Software Project Management - Project Schedules

1. Track the performance of the project


2. 
   
   
   
   • After the schedule is completed and optimized, it should be set aside and used as the baseline. Every time a change to the scope of the project is approved, the schedule should be adjusted. Thus, there is an actual version of the schedule that is updated to reflect what actually happened over the course of the project.
   
   
   • The budgeted cost for work scheduled (BCWS) is the estimated effort of the actual tasks that appear on the schedule to date. The actual cost of work performed (ACWP) is the effort spent on the tasks in the schedule that have actually been completed by the development team members. The variance is the difference between these two numbers (BCWS - ACWP). If the variance is positive, then the project cost fewer person-hours than were budgeted; if it is negative, then the project overran the budget.
   
   
   • Cost performance index (CPI) is calculated by dividing BCWS / ACWP and multiplying by 100 to express it as a percentage. A CPI of 100% means that the estimated cost was exactly right and the project came in exactly on budget. It is under 100%, the work cost less effort than planned; a CPI greater than 100% means that the estimate was not adequate for the work involved.