From the following data, calculate BAC, BCWS, BCWP, ACWP, EV, CV and SV when the StatusChecking Date is May 5, 2017. Is the project over or under budget? By what percentage? Is theproject behind or ahead of schedule? By what percentage?Project StatusStatus Checking Date 5/5/2017Actual EffortEstimatedActual CompletionEstimatedWork Effortby Status CheckingDateCompletion DateTasksDate(mm/dd/yy)(mm/dd/yy)(Person Days)(Person Days)102/5/20172/5/201715203/15/20173/25/201720254/25/20174.25255/5/20174/1/201715105/25/20171056/10/20177 56/15/2017HTML Editor2.3.5.

Project management is the aspect of management that deals with managing and maintaining all the…

Answered: From the following data, calculate BAC,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Why is earned value management (EVM) not utilized more frequently? Describe how it may be used to manage expenses and gauge project effectiveness. What are some broad guidelines for judging the quality of figures for cost variation, schedule variance, cost performance index, and schedule performance index?
Describe with the aid of a sketch, an outline of a typical project risk record template. Include within the template an example of the data it might contain.
A project is set to be completed in 12 months with an estimated budget cost of $520,000. 6 months have passed, and expenses were $240,000. The completion of work is set to be $270,000 What is the planned value PV of the project? What is the actual cost AC of the project? What is the earned value EV of the project? Find the SPI and CPI of the project. Is the project ahead or behind schedule? Is the project under or over budget? What is the estimated cost to complete the project?
Explain how earned value management (EVM) may control costs and monitor project success and hypothesize why it is not utilized more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?
What is the probability that the project will be completed by a specific date?
A project’s budget was originally $100,000. The CPI is 1.2, and the project is already 40% along. Assuming the project variances are typical, how much more money will you need to complete the project? $50,000 $43,000 $150,000 $83,000
he project charter involves several elements including, the project manager and project title. Use suitable examples to explain any other five elements of the project charter Milestone schedule Key assumptions Constraints Major risks
Explain how finding the customer requirements relates to the business goals in the project charter.
Describe the method of developing cost estimates using WBS.How are these figures combined to arrive at the approximate net cost of the project?
Use the following project status information to calculate each of the requested EVM numbers below (a-i).The project status is reported at the end of week 13. Task Budget Cost Budget Duration Status as of Week 13 A $5,000 2 Weeks 100 percent complete $5,000B $8,500 3 Weeks 100 percent complete $9,000C $15,000 4 Weeks 75 percent complete $14,000D $10,000 4 Weeks 50 percent complete $9,000 E $12,000 4 Weeks Not startedF $15,000 5 Weeks Not started a. Planned Valuedb. Actual costc. Cost varianced. Schedule variancee. Cost performance indexf. Schedule performance indexg. Budget at completionh. Estimation to completei. Estimation at completion
The decision was made by JMP management that a certain critical development in the overall project will be subcontracted-out to a vendor. JMP has issued a six-month cost plus fixed fee contract for that development, and you are the vendor's project manager. The approved JMP budget for your development is $500,000. A recent Earned Value Analysis that your firm (the vendor) has done shows that you will complete the project four weeks ahead of time, thus depriving your firm of $80,000 of billable time. Among your options are: 1. Since it was the approved budget, go ahead and bill JMP for the entire $500.000. 2. Inform JMP of the project status and completion date, and ask if they'd like to add any features to account for the monies spent. 3. Inform JMP of the project status and completion date. 4. Bill JMP for the $500,000 by adding more work at the end of the project.

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From the following data, calculate BAC, BCWS, BCWP, ACWP, EV, CV and SV when the Status Checking Date is May 5, 2017. Is the project over or under budget? By what percentage? Is the project behind or ahead of schedule? By what percentage? Proiect Status