Calculating Earned Value

byosko says : Hello,

I have a scenario that I'm trying to understand which culminates in understanding how to mathematically calculate Earned Value. It seems there are a few ways of calculating Earned Value, different techniques and the such, but hopefully what I present is one understanding/way of doing it.

My hope is that someone can review the numbers and let me know if they're correct or not. And if not, either correct them or point me to actual examples online that use numbers to calculate things (not poorly written definitions of things like EV which I see everywhere).

Here's the scenario:

There's 1 person, Bob, assigned to a task that lasts 10 days. He's been assigned 10 hours of work and his rate is $100/hour.

So:

EAC (Estimate at Completion) = 10
AT (Actual Time) = 0
BCWS (Budgeted Cost of Work Scheduled) = $1,000 ($100 x 10)
ACWP = $0
BCWP = $0

On the 1st day, he completes 5 hours of work. But, he also says that there's 10 hours left to do.

So:

AT = 5 (he's done 5 hours)
ETC = 10 (he says there's 10 more hours to complete)
EAC = 15
ACWP = $500 (he's done $500 worth of work)
BCWS = $100 --> Is this right? I'm assuming we take 10 hours / 10 days to get 1 hour per day of work that's expected. Multiply by $100/hour and you get $100.
BCWP = $333.33 --> Is this right? I'm calculating this by saying that he's done 5 out of 15 hours (which is the new EAC), and therefore that's 33.3%. I take that % value and multiply it by the total budgeted cost of the task ($1,000) to get this value. Or, should it be 33.3% of the new total budgeted cost of the task ($1,500), which would be $495?

In this scenario what's the Percent Complete of the task at this point in time?

Finally, can BCWP in this scenario be considered Earned Value. I've seen some definitions saying they're basically the same thing, others saying they're not. As I understand it, earned value is the amount I've earned towards the total on the task. If the task total value is now $1,500, I can see the logic that says I've earned $495 (33.3%) of that at this point, having done 33.3% of the work.

Any help is appreciated.

Benjamin