1. Earned Value Analysis is at the heart of project control. Here's an example: The total budget for a project is $1,250,000. Assume that the project has an actual cost at month 22 of $540,000 a scheduled cost of $523,000, and an earned value of $535,000.

a). What is the Schedule Variance and the Cost Variance?

b). What is the SPI and CPI?

c). What is it now estimated that the project cost when it is ultimately completed?

d). What is it going to cost from here forward to complete the project?

2. Expected Value (or Expected Monetary Value (EMV)) is a concept tat is the basis for almost all risk calculations. Here's an example: You have the possibility of working on two projects. Project A has a 10% chance of earning $1,000,000 a 30% chance of earning $500,000 and a 60% chance of losing a $450,000. Project B has a 20% chance of earning $500,000 and an 80% chance of losing $100,000. What is the Expected Monetary Value of each?