Ilab Week7

Topics: Probability theory, Variance, Project management Pages: 2 (297 words) Published: May 11, 2013
Review Questions

Name ____________________________

Answer the following questions:
1) Why is it best not to enter a percentage (%) completion?

Because using the percentage at competition is very subjective. Great care has to be taken to ensure that everyone involved in the project understands what the percentages mean before utilizing them.

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

According to the Project summary, this project is currently on schedule. The project summary is currently indicating that the project is coming in under budget by $1,720.00.

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 11/14/2011).

PV: this is the amount of budget planned to be spent during a given period of time = $22,919.23

EV: this is a value indicating how much of a budgeted cost should have been spent given the amount of work actually completed = $7,120.19

AC: this is the amount of money actually spent on the completed work = $6,783.85

SV: this variance is used to calculate how much a project is over or under budget = -$15,799.04

CV: this variance is used to determine if a project is ahead or behind schedule = $336.35

EAC: the expected total cost required to finish complete work = $34,489.68

BAC: this is total cost of the project at completion = $36,199.69

VAC: variance of total cost of the work and expected cost = $1,710.01

Turn in this sheet with your MS Project file to the Week 7 iLab Dropbox.
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