Project Status Report for Earned Value Management Assignment

Project Status Report for Earned Value Management Assignment

Project Status Report for Earned Value Management Assignment

1.  Project Information

Project Name: Cargo Delivery Project

Date:9th August 2016

Project Ownership: Supply Department

Prepared by: Delivery Project Manager, Supply Department

Distribution List:Supply Manager, Stores Manager, Customer

Project Status Report for Earned Value Management Assignment

2.   Gantt Chart

WBS #

Task & Subtask

 

1

2

3

4

5

6

 

7

8

9

10

1

Planning

————

 

 

 

 

 

 

 

 

 

1.1

Cargo planning

 

 

 

 

 

 

 

 

 

 

1.2

Report planning

 

 

 

 

 

 

 

 

 

 

1.3

Schedule planning

 

 

 

 

 

 

 

 

 

 

2

Scec Endorsement

 

 

————

 

 

 

 

 

 

 

3

Pick Up

 

 

————————

 

 

 

 

 

 

4

Loading

 

 

 

————————————

 

 

 

4.1

Packing of cargo

 

 

 

—————

 

 

 

 

 

 

4.2

Loading in the vehicle

 

 

 

 

 

——————

 

 

 

5

Insurance

 

 

 

 

 

 

 

—————

 

 

6

Tracking

 

 

 

 

 

 

 

 

——

 

 

7

Delivery

 

 

 

 

 

 

 

 

 

 

8

Reporting

 

 

 

 

 

 

 

 

 

 

Gantt Chart |Project Status Report for Earned Value Management Assignment

3.   Variance Analysis (cost in thousands)

Task & Subtask

Milestone Status

PV

EV

AC

Variance %

Schedule

Cost

Planning

Completed

100

100

100

0

0

Cargo planning

Completed

25

25

25

0

0

Report planning

Completed

50

50

50

0

0

Schedule planning

Completed

25

25

25

0

0

Scec Endorsement

Completed

50

50

55

0

-5

(-10.00%)

Pick Up

Completed

50

50

40

0

10

(20.00%)

Loading

In progress

70

40

110

-30

(-42.85%)

-70

(-175%)

Packing of cargo

Completed

30

30

50

0

-20

(-66.67%)

Loading in the vehicle

In progress

40

10

60

-30

(-75.00%)

-50

(-500%)

Insurance

Not started

90

0

0

-90

(-100%)

0

 

 

 

 

 

 

 

Tracking

Not started

40

0

0

-40

(-100%)

0

Delivery

Not started

50

0

0

-50

(-100%)

0

Reporting

Not started

5

0

0

-5

(-100%)

0

Task Totals

 

455

240

305

 

 

The percentage of variance is calculated using the following formulae:

Percentage of Schedule variance = (EV – PV)/PV*100

Percentage of Cost Variance = (EV – AC)/EV

4.   Estimate at Completion (EAC)

The following table shows the actual cost of incurred on the completion of project till date and the estimated cost of completion of the project:

Task & Subtask

Milestone Status

Actual cost to date (AC)

Estimated cost to complete (BAC)

Earned Value (EV)

Planning

Completed

 

-

 

Cargo planning

Completed

25

 

25

Report planning

Completed

50

 

50

Schedule planning

Completed

25

 

25

Scec Endorsement

Completed

55

 

50

Pick Up

Completed

40

-

50

Loading

In progress

 

-

 

Packing of cargo

Completed

50

 

30

Loading in the vehicle

In progress

60

 

10

Insurance

Not started

0

90

0

Tracking

Not started

0

40

0

Delivery

Not started

0

50

0

Reporting

Not started

0

5

0

Task Totals

 

305

185

240

EAC = AC + BAC - EV

        = 305 + 185 - 240

        = 250

Thus the estimated cost of completion of the project is 245,000.

5.   Cost Summary

Risk is an uncertain event that may take place in future which has the potential to affect the schedule, cost or performance of the project management. For the project the total budgeted cost for all the eight tasks is 455. The actual cost incurred till date for the completion of four tasks till the loading of cargo in the vehicle is 305 and the earned value from this is 240. The estimated cost for further tasks to complete the project is 185. This will result in total estimated cost of 490 for the completion of project. The estimated cost of completion of project is exceeding the budgeted cost of completion. However the estimate at completion is 250 which mean that the estimated cost of project less the earned value is 250. Thus the risk related to excessive costs for completing the project may arise. The risks are not uncertain therefore there shall be a contingency plan to cope up with the risks. Therefore the risks related to the project shall be redefined in order to reduce the impact of probable loss from the risks. The cost variance is highest in activity of loading which is further divided in packing of cargo and loading in the vehicle. There is also schedule variance in this activity. Thus it can be a risky activity which could create the threat of increase in cost of the completion of project and delay in completion of project.

6.   S Curve

The S curves for PV, EV and AC are as follows:

S curves

7.   Forecast Completion Date

Forecast Completion Date

The forecast of completion date can be made using the trend line in the graph. The linear equation is used to make forecast. The x-axis on the graph is representing the time in days to complete the project whereas the y-axis is representing the cost of project in terms of planned value as well as earned value. The cost at which the planned value and earned value will be equal will represent the completion of project. The planned value of 455 can be equated in the linear equation to determine the value of x which will be the date of completion of project. The linear equation obtained from the trend line on the above graph is

y = 43.28 + 6

Where y represents the earned value and x represents the time of project

The planned value at the completion of project is estimated as 455. When this value will be equal to earned value the project will be completed. Thus by equating y with 455 in this linear equation the value of x can be forecasted.

 Completion Date(x) = (y – 6)/43.28 (From linear equation of trend line)

                           = (455 – 6)/43.28

                           = 10.37 days

                           = 10 days and 8 hours (approx)

SPI

The SPI has declined to 0.96 which means the project is lagging behind the scheduled duration. This will result in the delay of project and therefore to avoid delay uin the completion of project, rebase lining will be required. The schedule of activities shall be arranged in such a manner that the delay in project by 8 hours can be reduced since the forecast completion date is 10 days and 8 hours whereas the planned duration of the project is 10 days. The schedule variance is reported in activity of loading which is the reason of delay in project completion. Actions shall be taken in this regard to reduce the time consumed in loading activity where the work breakdown structure includes two sub-tasks, packing of cargo and its loading in the vehicle. The schedule variance is reported in second sub-task of loading of cargo in the vehicle. In order to avoid delay in completion of operations or project the equipment used in loading of cargo to the vehicle and transferring it from one place to another shall be advanced and of high quality.

8.   Milestone Report

Milestone Task

Scheduled Completion

Projected Completion

Actual Completion

Issue

C

5

5

5

-

D

7

7.26

7

Cargo loaded in the vehicle after the packing was finished.

E

8

8.2

-

Delay in signing and preparation of documents for insurance.

F

8

9.1

-

The tracking could not be done properly due to failutre of system.

G

9

10.26

-

Delay in previous tasks caused the delay in the delivery of cargo.

H

10

10.37

-

The reporting will be done only after delivery of cargo is done completely.

9.   Event Report

Current Problem

Potential Impact

Corrective Action

Improper compliance of insurance procedures

The insurance claims cannot be made and the losses have to be borne as a result in increase of cost of project.

Checking the compliance and documentation of insurance policies and procedures in proper manner.

Delay in delivery of cargo or damage of cargo

Improper delivery of cargo, delay in scheduled time of project or delivery of damaged cargo.

Pproper and effective packing of cargo to avoid damages and tracking the status of delivery regularly.