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)
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