PROJECT MANAGEMENT (SCHEDULE & COSTS)

EARNED VALUE ANALYSIS

The EVA index values in Table 1 below shows that the project was successfully completed on schedule and was slightly over budget on cost:

SPI equals to 1. This indicates that the project was delivered as per the original timeline. Earned Value(EV) is the same as the Planned Value (PV).
CPI is 0.80 which indicates that the project was over budget.
Variance at Completion(VAC) indicates that I was over budget by $70 when the project fully completes.
The project is now completed 100% as of the report date while the target is 84.0%

Table 1. EVA Results

COMPARISON OF BUDGET AND ACTUAL COST

The following table show the difference between the budget and the actual cost of materials on the project.

The projected savings on materials are shown in Table 2 below. The savings were mainly from silicone caulking, HIPS sheet, and extension cables. I did not have to purchase extension cables for the heater unit and the vacuum as the cables for both of them were pretty long to begin with. This list does not show however the tools I had to purchase in order to cut, drill and assemble the parts together which did make me go over budget by a considerable margin.

Table 2. Material Costs

LABOUR COST

I over-spent by $350.00 on labor cost as Table 3 shows below. Majority of the extra cost comes from Actual Building Time, CAD Modeling and Drawings and Assignment tasks. The reason is miscalculation of time required as the difference between hours and actual hours shows. I went over by 20 hours. There were other variables as well for example the rework and re-drawing of the heating box due to the change in not being able to use the heating elements from the toaster oven. However, I was able to complete these tasks by the end of the semester.

Table 3. Labor Costs

COST PERFORMANCE INDEX (CPI)

The final CPI is 0.80, less than 1 as shown in table 1. It indicates that the project was not managed properly as far as budgeting and time allocation were concerned. This is something I have to work on and one of the lessons learned through this project. In the future, maintaining a proper budget and keeping up with the EVA analysis along with proper allocation of milestones and tasks on a weekly basis will help in getting a more accurate assessment on the project status.

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