1. a. Find the schedule variance for a project that has an actual cost at month 22 of $540,000, a scheduled cost of $523,000, and an earned value of $535,000.

b. A project at month 5 had an actual cost of $34,000, a planned cost of $42,000, and value completed of $39,000. Find the schedule and cost variances.

c. A project at day 70 exhibits an actual cost of $78,000, a scheduled cost of $84,000, and a value completed of $81,000. Find the schedule and cost indices.

2. Consider the information about a project plan in the following table.

The following table shows the weekly control reports for the first two weeks (assume 5 working days each week).

a. Use the earned value approach to calculate BCWP, BCWS, ACWP, SV, CV, SI, and CI for each task and the whole project.

b. Calculate the total variance and time variance for the project at the end of week 2.

c. Use the original estimate approach and the revised estimate approach to respectively estimate the final cost of this project at the end of week 1.

d. Use the original estimate approach and the revised estimate approach to respectively estimate the final cost of this project at the end of week 2.

3. A manufacturer of communication systems currently overhauls its computerized payroll system. Instead of using LOC (lines of code) to track the effort on devel¬oping such a payroll system, the manufacturer adopts a more reliable method, function point analysis, for measuring/monitoring the progress of the project.

The new payroll system consists of eight modules, each with a certain amount of function points. From the manufacturer's experience, each function point takes one week to develop. The ongoing project is evaluated at the end of the eighth week after its start. The schedule/cost report is provided in the follow¬ing table. (Assume linearity of cost vs. function point in each module.)

Comment on the status of the project at the end of week 8 based on the calculation of the project BCWP, BCWS, and ACWP. Is the project "in control"?; if not, why not?

4. Sandy Point is the project manager of a small project that consists of seven tasks. After careful and extensive planning, Sandy and her project staff agreed on a proposed project schedule that is indicated by the following Gantt chart:

As indicated in their original project plan, Sandy and her staff had estimated the following durations and (total) direct costs for each task:

This morning (beginning of week 6), Sandy received a progress report; as indicated in the Gantt chart, task C could not be started until this week due to the unexpected delay in completing task A. The report also indicates that task B has been completed two weeks earlier than expected. Information from the progress report is summarized in the following table.

a. As of today (beginning of week 6), what is the cost variance of the project? What is the schedule variance of the project?

b. Based on information provided to date, what is your assessment of the cur¬rent status of the project?