Discuss your understanding of EVM using concrete examples.

Anonymous
timer Asked: May 1st, 2019
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Question Description


Reading requirement: Quality Management by Summers e-Book - BvD Pearson Vol 2 ISBN 9781323611395 You must cite from this book

Please read chapters 1-2 from the Summers textbook.


Your company has discovered that it must confront its chronic project cost problems head-on in order to operate profitably. As part of cost control measure, you will use the earned value management (EVM) technique to plan and track performance of the newest set of projects. Your company has determined that project managers must have a deep understanding of cost management.

Discuss your understanding of EVM using concrete examples.

How does EVM impact project quality?

Describe how you would use EVM to determine whether a project is being completed within budget

Please write in APA. 2 pages are good. i Will pay as tip of 25$ at the end of the question once you submit a quality paper. Am from tilbourg university doing information technology so write a paper that meets university standards. Kindly do not bid a price higher than 1$, ofcourse thats not the payment, am assuming i havent paid, i just hope not to recieve showdy work. thank you

Tutor Answer

elegancetutor
School: Boston College

Hey there. I have revised the paper. I am availble if you need edits.

1
Running head: EARNED VALUE MANAGEMENT

Earned Value Management
Student’s Name
Institution

2
EARNED VALUE MANAGEMENT
Earned Value Management
Earned value management refers to a method of measuring the progress of a project by
way of finding variances by comparing the work that has been executed to work that has not
been done (Chen et al, 2016). The tool is adopted in the schedule and cost control of the project
which facilitates activities such as forecasting, the project among others (Summer, 2008). The
project baseline is an example of a component that should be included in all earned value
management operations as it is a means of providing data that can be tabulated when working on
a given project. It therefore comes handy during all the decision making processes. An example
of an earned value management in a project is when there is a 10 month road project that needs
to spend $250,000 per month for a total of $2.5 million until completion (Summer, 2008). Two
months after the project started, the project has underspent the money by 50%. At that time, the
assumption is that the work is progressing well as it has used less cost than what was estimated it
should use. Completing the work in 10 months means that the earned value of the project was
10% of the $2.5 million for the total budget.
Influence of EVM on project quality
EVM is used to influence the quality of a product in a number of ways. First, the forward
pass calculation in the process is used to calculate the early start as well as determine the late
finish dates for the project (Summer, 2008). That way, they allow an individual to remain on
track to complete their project within the designated time period.
Secondly, the backward pass calculation in EVM makes it possible to identify the latest
start as well as the latest finish of a project. As a result, it becomes possible to help a project
recover even when there were some delays that made it hard for the project to be started within

3
EARNED VALUE MANAGEMENT
the given time (Webb, 2017). As a result, earned value management makes it possible to ensure
that the project progress is observed.
Earned value management makes it possible for ease in management of a project as the
progress can easily be monitored. A combination of calculations are the ones that allows for the
progress to be monitored in such a way (Webb, 2017). The use of EVP as well as CPM
calculations makes it possible to show the transparency in resource allocation to the sponsors
which may lead to even more funding for the project.
Describe how to determine whether project is completed within the given budget
The project is to design a new widget in 1000hrs. Each work package takes 12 weeks.
The end of 6th week 55% of the work should be done. Number of hours for activities that need to
be completed in 6...

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Anonymous
Excellent job

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