If earned value management (EVM) is so beneficial, why is it not used more often? Explain how it may be used to track costs and evaluate the success of a project. When evaluating cost variation, schedule variance, cost performance index, and schedule performance, what criteria should be used as a starting point

If earned value management (EVM) is so beneficial, why is it not used more often? Explain how it may be used to track costs and evaluate the success of a project. When evaluating cost variation, schedule variance, cost performance index, and schedule performance, what criteria should be used as a starting point

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 21P

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Similar questions

Justify the use of earned value management (EVM) to control expenses and monitor the effectiveness of a project, and speculate as to why it is not used more often. How can one determine if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is favorable or unfavorable? What are some general criteria to follow?
Explain how earned value management (EVM) may control costs and monitor project performance and hypothesise why it is not used more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?
Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?
Why is earned value management (EVM) not utilized more frequently? Describe how it may be used to manage expenses and gauge project effectiveness. What are some broad guidelines for judging the quality of figures for cost variation, schedule variance, cost performance index, and schedule performance index?
Give an example of a project which is a failure in cost estimation and give suggestions for making it appropriate.
Why is earned value management (EVM) underutilised? Explain how it may be used to track spending and project success. What are some general rules for assessing cost variation, schedule variance, cost performance index, and schedule performance index figures?
Explain how earned value management (EVM) may control costs and monitor project success and hypothesise why it is not utilised more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?
Justify the usage of earned value management (EVM) to control costs and monitor project success, and hypothesize on why it is not utilized more often. What are some broad guidelines for determining if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is positive or negative?
Explain why earned value management (EVM) is not widely used in cost control and project success monitoring, and provide some speculation as to why this is the case. Following a few basic guidelines, it is possible to calculate a positive or negative cost performance index (CPI) or a schedule performance index (SPI).
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In a recent review meeting, the client has insisted you complete the project on time. You would like to get the Estimate at Completion for your project, so you perform Earned Value analysis and get the following data: the value of the completed work is $176,500; you have spent $223,500; and the planned value is $229,100. The initial budget of the project is $419,500. What is EAC? Your answer should be rounded to the nearest whole number, for example 123,456.73 should be rounded to 123,457. A