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EV Chart
CPI
= DIVIDED BY DIVIDED BY
SPI
Cost Analysis
IF
AC > EV
AC = EV
AC < EV
THEN
CV = 0 CPI = 1
The project is
Over Budget
On Budget
Under Budget
Schedule Analysis
IF PV > EV PV = EV PV < EV
THEN
SV = 0 SPI = 1
The project is
Ahead of Schedule
Formulae
Cost Variance Schedule Variance Cost Performance Index Schedule Performance Index Estimate At Completion Estimate To Completion Variance At Completion
CV = EV - AC SV = EV - PV CPI = EV / AC SPI = EV / PV EAC = BAC / CPI ETC = EAC - AC VAC = BAC - EAC
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Consider the following Example: You are the Project Manager for the construction of 20 miles of sidewalk According to your plan, the cost of construction will be $ 15000 per mile And will take 8 weeks to complete. 2 weeks into the project you have spent $ 55000 and completed 4 miles of Sidewalk , and you want to report performance and determine how much Time and cost remains. Calculate : BAC, PV, EV, AC, CV, SV, CPI, SPI
Example
Consider at a task that has 80 hours of work The resource assigned to the task in the baseline costs $12.50/hr The PM had to assign a different resource that costs $16/hr At the end of the third day, only 20 hours of work have been performed rather than the 24 hours that were scheduled.
Example
You have a project to build a new fence. The fence is four (4) sided as shown. Each side is to take one day to build and is budgeted for US$ 1,000 per side. The sides are planned to complete one after the other Today is the end of day three.
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Day3
Day4
Status @ 3 Days
Complete US $1,000 Complete US $1,200 Half Done US $600
Using the chart of the learning curve of your project, you would expect which of the following? A. Unit 48 will require 150 hours B. Unit 48 will require 125 hours C. Unit 64 will require 150 hours D. Unit 64 will require 125 hours
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Cost Management
Cost Type
Sunk Costs
Description
Historical or expended No control over cost Not included for alternative courses Non-recurring costs Does not change depending on units Rise directly with size of project Overall organizations cost in doing projects (shared across projects) Incurred in choosing an alternative Incurred directly by a specific project
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Fixed Costs Variable Costs Indirect Costs Opportunity Costs Direct Costs
During the conceptual phase of a pipeline project, the project engineer estimates the following. The cost of the materials to be most likely $100,000, optimistically $90,000 and pessimistically $120,000. The cost for labor most likely $80,000, optimistically $70,000 and pessimistically $100,000. The cost for equipment most likely $60,000,optimistically $50,000 and pessimistically $70,000; The cost for construction management fees most likely $30,000, optimistically $20,000 and pessimistically $40,000. What is the probability of the project coming in under $270,000? PERT = Program Evaluation Review Technique. The Pert estimate calculation is ( O+4M+P)/6
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M 100000
O 90000
PERT 101666.7
100000 70000
80000 60000
70000 50000
81666.67 60000
Cost of Construction
40000
30000
20000
30000
273333.3
2.7 L is less than 50 % so chances are less that 50 % that the project will complete in less than 2.7.L
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