Cost variance

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Business Finance

Description

Your company is a dynamic organization that depends on using standard project management techniques as prescribed by PMBOK in managing series of projects to keep its IT infrastructure in alignment with its business goals.

Your company has decided to use the earned value management (EVM) technique to monitor and control projects. In a report of 2–3 pages, complete the following:

  • Define the concepts of cost variance and schedule variance.
  • Demonstrate your understanding of EVM by using appropriate examples to illustrate the schedule performance index (SPI).
  • Analyze how knowledge of the SPI will help you as a project manager in controlling the project and ensuring that it is completed within the scheduled target.
  • Complete your paper and reference sources using APA style.

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Explanation & Answer

Attached.

Running head: COST VALUATION AND SCHEDULE VARIANCE
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COST VALUATION AND SCHEDULE VARIANCE
Institutional affiliation:
Date:

COST VALUATION AND SCHEDULE VARIANCE
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Define the concept of Cost Valuation and Schedule Variance
The concept of Cost Valuation and Schedule Variance are so important to a company
Earned Value Management (EVM) technique in helping to monitor the progress of the
company’s projects in terms of the cost and the schedule. With proper implementation of the
EVM, it can bring about accurate forecast and analysis of the project progress. What is much
important in EVM is to have a well define plan for the project. Also included within the EVM
are other aspects of the project management which includes scope definition, Planning and
Control.
Calculating Variance ...


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