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What are commonly used terms for project reporting & controls?

A list of acronyms and explanations used in Proteus

Nick Nooren avatar
Written by Nick Nooren
Updated this week

Project Progress - is also called Physical Progress or Actual Progress. It's the actual work done for each work package as understood and updated by the project manager

Planned Progress - expected progress baseline in your project schedule

Budget Progress - calculated differently based on your project billing type:

  • For Reimbursable projects: actual revenue divided by planned revenue

  • For Fixed Price projects: actual cost divided by planned cost

Timeline Progress - measures how far your project has progressed from its start date to end date. Essentially tracking your project's position along its overall timeline.

Actual (Progress) - is also called Physical Progress or Project Progress. It's the actual work done for each work package as understood and updated by the project manager

Forecast (Progress) - displays predicted future progress based on current project performance and historical data

Planned - Total planned budget of the project. Also know as Budget at Completion

ITD - Inception to Date is total actuals allocated to the project for the time period

YTD - (Financial or Calendar) Year to Date

WIP - Work in Progress is actuals not yet invoiced

SPI - Schedule Performance Index indicates the efficiency of the schedule. An SPI greater than 1 means the project is ahead of schedule

CPI - Cost Performance Index indicates the efficiency of the cost. A CPI greater than 1 means the project is under budget

RPI - Revenue Performance Index indicates the efficiency of the revenue. A RPI greater than 1 means the project is earning more revenue than planned for the time period

EAC - Estimate at Completion is total estimated budget of the project at completion

VAC - Variation at Completion is how much over or under budget you expect to be at the end of the project

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