Schedule Performance Index (SPI): Schedule Performance Index tells us about the efficiency of time utilized on the project. It is a measure of progress achieved compared to planned progress.
Schedule Performance Index = (Earned Value)/(Planned Value)
SPI = EV/PV
Schedule Performance Index informs us that how efficiently we are progressing with compared to planned progress.
Note that: * If SPI is greater than one, means more work has been completed than planned work. * If SPI is less than one, means less work is completed than planned work. * If SPI is equal to one, means work completed is equal to planned work.
Cost Performance Index (CPI): Cost Performance Index tells us about the efficiency of cost utilized on the project. It is the measure of the value of work completed compared to the actual cost spent on the project.
Cost Performance Index = (Earned Value)/(Actual Cost)
CPI = EV/AC
Cost Performance Index informs us that how much we are earning for each dollar spent on the project.
Note that: * If CPI is less than one, mean we are earning less than the spending. * If CPI is greater than one, mean we are earning more than the spending. * If CPI is equal to one, mean earning and spending is equal

Schedule Variance (SV): Schedule Variance tells us that how much we are ahead of or behind the schedule. Schedule Variance (SV) is a measure of schedule performance on a project.
Schedule Variance (SV) = Earned Value (EV) – Planned Value (PV)
i.e.
SV = EV – PV
Schedule Variance becomes zero when the project finishes because all of the planned value will have been earned; i.e. PV=EV
Note that: * If the Schedule Variance (SV) is positive, it means we are ahead of schedule. * If the Schedule Variance (SV) is negative, it means we are behind the schedule.
Cost Variance (CV): Cost Variance tells us that how much we are