Terminologies in Budgeting
Budget details contain the budget information calculated based on multiple factors.
Below are the details that will be listed:
Budgeted cost of Work Performed (BCWP)
BCWP is the Budgeted cost of Work Performed. This is also known as Earned value. This value is calculated based on the actual work that has been completed for a period of time.
BCWP = Planned cost * Work completed in percentage
Budgeted Cost of Work Scheduled (BCWS)
BCWS is the Budgeted Cost of Work Scheduled. This is also known as the Planned Value. Cost incurred to complete all the scheduled work within a specific period of time.
Start date and end date of the work item is a must to calculate BCWS. For instance, if an item is scheduled from May 1st and May 30th, on the fifteenth day, May 15, the item is expected to be 50% complete.
Actual Cost of Work Performed (ACWP)
ACWP is the Actual Cost of Work Performed. This parameter helps us to find the actual cost incurred in completing the work during a specific period.
ACWP = Cost per hour * logged hours
Forecasted Cost
Predicts the cost that is about to incur to complete the work item.
Forecasted = (((100 - Completion percentage) * Planned cost / 100) + Actual cost)
Cost Variance
Identify if the project is staying within the budget or if the project budget is overrun. When you find a positive variance, it indicates that the project is within the budget, while the negative indicates the budget overrun.
Cost Variance = BCWP (Budgeted Cost of Work Performed) - ACWP (Actual Cost of Work Performed)
Schedule Variance
Find the difference in the schedule of the planned progress versus the actual progress.
Schedule Variance = BCWP (Budgeted Cost of Work Performed)- BCWS (Budgeted Cost of Work Scheduled)
Estimate at completion
Know the projected total cost of the project at completion from this parameter.
EAC = ACWP + (Planned - BCWP)
Access your files securely from anywhere
Zoho CRM Training Programs
Learn how to use the best tools for sales force automation and better customer engagement from Zoho's implementation specialists.
Zoho DataPrep Personalized Demo
If you'd like a personalized walk-through of our data preparation tool, please request a demo and we'll be happy to show you how to get the best out of Zoho DataPrep.
- Zoho Workerly Home
- Forums
- Connect With Us:
- Zoho Recruit Home
- Forums
- Connect With Us:
New to Zoho Writer?
Create. Review. Publish.
New to Zoho CRM Plus?
Deliver unforgettable customer experiences
New to Zoho CRM Plus?
Deliver unforgettable customer experiences
New to Zoho Marketing Plus?
Everything you need to run your marketing
New to Zoho Marketing Plus?
Everything you need to run your marketing
You are currently viewing the help pages of Qntrl’s earlier version. Click here to view our latest version—Qntrl 3.0's help articles.
New to Zoho Survey?
Zoho Sheet Resources
Zoho Forms Resources
New to Zoho Sign?
Zoho Sign Resources
Sign, Paperless!
New to Zoho TeamInbox?
Zoho TeamInbox Resources
New to Zoho ZeptoMail?
Design. Discuss. Deliver.
New to Zoho Workerly?
New to Zoho Recruit?
New to Zoho CRM?
New to Zoho Projects?
New to Zoho Sprints?
New to Zoho Assist?
New to Bigin?
Related Articles
Budget Configuration
Setting up a project budget is important before you get started to work on the projects. Think of this as setting the rules for how project costs will be calculated. Once you set them here, they’ll automatically apply to all your projects in Zoho ...Set Budget
Set budget in the Create Project form When you've already evaluated the project and know the approximate planned budget for the project, then you can set the project budget while creating the project. This makes it easier for the project owner to ...About budgeting
Managing your project budget is vital to the success of the project. Zoho Sprints equips you to define costs, track budget progress, forecast upcoming costs, estimate revenue, and make informed decisions to align your project performance with your ...Budgeting Use cases
Use case 1: Budget type as Project Amount for a project with a fixed amount Budgeting allows you to set up the project budget based on the amount allocated for a project. Let's assume your software development firm commences an in-house project to ...Manage workspace
A workspace is the equivalent of an organization or a portal. It is the umbrella under which all aspects of your projects are housed. It is a common space for your users to access and manage all the projects and their related activities. Let's assume ...
New to Zoho LandingPage?
Zoho LandingPage Resources