Calculating Earned Value

Calculating Earned Value Question 1. Explain briefly the Project Management concept of Earned Value. Question 2. Below, you can see the work and budget planned for a project that started six months ago. Calculate the following elements using the Earned Value formulas. In addition to the numeric answer provide a brief explanation for the concepts 5, 6, 7, 8,9,10,11,12 Month 1    Month 2    Month 3    Month 4    Month 5    Month 6    Month 7    Month 8    Month 9    Month 10    Total Work planned    5%    5%    10%    10%    10%    15%    15%    15%    10%    5%    100% Budget Planned     50,000      50,000      100,000      100,000      100,000      150,000      150,000      150,000      100,000      50,000      1,000,000 Six months after inception you have achieved 40% of the project $700,000 1    AC 2    BAC 3    PV 4    EV 5    CV 6    SV 7    CPI 8    SPI 9    EAC 10    ETC 11    TCPI based on BAC 12    TCPI based on EAC Question 3. What can you do to incorporate your findings to a change management system ? Question 4 What is the importance of the