Path: p Words0 QUESTION 3 5.00000p ou have been working with a general contracto

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Path: p Words0 QUESTION 3 5.00000p ou have been working with a general contractor to build your new dream house and have requested the project status reports to show schedule variance( contractor reports that SV is-$25,000 and CV is $0.00 (on a project that is estimated to cost $225,000). Based on your project management knowledge, how would you interpret the results this early on in the project? SV) and cost variance (CV). On the first monthly report, the general Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Explanation / Answer

Part 1

If the SV is less than 0, it means the project is behind the planned schedule and vice versa

Similarly if the CV is less than 0, it means the actual cost of project is more than planned budget, that is over budget and vice versa.

For given project the SV is negative and CV is zero, it means the project is behind the planned schedule and the project is on the budget.

Part 2:

The effort is measured as the amount of resources allocated to particular work package or actual time spent by on the activity.

Duration: the amount of working time required to complete the particular activity

Elapsed time: duration or calendar time between when the activity begins and ends

For example, the work package A requires 2 workers to execute the activity in 7 days. And each worker works 5 days per week. Then effort for completing the activity is 2 workers for 15 days. Duration of the activity is 15 days. But since workers work 5 days/week, if the activity is started on 1st of month on Monday, then then activity will finish on 9th day of the month. Thus elapsed time is 9 days.    

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