WinningKPI - Project Management - KPI for Measuring of Budgeted Cost of Work Scheduled (BCWS) posted in category Project Management KPI details: This indicator is for measuring the budget allocated to complete a scheduled task during a specific time frame. A project budget may be allocated as a total project cost or a sum of BCWS. For example, if a company opened a project to deliver a marketing campaign via a stand at an event, 3 days may be given to the project, with a planned cost of $3000 (inclusive of all costs of staff travelling there, booking of stand, creating poster, payment for event etc.)
The project manager may have planned the project cost as a sum of numerous BCWS (e.g. cost for staff travel, cost for renting stand for 3 days, cost of posters etc.)
Also, if the project was set to be planned and accomplished in 1 month prior to the event day, at the end of the first month the BCWS may be calculated using the formula below:
Formula:
Budgeted cost x % of scheduled completion
For instance, if by end of the first month the project manager completed half of the activities out of the total budget of $3000:
3000 x 50% = $1500
KPI Units: money
KPI Time Frame: update at the end of project or during project reviews
Posted by Oana Boteanu | Help to protect community: Flag for moderation
Ideas suggested by WinningKPI community:Here are comments:
Budgeting cost per work scheduled (BCWS) is a very efficient way of budging project costs. It helps to focus costs and milestones and spot any errors in the process.
This KPI can help with contingency planning and task interdependencies. I work for the HR department and I am currently managing a staff training project, where I carry out 3 training sessions.
My budget is split in various BCWS:
a. Cost of training material ( CD purchased) = $500
b. Cost of material preparation ( 30 hours – 4 days – of my work) = $3000
c. Project admin cost = $250
d. Cost of guest speaker = $500
e. Cost of staff hours attending (scheduled 10 staff per 2 h sessions, 30 staff, 60 h ) = $600
The total project cost is $2150. The duration is of 2 weeks.
By end of week 1 the milestone is to complete 50 % of the work, hence BCWS is:
2150 x 50 % = 1075
However, I could only complete half of the work scheduled for week 1 (25%)
Hence, BCWS is:
2150 x 25% = 537.5
Oana Boteanu | + | September 6, 2012 at 8:40 am
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