Hello all,
I have a project and I want to check it( I am new to scheduling)
Budgeted total cost : 666,827
BL project total cost : 873,327
Budeted At completion : 873,327
Estimate at completion cost : 1,344,157
Actual cost : 1,177,689
EV: 810,122
PV: 873,327
Remaining total cost : 166,468
Why is there a difference between " Budgeted total cost" and BL Project total cost? And should I match them? How?
What should I do if I want to match " estimate at completion cost" and " Budgeted At completion"
Thanks David for your kind words and giving me the details, I have not intention to tell a lie, but this is the proceduer that we take in the office.
We just update the cost based on what the Construction Leads give us.
This is Earned Value basics, Abbas.
Budgeted Total Cost represents the scope of work in the current plan
BL Project total cost is the same calculation as above BUT from the Project Baseline – it would seem there is about 210,000 less scope in the current plan
Budget At Completion is from the baseline
Estimate at Completion can have variable algebra. It seems that in this case it is the Budget at Completion, NOT factored by the CPI, plus the remaining cost. This is very optimistic
Actual cost self-explanatory
Both Earned value and Planned value are based on the baseline. Since the baseline seems to have 210,000 more cost than the current plan, this discrepancy needs looked at first.
Remaining total cost is from the current plan.
‘Why is there a difference between " Budgeted total cost" and BL Project total cost? And should I match them? How? – Because 210,000 worth of scope has been removed. Why would you want to hide that?
‘What should I do if I want to match " estimate at completion cost" and " Budgeted At completion"’ not sure why you would want to tell lies about productivity, but you could simply overwrite the actual cost with an invented figure……