After completing the civil construction works in this bridge, assume that you have got another new contract for bridge instrumentation including lights, sensors and cameras. Following are specific details of your new contract project in this bridge The total estimated duration of this new contract project (with 5 activities) is 60 days. After 35 days, your project monitoring have noted the following:
Assess the current status of this new contracted project. Identify the status of each activity (i.e. YX1, YX2, YX3, YX4, and YX5). Provide your recommendations for controlling the current situation in project. What is your projection to complete the bridge instrumentation project and provide your recommendations in this regard.
The tasks YX1, YX2,YX3,YX4 and YX5 in the bridge estimation project will each need to be assessed singularly to determine their relation and bearings with respect to the predetermined project cost and schedule.
BAC-Budget at completion CV-Cost Variance
PV- Planned Value CPI-Cost Performance Index
EV-Earned Value. ETC-Estimated to Complete
AC-Actual Cost. EAC- Estimate at completion
This term refers to the specified amount that the project is supposed to spend at a particular point. In this case, the particular point is 35 days. The planned percentage at 35 days is given by:
=35/60 x 100%= 58.33%(58%)= 0.58
The value factor is multiplied by the total budget of each activity to determine the planned value at 35 days.
This is the amount that the project is actually complete up to that status point.(35 days). To determine the EV of each task, the actual quantity of units at 35 days is divided by total quantity of units to determine the EV ratio. The ratio is then multiplied by the total budget of each activity to establish the earned value of each activity.
YX2= 1200/8000*4400= $660
The schedule variance shows how far ahead or behind schedule the task is in terms of the task budget.
Tasks YX2, YX3 and YX5 have negative values hence indicating that they are behind schedule while task YX4 and YX1 are ahead of schedule.
Schedule Performance Index(SPI)
The SPI is also used to determine the project progress with reference to the task budget but it utilized as a relative measure of efficiency.
It is given by: SPI=EV/PV
SPI = 0 means the project work has not started.
SPI = 0.5 means the project has performed half the work it was supposed to at this point.
SPI = 1.0 means the project is on schedule.
SPI = 2.0 means the project has performed twice the work it was supposed to at this poinT
Cost variance depicts the extent of deviation from the planned budget.
Cost Performance Index(CPI)
This is a relative measure of the cost efficiency of the project.
Estimate at Completion
The EAC is the project cost expected at completion based on the current performance of the project.
Based on the analysis carried out for the project, the project is underperforming as depicted by negative variations in the cost and schedule of the project. All activities have cost variances to the tune of $18,000, $7,340, $5,000, $1,500 and $5,000 respectively.(YX1 to YX5). This is attributed to the increase in the unit price of quantities in each activity which causes variations in costs. To counter this effect, unit prices for quantities need to must reduce to the original values or even lower. In order to achieve this, there is need for intensification of monitoring of every aspect of costs of each activity in the project in order to cover variations incurred. This will be done by increasing efficiency of costs and project schedule by tracking project progress in relation to activity costs and ensuring accountability of each activity.
Projection to complete the project
If the progress of the project continues in this direction, there will be significant variation as shown below:
EAC=AC+(BAC-EV) = 284,000+(496,500-247,160)=
This is the total amount required to carry out the project based on the project’s performance for the past 35 days.
Cost to complete= EAC – AC= $533,340The project would therefore require $249,340 for its completion.
I would recommend increasing=g the efficiency of activity YX2 and YX3 as they are at the core of the variations because they are only 15% and 38% complete and thus significantly behind schedule and are causing additional costs.
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