Question: Calculate the Schedule variance based on the information given and show all work: Thanks to dry weather, the building of the new home accelerated, well
Calculate the Schedule variance based on the information given and show all work:
Thanks to dry weather, the building of the new home accelerated, well ahead of schedule and costs appear to be below budgeted costs. Stage 1 and 2 are complete, and stage 3 is 50% complete. L&M Construction was expected to be 40% through the 3rd stage now. Stage 1 involved hiring a clearing team to clear the land. The expected cost of this was $20,000 and it was complete for $18,000. Stage 2 involved preparing and pouring concrete for the foundation which was expected to be $30,000 but was complete for $28,000. The last stage (Stage 3) is building the home which is expected to be $45,000, they have already spent $25,000 in this stage. Calculate the schedule variance.
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