Project analysis involves monitoring information about the project's performance with regards to scope, schedule and cost. The performance and progress of the project should be regularly analyzed in order to identify deviations from the project plan so that corrective action can be taken when necessary. Performance is assessed by comparing earned value with the actual value (actual cost of work performed). Project progress is assessed by comparing earned value to the budgeted value. Earned value is also known as the Budgeted Cost for Work Performed (BCWP), and is based on the work actually completed.
Another important project indicator is Scheduled Work, which is the budgeted cost scheduled to be completed at the current date if the budgeted value had been evenly distributed over the work days of the activity. Scheduled Work is also known as the Budged Cost of Work Scheduled (BCWS).
When calculating Earned Value and Scheduled Work, the budgeted cost is either considered to be the planned values or the baseline values, depending on the value of the Earned Value Method. If the value of the Earned Value Method for the project is Baseline, Earned Value and Scheduled Work will be calculated based on baseline values. Alternatively if the value of the Earned Value Method is Planned, these project indicators will be calculated based on planned values.
The important project indicators are presented in the Performance Analysis page or the Project Monitoring/Analysis tab. Alternatively, these project indicators are presented per project cost element in the Project Monitoring/Cost and Project Monitoring/Hours tabs.
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