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Question 1 - (Project Management) a) Briefly describe the project management lifecycle and discuss why the final phase is important. [12 marks] b) A bridge demolition project, planned to take 40 weeks to complete, is underway. Week 20 of the project has just ended. You are to use the Earned Value Analysis technique with the data provided in Table A1, to monitor the project's progress and answer the following question: i) Assuming nothing changes, work out the new total estimated cost at completion and the new total estimated time at completion (to 1 decimal place). [10 marks] ii) What does your answer tell you about the project, that is, by how much will the project cost and time vary? [3 marks] Note 1: Show any calculations. Note 2: The Earned Value column in the table below has purposely been left blank Table A1. Task progress. TASK BUDGETED COST () TASK ACTUAL COST () Project week EARNED VALUE () DONE A 1,000 Yes B 4,500 Yes C 5,500 Yes D 4,500 Yes E 2,000 No TODAY 17,500 15,000 (week 20) F 15,000 G 6,500 H 3,000 1 3,500 Project END