Please assist with ques 17 Scenario 2: You’ve volunteered to make bird houses, a
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Question
Please assist with ques 17
Scenario 2:
You’ve volunteered to make bird houses, at your own expense and on your own time, to be offered for sale at your daughter’s high school fair to raise money for new sports equipment. You have three different designs in mind. You estimate the first design will require about $5 in material cost and about two hours of work. The second design is a little more elaborate and will require about $10 in material cost and three hours of work. The last design, more elaborate yet, will require about $15 in material cost and four and a half hours of work.
There are about 5 weeks remaining until the school fair. You figure you can safely work an average of between 35 and 40 hours per week (week day nights and weekends) and you only have $600 available to complete the project. After doing some expected value calculations, you conclude the best product mix is 25 birdhouses using the first design, 20 birdhouses using the second design, and 15 birdhouses using the third design. You develop a construction plan as follows:
Question 16: Calculate the planned budget for each week of the project and for the total project.
WEEK 1 = $105
WEEK 2 = $105
WEEK 3 = $110
WEEK 4 = $120
WEEK 5 = $110
TOTAL PROJECT = $ 550
At the end of week 2, you look at your actual progress and find the following:
Question 17: Calculate Earned Value (EV) for each of the first two weeks of the project and the project to-date.
Birdhouse Construction Plan WEEK Planned Budget FIRST x $5 COST Second x $10 COST Third x $15 COST TOTAL 1 7 $35 4 $40 2 $30 $105 2 4 $20 4 $40 3 $45 $105 3 7 $35 3 $30 3 $45 $110 4 4 $20 4 $40 4 $60 $120 5 3 $15 5 $50 3 $45 $110 TOTAL 25 20 15 TOTAL $ $125 $200 $225 $550Explanation / Answer
17. Earned value of the project = % of work completed x Budget at completion
EV at week 1 = 13/ 25+20+15 x550 = 119.16
Part of project completed at the end of week 1 = 13/60 = 21.66%
EV at week 2 = 25 /25+20+15 x550 = 229.16
Part of project completed at the end of week 2 = 25/60 = 41.66%