Q2. Please follow the instructions below to update the given Project schedule for Earned Value Analysis. 60 points The attached MS Project file contains the relationship between activities, estimated durations, created resources with the maximum amount of resources available together with their estimated costs, resources assigned to activities as required. You can do the earned value analysis as you have all the above-mentioned details in the MS Project file. The following are the steps to run in MS Project and update the schedule: 1. Start by setting a baseline go to . You need to set a baseline so that you can compare it with your up-to-date schedule later in the project. In a baseline information is stored in a snapshot of the project including start dates, finish dates, durations, costs, and amount of work. 2. The next step is to set a status date go to . This is the date in which you are updating project progress, by default it will show actual date, you should change it accordingly. 3. Following you can update the project by updating the tasks progress. On ideal conditions, activities having a satisfactory progress should have completed the amount of work as planned. Project should be updated on a weekly basis. Go to The Gantt chart will show progress bars on the activities. 4. But you want to introduce some changes to the project assuming that you are delayed on some tasks. You can update progress for each activity individually or for summary activities. Proceed as follows: OR double click the particular activity and under the general tab you can change the completed work value in percentage. a. Phase 1 task 1: 100% complete b. Phase 1 task 2: 100% complete c. Phase 1 task 3: 100% complete d. Phase 1 task 4: 70% complete 5. Next you want to introduce some changes to the budget: All the labor and equipment costs have been increased by 20% from the estimated to the actual costs. . Increase all the standard rate value by 20% in the resource sheet. 6. You can add now two more columns to the work sheet: Baseline Cost and % Complete. You can proceed now to Earned Value analysis: 7. By using the Reports tool, you can obtain the Earned Value curves or the actual values from the Visual Reports and from Reports respectively. Go to Go to ABOUT EARNED VALUE: BCWS (Budgeted Cost of Work Scheduled): Shows how much of the budget should have been spent according to original planned or baseline. BCWP (Budgeted Cost of Work Performed): How much of the task's budget should have been spent, given the actual duration of the task? ACWP (Actual Cost of Work Performed): Shows actual costs incurred for work already performed by a resource on a task. CV (Cost Variance) = BCWP ACWP : (-) Over Budget or (+) Under Budget SV (Schedule Variance) = BCWP - BCWS: (-) Behind Schedule or (+) Ahead of Schedule EAC (Estimated at Completion): Forecast of the total actual costs required to complete.