What is the budgeted cost of work scheduled?
The Budgeted Work of Work Scheduled (BCWS) is the sum of budgets for all planned work to be completed over a specified period of time. It also covers the cost of completed previous work and can discuss a specific performance period or a date in time.
The budgeted cost of scheduled work is also known as the planned value (PV), which in principle is exactly the same, being the ‘Planned’ value of the project at different phases of the project.
Budgeted Cost of Work Scheduled (BCWS) Formula
The calculation of BCWS is not difficult, following are the BCWS Formula:
Budgeted Cost of Work Scheduled (BCWS) Example
Project XYZ has a budget of $50,000. It starts on 01 June (Project Start Date) and finishes on 01 December (Project Finish Date). Total Project Duration is 183 days (about 6 months). Suppose that today is 01 September, i.e. halfway point of the project when the project should be 50 % complete according to our plan. Then at this point, what is the BCWS (Budgeted Cost of Work Scheduled)?
BCWS = 50% from $50,000 = $25,000
So BCWS shows how much of the budget should have been spent up to a certain date.