Question

Activity	PV (in $)	EV (in $)	AC
A	9,200	10,000	9,700
B	23,000	20,000	18,000
C	12,000	13,000	11,000
D	8,000	10,000	12,000
E	10,000	12,000	13,000
F	7,000	9,000	10,000
G	8,000	9,000	10,000

1. Find the schedule and cost variances for a project that has an actual cost at month 22 of $540,000, a scheduled cost of $523,000, and an earned value of $535,000.

Answer 1

Project cost control is nothing but the process by which the status of the project is monitored so that the project costs are updated and changes to the cost baseline are managed. Project cost control include: -

• Factors that result in changes to the authorized cost baseline are influenced.
• To ensure all change request are managed in timely manner.
• To ensure the cost expenditure is less than authorized funding.
• Monitoring cost performance
• Monitoring work performance
• Expected cost overrun are kept in acceptable limits.