In this homework assignment‚ you will be working through two crashing problems and four earned value problems. All the information you need is included within this Homework packet. Make sure you answer all parts of the questions in their entirety. Once you have worked through the problems‚ please post your responses to the Drop Box. Please refer to the course syllabus for the due date. PROBLEM 1 Use the network diagram below and the additional information provided to answer the corresponding
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Risk Analysis Risk is defined as “a function of the likelihood of a given threat and the resulting impact of that adverse event on the organization.” Every project involves risk‚ our wedding is no exception in order to identify what risk are associated with our project we must first build a profile and identify key roles with potential hazards or risk. Below is risk profile for the wedding: Schedule Is the schedule in order to coincide with the wedding date (End date)? Task Estimates Are time
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Incorporating Resource Capabilities to Quality in Earned Value Management (EVM) Gresola‚ Sir Charles M. and So‚ Jemuell Rei B. BS Industrial Management Engineering minor in Information Technology De La Salle University I. Introduction Earned Value Management (EVM) is a proven technique or tool that is widely recognized and accepted to help in managing projects since it lets the manager combine schedule performance and cost performance to answer the question “What did we get from the money
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activities that have long estimated duration‚ the person who will be responsible for performing the activity should approximate duration for that activity‚ the key to effective schedule control is address any paths with negative or deteriorating slack values aggressively as soon as they are identified‚ and activity estimated duration should be yet realistic (Gido & Clements‚ 5th Ed‚ pg 180). Based on the factors above‚ the schedule should be revised to find activities with negative slack and timing interval
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Chapter 7 Exercises Name __Sherry Smith____________ 1. Given the following information for a one-year project‚ answer the following questions. Recall that PV is the planned value‚ EV is the earned value‚ AC is the actual cost‚ and BAC is the budget at completion. PV ¼ $ 23‚000 EV ¼ $ 20‚000 AC ¼ $ 25‚000 BAC ¼ $ 120‚000 a. What is the cost variance‚ schedule variance‚ cost performance index (CPI)‚ and schedule performance index (SPI) for the project? Cost Variance = EV-AC = $20
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Earned Value Analysis (EVA) takes consideration of the following in a project (Context for the plant & actual expenditure‚ integrates the project scope‚ schedule and resource characteristics into a comprehensive set of measurements. The use of earned value analysis can be categorized in the following ways: Financial Databases for EVA Earned Value Definitions Establishing Earned Value Budgets Determining Earned Value Variance Analysis‚ and Forecasting There are three important sources that
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Earned Value Management Earned value management is the project management process or a technique. It is a value assigned to work which is accomplished during a particular time period. Earned Value Management (EVM) is a project planning and control approach which provides cost and schedule performance measurements. It compares actual accomplishment of scheduled work and associated cost against an integrated schedule and budget plan. And the value can be measured in any appropriate unit of dollars
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1. What is your total budget for this project? Was the project within the budget as set forth by the board of directors? The total budget for the project is $2‚634‚172. This amount is about $100‚000 less than the current allotted amount of $2‚750‚000‚ showing that the project is currently within budget. To continue on this projected path of being within budget. We need to stay on task and maintain the current budget allocations and ensure the various activities such as training and recruiting
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your team‚ create a 2-level WBS. Don’t forget to include your WBS numbering. b) In your WBS‚ how many work packages have been created? | | | Student Answer: | | WBS#DESCRIPTION RESPONSIBILITY DELIVERABLE 0.0 Hardware/Software PM – John 1.1 HW Vender Selection PM- John Selected Vendor 2.0 Design Software Peter Software Design 3.0 Code Software Paul Coded Software 3.1 Install Software Peter Installed Software 3.2 Test Software Peter Tested Software 3.3 Train Staff Mary Trained Staff | | Instructor
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5-1 Earned Value Calculation 1. PV-BCWS=$3607.14 EV-BCWP=$3593.34 (.98 x 3666.67) CPI x AC AC-ACWP=$3666.67 (3593.34/.98) EV/CPI 2. SV= -13.8 (3593.34 – 3607.14) EV – PV CV=73.33 (3593.34 – 3666.67) EV – AC SPI=1.0 (3593.34/3607.14) EV/PV CPI=.98 (3593.34/3666.67) EV/AC 3. According to these calculations‚ the schedule variance is running late and the cost variance did not run over. The SPI is 1.0 which means that it is running on schedule. The CPI is .98 which is over budget by
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