Let me expand on Rob's link a little bit. The painter agrees to paint 1 wall
per day for $100 each wall. Let's assume a large 8 sided room. We predict 8
days for the job and $800. Each day, the painter gets paid $100 (he is paid
by the hour and works 10 hour days to keep it simple. If all goes accoring
to plan, the values of BCWS, ACWP and BCWP will each increase by $100 every
day.
Day1: Planned (PV or BCWS) is $100 representing 1 wall.
Assume the painter is very good and gets two walls painted in half a day and
he leaves after 5 hours)
At the end of Day1:
BCWS=$100, ACWP=$50, EV (or BCWP) = $200 (the value of the two painted
walls). We are ahead of schedule and below cost
Day2: The going gets tough and he does not complete any walls, but works the
whole day. At the end of Day2:
BCWS=200, ACWP=$150, BCWP=$200
We are on schedule and below cost
Day3: The going is still tough, he works like mad but no more walls are
completed
BCWS=300, ACWP=$250, BCWP=$200
We are behind schedule and under cost
Day 4 He brings a buddy at the same rate. They complete the one wall (so we
have three walls complete)
BCWS=$400, ACWP=$450, BWCP=$300
Day 5 - They all play golf.
BCWS=$500, ACWP=450, BCWP=$300
We are futher behind schedule
Day 6 - Three guys work and complete 4 more walls
BCWS=$600, ACWP=$750m BCWP=$700
We are over target cost but ahead of schedule
Get the idea? With these numbers you can do all types of predictions to
determine the cost at complete, when they will finish, etc.
Here is a link to some great formulas:
https://acc.dau.mil/CommunityBrowser.aspx?id=19577
On that page, click the link for the "Gold Card" and you will get it.
Or try here:
http://www.acceleratedpm.com/services/GoldCard.pdf
--
If this post was helpful, please consider rating it.
Jim Aksel, MVP
Check out my blog for more information:
http://www.msprojectblog.com