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Earned Value & Forecasting - Essay Example

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1) The Budgeted Cost of Work Scheduled (BCWS) till the end of period 8 is given by the cumulative cost of period 8 i.e. the sum of the costs of all periods till period 8. This comes out be $ 955,000. The Actual Cost of Work Performed (ACWP) till the end of period 8 is given by the sum of actual costs of all activities partially or totally completed till period 8…
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Earned Value & Forecasting
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Download file to see previous pages The budgeted cost of work performed at end of period 8 comes out to be $868,000. The same is shown in Table 1. Cost Variance (CV) can be calculated as the difference between budgeted cost and actual cost of work performed which is equal to $(868,000-1,005,000) i.e. - $137,000. A negative cost variance here implies that the project is over-budget by the end of period 8. The Cost Performance Index (CPI) is given by the ratio of budgeted cost of work performed to the actual cost of work performed i.e. (868,000/1,005,000) which is equal to .86. As the Cost Performance Index is less than 1, it again implies that the project is over-budget. Schedule Variance (SV) can be found out as the difference between budgeted cost of work performed and the budgeted cost of work scheduled till the end of period 8 which is equal to $(868,000-955,000) i.e. - $87000. A negative schedule variance here implies that the project is behind schedule by the end of period 8. The Schedule Performance Index (SPI) is given by the ratio of budgeted cost of work performed to the budgeted cost of work scheduled i.e. (868,000/955,000) which is equal to .91. As the Schedule Performance Index is less than 1, it gain implies that the project is behind schedule. ...
500000 1.3.2 60000 80 48000 1.4.1 120000 0 0 1.4.2 40000 50 0 1.4.3 75000 100 75000 1.5.2 15000 20 0 1.5.3 30000 0 0 1.6.1 45000 20 0 1.6.2 60000 50 0 1.6.3 30000 0 0 1.6.4 25000 0 0 Total 124500 (BAC) 868000 (BCWP/EV) The planned percentage of work completed can be calculated by dividing the planned work completed (in terms of number of periods) by the total work (in terms of number of periods). The total work periods can be calculated by adding the planned durations of each activity. This comes out as 26 periods. The planned work periods can be calculated by multiplying the planned percent of work completed for each activity by its planned duration. This is equal to 15. Hence, the planned percent of work completed is equal to 15/26 i.e. 57.7%. Similarly, the actual percent of work completed is computed as the ratio of actual work completed (in terms of number of periods) to the total work (in terms of number of periods). The actual work periods are calculated as 15.2 in the same fashion as for planned work periods. The actual percent of work completed, therefore, comes out as 15.2/26 i.e. 58.46%. The percent cost completed is simply defined as the ratio of actual cost incurred till end of period 8 to the total planned cost of the project i.e. (1,005,000/1,245,000) which comes out as 80.72% Table 2: Calculating percent task completion Task Duration Actual Percentage of work completed at end of period 8 Actual work completed (in periods) at end of period 8 Planned percentage of work completed at end of period 8 Planned work completed (in periods) at end of period 8 1.2.1 3 100 3 100 3 1.2.2 1 100 1 100 1 1.2.3 2 100 2 100 2 1.3.1 3 100 3 100 3 1.3.2 2 80 1.6 100 2 1.4.1 3 0 0 66.66666667 2 1.4.2 1 50 0.5 0 0 1.4.3 3 100 3 66.66666667 2 1.5.2 1 20 0.2 0 0 1.5.3 2 0 0 0 ...Download file to see next pagesRead More
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