Project Management

PROJECT MANAGEMENT The Name of the Class (Course) Professor (Tutor) The Name of the School (University) The City and State where it is located The Date Question 1 Earned value analysis 1 SPI The schedule performance index measures the efficiency of time utilization on a project. This can be done by SPI=EVPV EV, also known as the earned value, is the value of the actual work performed at a specific time. This can be determined by EV= 4270× £150000= £90000 On the other hand, the planned value, which is the value of the work planned to be performed at a specific point in time, can be determined by PV=3550×15000= £105000 Therefore, SPI =EVPV= 90000105000 Therefore, SPI= 0.85 2 Cost Performance Index CPI The cost performance index (CPI) is defined as the efficiency measure of cost utilization on a project. It can be determined by dividing the earned value by the actual cost. CPI = EVAC For this case, the actual cost of the work performed is £90000 Therefore, CPI =£90000£90000=1.0 3 Estimate to Completion (ETC) Estimate to completion is the cost required to finish the project. ETC can be determined as follows ETC=(BAC-EV)CPI The total budget of completion, also known as BAC for the project, is £150000 Therefore, ETC= £150000-900001.0= £60000 4 Estimate at completion (EAT) Estimate at completion can be determined as follows EAC=BACCPI Thus, EAC150,0001.0=150000 Additionally, the estimated completion estimate can be determined by adding the actual cost to the estimated completion estimate. For instance, EAC= AC+ ETC Thus, 90,000+60000= 150000 5 Variance at completion VAC The variance at completion can be defined as the difference between the budget at completion and the Estimate at completion. Various methods can be used to calculate the variance at completion. VAC= BAC -AEC Therefore, VAC = 150000-150000=0 It can also be determined as follows VAC= BAC-EAC Thus, VAC = 150000-150000=0 The revised duration for the project is calculated as follows, Planned duration/ SPI Thus Revised duration= 50/ 0.0857= 58.36 weeks Project Status According to the conclusion drawn from Earned Value Management, the project is out of schedule and on budget. Conclusion: There is also evidence of delay under the specific performance index since the SPI is 0. 857, meaning the project has been delayed. However, price-wise, it sits within the completion with a calculated CPI of 1. 0. The estimated time required for the project has now been adjusted to take approximately 58. 36weeks. 1 Decision Tree Analysis for Office Building Design Two alternative designs (Design A and Design B) are considered for the architectural scheme of an office building: * Design A: ...