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Cost Variance (CV) per Project Custom Field

Cost Variance (CV) per Project Custom Field
   
Home  » Products  » VIP Task Manager Pro  » Tutorials  » Customization Guide  » Cost Variance (CV) per Project Custom Field

Cost Variance (CV) per Project

    Cost Variance (CV) per Project is a project management KPI that shows the difference (in dollars) between what was planned and what has been actually performed in terms of cost.  In other words, this variance metrics for a project shows whether your project is ahead or behind the schedule in terms of cost. Cost Variance (CV) can be calculated by the following formula:

    CV = BCWP – ACWP

    It is equal to:

    Cost variance (CV) = Earned Value (EV) – Actual Cost (AC)

    BCWP or Budgeted Cost of Work Performed (EV or Earned Value) is the budgeted cost of work that has been actually performed up to a certain date according to your plan.

    Actual Cost of Work Performed (ACWP) or Actual Cost (AC) is actual cost spent on the project up to a certain date.

    If Cost Variance CV) is less than 0, the project goes under the budget. 

    If Cost Variance (CV) is greater than 0 the project comes under the budget.

    If Cost Variance (CV) is equal to 0, the accomplished cost of work is the same as it was estimated in the schedule.

    For example, project budget is $30 000 USD. Actual Cost of Work Performed or Actual Cost is $11 000 USD on certain date when you are measuring Cost Variance. If Budgeted Cost of Work Performed (BCWP) is $9 000 USD on the same date, then Cost Variance (CV) would be as follows:

    CV = BCWP – ACWP = $9 000 USD – $11 000 USD = – $2 000 USD

    Negative value of Cost Variance indicates that the project exceeds budgeted cost.

    Cost Variance and Schedule Variance KPIs let you compare the progress of projects with similar scope.

    To calculate Cost Variance (CV) please follow the steps below:

  • Add the custom field “BCWP” with code “cf_bswp”
  • Add the custom field “ACWP” (or “Actual Cost”)  with code “cf_acwp”
  • Add the custom field “CV” (Cost Variance) with the formula:
  • $cf_bcwp – $cf_acwp

  • On Task Tree select the task group for which you need to display Cost Variance (CV) per Project  and select “Custom fields options”
  • Set the following custom fields settings for the custom fields: “BCWP”, “ACWP” and “CV”
    • In “Settings for” select “This task group”
    • select “Enable”
    • select “Calculated by custom field formula (for task group)”
  • Cost Variance (CV) per Project on Task Tree


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