Your project to obtain charitable donations is now 30 days into a planned 40-day project. Theproject is divided into 3 activities. The first activity is designed to solicit individual donations. It isscheduled to run the first 25 days of the project and to bring in $25,000. Even though we are 30days into the project, we still see that we have only 90 percent of this activity complete. Thesecond activity relates to company donations and is scheduled to run for 30 days starting on day 5and extending through day 35. We estimate that even though we should have approximately 83percent (or more precisely 25/30) of this activity complete, it is actually only 50 percent complete.This part of the project was scheduled to bring in $150,000 in donations. The final activity is formatching funds. This activity is scheduled to run the last 10 days of the project and has not started.It is scheduled to bring in an additional $50,000. So far $175,000 has actually been brought in onthe project.Calculate the schedule variance, schedule performance index, cost (actually value in this case)variance, and cost performance index. (Negative values should be indicated by a minus sign. Donot round your intermediate calculations or "variance" values. Round your "performance index"values to 3 decimal places.)Schedule varianceSchedule performance indexCost varianceCost performance index$(50,000)0.7784

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Description: Your project to obtain charitable donations is now 30 days into a planned 40-day project. Theproject is divided into 3 activities. The first activity is designed to solicit individual donations. It isscheduled to run the first 25 days of the project

Schedule VarianceSchedule Variance (or SV) is a metric that suggests whether or not an undertaking…

Business

Management

Calculate the schedule variance, schedule performance index, cost (actually value in this case) variance, and cost performance index. (Negative values should be indicated by a minus sign. Do not round your intermediate calculations or "variance" values. Round your "performance index" values to 3 decimal places.) Schedule variance Schedule performance index Cost variance Cost performance index $ (50,000) 0.778

Calculate the schedule variance, schedule performance index, cost (actually value in this case) variance, and cost performance index. (Negative values should be indicated by a minus sign. Do not round your intermediate calculations or "variance" values. Round your "performance index" values to 3 decimal places.) Schedule variance Schedule performance index Cost variance Cost performance index $ (50,000) 0.778

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Your project to obtain charitable donations is now 30 days into a planned 40-day project. The
project is divided into 3 activities. The first activity is designed to solicit individual donations. It is
scheduled to run the first 25 days of the project and to bring in $25,000. Even though we are 30
days into the project, we still see that we have only 90 percent of this activity complete. The
second activity relates to company donations and is scheduled to run for 30 days starting on day 5
and extending through day 35. We estimate that even though we should have approximately 83
percent (or more precisely 25/30) of this activity complete, it is actually only 50 percent complete.
This part of the project was scheduled to bring in $150,000 in donations. The final activity is for
matching funds. This activity is scheduled to run the last 10 days of the project and has not started.
It is scheduled to bring in an additional $50,000. So far $175,000 has actually been brought in on
the project.
Calculate the schedule variance, schedule performance index, cost (actually value in this case)
variance, and cost performance index. (Negative values should be indicated by a minus sign. Do
not round your intermediate calculations or "variance" values. Round your "performance index"
values to 3 decimal places.)
Schedule variance
Schedule performance index
Cost variance
Cost performance index
$
(50,000)
0.778
4

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Step 1: Define schedule variance and cost variance

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Step 3: Calculate budgeted review of total Work schedule upto the 30th day of each activity as follows

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Step 4: Calculate budgeted review of total Work Performed upto the 30th day of each activity as follows

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