Jane is a project manager for a company that produces two special widgets each year for suppliers around the world. Jane receives a project schedule of 10 months and a budget with estimates of what it will cost to produce both widgets (shown below). The project requires 200 widgets to be produced per month for Widget A, and 100 widgets to be produced per month for Widget B. Activity Widget A Widget B Total Start Jan 1 Mar 1 Activity Widget A Widget B Total Time Elapsed End Aug 31 Aug 31 6 months 4 months Jane has budgeted $50 per widget for Widget A ($100,000/$2000), and $100 per widget for Widget B ($100,000/$1000). At the end of June, Jane's project team is six months into the project. Let's take a look at the progress Jane and her team have made: # of Widgets Produced Time Elapsed 8 months 6 months 800 400 Total Cost # of Widgets 2000 1000 $45,000 $35,000 $80,00 Total Cost $100,000 $100,000 $200,000 As the project manager, Jane must determine how well her project team has performed. Is she ahead of schedule or behind schedule, and is the project team over or under budget - and by how much?
Jane is a project manager for a company that produces two special widgets each year for suppliers around the world. Jane receives a project schedule of 10 months and a budget with estimates of what it will cost to produce both widgets (shown below). The project requires 200 widgets to be produced per month for Widget A, and 100 widgets to be produced per month for Widget B. Activity Widget A Widget B Total Start Jan 1 Mar 1 Activity Widget A Widget B Total Time Elapsed End Aug 31 Aug 31 6 months 4 months Jane has budgeted $50 per widget for Widget A ($100,000/$2000), and $100 per widget for Widget B ($100,000/$1000). At the end of June, Jane's project team is six months into the project. Let's take a look at the progress Jane and her team have made: # of Widgets Produced Time Elapsed 8 months 6 months 800 400 Total Cost # of Widgets 2000 1000 $45,000 $35,000 $80,00 Total Cost $100,000 $100,000 $200,000 As the project manager, Jane must determine how well her project team has performed. Is she ahead of schedule or behind schedule, and is the project team over or under budget - and by how much?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:Jane is a project manager for a company that produces two special widgets each year for suppliers
around the world. Jane receives a project schedule of 10 months and a budget with estimates of
what it will cost to produce both widgets (shown below). The project requires 200 widgets to be
produced per month for Widget A, and 100 widgets to be produced per month for Widget B.
Activity
Widget A
Widget B
Total
Start
Jan 1
Mar 1
Activity
Widget A
Widget B
Total
Time Elapsed
End
Aug 31
Aug 31
6 months
4 months
Jane has budgeted $50 per widget for Widget A ($100,000/$2000), and $100 per widget for
Widget B ($100,000/$1000). At the end of June, Jane's project team is six months into the project.
Let's take a look at the progress Jane and her team have made:
# of Widgets
Produced
Time Elapsed
8 months
6 months
800
400
Total Cost
# of Widgets
2000
1000
$45,000
$35,000
$80,00
Total Cost
$100,000
$100,000
$200,000
As the project manager, Jane must determine how well her project team has performed. Is she
ahead of schedule or behind schedule, and is the project team over or under budget - and by how
much?
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