Total Project Life Cycle

Plan Produce
Phase 1 Phase 2 Phase 3 Execute Phase 4 F
Conceive (C) Develop (D) (E) (F)

Period of
Opportunity and risk highest risk
Increasing Risk

impact

t
i mpac
d r isk
m bi ne
Co
Amount at stake

Time
roduce
Phase 4 Finish
(F)

riod of
ghest risk
pact
$ Value
 IEEN-5303 Risk Management
Assignment II
Syed Mujtaba Ahmed
K00469233

Question 1 Evaluate the project at the end of June.

Units in $1,000
Activity Jan Feb Mar Apr May Jun
Staffing 8 7
Blueprinting 4 6
Prototype Dev. 2 8
Full Design 3 8 10
Construction 2 30
Transfer
Punch List 15
Total

Monthly Plan 8 7 6 17 10 55
Cumulative 8 15 21 38 48 103
Monthly Actual 8 11 8 11 10 30
Cumulative Actual 8 19 27 38 48 78
29.6% 28.9% 20.8% 38.5%

1. a) Schedule Variances at the end of June

Planned Value (PV) 103
Earned Value (EV) 41
Schedule Performance Index (EV/PV) 0.3980582524
Estimated Time to Completion 17.585365854

Note: original plan was to complete in July, but actual time frame is 17.5. It means it needs about 11 more mo

1. b) Cost Variances at the end of June

Actual Cost of Work (AC) 78
Earned Value (EV) 41
Cost Performance Index (EV/AC) 0.5256410256
Estimated Cost to Completion $ 224,487.80

Note: original planned cost was $118,000, but estimated as $224,487.80. So it is a significant cost overrun.

1. c) The project was supposed to be completed by the end of June with budget of $78,000
If the project was evaluated at the end of March, the project would have and efficiency
Thus giving us the lesson that the project should be evaluated from time to time becau
2. a) As a project manager I would evaluate the project on regular basis so as to reduce finis
I would use expert advice and plan accordingly for the future months.

2. b) The lesson learned in this case is that projects should be evauated on timely basis, if no
more months and cost a lot more than the assigned budget or the project might fail as
t

Jul Plan % Com. Value

15 100% 15
10 60% 6
10 50% 5
21 33% 7
32 25% 8
10 10 0% 0
5 20 0% 0
118 41

15
118

Increment per month

(operating at only 40% efficiency)

Schedule delay -10.59 months

needs about 11 more months. So it is behind schedule.

Cost overrun -106,487.80

nificant cost overrun.

h budget of $78,000 but due to lack in vision and delayed in evaluation the projet will take round 11 months
d have and efficiency of 76% and saved 2 months in time and there wold be cost overturn of $90,000.
m time to time because if we evaluate late then there might be highest risk of impact.
so as to reduce finish the project on time within the assigned budget. If there are any deviations due to unfo
ths.

on timely basis, if not so there might be highest risk of imapct if evalued further during the end of the projec
project might fail as well. So earlier the realization earlier we can take the steps to reduce the cost and time
take round 11 months more to complete with increase in budget of $106,487.80.
urn of $90,000.
deviations due to unforseen circumstances

g the end of the project causing the project to extend for few
duce the cost and time require.
Evaluate the project at the end of May.

Units in $1,000
Activity Jan Feb Mar Apr May Jun Jul
Staffing 8 7
Blueprinting 4 6
Prototype Dev. 2 8
Full Design 3 8 10
Construction 2 30
Transfer 10
Punch List 15 5
Total

Monthly Plan 8 7 6 17 10 55 15
Cumulative 8 15 21 38 48 103 118
Monthly Actual 8 11 8 11 10
Cumulative Actual 8 19 27 38 48

Schedule Variances at the end of June

Planned Value (PV) 48
Earned Value (EV) 27
Schedule Performance Index (EV/PV) 0.5625
Estimated Time to Completion 12.44 months

Cost Variances at the end of June

Actual Cost of Work (AC) 48
Earned Value (EV) 27
Cost Performance Index (EV/AC) 0.5625
Estimated Cost to Completion $ 209,777.78
 Plan % Com. Value
15
10
10
21
32
10
20
118 27.07692308
38.5% less value, compared with end of June.

Schedule delay -5.44 months

Cost Overrun -91,777.78

Evaluate the project at the end of April.

Units in $1,000
Activity Jan Feb Mar Apr May Jun Jul
Staffing 8 7
Blueprinting 4 6
Prototype Dev. 2 8
Full Design 3 8 10
Construction 2 30
Transfer 10
Punch List 15 5
Total

Monthly Plan 8 7 6 17 10 55 15
Cumulative 8 15 21 38 48 103 118
Monthly Actual 8 11 8 11
Cumulative Actual 8 19 27 38

Schedule Variances at the end of June

Planned Value (PV) 38
Earned Value (EV) 21
Schedule Performance Index (EV/PV) 0.5526315789
Estimated Time to Completion 12.67 months

Cost Variances at the end of June

Actual Cost of Work (AC) 38
Earned Value (EV) 21
Cost Performance Index (EV/AC) 0.5526315789
Estimated Cost to Completion $ 213,523.81
 Plan % Com. Value
15
10
10
21
32
10
20
118 21.4358974
20.8% less value, compared with end of May.

Schedule delay -5.67 months

Cost Overrun -95,523.81

Evaluate the project at the end of March.

Units in $1,000
Activity Jan Feb Mar Apr May Jun Jul
Staffing 8 7
Blueprinting 4 6
Prototype Dev. 2 8
Full Design 3 8 10
Construction 2 30
Transfer 10
Punch List 15 5
Total

Monthly Plan 8 7 6 17 10 55 15
Cumulative 8 15 21 38 48 103 118
Monthly Actual 8 11 8
Cumulative Actual 8 19 27

Schedule Variances at the end of June

Planned Value (PV) 21
Earned Value (EV) 15
Schedule Performance Index (EV/PV) 0.7142857143
Estimated Time to Completion 9.80 months

Cost Variances at the end of June

Actual Cost of Work (AC) 27
Earned Value (EV) 15
Cost Performance Index (EV/AC) 0.5555555556
Estimated Cost to Completion $ 212,400.00
 Plan % Com. Value
15
10
10
21
32
10
20
118 15.230769
28.9% less value, compared with end of April.

Schedule delay -2.80 months

Cost Overrun -94,400.00

Evaluate the project at the end of Feb.

Units in $1,000
Activity Jan Feb Mar Apr May Jun Jul
Staffing 8 7
Blueprinting 4 6
Prototype Dev. 2 8
Full Design 3 8 10
Construction 2 30
Transfer 10
Punch List 15 5
Total

Monthly Plan 8 7 6 17 10 55 15
Cumulative 8 15 21 38 48 103 118
Monthly Actual 8 11
Cumulative Actual 8 19

Schedule Variances at the end of June

Planned Value (PV) 15
Earned Value (EV) 11
Schedule Performance Index (EV/PV) 0.7333333333
Estimated Time to Completion 9.55 months

Cost Variances at the end of June

Actual Cost of Work (AC) 19
Earned Value (EV) 11
Cost Performance Index (EV/AC) 0.5789473684
Estimated Cost to Completion $ 203,818.18
 Plan % Com. Value
15
10
10
21
32
10
20
118 10.71794872
29.6% less value, compared with end of March.

Schedule delay -2.55 months

Cost Overrun -85,818.18