Suddenly i have been asked this question! Although it seems that is something that I should know as a daily user of MS Project Pro. But guess what, I said I don’t know.
The first moment after that I opened MS Project Help and I found that it is little bit tricky. The physical % complete is a field that can be used to calculate the Earned Value, now the question is How!
I will use the same example found with the help page, assume that one task in your project is to build a stone wall, the wall is a 5 rows one, each has 10 stones.
The first row takes 20 minutes
The second takes 25 minutes because it is little bit harder.
The third takes 30, the forth 35 and the fifth will take 40 minutes
After completing three row then we can report the % Complete and % Physical Complete as per the figure below
I hope that illustrate the difference for you, for me it really did