Global Treps Project Rev5
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School
Grand Canyon University *
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Course
415
Subject
Industrial Engineering
Date
May 1, 2024
Type
docx
Pages
4
Uploaded by vanevalleverdugo02
1
Benchmark- Cost and Earned Value Management
Vanessa Verdugo
Grand Canyon University
BIT-415: IT Project Management
Professor Deborah Reid
January 21
st
, 2024
2
Part 2:
To be able to set the SPI column it had to be set through the project’s tab/status date. For CPI column I added a new column and searched for it.
Part 2 Step 3:
3
Part 2 step 4:
1.
What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project? -
The cost of variance for the project is $83080.
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Schedule variance minus 35%
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CPI is 0.69 pr 69%
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Schedule performance index is 0.65 or 65%
2.
Is the project ahead of schedule or behind schedule? Is the project under budget or over budget?
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The project is behind schedule because the schedule variance is negative. The project is over budget since the cost performance is under 1. Tasks had CPI of 1. 3.
Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned? -
This project will take over a year from 1/17/2024 and finish by 1/30/2025. EAC estimation is $752,959.39, planned value was $288,200. Meaning the project is not performing well.
4.
Use the SPI to estimate how long it will take to finish this project. -
According to the schedule performance index it will take 386 days to complete.
Part 3:
1.
Are there issues that need to be escalated?
-Due to the fact that the project is going to exceed the budget and be behind schedule by 35%, it should be escalated to someone higher as soon as possible.
2.
Is it acceptable to do nothing and simply proceed?
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No, I think you should never proceed if there are issues. These things are critical and should be brought up/notify stakeholders, customers, and management.
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3.
Should the project be terminated?
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Before determining whether they should be terminated there should be a meeting where everyone is included (customers/management/workers) to discuss further evaluation for this project. Visual charts and numbers should be displayed to give a graphic representation of the issue. The project is already $500,000 over budget and behind schedule, which I think should be terminated if there are no possible solutions brought up during the meeting.
4.
Based on your evaluation of the threats to the project, how should you proceed?
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Upon evaluation of how much money this project is needing and being behind schedule. What I would do is to have a meeting with everyone who is a part of this big project and bring visual graphs/representations so they can get the whole picture. If possible, I would throw in possible solutions to upper management, if they think it does not meet their expectations then I would agree with termination of the project. Unless they want to invest more money in it and if customers agree to wait for the final completion of the Global Treps Project.