Earned value management

Question

Question 1:

Earned Value Management is the systematic approach to measurement and integration of cost, schedule, and technical accomplishments in a project. List all the benefits which are associated with this technique.

Question 2:

PK Motors Ltd embarked on the pilot project to manufacture 2000 units of a new model vehicle. The total cost of manufacture is estimated at $27m and the project must be completed in 30 weeks. The rate of project progress is anticipated to be uniform and linear. At the end of week 18, the actual cost of work performed (ACWP) amounted to $17.1m and the number of cars produced was 600 units. As a project manager, you’re requested to report the project status. Your answer must point on the following:

i) A graphical presentation of the project status

ii) Cost Variance (CV)

iii) Schedule Variance (SV)

iv) Cost Performance Index (CPI)

v) Schedule Performance Index (SPI)

vi) Estimate To Complete (ETC)

vii) Estimate At Completion (EAC)

viii) Estimated time to complete

Consider the results of Earned Value Analysis and briefly state whether the project is ahead or behind schedule and whether it is under or over budget.

Question 3:

Projects are extensively known for their tendency to run late and over-budget.

(i) Select an organization of your choice and in brief illustrate out the main risks to which development projects are exposed.

(ii) Discuss and illustrate out the techniques which are available for coping with those risks.

Question 4:

Almost all projects suffer change to their current “definition” at some point in their evolution. Changes might be proposed by any of stakeholders associated with the project. Change might be unavoidable or highly desirable; it might equally be unnecessary and not useful. It is indispensable that any proposed change to the project be formally controlled. Illustrate out how project controls relative to alters are managed.

Question 5:

Projects generate and absorb important quantities of information. Discuss and illustrate out the significance of an effective information management system.