Earned Value Management Review

User Generated

sqtbamb

Business Finance

Colorado State Global Campus

Description

Using past course texts, current suggested readings, and other scholarly resources, write a review of earned value management.

Define the following:

  • Schedule variance (SV)
  • Cost variance (CV)
  • Schedule performance index (SPI)
  • Cost performance index (CPI)

Be sure to address these questions:

  • What do SPI and CPI demonstrate? How do you plan to use this information in your recommendation to the CIO?
  • How are SV and CV related to one another? Why are these terms important?
  • What are the major advantages of using earned value metrics to understand the effectiveness of project performance? What do you perceive are its disadvantages?
  • What are the challenges associated with obtaining earned value metrics? What can you do as a project manager to minimize the challenges?
  • What are your recommendations given the information above?

Lastly, conclude with a description of the value of earned value management to an organization.

Your paper should meet the following requirements:

  • Be at least 3 pages in length.
  • Be formatted according to the CSU-Global Guide to Writing and APA.
  • Include two scholarly sources. The CSU-Global Library is a good place to find these sources.

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Explanation & Answer

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Running head: EARNED VALUE MANAGEMENT

Earned Value Management
Institution Affiliation
Instructor’s Name
Student’s Name
Course Code
Date

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EARNED VALUE MANAGEMENT

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Earned Value Management
Earned value management is also known as earned value analysis. It has been used for
many years in determining the project progress. Business and organizations have been able to
utilize this method to identify the shortcomings and the development of a particular project. The
efficiency and effectiveness of resources utilization are essential for project management.
Schedule Variance (SV)
Schedule variance can be defined as an indicator used by project managers to determine
whether a project is ahead or behind schedule. The indicator is used in Earned Value
Management. To determine this variance one can deduct the budget cost of work scheduled from
the budgeted work done. The cost of work schedule measures the whole project while the work
performed to measure the actual work completed.
Cost Variance (CV)
The cost variance is essential in pr...


Anonymous
Excellent resource! Really helped me get the gist of things.

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