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 hypothesize as to why it is not utilized 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?

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 hypothesize as to why it is not utilized 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?

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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A Hospital Management System Development Project has a budgeted cost of Rs. 22,700,000/-. The project is to be completed in 11 months. After 4 months, you have completed 24 percent of the project at a total expense of Rs. 2,925,000/-. You, as a Project Manager, needs to submit the monthly performance report to the Steering Committee. Based on EVM methodology, please identify the current progress of the Project. Find Budget at Completion (BAC), Actual Cost(AC), Planned Value (PV) and Earned Value (EV). Calculate the Project Health by finding values of Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV) and Cost Performance Index (CPI). What these value shows? If the project continues at the current pace, what will be the true cost of the Project or Estimate at completion of the project. What actions, you would suggest or take as a Project Manager, to keep the budget and time under control.
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?
a) What are the significance of project cost management tools such as expert judgment, data analysis, and meetings to project output?
Justify the use of Earned Value Management (EVM) to control costs and monitor project progress, and hypothesis as to why it is not used more often. For example, what are some general rules of thumb for deciding whether or not a cost fluctuation, a schedule variation is positive or negative?
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