In this assignment, your team is managing a software development project with a total project budget of $178,500. Total work effort is 1,536 hours and the timeline for completion is 24 weeks. At the end of week 12, the plan was to have completed 55% of the project scope. However, actual progress was calculated at 650 worth of hours completed on project activities and actual cost (in hours) for these activities is 780.

With your team, please answer the following questions. For each response, show the pertinent formula(s) as it applies and "show your work" in addition to providing a narrative statement.

• How much money was supposed to have been spent at the end of week 12?
• Will the project finish on time and within the given budget?
• How much money will it take to complete the project?
• What are we forecasting the final project cost to be?

Your team should show all calculations and thoroughly explain what the resulting numbers mean for the project. Remember to cite all references used to answer questions.

Section 2:For a project team to accurately calculate the earned value of a project what steps must be taken in the beginning of the project and what must the project manager commit to throughout the project management lifecycle?

Section 3:What mechanical and cultural challenges are faced by organizations implementing Earned Value Management?Is EVM worth the effort?