Earned Value Management Problem:
Suppose that work on a project task was expected to cost $1500 to complete the task and the workers were originally scheduled to have finished today. As of today, however, the workers have actually expended $1350 and our best estimate is that they $1350, are 2/3 finished. Assuming that the variances are typical and will continue until the task has ended, (use ETC = (BAC – EV)/CPI); calculate the earned value (EV), cost variance (CV), schedule variance (SV), and the projected (total cost) estimated at completion (EAC) for the project.
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I would really appreciate it if someone could show me how to do this problem, because this is the only such problem that the teacher gave us to practice from for the test, and he didn't give us a solution.