budgeted cost of work performed (bcwp)
A measure used in earned value management system that allows you to quantify the overall progress of the project in monetary terms.
BCWP is calculated by applying a performance measurement factor to the planned cost.
(By comparing BCWP with ACWP, it is possible to determine if the project is under or over budget.)
Another term for BCWP is "earned value."
The sum of the approved cost estimates (including any overhead allocation) for activities (or portions of activities) completed during a given period (usually project-to-date).
See also: Earned Value.