Work on a project has gone on for six months but only 90% of the work that was expected to be done during that period was completed, at a cost of $40,000 so far. The budget for the entire project is $100,000, and it was originally planned to take one year.
Question 1: What should have been spent for the work actually done in six months? (EV). SHOW CALCULATION
Question 2: What is the variance in cost based on the work completed? (CV) Is it better or worse than budgeted?SHOW CALCULATION
Question 3: What is the value of the time variance from schedule for the six months? (SV). Is the project ahead of or behind schedule
Question 4: At the spending rate for six months, what is the total cost estimate for the entire project? (EAC) How much over or under the original budget will it be? SHOW CALCULATION
Question 5: At the completion rate for six months, what is the total estimated time needed to complete the entire project? How much early or late will it be? SHOW CALCULATIONS