The % Complete Column tracks the progress of a specific category to calculate Projected Final Costs. This helps you identify budget variances early by comparing what you expect to spend against your original budgeted amount.
The % Complete Column is the estimated amount you have completed for a Category. The % Complete is used to calculate the Projected Final Costs for that Category, which is ultimately compared to your Budgeted Amount.
Projected Formula
- Projected = Spent to Date / % Complete
- Variance = Projected - Budgeted
Example
Ex: Let's say you had an initial budget of $4,000 for roofing. There was a change order and the roofing ended up costing $4,500.
- Projected = $4,500 / 100%= $4,500
- Variance = $4,500 - $4,000= +$500 over budget
