What does Actual Cost mean in Project Management?

Actual Cost

Total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity or work breakdown structure component. Actual cost can sometimes be direct labor hours alone, direct costs alone, or all costss, including indirect costs. Also referred to as the actual cost of work performed (ACWP). See also earned value.
Image showing the meaning and defintion of Actual Cost - The total costs incurred. Actual cost can sometimes be direct labor costs alone, direct costs alone or all costs, including indirect costs. Also referred to as the actual cost of work performed (ACWP)

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What does Actual Cost of Work Performed mean?

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