A Project On Value Management Essay - 1031 Words

The project is an 8 month project. The status is being taken after 4 months, thus the project should be 50% complete. According to the project plan, the project is 45% complete. The summary activity Design – Build Engineering Gadget shows the percent complete, duration, start date and finish date for all detail activities below the summary activity. The time-phased budget used previously is shown below. This budget is organized by phases, or as PMI ® refers to them, process groups. The time-phased budget that Earned Value Management considers is the sum of all work packages for each time period. That time period can be weeks or months, and is not tied to a project phase. In the analysis we are performing, we assume a constant rate of spending for the Planned Value (PV) to make it less complex. Earned Value Management Earned Value Management (EVM) is a process used to find, and determine the significance of, variances in project cost and project time. Using the Baseline Budget at Completion (BAC) as the foundation, the variances are based on the comparison of worked performed and work planned. EVM is used to support both cost and schedule control, and can be very useful in project forecasting. The objectives of an EVM process are to: †¢ Relate time phased budgets to specific activities and/or statements of work. †¢ Provide the basis to measure work progress against the baseline plan. †¢ Relate schedule performance and cost performance. †¢ Provide valid, timely, andShow MoreRelatedValue Of Project Management And Management2226 Words   |  9 PagesVALUE OF PROJECT MANAGEMENT A SURVEY ON PM PRACTICES ON IT/TELECOM SECTOR Companies these days are turning to project management to consistently deliver business results and to stay ahead of the pack in today’s competitive and chaotic global economy. Project Management is in fact elaborated as project, program and portfolio management. 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