Review Questions

1) Why is it best not to enter a percentage (%) completion?

Using percentage completion data for tracking can be somewhat subjective and should only be used when everyone involved understands what the percentage means

2) According to your Project Summary, is this project on schedule? Will you be over or under budget and by how much?

The SV of the project is a negative value and hence the project is behind schedule. The VAC is -$1090.35, which is the amount that the project would be over budget at the end of the project

3 ) After printing out the Earned Value report, define (you may use MS Project help) the following terms and write in the Total Values of each from your Earned Value Report (Make sure your current date is properly set to 11/11/2013).

PV: Planned Value; this is the amount of budget planned to be spent during a given period of time. The PV for this project is $22,919.23

EV: Earned Value; this is a value indicating how much of the budgeted cost should have been spent given the amount of work actually completed. This EV for the current project is $7,120.19

AC: Actual Cost: This is the amount of money actually spent on the completed work. The AC for this project stands at $6,783.84

SV: Schedule Variance – This is the variance between the planned project duration and the actual duration that shows whether we are ahead or behind in the project. The SV for this project is ($15,799.04). The negative SV value for this project shows that the project is behind schedule

CV: Cost variance – This is the difference between the planned and actual costs in the project. The cost variance in this project is $336.35, a positive value, which shows that the project is doing well in terms of its cost management

EAC: Estimated Cost at Completion: This is the new forecast value of the final budget, based on current