Question
You just graduated and started a new job at ACME in the first week of January 2024. You have been asked by your new
You just graduated and started a new job at ACME in the first week of January 2024.
You have been asked by your new boss to review the state of Project "Volunteer", which is underway. Your boss wants your assessment of how well the project is proceeding. He provides you with access to the project's core file.
Review the worksheet to get "up to speed". Then, an Earned Value Analysis ("EVA") of the project.
Determine / evaluate the following:
- ) Based on planned expenditures, what is the planned duration of the project?
- ) What is the planned total spend for the Fabrication task?
- () What was the planned total project spend for the month of October 2023?
- () What is the total planned expenditure (cost) for the entire project Volunteer?
- () You need to determine the "planned value" (PV) of the project as of Year End 2023. Describe where you will look on the worksheet to find this value. (Be specific on where to look here; I'll ask for the value in the next question)
- () Related to the last question, what is the PV of Project Volunteer at Dec 2023? (i.e., the number value)
Review of Costs - Questions / tasks:
You note that the tab includes some compilations of actual costs incurred to date. Determine / evaluate the following:
- () What is the amount that was actually spent on Volunteer in Oct 2023?
- () How much has been actually spent so far on Tooling as of Dec 2023?
- ) Determine actual total spend (actual cost) on Project Volunteer as of Dec 2023, the date of your review.
Earned Value Calculation - Questions / tasks:
Your intern surveyed task owners regarding their progress on tasks at the end of the year, and these results were collected and posted as "percent complete" on the tab.
- () What is the amount for Earned Value of the Task "Design for Production" at year-end 2023?
- () Next, you seek the Earned Value ("EV") for Project Volunteer as of year-end 2023. Where will you look and/or what will you do to get this value?
- () Related to the last question, what is the numerical value for Earned Value (EV) of Project Volunteer as of year-end 2023, the date of your review?
Schedule Performance - Questions / tasks:
Next, you want to assess SCHEDULE performance using Earned Value Analysis (EVA).
- () To analyze schedule performance, you will compare TWO specific parameters and create a ratio. List the NAMES of these two parameters.
- () Calculate the schedule performance index for Project Volunteer as of Dec 2023.
- () Based on your knowledge of this analysis method, is project Volunteer "on track", "running behind" or "ahead of plan"? How do you know this?
- () Based on your assessment, make a new duration estimate for the duration of Volunteer. How much over or under is it from the originally planned duration?
Cost Performance - Questions / tasks:
Next, you want to assess cost performance using Earned Value Analysis (EVA).
- To analyze COST performance, you will compare TWO specific parameters and create a ratio. List the NAMES of these two parameters.
- Calculate the cost performance index for Project Volunteer as of Dec 2023.
- Based on your knowledge of this analysis method, are Volunteer costs "on-track", "better than plan" or "worse than plan" at this point? How do you know this?
- Based on your assessment, make a new estimate for the total COST of Volunteers. How much over or under is it from the originally planned cost?
: 5 = # 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 Problem 4 - EVA Label B C D E F G H I J K L Project Volunteer Project Month # --> Activity Concept Generation Services Prototyping Customer Review Product testing Design for production Tooling Fabrication Identify / Buy parts Assemble Deliver Monthly Plan Totals Cumul Planned Expense ACTUAL Expense ACTUAL Cumul Expense PROJECT PLAN for "Volunteer" 1 Jan-23 $10 $10 2 $25 $35 3 4 $15 $15 $30 Feb-23 Mar-23 Apr-23 May-23 Jun-23 $40 $80 $150 $5 $5 $25 $50 $15 $15 $80 PLANNED BUDGET (in THOUSANDS of DOLLARS) 5 $45 $125 $60 $110 $195 6 $85 $155 $180 $55 $120 7 $300 $350 $560 $210 $200 8 $500 $150 $30 $30 $30 9 $240 10 11 12 Jul-23 Aug-23 Sep-23 Oct-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 $100 $10 $100 $325 $605 13 $200 $200 $50 $100 $100 $200 $200 $100 $125 $25 $200 $100 $5 $100 $100 $10 $45 $5 $10 $20 $25 $415 $280 $295 $800 $1,125 $1,730 $2,145 $2,425 $2,720 $200 $280 $500 $400 $455 14 $0 $90 $50 $45 $25 15 $50 $25 $40 $40 $210 $155 $0 16 $0 17 $10 $30 $60 18 $O $40 $60 $35 $35 $O 19 $0 $0 $2,930 $3,085 $3,125 $3,185 $3,220 $3,220 $3,220 $3,220 20 Jul-24 Aug-24 Sep-24 SO $0 21 $O $O $0 $700 $980 $1,480 $1,880 $2,335 $2,335 $2,335 $2,335 $2,335 $2,335 $2,335 $2,335 $2,335 $2,335 Budget $370 $20 $250 $30 $580 $895 $600 $150 $130 $90 $35 $3,220 $2,335 Assessment Date Dec-23 % Completed 100% 100% 100% 100% 90% 75% 33% 20% 20% 0% 0% Earned Value $370 $421 $20 $26 $250 $263 Act. Cost to date $30 $32 $522 $511 $671 $753 $198 $175 $50 $40 $O $0 $30 $26 $O $0 $2,187 $2,335
Step by Step Solution
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Based on the provided project worksheet for Project Volunteer we can assess its financial status using Earned Value Analysis EVA Lets address each of the questions using the data in the worksheet 1 Pl...Get Instant Access to Expert-Tailored Solutions
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