Youre a project manager working on a large project scheduled to last for two years. Youve got

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Question:

You’re a project manager working on a large project scheduled to last for two years. You’ve got six different teams working on five major functional areas. Some teams are ahead of schedule and others are falling behind. That means that you have cost overruns in some areas, but you’ve saved costs in others – and that’s making it very hard to get an intuitive grasp on whether your project is over or under budget. It’s nine months into your project. The total budget for your project is $4,200,000. You’ve spent $1,650,000 so far and you’ve got a CPI of .875. Use the Earned Value formulas from forecasting to figure out where things stand. Now it is six months later and your project looks totally different. You need to work out a new forecast for what your budget situation will be like at project completion. You’ve now spent a total of $2,625,000. You look at all of the activities done by the team and you find that the project is 70% complete.

Come up with a new forecast for your project?