Definition:
The percentage of total project work that has been completed at a given time.
PercentComplete =(EV / BAC) ×100
Key Components:
- Earned Value (EV): Work completed.
- Budget at Completion (BAC): Total project budget.
- Completion Benchmark: Helps assess progress against schedule.
Use Cases/Industries:
- Construction: Tracking percentage of foundation work completed.
- Energy Sector: Measuring commissioning progress of a power plant.
- IT Projects: Evaluating how much of a software project is finished.
Advantages:
- Helps track project milestones.
- Provides an objective measure of progress.
- Enhances project forecasting.
Challenges:
- May not reflect actual work effort if reporting is inaccurate.
- Doesn’t indicate efficiency of work performed.
Related Terms:
Earned Value, Schedule Variance, Forecasted Project End Date
Example:
If $2M of work is completed in a $5M project, Percent Complete = 40%.
Visited 1 times, 1 visit(s) today
Synonyms:
Completion Rate, Progress Percentage, Work Done Ratio
