what earned value management (EVM) concepts,|My homework helper

Posted: March 6th, 2023

Question 1:

· 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.

Question 2:

· Through your work in the assignments, you have now delivered the project to your customer ahead of schedule but slightly over budget. Now it is time to reflect on what went well and what didn’t go so well. Based on feedback you received throughout the course, what would you have done differently in terms of scope, resources, and schedule, and why?

SOLUTION

To educate the project sponsor on earned value management (EVM), I would start with an overview of the concept and its benefits. I would explain how EVM provides a comprehensive way to measure and analyze project performance, taking into account both time and cost. Then, I would explain the key performance measures of EVM, which include the following:Planned Value (PV): This is the authorized budget assigned to the work scheduled to be accomplished for a specific period. Earned Value (EV): This is the value of work completed to date based on the approved budget. Actual Cost (AC): This is the actual cost incurred to accomplish the work performed. Cost Variance (CV): This is the difference between the earned value (EV) and the actual cost (AC). It measures whether the project is under or over budget.