Task 1(40 marks) Scenario on Project control and evaluation using Earned Value Management (EVM) Tony, a renowned artist has been commissioned to prepare portraits of 100 celebrities as part of an upcoming film festival. You are the project manager for the event and you are of the opinion that Tony should approach his job as a mini-project itself as you have only 200 days to complete the 100 portraits. Tony agrees and starts the work with his team. Tony has negotiated an amount of $500 per portrait. Tony is committed to deliver the project in time and he assures you that he will progress effectively. After 50 days, you get back to Tony to find out that Tony has finished 21 portraits which has actually cost $11,400 taking into account all the external factors. You are a bit confused and hence you strongly advise Tony to evaluate the status of the Tony’s project at this point of time, 50 days into the project. Using the Earned Value Management tool, evaluate the status of Tony’s project by answering the following questions: – 1. Define the concept of Earned Value Management. Define all the relevant calculations used to evaluate and control projects (10 marks) 2. Calculate the Total budget for the project, Planned Value, Actual Cost and Earned Value for Tony’s project. (10marks) 3. Calculate all Variances and Performance indices for Tony’s Project (10 marks) 4. Summarize all your findings and calculations to update Tony on the status of the project and provide a graphical representation for the status of Tony’s project with Cost against time. (10 marks)
