Practice Simulation: Project Completion
In this discussion, you will calculate the cost variance for this practice learning activity.
Topic Focus:
- PMI Earned Value Management Terms and Formulas
- Calculating Cost Variance
- EVM Scenario Data:
- Planned Value (PV) = ₦500,000
- Earned Value (EV) = ₦450,000
- Actual Cost (AC) = ₦550,000
Task: Students should:
- Calculate Cost Variance: CV = EV – AC).
- Calculate Schedule Variance : SV = EV – PV).
- Interpret the results (Is the project over budget? Behind schedule?). (d) Suggest possible corrective actions.
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