2024 – Hello I need help completing this document listed below This is Project Management Project

Hello,

 

I need help completing this document listed below. This is Project Management, Project Cost and Schedule Control:

 

Problem #1

Your project has four activities. Below is the current status of each activity.

·         Task A was to have cost $150,000 when complete. Its costs so far are $45,000. It is 35% complete.  The activity has completed 5 weeks of a planned 15-week schedule. 

·         Task B is at the end of week 2 of a planned 4-week effort. It is 45% complete. It was to cost $100,000 when finished. Its costs to date are $50,000.

·         Task C is finished. It finished 2 weeks late. It cost $100,000. And it was planned to have cost $110,000. 

·         Task D is beginning its fourth of a planned 6-week schedule. It has cost $200,000 so far. It was estimated to cost $450,000 when finished. It is approximately 55% complete. 

Using this data, calculate the following.

1.  What are the PV, EV, and AC for each of the activities and the complete project? (5 points)

Task	PV	AC	EV
A
B
C
D
Project

 

2. What are the SV, CV, SPI, and CPI for each of the activities and the complete project? (15 points)

Task	SV	CV	SPI	CPI
A
B
C
D
Project

 

3.  Assess the project performance to date? Do you get to have the celebration? (5 points)

 

Problem #2

Your project has four activities. Below is the current status of each activity.

·         Task A was to have cost $250,000 when complete. Its costs so far are $165,000. It is 50% complete.  The activity has completed 7 weeks of a planned 15-week schedule. 

·         Task B is at the end of week 2 of a planned 4-week effort. It is 65% complete. It was to cost $190,000 when finished. Its costs to date are $150,000.

·         Task C is finished. It finished 2 weeks late. It cost $200,000. And it was planned to have cost $250,000. 

·         Task D is at the end of its fourth of a planned 6-week schedule. It has cost $350,000 so far. It was estimated to cost $500,000 when finished. It is approximately 55% complete. 

Using this data, calculate the following.

 

1.  What are the PV, EV, and AC for each of the activities and the complete project? (5 points)

Task	PV	AC	EV
A
B
C
D
Project

 

2. What are the SV, CV, SPI, and CPI for each of the activities and the complete project? (15 points)

Task	SV	CV	SPI	CPI
A
B
C
D
Project

 

3. What is your assessment of the project at this time? (5 points)

 

Earned value is a system for relating planned budget and schedule to actual time and cost performance, and is at the heart of the project control system. Responsibility for effective monitoring systems lies with the PM even though tasks may be delegated. In project management, there is a tendency to focus on doing rather than monitoring. Lots of activity is assumed to mean a lot is getting done. It is important to design effective monitoring systems at the planning stage, and to maintain (and update) these systems as the project progresses. The importance of monitoring and controlling systems grows with the size and complexity of the project, but they are always required.

Earned value revolves around three terms.

PV or planned value:  This is the value of the work planned or scheduled at a given point in the project.  It is calculated by the formula:
PV = % of time expended X BAC

 

EV or earned value: This value represents the amount of value gained from the work completed so far.  It is calculated by the formula:
EV = % complete X BAC

 

AC or actual costs:  This value represents the actual costs to date.  One other term is needed to begin using EV: BAC. BAC or budget at completion is the calculated value during the planning of project of the cost of a given activity once the activity is complete. This may also be the projected cost of the entire project.   Earned Value Formulas There are a number of EV formulas. We will be covering some of these in this week’s lecture. The remainder will be covered next week.  CV or Cost Variance = EV – AC SV or Schedule Variance = EV – PV CPI or Cost Performance Index = EV/AC SPI or Schedule Performance Index = EV/PV     A positive cost variance or a CPI greater than one indicates the project is under budget. A negative cost variance or a CPI less than one indicates the project is over budget.  A CV of zero or a CPI of one indicates the project is on target.    A positive schedule variance or a SPI greater than one indicates the project is ahead of schedule. A negative schedule variance or a SPI less than one indicates the project is behind schedule.  An SV of zero or a SPI of one indicates the project is on target.