Unit outcomes addressed ? Explain the different types of cost estimates. ? Prepare a cost estimate for an IT project. ? Perform calculations for earned value analysis and variance calculations. Course outcomes addressed IT430-1: Apply project management concepts to define, implement, and modify projects Project requirements: ? Identify and explain the different types of cost estimates. ? Complete chapter 7 Exercise 1 a, b, c, and d: 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 = $23,000 EV = $20,000 AC = $25,000 BAC = $120,000 a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project? b. How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget? c. Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned? d. Use the schedule performance index (SPI) to estimate how long it will take to finish this project. ? Complete chapter 7 Task 3 a, b, c, and d. In both of these assignments you will perform cost/schedule variance and performance calculations. Please show enough detail so that the instructor can see how you calculated the outcomes. 3. Assume you have completed three months of the project. The BAC was $200,000 for this sixmonth project. Also assume the following: PV = $120,000 EV = $100,000 AC = $90,000 a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project? b. How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget? c. Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned? d. Use the schedule performance index (SPI) to estimate how long it will take to finish this project. Be sure to review the grading rubric before you begin. 70 point project grading rubric Project Requirements Maximum points possible for satisfactory completion of task Points earned by student 1. Identify and explain the different types of cost estimates. 0-18 points 2. Correctly calculate the answers to chapter 7 Exercise 1, parts a, b, c, and d.