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