Project Cost and Schedule Control: A Family Reunion Case Study

This project outlines a plan for a family reunion in Palm Island, Florida, focusing on cost and schedule control. The initial schedule, with a 33-day duration and a budget of $427,520, undergoes performance analysis revealing it to be ahead of schedule but over budget. Earned Value (EV), Cost Variance (CV), Schedule Variance (SV), Cost Performance Index (CPI), and Schedule Performance Index (SPI) are calculated to quantify the project's status. Corrective actions, such as resource reallocation and schedule crashing, are proposed to bring the project back on track. A revised schedule extending the duration to 43 days and a revised Estimate at Completion (EAC) of $381,766.15 are presented, demonstrating potential for completing the project within the estimated budget. The document concludes with a revised schedule, bibliography, appendix, reports, and lessons learned.

Running head: PROJECT COST AND SCHEDULE CONTROL
Project Cost and Schedule Control
Planning a destination family reunion for 150 people in Palm Island, Florida
Student Name:
University Name:

1PROJECT COST AND SCHEDULE CONTROL
Executive Summary
The focus of this project is to develop a plan for re-union of the destination family living in Palm
Island, Florida. This project will help to encourage the strong bonding between the family
members to preserve the cultural values of the family. The trip planned for the project will help
to bring 150 families together under a single platform where they can enjoy, share feeling,
vision, and others among them. The performance analysis of the previously developed schedule
demonstrates that the project is ahead of determined schedule however it is over budget. Hence,
there is a requirement to implement some corrective actions so that the project can be put back
on track and for that the revised schedule has been prepared. The revised schedule shows that the
project will require 43 days to complete and the estimated budget at completion for the project is
$381,766.15. The revised schedule for the project has also been presented in last section of this
report.

2PROJECT COST AND SCHEDULE CONTROL
Table of Contents
Project Background.........................................................................................................................3
Schedule 1........................................................................................................................................3
Performance Analysis......................................................................................................................5
EAC (Estimate at Completion)....................................................................................................7
Proposal of corrective actions..........................................................................................................7
Revised EAC...............................................................................................................................8
Schedule 2........................................................................................................................................9
Bibliography..................................................................................................................................11
Appendix........................................................................................................................................13
Reports.......................................................................................................................................13
Lessons Learned........................................................................................................................14

3PROJECT COST AND SCHEDULE CONTROL
Project Background
The project is focusing on developing the re-union of the destination family living in
Palm Island, Florida. It helps in encouraging strong bonding between the family members for
preserving the cultural values of the family. The arrangement of the trip helps in bringing 150
families together under a single platform where they can enjoy, share feeling, vision, and others
among them. It helps in generating a feeling of refreshment in them. The focus of the project is
to develop a plan for the family trip to make them memorable. The numbers of activities are
designed for target audience such as women, men, elderly person, and children. The musical
shows should be arranged for getting pleasant feeling to the family members. The proactive
development of the activities helps in developing synchronisation for the successful completion
of the project. In this paper, we are going to focus on the scope statement for indulging the
activities required for the successful implementation of reunion family trip program for the
destination location. The scheduling of the project activities helps in completing the project
within the period of 33 days and estimated budget is $427,520.00.
Schedule 1
WBS Task Name Duration Start Finish Resource Names
0 Family reunion project 33 days Tue 01-
05-18
Thu 14-
06-18
1 Initiation phase 3 days Tue 01-
05-18
Thu 03-
05-18
1.1
Arrangement of meetings
with the family for initializing
the plan of the trip for reunion
1 day Tue 01-
05-18
Tue 01-
05-18 Event coordinator
1.2
Taking approval on the date
of the trip which is suitable for
150 families together
1 day Wed 02-
05-18
Wed 02-
05-18 Event manager
1.3 Approaching an Event
Manager for developing a
1 day Thu 03-
05-18
Thu 03-
05-18
Event manager

4PROJECT COST AND SCHEDULE CONTROL
complete breakdown of trip
plan for the reunion of the
families
2 Planning phase 10 days Fri 04-
05-18
Thu 17-
05-18
2.1 Selection of destination for
the planned trip 2 days Fri 04-
05-18
Mon 07-
05-18 Event planner
2.2 Taking approval of selected
destination from the families 1 day Tue 08-
05-18
Tue 08-
05-18 Event planner
2.3 Allocating cost to the
resources required 1 day Tue 08-
05-18
Tue 08-
05-18 Event planner
2.4 Developing the overall
budget for the approved project 1 day Tue 08-
05-18
Tue 08-
05-18 Event planner
2.5
Minimizing the budget
according to the suitability of
the families by
1 day Tue 08-
05-18
Tue 08-
05-18 Event planner
2.6 Finalization of date of the
trip 3 days Wed 09-
05-18
Fri 11-
05-18 Event planner
2.7 Booking of the to and fro
flight ticket 2 days Mon 14-
05-18
Tue 15-
05-18
Event organizer, Event
planner
2.8
Booking of the hotel
accommodation for 150
families
2 days Wed 16-
05-18
Thu 17-
05-18
Event planner,
Expenditure for
travelling[1]
2.9
Synchronization of the
activities for arranging family
adventures program
2 days Wed 16-
05-18
Thu 17-
05-18
Event planner,
Expenditure for
travelling[1]
2.10
Provision of activities for all
age groups such as Kids,
Women, and Men
2 days Wed 16-
05-18
Thu 17-
05-18
Event planner,
Expenditure for
travelling[1]
2.11 Taking approval from the
family members 2 days Wed 16-
05-18
Thu 17-
05-18
Event planner,
Expenditure for
travelling[1]
2.12 Signing Off from the head
off the family for clearance 2 days Wed 16-
05-18
Thu 17-
05-18
Event planner,
Expenditure for
travelling[1]
3 Execution phase 18 days Fri 18-
05-18
Tue 12-
06-18
3.1 Family adventure 3 days Fri 18-
05-18
Tue 22-
05-18
Event coordinator, Event
planner
3.2 Ski resort 3 days Wed 23-
05-18
Fri 25-
05-18
Event organizer,
Accommodation cost[1]
3.3 Charlotte Harbour tours 3 days Mon 28-
05-18
Wed 30-
05-18 Event coordinator
3.4 Hooked on SUP 1 day Thu 31- Thu 31- Event organizer

5PROJECT COST AND SCHEDULE CONTROL
05-18 05-18
3.5 Arranging of trip to stump
pass beach and the state park 3 days Fri 01-
06-18
Tue 05-
06-18
Event manager,
Expenditure for
travelling[1]
3.6 Arranging trip to the gulf
Island 1 day Wed 06-
06-18
Wed 06-
06-18 Event coordinator
3.7
Ordering of Food according
to the personal requirement of
the family
1 day Thu 07-
06-18
Thu 07-
06-18
Event organizer, Other
additional cost[1]
3.8 Arranging group photo
session 1 day Fri 08-
06-18
Fri 08-
06-18 Event coordinator
3.9 Taking group photos for all
time memories 1 day Mon 11-
06-18
Mon 11-
06-18 Event coordinator
3.10 Deployment of musical
show for the entertainment 1 day Tue 12-
06-18
Tue 12-
06-18 Event manager
3.11 Analysis of the requirement
placed by the family members 1 day Tue 12-
06-18
Tue 12-
06-18 Event manager
3.12
Recommendation of the trip
activities should be included for
the success of the reunion
family program
1 day Tue 12-
06-18
Tue 12-
06-18 Event manager
4 Closure phase 2 days Wed 13-
06-18
Thu 14-
06-18
4.1 Feedback from the family
members 1 day Wed 13-
06-18
Wed 13-
06-18 Event manager
4.2 Returning to home 1 day Thu 14-
06-18
Thu 14-
06-18 Event manager
Performance Analysis
From the above schedule for the project, it has been identified that Budget at Completion
(BAC) is $427,520 and the duration for the project is 33 days. The Planned Value (PV) to
execute the project is estimated to be $200,000 but the Actual Cost (AC) is $250,000. The work
that has been completed till date is determined to be 50%.
Earned Value (EV) for the project is formulated as below:
Total project budget * % of work completed in project

6PROJECT COST AND SCHEDULE CONTROL
= $427,520 * 50%
= $213,760
Cost Variance (CV) for the project is formulated as below:
Earned Value (EV) - Actual Cost (AC)
= $213,760 - $250,000
= (-) $36,240
From the value of cost variance, it can be said that the project is over-budget as it has a
negative value.
Schedule Variance (SV) for the project is formulated as below:
Earned value (EV) - Planned value (PV)
= $213,760 - $200,000
= $13,760
From the value of schedule variance, it can be said that the project is ahead of schedule as
it has a positive value.
Cost performance Index (CPI) for the project is formulated as below:
Earned Value (EV) / Actual cost (AC)
= $213,760 / $250,000
= 0.86

7PROJECT COST AND SCHEDULE CONTROL
From the value of Cost Performance Index, it can be said that the project is over-budget
as amount being spent is greater than the estimated cost.
Schedule performance Index (SPI) for the project is formulated as below:
= Earned Value (EV) / Planned Value (PV)
= $213,760 / $200,000
= 1.07
From the value of Schedule Performance Index, it can be said that more work has been
completed than the planned completion percentage.
EAC (Estimate at Completion)
The value of EAC is formulated as below:
AC + [(BAC-EV) / (CPI*SPI)]
= $250,000 + [($427520 - $213760) / (0.86 * 1.07)]
= $517,200
Hence, it has been identified that the estimate at completion for the project is $517,200
which means that additional cost of $89,680.00 will be required to complete the project.
Proposal of corrective actions
Based on the performance analysis, it can be said that the project is over budget and
hence the corrective actions that could be applied to put the project back on track are mentioned
as below:

8PROJECT COST AND SCHEDULE CONTROL
1. Reallocation of resource: This action will help to identify the possible reasons
behind the over budgeting of project. The over allocation of the resources can also
be resolved so that the project can be completed as per the estimated budget.
2. Checking of dependencies: The proper application of dependencies can be used to
resolve the issue of over budget as some tasks can be carried out simultaneously
with other task. So, eventually it will help to reduce the cost overhead as per the
progress of project.
3. Checking of activities that are time constrained: The time constrained activities
have to be checked properly such that the task could be completed with different
approach.
4. Crashing the schedule: The budget of the project could be reduced with the
application of additional resources in critical path. The activities to be completed
as per estimated schedule for the entire project.
Revised EAC
The revised Estimate at Completion (EAC) value for the project after implementing
corrective actions is presented as below:
AC + [(BAC-EV) / (CPI*SPI)]
= $250,000 + [($428,240 - $256,944) / (1.02*1.28)]
= $250,000 + [$171,296 / 1.3] = $ (250,000 + 131,766.15) = $381,766.15
Hence, it has been identified that the EAC for revised project schedule is $381,766.15
which means that the project could be completed within the estimated budget.

9PROJECT COST AND SCHEDULE CONTROL
Schedule 2
WBS Task Name Duration Start Finish Resource Names
0 Family reunion project 43 days Tue 01-
05-18
Thu 28-
06-18
1 Initiation phase 3 days Tue 01-
05-18
Thu 03-
05-18
1.1
Arrangement of meetings
with the family for initializing
the plan of the trip for reunion
1 day Tue 01-
05-18
Tue 01-
05-18 Event coordinator
1.2
Taking approval on the date
of the trip which is suitable for
150 families together
1 day Wed 02-
05-18
Wed 02-
05-18 Event manager
1.3
Approaching an Event
Manager for developing a
complete breakdown of trip
plan for the reunion of the
families
1 day Thu 03-
05-18
Thu 03-
05-18 Event manager
2 Planning phase 20 days Fri 04-
05-18
Thu 31-
05-18
2.1 Selection of destination for
the planned trip 2 days Fri 04-
05-18
Mon 07-
05-18 Event planner
2.2 Taking approval of selected
destination from the families 1 day Thu 10-
05-18
Thu 10-
05-18 Event planner
2.3 Allocating cost to the
resources required 3 days Tue 08-
05-18
Thu 10-
05-18 Event planner
2.4 Developing the overall
budget for the approved project 1 day Thu 10-
05-18
Thu 10-
05-18 Event planner
2.5
Minimizing the budget
according to the suitability of
the families by
1 day Thu 10-
05-18
Thu 10-
05-18 Event planner
2.6 Finalization of date of the
trip 3 days Fri 11-
05-18
Tue 15-
05-18 Event planner
2.7 Booking of the to and fro
flight ticket 2 days Wed 16-
05-18
Thu 17-
05-18
Event organizer, Event
planner
2.8
Booking of the hotel
accommodation for 150
families
2 days Fri 18-
05-18
Mon 21-
05-18
Event planner,
Expenditure for
travelling[1]
2.9
Synchronization of the
activities for arranging family
adventures program
2 days Tue 22-
05-18
Wed 23-
05-18
Event planner,
Expenditure for
travelling[1]
2.10
Provision of activities for all
age groups such as Kids,
Women, and Men
2 days Thu 24-
05-18
Fri 25-
05-18
Event planner,
Expenditure for
travelling[1]

10PROJECT COST AND SCHEDULE CONTROL
2.11 Taking approval from the
family members 2 days Mon 28-
05-18
Tue 29-
05-18
Event planner,
Expenditure for
travelling[1]
2.12 Signing Off from the head
off the family for clearance 2 days Wed 30-
05-18
Thu 31-
05-18
Event planner,
Expenditure for
travelling[1]
3 Execution phase 18 days Fri 01-
06-18
Tue 26-
06-18
3.1 Family adventure 3 days Fri 01-
06-18
Tue 05-
06-18
Event coordinator, Event
planner
3.2 Ski resort 3 days Wed 06-
06-18
Fri 08-
06-18
Event organizer,
Accommodation cost[1]
3.3 Charlotte Harbour tours 3 days Mon 11-
06-18
Wed 13-
06-18 Event coordinator
3.4 Hooked on SUP 1 day Thu 14-
06-18
Thu 14-
06-18 Event organizer
3.5 Arranging of trip to stump
pass beach and the state park 3 days Fri 15-
06-18
Tue 19-
06-18
Event manager,
Expenditure for
travelling[1]
3.6 Arranging trip to the gulf
Island 1 day Wed 20-
06-18
Wed 20-
06-18 Event coordinator
3.7
Ordering of Food according
to the personal requirement of
the family
1 day Thu 21-
06-18
Thu 21-
06-18
Event organizer, Other
additional cost[1]
3.8 Arranging group photo
session 1 day Fri 22-
06-18
Fri 22-
06-18 Event coordinator
3.9 Taking group photos for all
time memories 1 day Mon 25-
06-18
Mon 25-
06-18 Event coordinator
3.10 Deployment of musical
show for the entertainment 1 day Tue 26-
06-18
Tue 26-
06-18 Event manager
3.11 Analysis of the requirement
placed by the family members 1 day Tue 26-
06-18
Tue 26-
06-18 Event manager
3.12
Recommendation of the trip
activities should be included for
the success of the reunion
family program
1 day Tue 26-
06-18
Tue 26-
06-18 Event manager
4 Closure phase 2 days Wed 27-
06-18
Thu 28-
06-18
4.1 Feedback from the family
members 1 day Wed 27-
06-18
Wed 27-
06-18 Event manager
4.2 Returning to home 1 day Thu 28-
06-18
Thu 28-
06-18 Event manager

11PROJECT COST AND SCHEDULE CONTROL
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