1. Develop an EV calculator using formulas in excel. 2. Using your EV calculator, anaylize and interpret the results of this project: Activity Predesessor Duration (Days) Cost per Day Budget (BAC) 1 0 3 $ 200.00 $ 600.00 1 6 500.00 $ 3,000.00 1 6 900.00 $ 5,400.00 2 9 400.00 $ 3,600.00 4 1 200.00 $ 200.00 ~ 2 3 Report on Day 12 Activity % Planned % Actual 1 2 3 4 5 100% 100% 100% 33% 0% LA LA LA LA $ $ $ Cost 100% $ 700.00 100% $ 3,500.00 90% $ 5,200.00 0% $ 1,500.00 0% $ 3. An executive is tired of projects going over budget and schedule and she asks you to plan a project with a 90% chance of success with respect to both time and budget. What is your initial response to this request? 4. Executives are meeting to discuss how to aggregate risk across many different projects. Someone suggests that they should take the best case, worst case, and most likely case for each project, average them into one score, and then sum all of the risk scores to determine the total amount the company should budget for project risk. What is your response to this concept? 5. In your own words, explain the concept of earned value and how it can be helpful to project managers.