When looking at the life of a project plan, it is useful to graph and outline the cost variance (CV), and schedule variance (SV). Determining progress, or lack of progress, provides essential information to assess a given project.
Complete exercise 2 in chapter 13 of the textbook. Given the data provided, in an excel spreadsheet, PowerPoint, or other appropriate method of delivery, determine the following:
1. Schedule Variance (SV)
2. Cost Variance (CV)
3. Schedule Performance Index (SPI)
4. Cost Performance Index (CPI)
In 250-300 words, answer the questions provided with the exercise. Reflect on the assessment of this project assessment. Should the project continue to improve?
Question
On day 51 a project has an earned value of $600, an actual cost of $650, and a planned cost of $560. Compute the SV, CV, and CPI for the project. What is your assessment of the project on day 51?