Project: Construction of a new office building in Parramatta
Scope: Construction of a 10-story office building with a total floor area of 20,000 square meters
Schedule: The project is expected to take 18 months to complete, with a planned start date of January 1st 2024 and a planned end date of June 30th 2025.
Budget: The total budget for the project is $60 million.
Assumptions:
The project will be divided into 6 phases, each taking 3 months to complete.
Tasks 1:
The project manager will use earned value management (EVM) to track the project’s progress.
Question 1.1: Use EVM to track the project’s progress and calculate the following metrics (table 1):
• Planned value (PV)
• Earned value (EV) – calculate based on the % completion
• Actual cost (AC) – make reasonable assumption of the actual cost yourself
• Schedule variance (SV)
• Cost variance (CV)
• Schedule performance index (SPI)
• Cost performance index (CPI)
Question 1.2: Analyse the EVM data to identify any schedule or cost variances, and recommend corrective actions if necessary.