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Project Management – Theme Park Construction

Project Management – Theme Park Construction

For CP3 you will set your CP2 project and document deliverable aside and start fresh. Your task is to use
this document and the data provided to create a project file using Microsoft Project. The data below will
establish a project budget and schedule baseline with Budget = $4,449,920.00 and a highly desired
completion date of 12/17/08.
We are trying to create a scenario for a time that is ‘out in the future’ here. We are fast forwarding the
project and loading some fictional information to create a scenario for you to analyze using Earned Value
and then provide course corrections to the project.

Executive Summary
The project entails the construction of an ultra modern theme park that’s scheduled to take
178days for all the construction work. The commencement date for the Theme Park Construction
was scheduled to take place on 14/7/2008. The cost of the project has been estimated to cost
$4,449,920 as per the baseline while its completion data is desired to be December 17 2008. The
projects milestone are; Site Layout & Site Grading which is scheduled to take 10 days, Footings

Project Management – Theme Park Construction 2
& Foundations 55 days, Masonry 60 days, Frames, Columns and Beams 40 days, Joists & Roof
Deck 30 days, Slab on Grade 35 days, Rough Carpentry 35 days, Interior Studs 20 days, Interior
Drywall 30 days, Painting 30 days, Elevators 30 days, Doors 5 days, Custom theme painting 15
days, Flooring 15 days, Finish carpentry 15 days, Bathroom compartments 3 days, Plumbing 85
days, HVAC 95 days, Ferries wheels 137 days, System and Security Training 3 days, Final Walk
through 1 day and the Final Opening 1 day.
Earned Value
Earned Value or EV is a management technique that measures the performance of the project
objectively. EV =Current/Start ∑ PV (Completed). The EV curve, mostly in green is utilized to
indicate the technical performance or the progress of the report. Without the Earned Value it
would be difficult to track the progress of a project. The EV compliments the critical path
analysis in pert diagrams (Ireland, 2006). 
In October 1 2008, the project is scheduled to have surpassed or at half its completion stage. The
earned value for quarter Q2 is $2,073,040 while the planned value was 2,073,040. The actual
cost incurred is $52,440 the same as the baseline cost. Total costs incurred on the project as at
the end of the Q2 totaled to 52,440 ( Cleland & Gareis, 2006).
The earned value for the Q3 was 13,832,862 while the planned value was 15,609,960. The actual
cost for the project amounted to 195,286 while the baseline costs amounted to $337,760. In
quarter Q4 the earned value was 247726 while the planned value had been budgeted at 397,800.
The actual cost was the same as the baseline costs that was budgeted (Phillips, 2003). 
2008 Earned


AC Actual

Cost Cumulative
Q2 2073040 2073040 2073040 52440 720 52440 720 415031 52440

Project Management – Theme Park Construction 3
Q3 13832862 15609960 13832862 195286 2202 337760 3728 2153980 390200
Q4 247726 397800 247726 0 0 316720 2848 1880909 706920
Total 16153628 18080800 16153628 247726 2922 706920 7296 4449920 706920

The budgeted cost of work (BCWS) amounted to 2628906 as at the beginning of october 2008. It
was also the planned value. The earned value according to the work performed amounted to
$1,1616,178.90 while the actual cost of work performed (ACWP) aounted to $1,620,698.46. The
Schedule Variance amouned to $1,113,728.66.



Earned Value Over Time Report
Earned ValuePlanned ValueACActual CostActual WorkCost

Project Management – Theme Park Construction 4
The actual cost of the actual work done is very low compared to the Earned Value and the
Planned value (Cattani, Ferriani, Frederiksen and Florian, 2011). The cost of the work performed
is higher than the actual costs incurred (Harrison & Lock, 2004). The contractor must have done
more work than what has actually what he has been paid. It means that the contractor must be
due for payments (Lock, 2007).
The total work that must have been completed as at the beginning of October 2008 are

Project Management – Theme Park Construction 5

Project Management – Theme Park Construction 6

The following are the completed tasks as at the beginning of october 2008

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