Complete the following problems and submit your answers.
1. You are managing a project with a budgeted cost of $900,000. The project is to be completed in 9 months. After a month you have completed 10% of the project at a total expense of $100,000. The planned completion should have been 15%. Calculate the Budget at Completion (BAC), Actual Cost (AC), Planned Value (PV), Earned Value (EV), Cost Performance Index (CPI) and Schedule Performance Index (SPI) for the project. Show your work. Provide an interpretation on where the project stands in terms of budget and schedule.
2. You are managing a software development project. The project is expected to be completed in 8 months at a cost of $10,000 per month. After 2 months, you realize that the project is 30 percent completed at a cost of $40,000. You need to determine whether the project is on-time and on-budget after 2 months. Calculate the Budget at Completion (BAC), Actual Cost (AC), Planned Value (PV), Earned Value (EV), Cost Performance Index (CPI) and Schedule Performance Index (SPI) for the project. Show your work. Provide an interpretation on where the project stands in terms of budget and schedule.
3. You have been hired to build 10 model train sets, all identical. Each train set is budgeted at $3000. You have scheduled 12 months to complete the project. At the end of 9 months you have 6 train sets complete and have spent $20,000. Calculate the Budget at Completion (BAC), Actual Cost (AC), Planned Value (PV), Earned Value (EV), Cost Performance Index (CPI) and Schedule Performance Index (SPI) for the project. Show your work. Provide an interpretation on where the project stands in terms of budget and schedule.