# Question: 1. A project you work on has a budgeted cost of \$1,20,000. You have 1 year to complete the projec……

1. A project you work on has a budgeted cost of \$1,20,000. You have 1 year to complete the project. One month has passed and only 15% of the project was completed instead of the planned completion of 20%. The expenses were found to be \$150,000.

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Question: 1. A project you work on has a budgeted cost of \$1,20,000. You have 1 year to complete the projec……
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a. Is the project over budget? Explain.

b. Is the behind schedule? Explain.

c. Calculate the estimate time to complete the project.

2. A project you manage is expected to be completed in 16 months at a monthly cost of \$20,000. The project is 60% completed after 4 months at a cost of \$80,000.

a. Is the project over budget? Explain.

b. Is the behind schedule? Explain.

c. Calculate the estimate time to complete the project.

1. a. Yes, the project is over budget. Based on the given data, the expenses is greater than the budgeted cost.

1. b. Yes, the project is behind schedule. Based on the given data, workers were able complete only 15% of the work whereas the planned target is 20% for the first month.

1. c. At the current rate of work completion, it will take 1 year and 5 months more to complete the project. New Estimate: 1 year and 6 months.

2. a. No, the project is not over budget. One month cost is \$20,000. So for 4 months it’ll cost \$80,000. The budget is tallied as planned.

2. b. No, the project is not behind schedule. 60% of work is completed in 4 months time though the planned duration is 16 months which is ahead of the schedule.

2. c. At the current rate of work completion, it will take 3 more months to complete the project. New Estimate: 7 Months.

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