answer with full explanation please A project has been defined to consist of 12
ID: 332005 • Letter: A
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answer with full explanation please
A project has been defined to consist of 12 activities (each requires 1 month to complete) for which the estimated cost and durations have been defined in the table below. The project is scheduled to be completed in 6 months. The project cost is estimated to be $257,000 (BAC = sum of the costs of all activities). After 3.5 months, sitework, excavation, foundation, fencing, and rough electrical work have been completed. The framing is one-half complete, the rough plumbing is three-fourths complete, and paving is half complete. The incurred cost to date is $152,000.
What is the status of this project in terms of the schedule and the budget?
Calculate PC and PPC, and comment on the status of the project.
What is the estimated cost at completion (EAC)?
Explain your results in a, b, and c.
What is the earned value?
Calculate and explain the burn rate?
Activit Cost Month 1Month 2 Month 3Month 4 Month5 Month 6 Sitework Fencin Pavin Excavation Foundation Framin Rough electric Rough plumbin $ 22,000 $10,000 S 18,000 S30,000 $ 50,000 $ 40,000 $ 6,000 $ 16,000 S 13,000 S4000 S 34,000 14.000 all Suspend ceilin Interior finish CarpetinExplanation / Answer
In terms of the cost, the project is 159(planned expenditure outlay for given activities)/257(total planned expenditure) = 61.87% complete
In terms of activities - 6.75 tasks have been completed out of 12 tasks. Thus in terms of schedule - 6.75/12 = 56.25% complete.
Given the project is into 3.5 months, the planned completition target at this stage would have been - 6.5/12 = 54.1%, thus the project implentation is ahead of schedule.
So far, as per actual implementation of tasks, the costs as per plan should have been -
Sitework (22K), excavation(30K), foundation(50K), fencing(10K), and rough electrical work (6K). 5 tasks completed. framing(40K) 0.5, paving(18K) 0.5 & rough plumbing 3/4th (16k). 118K + 41K = 159K.
However, actual costs is 152K. Thus currently the project is running at 4.4% lower cost than estimated. So if we extrapolate the given to overall project cost, the project has likelihood of getting completed in 245.69K.
The PPC of the project is 56.25%.
The earned value so far is the 7K reduction in cost till the current stage.
The burn rate can be calculated as the amount of money spend on project/ time period (assuming months here).
As per plans, the burn rate planned is approxomately = 257K/6 = 42.83 K per month
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