VENTURA STATUS REPORT 2
Project: Ventura Stadium status as of 25 Jan 2021
Project description:
The highly anticipated Ventura Stadium is set to become a major league stadium with a
seating capacity of 47000. G&E company is currently working on the construction, with a budget
of $320 million dollars and an additional $35 million set aside for unexpected problems or
delays. The project, which started on June 10, 2019, is expected to be completed for the 2022
major league season. This state-of-the-art stadium promises to provide an unparalleled
experience for sports fans, and we can't wait to see it come to life.
Status Summary:
As of today, February 25, 2021, progress has been made on the stadium construction
project. The day crew has diligently begun the installation of stadium seats, but it's imperative
that other crucial elements of the project are not overlooked. The original schedule explicitly
stated that they would begin building luxury boxes, installing jumbotron, and final infrastructure
work would begin. These elements must not be neglected, as they contribute significantly to the
overall success of the project. Table 1 reveals that there's an overrun in the estimated budget for
the project. The initial budget was 320 million dollars, but as of today, the expected cost at
completion (EAC) has a variance (VAC) of $7,520,408 over budget. This situation could pose a
significant challenge to the project's success.
Recommendation
As a result of today's findings, it seems that tapping into the contingency funds of 35
million dollars could be a viable solution to offset the cost overrun. This move would
demonstrate the company's commitment to keeping the project on track and ensure that all
stakeholders are satisfied with the outcome. Despite the delays, the project could still stay on
VENTURA STATUS REPORT 3
track to meet the April 3, 2022, deadline, which means there would avoid the $500,000 per day
penalty. It's crucial that all further activities stay within the specified timeline to avoid any more
cost or time overrun for G&E company.
Table 1: The Ventura Stadium Earned Value Table: as of Feb 25, 2021
PV EV AC CV SV BAC
$233,000,000 $221,000,000 $226,500,000 -$5,500,000 -12,000,000 320,000,00
CPI PCIB PCIC EAC ETC VAC
0.98 69% 69% $327,520,408 $101,020,408 -$7,520,408
