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You are 5 months into a 8 month project. The project is linear, which
means that the planned progress and budgeted spending occurs at a
constant rate. Our crack project team of highly skilled associates has
worked diligently and put in extra hours to keep the project going. Our
accounting department has provided the following data at the end of
Actual cost to date = $100,000
Planned expenditures to date = $120,000
The CFO is excited and has sent you an email congratulating you for
being 27% under budget. However, is it really time to hold a team
celebration? That would be fun but your project manager mentality kicks
in. Those numbers look good but how are we ‘really’ doing? To understand
the true project performance, we need to apply earned value techniques.
Since we have the AC and the PV the missing piece we need is Earned
Value (i.e. what we have actually accomplished so far). You meet with
your team and find that only 6 of the 8 tasks scheduled to be complete
by the end of month 5 have actually been completed.This information gives you the final data you need to apply
‘Earned Value’ and develop an objective analysis.