Question

In: Civil Engineering

You are a farmer and you are building a fence for your horses. The fence will have...

You are a farmer and you are building a fence for your horses. The fence will have four sides that are all the same. The total budget for the project is $800 at $200 for each side. The schedule for the project is 8 days (assume 8 hours per day), estimated at 2 days for each side. The project started Monday morning and it is now Thursday (of the same week) at the end of the day ‘today’. You assessed the progress and determined that 25% of the total work has been completed (1 side of the fence). You have already spent $800 for the work that has been completed as of today.

Answer the following questions (Please show your work related to all calculations.):

What is the planned value as of today?

What is the earned value for the project?

What is the actual cost for the project?

What is the project schedule variance?

What is the project cost variance?

What is the schedule performance index?

Discuss what these metrics mean regarding the performance of the project.

Solutions

Expert Solution

Soln)

a) Planned value is the estimated value of work i.e to be done as of today (as per the schedule)

Planned value as of today i.e Thursday = % of panned work x Budget at completion (BAC)

Time elapsed: 4 days , Percent complete: 50% (as per the schedule)

Planned Value (PV)= 50% of the value of the total work

= 50% of BAC

= 50% of 800

= (50/100) x 800

=$400

b) Earned value is the estimated value of work actually complete as of today,

Earned Value (EV) = % of completed work (actually) x Budget at Completion (BAC)

= 25% of BAC

= 25% of 800

= 25/100 x 800

= $ 200

c) Actual Cost is the total cost spent for the actual work completed as of today

- Actual Cost (AC)= $800

d) schedule variance = Earned Value (EV) - Planned Value (PV)

= 200 - 400

= - $200

-ve sign is implies that project is behind the schedule of project.

e) cost variance = Earned Value (EV) - Actual Cost (AC)

= 200 - 800

= - $400

f) schedule performance index(SPI)= EV / PV

= 200 / 400

= 0.5

g) SPI < 1 , It implies that project is behind the schedule of project.

Ally Wells answered 10 months ago

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