MEMORANDUM TO ELECTROSCAN LEADERS
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To: Electronscan Leaders
From: Project Manager, Scanner Project
Date: 10th June 2016
Subject: Status of the Scanner Project
Having embarked on the Scanner Project, I as the project manager have an obligation to inform you about the progress and the status of the project. Earned Value Analysis is the method that I used to measure the progress of the project after a certain given time, forecast the cost and completion time of the project, analyzing the differences in the budget and schedule as the project progresses. Earned Value Analysis compares the planned work by the stakeholders with what have actually been achieved by the Scanner Project to determine if the schedule, cost, and accomplished work is progressing according to the plan. Work completed by the Scanner Project is said to be ‘Earned Value' (EV) while what we planned to use on the project is the Planned Value (PV) and Actual Value (AV) is the real value which was spent on the completed project. Planned Value, Actual Value and Earned Value were then used to calculate the project Cost Variance and Schedule Variance for each activity, Cost Variance (CV) is what was completed by the project compared to the project activity planned cost while Schedule Variance (SV) is the work completed by the project compared to the planned schedule.
The whole Scanner had planned to spend 420 on the whole project but upon completion the Scanner Project value of the work completed was 395 while the costs incurred in completing all the project activities was 476. On calculating the Schedule Variance by getting the difference between Earned value and Planned Value the SV for the whole project was -25 which means that the project was behind schedule and more time was spent on the project or will be needed for the project