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Enquiry about denfinition of Budget, planned, earned

4 replies [Last post]
Fri, 2007-11-16 00:13
Sum Lap Key
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Joined: 7 Nov 2007
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Dear All

Would you mind to tell me how to classify and define the follows:


Budget amount
Planned Value
Earned Value
Actual Value

How to relate to target, current value ?

Not clear about the concept and quite confused.

Thank you for your help.

Mercer
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Replies

Sat, 2007-11-17 23:38
#1
Sum Lap Key
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Thank you very much Johnny Kesserwany, Raviraj Bhedase and Tom Nug for giving the answers to my question.
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Sat, 2007-11-17 22:22
#2
Tommy Nug
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Groups: Civil Engineering
Yes,
We also calculate percent complete of overal project:

%complete (actual)=BCWP/BAC
%complete (plan)=BCWS/BAC
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Sat, 2007-11-17 14:51
#3
A D
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Budget amount
Planned Value
Earned Value
Actual Value

There r three things:

Planned Value: Budgeted Cost of work Scheduled (BCWS)

Earned Value: Budgeted Cost of Work Performed (BCWP)

Actual Cost: Actual Cost of Work Performed (ACWP)

From these three values, u can hav SPI and CPI (Schedule Performance Index and Cost Performance Index)

SPI = EV / PV

CPI = EV / AC

For more details, apart from Paul Harris paper, u may also refer to PMBOK.

Cheers,

Rav
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Sat, 2007-11-17 14:42
#4
Johny Kesserwany
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Joined: 18 Sep 2007
Posts: 118
Groups: Civil Engineering
Go to the the technical paper of Mr. Paul Harris, you’ll have all what do you need and more...

http://www.eh.com.au/Technical%20Papers/020820%20EVPM%20Presentation%20E...

JK
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