas exist: EAC = AC + ETC (if you have a reliable bottom-up re-estimate), or EAC = AC + (BAC − EV) (if the variance was a one-time event that won't recur). The template uses BAC ÷ CPI as the default PMI approach.
VAC (Variance at Completion) = BAC − EAC. It is the projected budget overrun or underrun at project end. A positive VAC means the project is forecast to finish under budget. A negative VAC means the project is forecast to finish over budget. VAC is expressed in currency. It is arguably the most useful single number for executive reporting because it translates the abstract performance indices into a concrete dollar figure: "We are forecast to be $45,000 over budget at completion."
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