In this video a Government Program Manager (PM) and the Contractor's Program Manager (PM) are discussing the performance of their program based on Earned Value Management (EVM) data from the first month of execution.  Following the creation of the Performance Measurement Baseline (PMB), the PMs compare the Budgeted Cost of Work Performed (BCWP) to the Budgeted Cost of Work Scheduled (BCWS) and the Actual Cost of Work Performed (ACWP) to determine how the effort is doing with regard to cost and schedule after the first month.  Comparing BCWP to BCWS indicates that the program is ahead of schedule.  While comparing BCWP to ACWP indicates that the program is underrunning the planned cost at this point in the effort.