Project Cost and Schedule Control for Family Reunion Project

This presentation focuses on planning a destination family reunion for 150 people in Palm Island, Florida. It includes project objectives, milestones, budget, earned value analysis, cost and schedule performance index, estimate at completion, comparison of planned schedule with actual schedule, and lesson learnt.

Project Cost and Schedule Control
Family Reunion Project
STUDENT NAME:
COURSE NAME:
UNIVERSITY NAME:

Project Background
The project mainly focuses on planning a destination
family reunion for 150 people in Palm Island, Florida. The
main goal of the family reunion is to establish healthy
family relationships for fostering intergenerational
relationships and for encouraging family bonds. In
addition to this, the destination family planning would be
helpful in preserving the heritage of the family.

Project Objectives
 To plan a family reunion for 150 people in Palm
Island, Florida
 To complete the project within 32 days
 To finish the entire project within the budget of
around $222,360.00

Project Milestones
Task Name Duration Start Finish
Planning a destination family reunion for 150
people in Palm Island, Florida 27 days Fri 5/25/18 Mon 7/2/18
Initiation phase 3 days Fri 5/25/18 Tue 5/29/18
M1: Completion of Initiation Phase 0 days Tue 5/29/18 Tue 5/29/18
Planning phase 16 days Tue 5/29/18 Tue 6/19/18
M2: Completion of Planning Phase 0 days Tue 6/19/18 Tue 6/19/18
Execution phase 14 days Thu 6/7/18 Tue 6/26/18
M3: Completion of Execution Phase 0 days Mon 6/25/18 Mon 6/25/18
Closure phase 4 days Wed 6/27/18 Mon 7/2/18
M4: Completion of Closure Phase 0 days Mon 7/2/18 Mon 7/2/18

Project Budget
For the project, it has been determined
that $427,520.00 is required to
complete it successfully. The project
for family reunion could be
accomplished with the determined
budget. The duration of the project is
of 33 days starting from Tue 01-05-18
to Thu 14-06-18.
Task Name Cost
Planning a destination family reunion for 150 people in Plam Island, Florida $427,520.00
Initiation phase $1,120.00
Arrangement of meetings with the family for initializing the plan of the trip for reunion $320.00
Taking approval on the date of the trip which is suitable for 150 families together $400.00
Approaching an Event Manager for developing a complete breakdown of trip plan for the reunion of
the families $400.00
Planning phase $258,040.00
Selection of destination for the planned trip $720.00
Taking approval of selected destination from the families $360.00
Allocating cost to the resources required $360.00
Developing the overall budget for the approved project $360.00
Minimizing the budget according to the suitability of the families by $360.00
Finalization of date of the trip $1,080.00
Booking of the to and fro flight ticket $1,200.00
Booking of the hotel accommodation for 150 families $50,720.00
Synchronization of the activities for arranging family adventures program $50,720.00
Provision of activities for all age groups such as Kids, Women, and Men $50,720.00
Taking approval from the family members $50,720.00
Signing Off from the head off the family for clearance $50,720.00
Execution phase $167,560.00
Family adventure $2,040.00
Ski resort $70,720.00
Charlotte Harbour tours $960.00
Hooked on SUP $240.00
Arranging of trip to stump pass beach and the state park $51,200.00
Arranging trip to the gulf Island $320.00
Ordering of Food according to the personal requirement of the family $40,240.00
Arranging group photo session $320.00
Taking group photos for all time memories $320.00
Deployment of musical show for the entertainment $400.00
Analysis of the requirement placed by the family members $400.00
Recommendation of the trip activities should be included for the success of the reunion family
program $400.00
Closure phase $800.00
Feedback from the family members $400.00
Returning to home $400.00

Earned Value Analysis

Earned Value (EV)
Earned value (EV) is calculated as –
Total project budget*% of project completion
So according to the project the Earned Value is
= $427,520*50%
= $213,760
This means that the Earned Value for the undertaken project is
$213,760.00

Cost Variance (CV)
Cost Variance (CV) is calculated as –
Earned Value - Actual Cost
= $213,760 - $250,000
= (-) $36,240
Hence, from the Cost Variance it can be said that the project is over-
budget as it has negative value.

Schedule Variance (SV)
Schedule Variance is calculated as –
Earned value - Planned value
= $213,760 - $200,000
= $13,760
Hence, from the Schedule Variance it can be said that the project is
ahead of schedule as it has a positive value.

Cost and Schedule Performance
Index (CPI & SPI)
 Cost Performance Index
It is calculated as - Earned value/Actual cost
According to the project status, it is calculated to be:
= $213,760/$250,000 = 0.86
This means that the project is over budget as the value of CPI is less than 1.
 Schedule Performance Index
It is calculated as - Earned Value/Planned value
According to the project status, it is calculated to be:
= $213,760/$200,000 = 1.07
This means that more work has been completed as per the planned progress
and the project is ahead of schedule as the value of SPI is greater than 1.

Estimate at Completion (EAC)
The value of Estimate at Completion (EAC) is calculated as –
AC+ [(BAC-EV)/ (CPI*SPI)]
= $250,000+ [($427520-$213760)/ (0.86/1.07)]
= $517,200
Hence, from this analysis it can be said that the project will require
more budget as planned. The project will incur an additional cost of
$89,680.00.

Comparison of Planned Schedule
with Actual Schedule
According to the Earned Value Analysis, it has been identified that the
project is ahead of schedule in context to the planned schedule.
This means the project is progressing fast in terms of the schedule as the
Schedule Performance Index (SPI) calculated is greater than 1.
The planned schedule prepared has a duration of 32 days whereas the
actual schedule depicts that the project could be completed within 29 days.
However, there is also a constraint with progress of the project as the actual
schedule will incur an additional cost of $89,680.00 so that it could be
completed successfully.

Lesson Learnt
 Proper budgeting and scheduling has to be done as
per the requirement of client.
 Stakeholder engagement at every step of the project
is necessary.
 Proper communication procedures have to be
implemented throughout the project lifecycle.
 Resource allocation have to be distributed in such a
manner that there is no over allocation.

Bibliography
 Fleming, Q. W., & Koppelman, J. M. (2016, December).
Earned value project management. Project Management
Institute.
 Heagney, J. (2016). Fundamentals of project management.
AMACOM Div American Mgmt Assn.
 Kerzner, H. (2018). Project management best practices:
Achieving global excellence. John Wiley & Sons.
 Kerzner, H., & Kerzner, H. R. (2017). Project management: a
systems approach to planning, scheduling, and controlling.
John Wiley & Sons.
 Turner, R. (2016). Gower handbook of project management.
Routledge.