Project Performance ExercisePierre is the project manager of a Human Resources project that is to develop thecontent for and the implementation of an organisation-wide project managementcompetency system.Time planning was carried out using the Milestone Objective Chart approach asreflected below. The project budget has been apportioned to each milestone and itis now at the end of month three. The project manager and team have assessed themilestone completion status as follows: Milestone A = 100%Milestone D = 20%Milestone B = 70%Milestone E = 70%Milestone C = 100% The organisation’s financial system shows that the cost (operational and staff costs)to date is R20,000. To this amount Pierre adds on R5,000 committed costs that hemanages in a separate project spreadsheet.The Milestone Objective Chart for the project is shown below.Please note that you do not have to send in your calculations however, it isimpossible to complete the tables below if you do not do them.1 2 3 4 5Time inmonths R7000CFR3000 ABD EGR5000R2000R4000R5000R100000Do the following:a) Determine the status of the project as at the end of month three and completethe table below. (Hint: Calculate the PV and EV, the AC is given). (6) ElementAmountPVEVAC b) Forecast the cost and time at completion using the methods described in theProject Manager Reference Manual Chapter 7: Earned Value Reporting. Youcan use any of the two formulas give for EAC. (4) ForecastAmount/TimeEACETAC c) From the information developed above, comment on the current status andforecasted position of the project. (5)Start typing here

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