(Individual assignment] Overview of the Project Execution assignment Your job as Project Manager just got interesting. You have spent considerable time getting ready to actually launch the project and now it is show time! The customer has signed off on spending a significant amount of money and you need to keep things on schedule and within budget. Managing those elements are not easy without tools. Fortunately, you are going to learn how to employ earned value management for tracking project progress and determining when corrective action is needed (and what it should be). First, read the "Managing the Budget (EVM)" topic in the "Budget Planning" e-Book (Week 8 > Learning Resources). It covers all the aspects of earned value you will learn about in this assignment. Project Background This assignment will use the Time Shoring System from "How to Build Work Breakdown Structures" (Week 1 > Learning Resources). The customer has signed off on the project and it is now ready to launch. Your team includes eight resources made up of Project Manager (that is you!), Analysts, Developers, and Testers. The project is planned to start on July 11th, finish on November 30th, and cost $401, 130.66. Once into execution, you will see some changes (surprises) come up that affect the schedule. Since earned value is calculated from data within the scheduled, that whole picture will change as well. The Excel sheet is pre-loaded with data from schedule snapshots taken at six different points during project execution. NOTE: There are two parts to this assignment. Part 1 - Enter Earned Value data into Microsoft Excel Open the Excel file, "Earned Value Chart" (Week 8 ) Assignments). ETC Cart Burdput at indes Index Completion On Budget SHOUTS 8414,241.68 $112 753 3 5431, LHOUSE $364 542. 15 5431, INDUS 1. Several cells are already populated, so you do not have to change them (they are locked down). 2. The Status Date column shows when the snapshots were taken. 3. The three cost columns - Planned Value (PV), Earned Value (EV), and Actual Cost (AC) are values calculated by Microsoft Project. 4. The Budget at Completion (BAC) is a static value, equal to the cost that the customer agreed to pay your company. It only changes if the customer agrees to a contract change, which will not happen in this scenario.The Schedule Performance and Cost Performance columns are for you to fill in (from a drop-down list): Using the cost columns in each of the five open rows, pick the correct value for Schedule Performance and Cost Performance. The eBook discusses the relationship between PV and EV for Schedule Performance, and between EV and AC for Cost Performance. This will help you compare values in the cost columns and select the right values for Schedule and Cost Perfarmance. The rest of the columns to the right of Budget at Completion all use a formula for calculating the correct value. All of the formulas are explained in the eBook. Once you have the correct formula, use it to compute the correct value until you have completed all five rows (the first row is prefilled with zeros). IMPORTANT: For calculating ETC, assume Cost Variance is atypical. Use the ETC formula on page 10 of the eBook (not the formula on page 12). If you are proficient with Excel formulas, feel free to use them instead of calculating the answers by hand. Cost Schedule Budget at Schedule Performance Performance Estimate to Estimate at Completion Cost Variance Varlance | Index l Index | Complete Completion IMPORTANT: Submit this file named as "[LastnameFirstname] [Deliverable] Week 8" EXAMPLE: RowleyGarrett EV Chart Week 8 IMPORTANT - Use Your Name, but no Special Characters in the File Name Part 2 - Answers to Questions in Microsoft Word Open a Microsoft Word document. Copy the following gquestions and paste them into the document, then answer the following questions. Do not write an essayl One or two sentences for these four guestions are more than sufficient! 1. If 5V (Schedule Variance) is positive, is the project: on, ahead, or behind schedule? 2. If CV (Cost Variance) is negative, is the project: on, under, or over budget? 3. If the SPI (Schedule Performance Index) is less than 1, is the project: on, ahead, or behind schedule? 3. If the CPI (Cost Performance Index) is greater than 1, is the project: on, under, or over budget? S For the following questions, use formula notation. Do not explain the answers in text form - use formula notation only. 5. What formula did you use to calculate Cv? 6. What formula did you use to calculate 5?7 7. What formula did you use to calculate CPI? B. What formula did you use to calculate SPI? 9. What formula did you use to calculate EAC? 10. What formula did you use to calculate ETC (assuming that cost variance is atypical)? SPI EAC PV EV AC BAC CV SV CPI ETC Cost Schedule Schedule Cost Budget at Schedule Performance Performance Estimate to Estimate at Status Date Planned Value Earned Value Actual Cost Performance Performance Completion Cost Variance Variance Index Index Complete Completion Comments From the PM's Diary So excited to get started! 12-Jul S0.00 $0.00 $0.00 On Schedule On Budget $401,130.66 Wow, work went quicker than anticipated, 26-Jul $24,027.78 $33,930.96 $28,081.62 $401,130.66 finished 3 days early! Uh-Oh, new Customer Requirements, added 2-Aug $44,017.68 $51,826.48 $54,064.50 $401,130.66 3 days! Uh-Oh (again), need 4 more days for Design 30-Aug $114,241.68 $109,677.12 $112,765.38 $401,130.66 Specs! Uh-Oh (sigh), it will take a little longer (1 8-Nov $324,514.68 $297,127.32 $320,644.38 $401,130.66 week) for coding the extra requirements! Hey! Unit and System Tests went very well, 30-Nov $401,130.66 $401,130.66 $396,542.16 $401,130.66 finished 6 days early