4. Select Option from the File menu and make the following settings in the Advanced tab.
The physical progress (Physical % Complete) of activity number one is 100% and the actual cost spent is $18,000.
The physical progress (Physical % Complete) of activity number two is 100% and the actual cost spent is $19,000.
Analysis of the results:
The total planned cost of the project is $96,000. This figure is created after preparing the Baseline.
Base line cost
The actual physical progress rate of the entire project is 33%, which is calculated based on the actual information entered for each activity. It is worth mentioning that this figure is calculated based on the cost weight of each activity. This figure is a reliable number to present the progress of the project.
Physical % complete
The progress rate of the entire project is calculated based on the status date of the project update. It is worth mentioning that this figure is calculated based on the time weight of each activity. This figure is not a reliable number to present the progress of the project.
The budget cost work scheduled is up to the update date. which is calculated automatically after updating the project. (How much money should be spent until the update date?)
Budget Cost Work Scheduled
The actual cost work performed is based on physical progress information. After entering the physical progress information of each activity (manually calculated in the Physical% Complete column.) What is the earned value of the work done? How much work has been done in practice?
Budget Cost Work Performed
The actual cost of the performed activity is based on the costs paid by the contractor. Usually, this figure is different from the planned cost and is entered manually for each activity, and their sum is calculated as the sum of the actual cost.
Actual Cost Work Scheduled
It is calculated based on the previous field.
It is a time control index. If it’s less than one, it means we’re behind schedule. If it is equal to one, it means that we have acted according to the schedule.
(Schedule Performance Index
It is a cost control index. If it is less than one, it means that we have spent more than the approved (planned) budget for the completed works. (For every monetary unit invested, 0.86 monetary units have been earned.)
(Cost Performance Index)
It shows cost deviation. Less than zero means more has been spent than the plan.
It shows the time deviation. Zero means that the project has been carried out according to the schedule and we have no time delay.
With this project cost situation, how much is the estimated cost of completing the project?
(Estimate At Completion)
If we want the current project to be finished with the same planned cost (96000), what should be the productivity of the project’s resources?
(To Complete Performance Index)