Can anyone here clarify the chart for me? I emailed the TA and have not got a response. I have racked my brain over this thing!
I am confused about the column that states "This month's budget" in the revenue row. The 'actual' is 300,000. This months budget is 350,000. The variance is 50,000.
Ok, so what does this mean?? To me this says that the unit is under 50,000 of what its projected performance is....meaning its losing money. I got this rationale because in the text on page 669 it states 'projected (budgeted) performance'. So I applied this to the case study.
Shouldn't this be indicated with (50,000) in the variance column instead of 50,000 showing a loss???
**OR**
Am I completely reading TOOO much into this? And the budget for the unit is 350,000 and they have saved 50,000 dollars?
Can anyone here clarify the chart for me? I emailed the TA and have not got a response. I have racked my brain over this thing!
I am confused about the column that states "This month's budget" in the revenue row. The 'actual' is 300,000. This months budget is 350,000. The variance is 50,000.
Ok, so what does this mean?? To me this says that the unit is under 50,000 of what its projected performance is....meaning its losing money. I got this rationale because in the text on page 669 it states 'projected (budgeted) performance'. So I applied this to the case study.
Shouldn't this be indicated with (50,000) in the variance column instead of 50,000 showing a loss???
**OR**
Am I completely reading TOOO much into this? And the budget for the unit is 350,000 and they have saved 50,000 dollars?
HELP!
Sorry - I didn't read this post until now and so the answer is probably too late to help but this looks like an earned value (EV) question . . .
There are 2 basic components to EV - cost and schedule. In the question above, your budgeted cost of work performed (BCWP) is $350k but the actual cost (ACWP) is $300k, giving a $50k cost variance. If all the work elements involved have been completed, i. e., you are on schedule for the tasks you planned for the month, then this is a good positive variance and means you are under budget (and also calls into question the accuracy of your $350k estimate, but that's another issue). If on the the other hand, you are behind schedule, then the cost variance means that something is wrong with your project scheduling (perhaps you had a bunch of folks call in sick) and you will need to replan to get back on track. The $50k in this case does not mean you are bringing the project in under budget, merely that you did not spend as planned and are behind schedule - both bad things. You need to replan and re-budget things. Hopefully this makes sense and helps with what you're working on this week.
Hello, I just signed up for nursing 416 and wondered what the first assignment is? I just finished Psy120 stats (never so glad to see 5 weeks pass) and I wanted a jump start on the reading and/or assignment. Thanks for any info!
Hello, I just signed up for nursing 416 and wondered what the first assignment is? I just finished Psy120 stats (never so glad to see 5 weeks pass) and I wanted a jump start on the reading and/or assignment. Thanks for any info!
Sorry I can't help you withthis one, but I'm getting ready to take stats and was wondering if you have any words of wisdom? I'm gonna need all the help I can get.
Oh boy. If you have a good math mind and like 'word' problems you will be fine. I struggled and spent lots of hours on this course. I think I'll get a fine grade, but I gave up the last few entire weekends just studying. If your brain doesn't pick up math quickly you might want to line up a tutor. An hour a week with a tutor would have made that class much more doable!
Do you happen to know what the first week assignment and/or reading is for Nursing 416? I'm starting in one week and I'd like a jumpstart due to family coming in the week it starts officially. Thanks!
chuckster, ADN, BSN, RN, EMT-B
1,139 Posts
There are 2 basic components to EV - cost and schedule. In the question above, your budgeted cost of work performed (BCWP) is $350k but the actual cost (ACWP) is $300k, giving a $50k cost variance. If all the work elements involved have been completed, i. e., you are on schedule for the tasks you planned for the month, then this is a good positive variance and means you are under budget (and also calls into question the accuracy of your $350k estimate, but that's another issue). If on the the other hand, you are behind schedule, then the cost variance means that something is wrong with your project scheduling (perhaps you had a bunch of folks call in sick) and you will need to replan to get back on track. The $50k in this case does not mean you are bringing the project in under budget, merely that you did not spend as planned and are behind schedule - both bad things. You need to replan and re-budget things. Hopefully this makes sense and helps with what you're working on this week.