Question

Jim receives the following information on his project: PV = 1000, EV = 1200, AC = 800, BAC = 2000, EAC = 1333. How is the project doing in terms of schedule?

Answer 1

In terms of schedule, more work has been done than planned.

Explanation:

Given information,

Planned Value = 1000

Earned value = 1200

Actual Cost = 800

Budget at completion = 2000

Estimate at completion = 1333

The following is the explained calculation of estimate at calculation,

Planned Value, also called as Budgeted Cost of Work Scheduled is the unit of task that is supposed to be done within the specified amount of time.

$\text{PV} = \text{Percent Complete (planned) }\times\text{ Task Budget}$

Budgeted Cost of Work Performed is the earned value and it is the total unit of work that is actually been completed.

$\text{EV = Percent Complete (actual)}\times\text{ Task Budget}$

Actual cost is stated as the to-date cost of the completed task or work.

$\text{AC = Actual Cost of the Task}$

Budget at completion is the total budget of the project.

$\text{BAC = Project Budget}$

Estimate at completion helps to assess whether the project has been done as per the plan.

$\text{EAC = AC + (BAC-EV)}\rightarrow800+(2000-1200)\rightarrow1600$

Therefore, 1600 is the expected final budget. So, on comparing the given values on the project we can conclude that more work has been done than planned.