Analyze the cost variance metric, and include the equation and what the acronyms stand for
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- 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?III. Evaluate the below statement according to the project management life cycle In this phase of project life cycle: it involves finalizing the whole project and make sure the functionality of the components and the whole system. Choose... In this phase of project life cycle: try to make the plan to come true by converts blue prints and specifications into physical Choose... structure. In this phase of project life cycle: It involves dealing with suppliers, contractors and subcontractors and ordering project Choose... resources. In this phase of project life cycle: preparing the needed document and plans for the project such as blue prints and Choose... specifications for the project. In this phase of project life cycle: starting with developing the Choose... project Idea by recognizing need for the project. In this phase of project life cycle: preparing evaluation and status reports, what if there is need to do some changes in Choose... quality. Choose.. Delivery Phase Execution…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?
- Prepare a project proposal for a promoting operations management major among newly enrolled students. The project should develop different means to attract new students to the major. What and how to promote and how to deliver is for the group to decide. Business Case 1.0. Introduction/ Background 2.0. Business Objective 3.0. Current Situation and Problem/Opportunity Statement 4.0. Critical Assumptions and Constraints 5.0. Analysis of Options and Recommendation 6.0. Preliminary Project Requirements 7.0. Budget Estimate and Financial Analysis 8.0. Schedule Estimate 9.0. Potential Risks Please answer all the requirementquetion 1 a)What is a burn-down chart? What purpose does it serve? b)Why should a project manager be concerned with monitoring a project’s progress? c) Describe how the SPI and CPI can be used to forecast the final cost of a project?[Project Management] Because a housing project is running late, the developer will need to complete and deliver the houses as quickly as possible. You and your management team are responsible for mitigating the situation by including a time-cost trade-off analysis into the project. You will need to include the following: Normal crash Activity Prior Days cost, RM Days cost, RM A 7,000 7,000 B A 8,000 9 8,000 B 14 6,000 12 11,000 D B 18 5,000 11 8,500 E C,D 12 8,000 12 8,000 E 20 6,000 16 12,000 E 7,000 7,000 E 11 11,000 7 15,000 G, H 10 15,000 21,000 7 I, F 6 9,000 6 9,000 Construct a network diagram (PDM), including activity early start, late start, early finish, late finish and float.
- b) As a Project Engineer, cost control is one of the areas that is pertinent to project budget. When project cost is over-run against project budget, what will be the challenges as an engineer that you will be to be concerned? Please list down 3 concerns and elaborate on your answers. (CO1, C4)Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?(c) Illustrate with suitable examples, the COCOMO I and II model of project management.
- Answer it completely ill rate your answer Research what are the Features, Advantages & Disavantages of the following Project Delivery Methods: 1. Traditional (Design-Bid-Build)how Monitor Project Planning Parameters (Project Manager/Project Members)5. Discuss the pros and cons of the checklist versus the weighted factor method of selecting projects 6. After the strategic management process, each functional area develops a wish-list of projects. For each project they create a document that is used as input into the Project Selection process. What is the name of that document? Name 5 items included in that document