The budgeted cost of labor (BCWP) is The cost of the work that was actually completed, calculated by multiplying the total budgeted cost by the estimated completion rate. also known as cumulative earned value and earned value (EV) (CEV).
A comparison of two or more kinds of data is called "budget vs. actuals." It is the discrepancy (variation) between actual quantities and planned or budgeted amounts. The process of measuring the severity of these abnormalities and investigating their causes is known as variance analysis. Budgeted Total Cost is the sum of the budgeted costs for labor, non-labor, materials, and expenses. Actual Labor Cost plus Actual Non-Labor Cost plus Actual Material Cost plus Actual Expense Cost equals Actual Total Cost. For small firms, creating a budget vs. reality comparison is crucial because it enables them to modify their future financial forecasts in light of the data gathered in the monthly reports.
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