The bar chart below depicts a 6-month schedule for a project. After 3 months on
ID: 1710004 • Letter: T
Question
The bar chart below depicts a 6-month schedule for a project. After 3 months on the job, three activities (e.g., Sitework, Fencing, and Excavation) have been completed. In addition, 20% of Framing. 80% of Paving, and 40% of Foundation have been completed. The incurred cost to data is $535,000. Budgeted Cost at Completion? Actual Cost of Work Performed? Budgeted Cost of Work Scheduled? Budgeted Cost of Work Performed? Percent Completed? Planned Percent Complete? Using earned value concepts, determine the schedule variance and the cost variance. State if the project is over or under budget and if it is ahead of or behind the planned schedule. Estimate how many days (1 month 30 days) the actual schedule is ahead of or behind the planned schedule. (Note: round the estimation to the nearest tenth.)Explanation / Answer
1) BAC (budget cost at completion) :- it is the amount provided to start the project. thus the value is $535,000
2) actual cost of work performed :- sitework, fencing and excavation have been completed already, thus 50k+120k+200k = $370,000.
also farming is done 20% (300,000x20% = 60k) paving is done 80% (80,000x80% = 64k) and foundation is completed at 40% (120,000x40% = 48k)
total= $370,000 + $(60k+64k+48k)= $370,000 + $172,000 = $ 542,000
3) Budgeted Cost of Work Scheduled (BCWS) is the sum of the budgets for all work scheduled to be accomplished with a given time period. It also includes the cost of previous work completed and can address a specific period of performance or a date in time.
thus its value is sum total of all the works that were supposed to be completed till 3rd month = (50k+120k+80k+200k+120k) = $ 570,000
4) budgeted cost of work performed =
completed works + works those are completed at some percentages = (50k+120k+200k+ 64k+48k+60k)
= $ 542,000
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