How is the status date used for cost tracking?
The Status date
The status date – what was it again? It is the date until which you have updated your schedule. Consider these situations:
Take a look
In this situation, I have updated my schedule at the end of day 5 and I have stated to have my task for 50% complete. I am working according to plan.
Now, I have updated my schedule at the end of day 8 and I have stated to have my task for 50% complete. I am far behind schedule and need to catch up three days.
In the last example, I have updated my schedule at the end of day 3 and I have stated to have my task for 50% complete. I am far ahead of schedule. Even more, if I keep working at this speed, I will probably not need the total ten days, but only six days.
What does that mean?
These three examples illustrate that it is important to keep updating your status date, as this will determine how your progress is perceived and interpreted through your cost reports. The status date is especially important for the s-curves in the earned value management reports, which we will fully discuss in our e-course Cost Management (Pro course).
Tips & Tricks
Do you have any tips for other MS Project users about the status date?
Leave it in the comments below.