Earned Value Management (EVM) is a powerful tool for directing and controlling projects. In this exercise, you will create an EVM Performance Measurement Baseline (PMB) for the bicycle project based on the Project Management Institute (PMI)^® Practice Standard for Earned Value Management, then evaluate a variance, create a variance report, and create a change request to bring the project back on track. The EVM Practice Standard is available with your PMI^® registration/login.
For this assignment, complete the following steps:

• Create an EVM Performance Measurement Baseline (PMB) for the latest bicycle project plan (including smartphone dock and training wheels) similar to the baseline in Figure 8-3 of the Practice Standard for EVM.
  • Create the PMB in a spreadsheet like Microsoft Excel.
  • Use only the level 2 elements from the bicycle WBS (not level 3 as in Figure 8-3); you should have nine WBS level 2 elements.
  • Assume costs for each WBS element are evenly distributed over time they are scheduled to be worked on. For example, if you estimated a cost of $100 for WBS 1.3 (Wheels) and a schedule of 4 weeks, you can assume $25/week in the PMG (although this is rarely the case in practice).
  • Be sure to include cost numbers in the schedule table where Figure 8-3 only includes shaded areas.
  • Add a cumulative cost row at the bottom of the table.
  • Graph the cumulative cost similar to the graph at the bottom of Figure 8-3.
• At the mid-point of the schedule assume you observe the following performance:
  • The project is 5% ahead of schedule (SV = 5%)
  • The project is 15% over budget (CV = -15%)
• Add two rows to the PMB table, one showing EV up to the current reporting period (project half-way complete) and the other showing AC, extrapolated to project completion. Assume AC variance continues uncorrected.
• Add graphs for observed EV and AC to the PMB graph. Graph EV up to the current date (project half-way complete) and graph AC to project completion, just like Figure 9-5 of the Practice Standard for EVM.
• Create a summary table in the spreadsheet similar to Figure 9-7 of the Practice Standard for EVM for the current reporting period only (project half-way complete). The table will report all 16 EVM data items, but for only one reporting period.
• Assume all cost variance is due to one WBS element. Create a Variance Analysis Report similar to Figure 9-16 of the Practice Standard for EVM for the WBS element (make up a cause for the variance).
• Generate a change request to bring the cost back under control. Use the same change process used previously in the class. It is not necessary to update the plan to reflect the change request.

Submit your completed assignment, ensuring that you have included the following elements:

1. The Excel Spreadsheet with:
   1. PMB table
   2. Graph of budgeted costs, EV, and AC
   3. EVM summary table with 16 EVM data items
2. Variance Analysis Report
3. Change Request