Earned Value. ( 20 points) - Define the following: TBC, CBC, CAC, CEV, CPI, CV, and FCAC. What formulas are used to calculate CEV, CPI, CV, FCAC (3 methods for FCAC), and SPI? - Assume you are the project manager and based on your customer's requirements you have determined there are four main tasks in a Dream Kitchen project. Each task has been assigned cach a TBC. Specifically, the customer wants the old kitchen and a load-bearing wall removed and damage from a prior leak repaired (Task 1$15,000 ); all plumbing and electrical reconfigured and new drywall (Task 2$12,000 ); new flooring, cabinets, countertops, tile backsplash, and appliances purchased and installed (Task 3 - \$30,000); and trim, painting, cleanup (remove dumpster) done (Task 4$3,000 ). You estimate this will take 5 weeks to complete. The costs are budgeted as follows: What is the total cumulative TBC? What is TBC at the end of week 4 ? - Assume 4 weeks have passed and these are the actual costs per week: What is the CAC at the end of week 4 ? - Below is the cumulative percentage of work complete per task per week: What are the CEV, CPI, and CV at the end or week 4 ? What is the SPI? FCAC ( 3 Methods) - Assume the project continues to completion with no changes to the CPI, what is the expected FCAC? Is this under or over budget? - Assume the project continues based on its original budgeted costs, what is the expected FCAC? Is this under or over budget? - Using the SPI, is this project is on schedule? - Bonus points ( +5 ): Assume the project continues based on its original budgeted cost except that there is a $3,500 change order from the customer for a rapid electric car charger on a wall the kitchen shares with the garage. What are the new expected FCAC's? Do you think it can still be finished in the 5-week time period? Why/why not