4. Furniture store painting 4 seasons and cardinal painting
Earned Value Analysis Report
Prepared By: jeremy scholl
Date:
[42]
For Period:
Summary:
24-Jun
Week 7
The scope will be reference by painting of Jason’s furniture in Palatine
Illinois, 124 Rand Road. Approved on 12/26/2016. It will Reference
blueprints provided by Gametime architecture, Pages: A1, A12, A5, A7,
ID6. Color location per elevations as referenced by print and product
specs are required to be approved by the interior designer by way of
drawdowns. The Project identifies the paint and finishes areas of this
project as Division 9. $0
$5,000
$10,000
$15,000
$20,000
$25,000
1 2 3 4 5 6 7 8 9 10 11 12
Period
Planned Value (PV)
Earned Value (EV)
Actual Cost (AC)
5. Planned Value (PV) or Budgeted Cost of Work Scheduled (BCWS)
WBS Task Name TBC 1 2 3 4 5 6 7 8 9 10 11 12
1.1
Prime and paint the ceiling with dryfall
paint (approximately 20,000 sq. ft.) 15000 3000 5000 5000
1.2
Prime and paint 2 offices Sherwin
Williams green34509. 1200 300 300 300 300
1.3
Prime and paint 2 bathrooms Sherwin
Williams blue 3908 1200 700 200 200 100
1.4
Seal concrete floor in receiving
Thompsons water seal 1000 200 600 500 1500
1.5 Prime and paint 2 steel bollards 100 10 20 100 100
1.6
Prime and paint 5 hollow metal doors
and frames. 1000 400 200 200 200 100
0
0
0
0
0
0
Insert new rows above this one
Total Budgeted Cost 19500 3000 5300 6200 1100 1010 1620 100 500 200 200 200 100
Cumulative Planned Value (PV) 3000 8300 14500 15600 16610 18230 18330 18830 19030 19230 19430 19530
Actual Cost and Earned Value
An Earned Value management system functions under two basic denominators; Man hours, and financial commodities or money (Chen, 2008). Three variables are created and referred to as "planned" or PV, "earned" or EV and "actual" or AV are data determinations from project input. These variables calculated into Man hours or dollar amounts are used to determine the current and cumulative variances or performance indices (Chen, 2008). With the basics of the Earned value management system in place we can convert a scope into a work break down structure and determine when and where procurement of material, subcontracts, or equipment will function within and perform analysis.
an element to estimating and calculations during a project. A project that is using an earned value method can fall victim to erroneous reports which when entered will fall above and below the true costs of the project. When this happens ethical and honest accounting will come into questions causing multiple areas of business management failure.
The budget of a project is calculated through estimates and site analysis which develops the beginning value assessed for the project (MagneJørgensena, 2012). A simple set of targets ensue as a result to a project schedule and will be laid out as the scope and work break down structure have been created to perform a job. The ability to have available the labor, material, equipment and connecting mechanisms between a company’s WBS and another companies WBS must come together to achieve an optimal critical path. The project’s budget will ultimately be affected if these components do not come together as the dependencies of each are required.
Actual costs for a project are all costs that were expended for the duration of a project. The reality of actual costs is that is total after, all planned, estimated, and additional elements that were not essentially part of the base project. Actual costs can be tracked similar to the diagram below where the actual costs are shown in red dated at different points connected to the EVM and critical path of the project (Chen, 2008).
Earned value management with budgets and procurements is a practical method deployed for effective scheduling and account balancing both for internal controls and individual project controls. The procurement or purchase of good or service that is to be integrated into a project requires many channels and structures.