Team Earned Value Managment (EVM) Analysis
Section 1: In this assignment, your team is managing a software development project with a total project budget of $178,500. Total work effort is 1,536 hours and the timeline for completion 24 weeks. At the end of week 12, the plan was to have completed 55% of the project scope. However, actual progress was calculated at 650 worth of hours completed on project activities and actual cost (in hours) for these activities is 780.
With your team, please answer the following questions. For each response, show the pertinent formula(s) as it applies and "show your work" in addition to providing a narrative statement.
· How much money was supposed to have been spent at the end of week 12?
· Will the project finish on time and within the given budget?
· How much money will it take to complete the project?
· What are we forecasting the final project cost to be?
Your team should show all calculations and thoroughly explain what the resulting numbers mean for the project. Remember to cite all references used to answer questions.
Answer:
At end of week 12, 50% money was supposed to have been spent which is $89250.
since after half time, total money spent is 51% and total work done is 42.32%, so it is unlikely that work will be completed on time.
Explanation:
total project budget=$178500
total work hours =1536
total time =24 weeks
total cost per hour =178500/1536
=$116.21 per hour
650 hours of work completed means
actual percentage =650/1536 *100
=42.32%
total work time =780
total cost =780*116.21 =$90644
percentage of total cost =90644/178500
=50.78% or 51%
remaining money =49%
How much money was supposed to have been spent at the end of week 12?
at end of week 12, 50% money was supposed to have been spent which is $89250.
Will the project finish on time and within the given budget?
since after half time, total money spent is 51% and total work done is 42.32%, so it is unlikely that work will be completed on time.