Peak Lighting, Inc. develops stages, lighting systems, and special effects for the concert tours of major musical acts. Recently, they were approached by Bullwhip, a popular band, to develop the stage, lighting, and special effects for its upcoming tour. Currently, the project is at the end of its seventh week.
The project includes five major tasks. It starts with task A that lasts for 4 weeks, and task D that lasts for 5 weeks. Task A is to develop a sound track for the concert based on the song list the band provides it for the tour. Using the sound track, Peak's supporting staff develop a synchronized lighting and special effects show on a computer that allows them to view an animated stage with lighting and special effects as the sound track is being played. The budget cost of Task A is $400, and the actual cost at the seventh week is $500 with 100% completion. Task D, which starts at the same time with Task A, is to recruit project team members working on the stage construction, lighting and special effects later. The budget cost is $900, and the actual cost at the seventh week is $900 with 100% completion.
After finishing task A, task B and task E start in parallel. Task B lasts for 2 weeks. It involves ordering the required materials for the stage, lighting, and special effects from outside suppliers. The budget cost of task B is $300, and its actual cost at the seventh week is $350 with 100% completion. For task E, it lasts for 4 weeks. Task E is to file the sound control plan with the related government departments. It takes 4 weeks for this process. The budget cost of task E is $600, and the actual cost at the seventh week is $500 with 20% of completion.
Task C is the last task in this project, and it lasts for 5 days. It starts after the completion of both task B and task D. Task C involves constructing the stage with the lighting and special effects. Also, the lighting and special effects are tested and enhanced in this task. The budget cost of it is $750, and the actual cost at the seventh week is $400 with 10% completion.
Eric Page was recently hired as Peak's VP of Operations. All the project managers that oversee the stage and lighting projects report to Eric. He is reviewing the most recent progress report for the Bullwhip project using value earned method. Based on the above information, please help to ask the following questions from Eric.
1- What is the Planned Value of the project?
2-What is the Actual Value of the project?
3-What is the Earned Value?
4-What is the Critical Ratio of the project using earned value calculations?
5-What is the Budget at Completion for the project?