Project Management- PMAN 650 Session 5 Individual Assignment Earned Value

Introduction
All of you have had at least an introduction to earned value
management in the project management fundamentals course. Many of you may have
had the opportunity to use earned value management in your professional
careers. In practice, most EVM analysis results are generated by scheduling
software or other applications. As a project manager, you musthave a good
handle on the concepts and be able to verify the accuracy of EVM analysis
results.
In this assignment,
you will have an opportunity to brush up and expand upon your EVM knowledge and
skills by applying EVM concepts to a practical problem. THIS ASSIGNMENT
REQUIRES A MANUAL ANALYSIS – DO NOT USE MICROSOFT PROJECT.
Problem Background
Your project consists of six activities shown in the table
below, along with: (1) planned start and finish dates; (2) activity budgets;
and (3) earned value (EV) accrual rules from you project cost management plan.

Activity

Planned
Start

Planned
Finish

Budget

EV
Accrual Rule

Activity One

Mon – 10/13/14

Fri – 10/31/14

10,000

Percent Complete with Gates

Activity Two

Mon – 10/20/14

Fri -11/28/14

30,000

Fixed Formula -50/50

Activity Three

Mon -11/3/14

Fri -11/14/14

7,000

Fixed Formula -20/80

Activity Four

Mon -10/13/14

Fri -11/14/14

20,000

Weighted Milestones

Activity Five

Mon 11/17/14

Fri – 12/5/14

10,000

Fixed Formula – 0/100

Activity Six

Mon -12/8/14

Fri -12/19/14

7,000

Fixed Formula – 0/100

Activity Two has a start-to-start relationship (one week lag
time) with Activity One. Activity Three has a finish-to-start relationship with
Activity One. Activity Five has finish-to-start relationships with activities
Three and Four. Activity Six has finish-to-start relationships with activities
Two and Five.
Assumptions
1.
Assume a five-day work week.
2.
For all activities (except Activity Four), assume
the expenditure rate is constant over the duration of the activity, i.e.:
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For Activity Four, assume the expenditure profile shown
below:

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The project sponsor wants you (the PM) to present a project
cost and schedule performance assessment using data through Friday, Nov 7,
2014. You have collected the following information:

Activity

Actual
Start

Actual
Finish

Actual
Cost

Activity One

Mon – 10/13/14

Fri – 11/3/14

12,000

Activity Two

Mon – 10/20/14

12,000

Activity Three

Mon -11/4/14

4,000

Activity Four

Mon -10/13/14

20,000

Activity Five

0

Activity Six

0

For Activity One, three equally-valued gates have been
established and all gates are complete as of 11/7/14.
For Activity Four, four milestones have been established
with the following values: (1) milestone 1 – 30%; milestone 2- 30%; milestone 3
– 10%; milestone 4 -30%. Three of the milestones are complete as of 11/7/14.
Show all
work. Round dollar values to the nearest dollar. Calculate all other variables
to three decimal places.

1.
Earned Value Measures

a.
Calculate earned value measures for each
activity and for the cumulative project as of 11/7/14; fill in the table below:

Activity

Planned Value (PV)

Earned Value (EV)

Actual Cost (AC)

Activity
One

12,000

Activity
Two

12,000

Activity
Three

4,000

Activity
Four

20,000

Activity
Five

0

Activity
Six

0

Entire
Project

2.
Earned Value Performance Measures

a.
Calculate earned value performance parameters
for each activity and for the cumulative project as of 11/7/14; fill in the
table below:

Activity

Schedule Variance (SV)

Schedule Performance Index (SPI)

Cost Variance (CV)

Cost Performance Index (CPI)

Activity
One

Activity
Two

Activity
Three

Activity
Four

Activity
Five

Activity
Six

Entire
Project

b.
Is the project ahead of schedule, on schedule,
or behind schedule? What information are you using to make this assessment and
why?
c.
Is the project over budget, under budget, or on
budget? What information are you using to make this assessment and why?

3.
Earned Value Forecasts
a.
Calculate the range (low/most-likely/high) of possible
Estimates-at-Completion (EAC).
b.
Using the low EAC, what is the
Estimate-to-Complete (ETC)?
c.
Using the high EAC, how much more or less money
(other than the current budgeted amount) will you need to finish the project?
d.
How much would the Cost Performance Index (CPI)
have to change in order to complete the project within the original budget?

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