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week 6 budgeting - Coggle Diagram

- - - - use to keep track of project schedule, progress
        
        negative = behind the schedule
        
        0= on schedule
        
        positive = ahead of schedule
    - - use to keep the project within the cost estimates
        
        negative = over the budget
        
        positive = within the budget
        
        0= on the budget
    - - how efficiency is the project is actually progressing compared to the planned project schedule
        
        spI>1 ahead of schedule
        
        spI <1 behind the schedule
        
        e.g SPI =0.8 means for every $1 of work that was expected to be completed, only 0.8 was accomplished
        
        spI = 1 being completed as plan
    - - how efficiency are the costs utilised by the project
        
        CPI >1 within budget
        
        CPI < 1 over budget
        
        e.g CPI = 0.9 means for every $1 we spent so far on this project only $0.9 was really being competed,
        
        CPI = 0 on budget
  - - - budget at completion of the project
    - - total amount of money required to complete the remaining balance of work
    - - the forecasted value of the project when it is completed
  - - - the total cost actually incured
    - - the value of work competed to date
    - - approved value of work to be completed in a given time