Question 5: Earned Value Methods and calculation - (20 Marks) Assume that you are assigned as the Project Manager to deliver a four-storey (G+4) luxury apartment building and your Supervisor has instructed you to submit a monthly project progress report by end of each month along with the potential risks associated with the project. The allocated project budget for construction (BAC) is $500,000 (whereas each level costs $100,000). Duration of construction is 5 months and due by May 2021. The following Table illustrates the PV, EV and AC at the milestones of the Project in Australian $. Note: Earned value should consider Jan to Mar and report the status by end of Mar. Months Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Planned Value (PV) 100,000 100,000 100,000 100,000 100,000 100,000 100,000 50,000 0 0 Earned Value (EV) Actual Cost (AC) 100,000 150,000 100,000 0 The scope of the project is to build and deliver each level of the building by end of each month. The Project has completed all the foundation work in 2020. The construction work of the building was commenced in Jan 2021. The Ground Floor was delivered by the end of January 2021 and your Project Team managed to complete the First Floor by the end of February 2021. However, due to some extreme weather conditions and delay in materials, the Project Team was not able to complete Second Floor by end of March and only 50% of the work has been completed. a. Assume that you are at end of March 2021 and actual cost spent on the project is $350,000 (by end of March). Find the Schedule Variance, Cost Variance, SPI, CPI, Estimate To Complete (based on CPI), Estimate At Completion (based on CPI), Variance at completion (Based on CPI) and explain the project status based on your analysis? (14 marks) b. Identify and state five (5) potential risks associated with this project and prepare a risk register and mitigation plan with risk response as appropriate. (6 marks) Question 5: Earned Value Methods and calculation - (20 Marks) Assume that you are assigned as the Project Manager to deliver a four-storey (G+4) luxury apartment building and your Supervisor has instructed you to submit a monthly project progress report by end of each month along with the potential risks associated with the project. The allocated project budget for construction (BAC) is $500,000 (whereas each level costs $100,000). Duration of construction is 5 months and due by May 2021. The following Table illustrates the PV, EV and AC at the milestones of the Project in Australian $. Note: Earned value should consider Jan to Mar and report the status by end of Mar. Months Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Planned Value (PV) 100,000 100,000 100,000 100,000 100,000 100,000 100,000 50,000 0 0 Earned Value (EV) Actual Cost (AC) 100,000 150,000 100,000 0 The scope of the project is to build and deliver each level of the building by end of each month. The Project has completed all the foundation work in 2020. The construction work of the building was commenced in Jan 2021. The Ground Floor was delivered by the end of January 2021 and your Project Team managed to complete the First Floor by the end of February 2021. However, due to some extreme weather conditions and delay in materials, the Project Team was not able to complete Second Floor by end of March and only 50% of the work has been completed. a. Assume that you are at end of March 2021 and actual cost spent on the project is $350,000 (by end of March). Find the Schedule Variance, Cost Variance, SPI, CPI, Estimate To Complete (based on CPI), Estimate At Completion (based on CPI), Variance at completion (Based on CPI) and explain the project status based on your analysis? (14 marks) b. Identify and state five (5) potential risks associated with this project and prepare a risk register and mitigation plan with risk response as appropriate. (6 marks)