Can Go week 3
Review Questions
Name ___________________________
Answer the following questions:
1) Why is it best not to enter a percentage (%) completion? I believe that it’s best not to use percentage for completion, due to the fact that percentages are understood differently by the users. Furthermore, when using such signs they should only be used when all parties now and understand the meaning.
.
2) According to your Project Summary, is this project on schedule? Will you be over or under budget and by how much? From what I have gathered this project is on schedule which show that the start &finish date due match the baseline start and finish time frame. Furthermore, the budget will be over by the mark of $1,720.00.
3) After printing out the Earned Value report, define (you may use MS Project help) the following terms and write in the Total Values of each from your Earned Value Report (Make sure your current date is properly set to 11/11/2013).
PV: The budget that will be spent during the duration of the project. $ 22,919.23
EV: This would be the budgeted cost that should have been spent for that actual work that was completed. $7,120.19
AC: The money that was spent for the completion. $6,783.84
SV: Is what is used to measure performance after that completion of the project. From what I see it’s the difference between the earned value/ planned value (SV=EV-PV) $15,799.04
CV: This would be the measurement for the cost performance with in a project, which show the difference of the earned value/ actual cost (CV=EV-AC). $336.35
EAC: This would be the estimated cost at completion/ The estimated value based on what the value is. $37,290.04
BAC: This would mean Budget cost at completion/ which would be the baseline cost or value. $36,199.69
VAC: Which would be the Variance at completion/ the difference of the budget and the estimated cost at completion VAC= BAC-EAC $1090.35
Turn in this sheet with
Name ___________________________
Answer the following questions:
1) Why is it best not to enter a percentage (%) completion? I believe that it’s best not to use percentage for completion, due to the fact that percentages are understood differently by the users. Furthermore, when using such signs they should only be used when all parties now and understand the meaning.
.
2) According to your Project Summary, is this project on schedule? Will you be over or under budget and by how much? From what I have gathered this project is on schedule which show that the start &finish date due match the baseline start and finish time frame. Furthermore, the budget will be over by the mark of $1,720.00.
3) After printing out the Earned Value report, define (you may use MS Project help) the following terms and write in the Total Values of each from your Earned Value Report (Make sure your current date is properly set to 11/11/2013).
PV: The budget that will be spent during the duration of the project. $ 22,919.23
EV: This would be the budgeted cost that should have been spent for that actual work that was completed. $7,120.19
AC: The money that was spent for the completion. $6,783.84
SV: Is what is used to measure performance after that completion of the project. From what I see it’s the difference between the earned value/ planned value (SV=EV-PV) $15,799.04
CV: This would be the measurement for the cost performance with in a project, which show the difference of the earned value/ actual cost (CV=EV-AC). $336.35
EAC: This would be the estimated cost at completion/ The estimated value based on what the value is. $37,290.04
BAC: This would mean Budget cost at completion/ which would be the baseline cost or value. $36,199.69
VAC: Which would be the Variance at completion/ the difference of the budget and the estimated cost at completion VAC= BAC-EAC $1090.35
Turn in this sheet with