The physical work accomplished plus the authorised budget for this work.(PMI) The sum of the approved cost estimates (may include overhead allocation for activities or portions of activities completed during a given period, usually from the beginning of the project until now. (PMI)
(or Budgeted Cost of Work Performed = BCWP). The value of the completed work expressed in terms of the budget assigned to that work. Can be expressed in hours, costs, units, or percent complete.
The value of the useful work done at any given point in a project Note: the budget may be expressed in cost or labour hours.
The budgeted cost of a project or part of a project which compared to ACWP, permits financial monitoring of project progress. Sometimes called Budgeted Cost of Work Performed (BCWP).
(EV) A means of evaluating budgetary performance by relating actual expenditures to technical achievement as measured by a milestone accomplishment scheme. EV may be used interchangeably with BCWP.
Earned value (EV) is a tracking metric which measures the actual amount of work accomplished, regardless of the effort expended or the time elapsed.
(1) A method for measuring project performance. It compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule performance is as planned. See also actual cost of work performed, budgeted cost of work performed, budgeted cost of work scheduled, cost variance, cost performance index, schedule variance, and schedule performance index. (2) The budgeted cost of work performed, for an activity or group of activities.
A measure of the cost of work performed up to the status date or todayÂ's date. Earned value uses your original cost estimates saved with a baseline and your actual work to date to show whether the actual costs incurred are on budget. In other words, earned value indicates how much of the budget should have been spent, in view of the amount of work done so far, and the baseline cost for the task, assignment, or resource. Earned value is also referred to as budgeted cost of work performed (BCWP).
The value of completed work expressed in terms of the budget assigned to that work. Also referred to as budgeted cost for work performed. [Ref 6] Function Points (FP) Alternative software sizing measure to Testable Requirements. FP is a measure of delivered functionality that is relatively independent of the technology used to develop the system.
A method which measures project performance by comparing work completed against work planned (at a given date in the project schedule). Click here for a more detailed definition of EVM.!-- google_ad_client = "pub-5018299410461410"; google_ad_width = 300; google_ad_height = 250; google_ad_format = "300x250_as"; google_ad_channel ="9724260159"; google_color_border = "B0E0E6"; google_color_bg = "FFFFFF"; google_color_link = "000000"; google_color_url = "336699"; google_color_text = "333333";
The quantification of the overall progress of a project defined in dollar terms to provide a realistic yardstick for comparison with actual cost to date(Welcome Software Technology, 1993).
In project management, the total value, including overhead, of approved estimates for completed activities or portions thereof.
