Your project sponsor pulls you aside and admits that she has no idea ?what earned value management (EVM) concepts, such as AC, BCWP, and EV, ?mean; she is only concerned that you d | WriteDen

04 Sep Your project sponsor pulls you aside and admits that she has no idea ?what earned value management (EVM) concepts, such as AC, BCWP, and EV, ?mean; she is only concerned that you d

Posted at 19:02h
in Information Systems
by

  • Your project sponsor pulls you aside and admits that she has no idea  what earned value management (EVM) concepts, such as AC, BCWP, and EV,  mean; she is only concerned that you deliver the project ahead of  schedule and under budget. Using the information from your readings and  other activities, develop a project to educate her, including which EVM  performance measures you would educate her on. Provide a rationale for  your selection of topics. 
  • After posting your response, respond to at least one of your classmates about their suggestions.

1 day ago

Brigitte Moffah

RE: Week 9 Discussion

Top of Form

Good day Dr. Kimble and classmates,

I will not blame my project sponsor if she admits she has no idea what EVM and its concepts mean. These factors of project management could be quite challenging to comprehend but are very important. While educating my project sponsor on what EVM and its concepts are, I will do a step-by-step description, so she does not get overwhelmed or confused. The steps below contain information I will use in educating her.

· Earned Value Management (EVM) is a key concept used to assess current performance and to predict final costs and completion dates (Larson and Gray, 1). EVM combines scope, schedule, and resource measurements to assess project performance and progress. It predicts the future and enables project managers to act accordingly. The basic principle of EVM is that the value of the piece of work is equal to the amount of funds budgeted to complete it. 

EVM has several benefits, which include the following: 

– It provides more information than normal project tracking. 

-It gives a more accurate description of the project’s progress and helps with the calculation of its successful completion.

-It provides a clear communication of the activities involved and improves project visibility and accountability (APMG,2).

EVM also has its disadvantage, which is the fact that it does not have any tool which shows customer satisfaction and the quality of the project. If the quality of the product or service is poor and customers are not satisfied, then there is a serious problem.

EVM has three metrics, which include the following:

i)Planned Value (PV): This is the value of the budget which has been assigned to accomplish a work schedule. Planned value can be cumulative or current. Cumulative PV is the budget which has been authorized for certain tasks performed within the estimated date. It is also known as Performance Measurement Baseline (PMB). Current PV is the budget that has been authorized for the completion of certain tasks within scheduled dates, weeks, or months. Another name for Planned Value is Budget Cost of Work Schedule (BCWS) (Thakur, 3).

ii)Earned Value (EV): This refers to the value of tasks that have been performed in terms of the approved budget. It is also known as the Budgeted Cost of Work Performed or BCWP.

iii)Actual Cost (AC): Actual cost refers to the value of actual cost which has been acquired for executing certain tasks of a project, during a specific period. Actual Cost is also known as the Actual Cost of Work Performed (ACWP). When Planned Value and Earned Value are compared, the project manager can determine whether the project is moving according to schedule.

The following indicators are required for the description of project performance and cost schedule with EVM:

· Schedule Variance (SV): This is the difference between work that has been accomplished and, the work which was scheduled. It is calculated by subtracting the Project Planned Value from the Project Earned Value (SP=EV-PV).

· Cost Variance (CV): This shows whether the project is within budget or not and measures the difference between the budget amount that was approved, and the actual cost used to perform the task. CV is calculated by subtracting Actual cost from Earned value (CV = EV-AC).

· Schedule Performance Index (SPI): This is the ratio of earned value to planned value, which is calculated by dividing Earned Value by Planned Value (SPI=EV/PV).

· Cost Performance Index (CPI): It provides an early warning signal to cost overruns so that adjustments can be made to the budget or scope of a project (Larson and Gray, 3). It is calculated by dividing Earned Value by Actual Cost (CPI=EV/AC).

I chose the topics above because they are the key concepts of EVM and, describing each of them will help my project manager understand the roles they play in project performance and progress.

Sources

1)Erik Larson, Clifford Gray. 2021. Project Management (The Managerial Process)

2)APMG International (No Author). 2021. What is EVM and Why is it Important?

https://apmg-international.com/article/what-earned-value-management-and-why-it-important

3)Madhuri Thakur. 2022. EVM System

https://www.educba.com/earned-value-management-system/

Bottom of Form

HOW OUR WEBSITE WORKS

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of 
HIGH QUALITY & PLAGIARISM FREE.

Step 1

To make an Order you only need to click ORDER NOW and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
 Deadline range from 6 hours to 30 days.

Step 2

Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.

Step 3
Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.
Is it Safe to use our services?
We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.

Discounts

Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Graduate Assistants, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@acmehomework.com.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Graduate Assistants has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At Graduate Assistants, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.