Discuss prevalence of the use of earned-value analysis to track and control costs on construction projects
Discuss prevalence of the use of earned-value analysis to track and control costs on construction projects
Homework Answers
Earned-value analysis is a tool used in project management to track the project progress in terms of costs incurred verses the original budget. Ultimately future cost of the project is estimated and intimated to the project owner. Then, in case of price escalations which are leading to the actual costs exceeding the estimated costs, corrective action can be taken.
In case of construction projects, the change if any in prices of material and labor can be identified in the nascent stage of the projects. This, forms a guide to the project owner to take decision about controlling costs such that the construction project does not incur losses.
Add Answer to:
Discuss prevalence of the use of earned-value analysis
to track and control costs on construction projects
You are using earned value analysis to track your project's progress. In your project, earned value...
You are using earned value analysis to track your project's progress. In your project, earned value is higher than planned value and actual value. That means the project is _____ schedule and _____ budget. Select an answer: behind; under ahead of; under ahead of: over behind; over
An article presents an analysis of the profit of international construction projects. In a sample of...
An article presents an analysis of the profit of international construction projects. In a sample of 126 projects, the average profit margin (in percent) was 8.27 with a standard deviation of 16.33. A test is made of H0 : μ ≥ 10 versus H1 : μ < 10. Find the P-value.
! Required information An article presents an analysis of the profit of international construction projects. In...
! Required information An article presents an analysis of the profit of international construction projects. In a sample of 126 projects, the average profit margin (in percent) was 8.22 with a standard deviation of 16.33. A test is made of Ho: 4 = 10 versus H1: < 10. Find the P-value. Round the answer to four decimal places.
In earned value analysis the "schedule variance" is the earned value minus the planned value. Consider...
In earned value analysis the "schedule variance" is the earned value minus the planned value. Consider the following situation. A project has a planned schedule of 12 months with an estimated project cost of $800,000 . At six months into the project, the project manager quits and you are asked to take over the project. You discover that the accumulated costs are already $200,000 but only 25% of the work is complete. What is the schedule variance for this project?...
States have attempted to control health costs by regulating new construction through certificate-of-need legislation. This requires:...
States have attempted to control health costs by regulating new construction through certificate-of-need legislation. This requires: A: implementation of practice guidelines to reduce variation in care. B: review of projects costing more than a specified amount. C: training more professionals such as physicians. D: duplicating technology to enhance competitiveness.
Describe 5 examples for the application of the principles of value engineering in construction projects. **This...
Describe 5 examples for the application of the principles of value engineering in construction projects. **This is an example cant be used Function: Provide floor finish. Performance Criteria: Cost Aesthetics Service life Safety Durability, etc. **
how the net present value used to analysis investment projects ?
how the net present value used to analysis investment projects ?
Project Monitoring and Control (Chapter 8) 10. What are the benefits and drawback with the use...
Project Monitoring and Control (Chapter 8) 10. What are the benefits and drawback with the use of milestone analysis as a monitoring tool? 11. What are the two basic components of project control? 12. Compare and contrast the use of calendar and working days for project schedules. When are each best used and why? 13. Discuss the different ways progress on projects can be monitored. 14. Why is a schedule baseline critical to project success? Under what conditions would a...
4. After defining the different methods used to evaluate capital investment projects, discuss why sensitivity analysis...
4. After defining the different methods used to evaluate capital investment projects, discuss why sensitivity analysis is considered less realistic than Monte Carlo simulation. [12.5 marks]
Differential Analysis for a Lease or Sell Decision Burlington Construction Company is considering selling excess machinery...
Differential Analysis for a Lease or Sell Decision Burlington Construction Company is considering selling excess machinery with a book value of $282,600 (original cost of $401,500 less accumulated depreciation of $118,900) for $275,500, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $285,900 for five years, after which it is expected to have no residual value. During the period of the lease, Burlington Construction Company's costs of repairs, insurance, and property tax expenses are...
! Required information An article presents an analysis of the profit of international construction projects. In a sample of 126 projects, the average profit margin (in percent) was 8.22 with a standard deviation of 16.33. A test is made of Ho: 4 = 10 versus H1: < 10. Find the P-value. Round the answer to four decimal places.
Project Monitoring and Control (Chapter 8) 10. What are the benefits and drawback with the use of milestone analysis as a monitoring tool? 11. What are the two basic components of project control? 12. Compare and contrast the use of calendar and working days for project schedules. When are each best used and why? 13. Discuss the different ways progress on projects can be monitored. 14. Why is a schedule baseline critical to project success? Under what conditions would a...
4. After defining the different methods used to evaluate capital investment projects, discuss why sensitivity analysis is considered less realistic than Monte Carlo simulation. [12.5 marks]
Most questions answered within 3 hours.
-
a) Draw two water molecules.
b) Clearly name and label the type of bond that exists...
asked 34 minutes ago -
C - Language
Write a loop that sets each array element to the sum of itself...
asked 1 hour ago -
(63
#14)
which of the following statments best describes how chamging
the concentration of the substances...
asked 5 hours ago -
In the following reaction, which element is undergoing
oxidation: Na2SO3 + N2O --> N2 + Na2SO4...
asked 6 hours ago -
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 8 hours ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 9 hours ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 9 hours ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 10 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 10 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 10 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 10 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 10 hours ago