Question 3 Maximum Word Count 1000 words (a) Below is a fictional) recent Project Variance Analysis Report (PVAR) extract for a work package of the Olkiluoto 3 project, presented by APE to the relevant stakeholders. Calculate and interpret the missing data (indicated by '?') and comment on the past, present and future expected performance of the work package. Project Variance Analysis Report - December 2021 (Figures in a millions H1-20 H2-20 H1-21 H2-'21 H1-22 H2-22 H1-23 H2-23 Total BAC 87.50 87.50 87.50 87.50 87.50 87.50 87.50 87.50 700.00 AC 61.00 76.00 87.00 98.00 322.00 EV 87.50 87.50 89.00 92.00 356.00 PV 87.50 82.00 83.00 96.00 348.50 SV 0.00 5.50 6.00 -4.00 7.50 SPI 1.00 1.07 0.96 1.02 26.50 11.50 2.00 -6.00 i 34.00 CPI 1.43 1.15 1.02 0.94 VAC 26.50 11.50 1.97 -5.71! ? EAC 61.00 76.00 85.53 93.21 ? ECTC 0.00 0.00 -1.47 -4.79 ? 1.07 1.11 Major milestones a,b c, d, e, on g a) Initiate design e) TVO Approval b) Consultation with stakeholders f) Construction Commences (shifted) c) Update notification to stakeholders 9) Full Commercial Operation d) Application to FNG (15 marks) Discuss the implications for a project when the estimate at completion cost is higher than the originally planned budget. Suggest possible reserves or other means within the project cost plan that could be used to finance any eventual overspend. (10 marks) (b) ) Question 3 Maximum Word Count 1000 words (a) Below is a fictional) recent Project Variance Analysis Report (PVAR) extract for a work package of the Olkiluoto 3 project, presented by APE to the relevant stakeholders. Calculate and interpret the missing data (indicated by '?') and comment on the past, present and future expected performance of the work package. Project Variance Analysis Report - December 2021 (Figures in a millions H1-20 H2-20 H1-21 H2-'21 H1-22 H2-22 H1-23 H2-23 Total BAC 87.50 87.50 87.50 87.50 87.50 87.50 87.50 87.50 700.00 AC 61.00 76.00 87.00 98.00 322.00 EV 87.50 87.50 89.00 92.00 356.00 PV 87.50 82.00 83.00 96.00 348.50 SV 0.00 5.50 6.00 -4.00 7.50 SPI 1.00 1.07 0.96 1.02 26.50 11.50 2.00 -6.00 i 34.00 CPI 1.43 1.15 1.02 0.94 VAC 26.50 11.50 1.97 -5.71! ? EAC 61.00 76.00 85.53 93.21 ? ECTC 0.00 0.00 -1.47 -4.79 ? 1.07 1.11 Major milestones a,b c, d, e, on g a) Initiate design e) TVO Approval b) Consultation with stakeholders f) Construction Commences (shifted) c) Update notification to stakeholders 9) Full Commercial Operation d) Application to FNG (15 marks) Discuss the implications for a project when the estimate at completion cost is higher than the originally planned budget. Suggest possible reserves or other means within the project cost plan that could be used to finance any eventual overspend. (10 marks) (b) )