PMP®:PMI-ACP®:CAPM® - EVM formula animated

PV - Planned Value. Budget of Planned work
EV - Earned Value. Budget of Completed work. 
AC - Actual Cost. Cost spent for Completed work. 
BAC - Budget At Completion. Project Budget.

Variances:
Variance means difference. Think of EVM, which means EV is the first value.
In Cost Variance, the first letter and the last letter matches. i.e. Starting and ending with C.

  In Schedule Variance, the second and the last letter matches. i.e. Second letter and last letter is V.

Indices:
Remember the variances formula and divide instead of subtracting.

At Completion formulae:
EAC - Estimate At Completion. Revised Project Budget.

When original estimate is flawed.
EAC = Cost Spent + estimate for pending work      

When the current variance will continue in future also.
EAC=Project Budget divided by Cost Performance Index

When the current variance won't be there in future and pending work will go as per plan.
EAC=Cost Spent+ (Project budget - Earned Value)

When both Cost and Schedule constraint influence the pending work.
Remember the above formula and divide the right side value with CPI*SPI

Variance At Completion: Subtract the other 2 At Completion values in alphabetical order

To Complete Performance Index:
TCPI= Work remaining / Funds remaining

Read next:
EVM formula worked out wilh Wall construction example