Earned Value Management (EVM) includes several key metrics, one of which is the budgeted cost of work performed (BCWP). Here’s a detailed explanation:
Earned Value (EV): Represents the value of work actually performed in terms of the budget assigned for that work.
Planned Value (PV): The budgeted cost for the work planned/scheduled.
Actual Cost (AC): The actual cost incurred for the work performed.
Performance Measurement: BCWP is crucial for comparing planned work with actual progress and costs, helping in performance measurement and project forecasting.
References:
"Project Management: A Systems Approach to Planning, Scheduling, and Controlling" by Harold Kerzner.
PMI’s "A Guide to the Project Management Body of Knowledge (PMBOK Guide)".
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