Question 1: debated several aspects of project cost management and estimation. Explain:

• What project cost issues can the office renovation project may encounter?
• Is earned value management possible for an office renovation project? Explain why.

Question 2: What is earned value management?

Question 3: What are the definitions and/or formulas for each of the following

• Planned value (PV)
• Earned value (EV)
• Actual costs (AC)
• Schedule variance (SV)
• Cost variance (CV)
• Schedule Performance Index (SPI)
• Cost Performance Index (CPI)
• Estimate to Complete (ETC)
• Estimate at Completion (EAC)
• Budget at Completion (BAC)