a task on a home renovation project might be painting the walls and trim in a ro
ID: 449639 • Letter: A
Question
a task on a home renovation project might be painting the walls and trim in a room. The next task could be installing the carpet. Let's say I schedule two painters for one day to complete the paintwork. However, to be on the safe side, I decide to delay the carpet by 4 days to ensure the paint is dry and fully cured. The paint task now has a duration of 5 days, with all the labor and material costs applied in the first day - so all my budget will be consumed in 20% of the task's duration, and work will be 100% complete. How can I compensate for this in my EV calculations, or do I need to?
Explanation / Answer
Earned value is the process to monitor the work plan, exact work, and work completed value to peer if it is on track. Earned value shows how much of the budget and time will have to had been spent, on the grounds that the quantity of work finished to this point.
Earned value is given by
Earned Value (EV) = Total project budget multiplied by the % complete of the project.
As it is evident from the above relation, there is no need to compensate for EV calculations.
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