8. Two of the main issues that project management and project managers face in term of projects are related to falling behind schedule and to over budgeting. The Earned Value Analysis solution is an excellent way to deal with both at the same time. The EAV measures the way a project has evolved through its different phases and helps forecast the eventual cost at deadline, along with the variances that may occur along the way.
Of course, if all these elements mentioned would be only qualitative, we may have a problem. However, the best advantage about EAV is that it uses measurable, quantifiable indicators in order to determine whether the cost, schedule and work accomplished elements are all performing as initially planned when the project was defined.
It is best to introduce now some metrics that are used with the concept. These include Schedule Variance (SV), obtained by comparing BCWP (Budgeted Cost of Work Performed) and BCWS (Budgeted Cost of Work Scheduled) and the Cost Variance, as the difference between BCWP and the Actual Cost of Work Performed (ACWP). Negative variance in these cases means that either the project is over budget or behind schedule.
Of course, using these two metrics, schedule variance and cost variance, we are already prepared to make assumptions about the business. Let's suppose a software and it company needs to deliver a product for a customer in a period of time t and using a certain amount of money. At time t1, the project manager performs an evaluation which leads to the following conclusions.
The Budgeted Cost of Work Performed was evaluated at $49,000 and Budgeted Cost of Work Scheduled is evaluated $55,000 and the Actual Cost of Work Performed is evaluated $56,000. The Schedule Variance can be calculated, in this case, as equaling $- 6000 and the Cost Variance as equaling
7000. As both cases show, the project is both behind schedule and over...
Project Manager for an Engineering Firm: Job Description As a project manager for an engineering firm, I am under no illusion whatsoever that my job will be an easy one. This is more so the case given the project intensive nature of engineering industries. In an attempt to enhance my understanding of my prospective job position, I come up with a detailed job description for the aforementioned position. Job Description Roles and Responsibilities Project
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