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- Schedule Performance Index (SPI) is calculated as EV/PV (Earned Value divided by Planned Value). An SPI of 0.9 means the project has completed only 90% of the work value planned for this point in time — it is behind schedule. SPI < 1.0 indicates behind schedule, SPI = 1.0 indicates on schedule, and SPI > 1.0 indicates ahead of schedule. SPI is a key metric for schedule performance monitoring.