In project management, the project monitoring system includes what data to collect and it determines who will collect it and who to report to. The data that is collected refers to the status of the project, potential issues that might come up, the completion date, the remaining costs and the costs that might need to be paid past the budget. The project control process including the steps to finish the project, the tools and control as well.
The steps in a project includes the plan that is to be set, ways to measure the progress and performance, a comparison of the plan to the performance and taking action. You would use the 50-50 rules of progress reporting to provide a good statistical approximation of budgeted cost work performed.
To provide a good statistical approximation of budgeted cost of workperformed (bcwp).-you would use the 50-50 rule to provide a good statistical approximation ofbudgeted cost of work performed (bcwp). you would use the 50-50 rule todetermine what percentage of the task has been completed. per the 50-50 rule,when a task starts, half the effort is assumed to be completed and half thebudgeted cost of work scheduled associated with the task is entered into theproject account book. after the task is 100% complete, the remaining half of thebcws value is entered into the project account book. when multiple tasks arebeing considered, this approach provides a good statistical approximation ofbcwp.calculating the bcwp requires the percentage of a task that has beencompleted. the 50-50 rule is used forapproximating what percentage of the task has been completed. it cannot beused to calculate the exact bcwp.to determine the cost variance, you must have the bcwp and the actualcost of work performed (acwp). the 50-50 rule is used to calculate informationon bcwp, but not acwp.to determine the schedule variance, you must have the bcws and thebcwp. the 50-50 rule is used to calculate information on bcwp, but not bcws.
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