Budgeted Cost of Work Performed (BCWP) per Project or Earned Value (EV) is a project management KPI that shows the total amount in money budgeted for the work that has been performed by certain date.
Budgeted Cost of Work Performed (BCWP) or Earned Value (EV) can be found by:
BCWP = Total Budgeted Cost * Percent % Work Complete
Total Budgeted Cost includes the expenses for labor and materials. If you have labor-based projects only, Total Budgeted Cost or Actual Cost of project can be calculated by the following formula:
Total Budgeted Cost (or Actual Cost) = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Resource per Use Costs + Task Fixed Cost
For labor- and material-based projects the formula for Total Budgeted Cost would be as follows:
Total Budgeted Cost = Actual Cost + Material Cost (or cost for raw materials)
Percent % Work Complete is the percentage of project accomplishment against Actual Work of a project. Percent % Work Complete can be calculated by the formula below:
Percent (%) Work Complete = Actual Work / Work
Actual Work of a project is the amount of time that has been already spent to complete some portion of work in a project.
Work is the total scheduled amount of time the project should take (baseline work).
Budgeted Cost of Work Performed allows to estimate the progress of your projects comparing of how much work was performed so far and how much was originally budgeted for
this portion of work to be completed.
To calculate Budgeted Cost of Work Performed (BCWP) per Project you need to follow the steps below:
Create custom field "Total Budgeted Cost" for project
If you have labor-based projects you can use KPI "Actual Cost of Projects"
For material-based projects you need to create additional custom field, for example, "Material Cost" with Code "cf_material_cost"
Total Budgeted Cost for material-based (and labor-based) projects please create
the custom field "Total Budgeted Cost" with the formula:
+ $cf_ material_cost
the custom field "Percent % Work Complete" with the formula:
Create the custom field "BCWP" with the formula:
$cf_percent_work_complete * $cf_total_budgeted_cost
- On Task Tree select the task group for which you need to display Budgeted
Cost of Work Performed (BCWP) and select "Custom fields options"
- Set the following custom fields settings for the following custom
fields: "Work", "Actual Work"
- In "Settings for" select "This
- select "Enable"
- in "Aggregated (for task
group)" field select "Sum" from drop-down list and the corresponding custom
To edit the values Work and Actual Work for projects manually select the
- Set the following custom fields settings for the following custom fields: "Total Budgeted Cost" (or "Actual Cost") and "BCWP":
- In "Settings for" select "This task group"
- select "Enable"
- select "Calculated by custom field formula (for task group)"
Budgeted Cost of Work Performed KPI per project on Task