Week 9 Project Management

Project Management

1.        Will is on schedule as the work will be completed on time and all of his workers will be         paid at the end of the 5th day. Only part of the income is used for payroll for his crew and         for sure Will is scheduling his resources well.

        By the end of the final day, crew was expected to complete 25% of the total work. Here,         the planned value of the shearing the trees is enough to pay the complete crew on work.         20% is the budgeted cost of work scheduled. This shows that Will is using earned         value         technique although Will is on schedule.

        Calculations

        5 days later trees sheared = 6,000 (25% of 24,000)

        Time estimate = 16.6% (5 days out of 30 days)

        Cost = $6,000 = 25%

        Will is below cost and above the schedule. He is not using Earned Values.

2.        Scheduling variance helps knowing the position of the project. Planned value subtracted         from earned value gives the schedule variance.

        Calculations:

        EV = $6,000

        PV = 30,000 * 16.6% = 4,980

        Therefore: $6,000 - $4,980 - $1,020

        Will can set up schedule variance by keeping track on the work being performed.         Schedule variance will allow Will to focus on project ahead to be achieved. So Will can         better manage the project by establishing short-term objectives.