ENG8208: Advanced Engineering Project Management- Project Report Assignment

Internal Code: TV162

Project Report Assignment:

Task: Question 1 (a) -- Project 1 (20 marks) You are managing a project that is scheduled to take 12 months to complete and has a budgeted actual cost (BAC) of $1,500,000. At the Status Date, the project has the following characteristics: Planned value (PV)                           $450,000 Actual cost (AC)                                 $520,000 Percentage of work completed        28% Calculate the following quantities: Earned Value (EV) Cost Variance (CV) Schedule Variance (SV) Cost performance index (CPI) Schedule performance index (SPI) Using your results, apply the three (3) formulae listed in Section 7.4.2.2 of the text to the calculation of the Estimate at Completion (EAC) of the project. These formulae are as follows: x EAC=AC + (BAC – EV) x EAC=BAC/CPI x EAC= AC + [(BAC-EV) / (CPI x SPI)]. Question 1 (b) -- Project 2 You are managing a second project that has the same time and cost specifications as those in Question 1 (a), but which is 40% complete at the Status Date, when Actual Costs are $550,000. Its specifications are below Budgeted Actual Cost (BAC): $1,500,000. Schedule time to complete: 12 months At the Status Date, the project has the following characteristics: Planned value (PV)                             $580,000 Actual cost (AC)                                   $550,000 Percentage of work completed         40% Calculate the following quantities: Earned Value (EV) Cost Variance (CV) Schedule Variance (SV) Cost performance index (CPI) Schedule performance index (SPI) Using your results, apply the three (3) formulae listed in Section 7.4.2.2 of the text to the calculation of the Estimate at Completion (EAC) of the project. These formulae are as follows: x EAC=AC + (BAC – EV) x EAC=BAC/CPI x EAC= AC + [(BAC-EV) / (CPI x SPI)]. Question 1 (c) Compare the two projects from the point view of project performance, paying particular attention to the following: Cost Variance (CV) Schedule Variance (SV) Cost performance index (CPI) Schedule performance index (SPI) Estimated Actual Cost (EAC) of the project A brief assessment of the overall project performance, including any necessary measures required to successfully complete the project Question 1 (d) There has been considerable discussion about Earned Value Project Management in the literature. Using at least two (2) literature sources to support your discussion, discuss your views about at least two (2) positive aspects of Earned Value Management and at least two (2) potential issues with its use as a project control tool. Form an opinion about the value of Earned Value Management as a project management tool. Marking: Positive aspects of Earned Value Management Issues with the use of Earned Value Management Development of opinion Use of references to support your answer