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Terms

Old and New Terminology


OLD TERM Budgeted Cost of Work Scheduled Budgeted Cost of Work Performed Actual Cost of Work Performed OLD ACRONYM BCWS BCWP ACWP NEW ACRONYM PV EV AC NEW TERM Planned Value Earned Value Actual Cost

EV Chart

In Alphabetical Order AC CV = MINUS MINUS EV PV = SV

CPI

= DIVIDED BY DIVIDED BY

SPI

Cost Analysis

IF

AC > EV

AC = EV

AC < EV

THEN

CV < 0 CPI < 1

CV = 0 CPI = 1

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

SV = 0 SPI = 1

SV > 0 SPI > 1

The project is

Behind Schedule On Schedule

Ahead of Schedule

Formulae

CV SV CPI SPI EAC ETC VAC

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.

Earned Value Analysis

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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Project Status Chart


Task Side1 Side2 Side3 Side4 Day1 Day2
S---F S---PF --F PS-S-PF

Day3

Day4

Status @ 3 Days
Complete US $1,000 Complete US $1,200 Half Done US $600

PS--PF Not yet started

S- Actual start, F- Actual Finish, PS- Planned Start, PF Planned finish


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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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P Cost of Material 120000

M 100000

O 90000

PERT 101666.7

Cost of Labor Cost of equipment

100000 70000

80000 60000

70000 50000

81666.67 60000

Cost of Construction

40000

30000

20000

30000

WEIGHT ED PERT AVG

273333.3

273333.3 is the Average = 50 % i.e the middle

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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