Using Earned Value to Determine Status
Jennifer turned in her status report for the newly approved mailing activities. She feels that her pieces are on track with nothing for you to worry about. She reports the following information for the critical path tasks:
You review her status report and determine that Jennifer does not have a solid grasp of her status. Ben was unable to provide you with anything more than, “Things are moving along just fine.”
- Using earned value measurements along with the other information and metrics available, determine the true status of Jennifer’s portion of the project.
- Prepare an updated status report (1 page) for Jennifer and share the measurements and your rationale in your determination of the status for the project.
- Create a 2-3 slide presentation explaining the benefits of using EVM.
- Be sure to document some instructions (1-page document) for Jennifer and Ben for determining the project status for their next project update to you.
- Also, provide materials that would be used to train Jennifer and Ben on the benefits and application of earned value.
- The materials should include some guidelines for Jennifer and Ben to help them create and then interpret the metrics.
</pstyle=”color:>I am going to simplify assignment 1, because like some of my students, at first I was confused.
A project has an expected duration of 34 weeks with a critical path variance of 6. Suppose the project network is given and the critical path is identified on the network. Suppose the normal time, crash time, and the associated cost for each activity is given. You have been asked by your supervisor to prepare a research paper that addresses the following criteria:
None of the remaining questions are related to the probability the information needed to answer the following questions come from the course content.
If the project is to be shortened by four days, list the process you would take to determine which activities, in order of reduction, would be shortened and the resulting cost.
That question has nothing to do with your probability calculation. Information on this question is based on your course readings; such as a change control system.
Describe project cost and the requirements for its determination and application in a production facility.
Analyze the implications of changes in the parameters of project timing and cost determination.
Evaluate the application of project cost and timing concepts on a firm’s business operations.
I hope this information helps.
What is the probability that the project will be completed in 32 weeks or less?
A project has an expected duration of 34 weeks with a critical path variance of 6.
How would you calculate the probability?
Z = (x-m)/o.
Z = probability
x = duration
m= mean
o = standard deviation/variance
So what is the probability? The probability is a percentage.
MGMT435: Unit 5: Cost and Schedule
Improving forecasting accuracy of project earned value metrics: Linear modeling approach. (2014). Journal of Management in Engineering, 30(2), 135-145. doi:10.1061/(ASCE)ME.1943-5479.0000187
Kirpes, C. (2014). Evaluating the use of scheduling techniques: Critical chain project management. IIE Annual Conference Proceedings, 3878-3884.
Kolisch, R., Demeulemeester, E., Garcia, R., T’Kindt, V., & Weglarz, J. (2016). Editorial “Project Management and Scheduling.” OR Spectrum, 38(2), 279–281. doi: 10.1007/s00291-016-0438-yhttps://ijms.ut.ac.ir/
Please note that I added a letter behind the date (i.e., 2020a) to differentiate between the references.
M.U.S.E
American InterContinental University. (2020a). Cost and Schedule and Schedule: Cost and Schedule Variance [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
First Citation: (American InterContinental University, 2020a).
All Subsequent Citations: (AIU, 2020a).
American InterContinental University. (2020b). Cost and Schedule: Change Management in Projects [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020c). Cost and Schedule: Earned Value and Risk Management [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020d). Cost and Schedule: Cost and Schedule Methods [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020e). Cost and Schedule: Earned Value Analysis [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020e). Cost and Schedule: Managing Changes [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT465- 2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020b). Cost and Schedule: Managing Scope and Change [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
American InterContinental University. (2020b). Cost and Schedule: Cost and Schedule Measures [Multimedia presentation]. Retrieved from American InterContinental University Virtual Campus, MGMT435-2001B-01: https://mycampus.aiu-online.com
Using Earned Value to Determine Status
Jennifer turned in her status report for the newly approved mailing activities. She feels that her pieces are on track with nothing for you to worry about. She reports the following information for the critical path tasks:
You review her status report and determine that Jennifer does not have a solid grasp of her status. Ben was unable to provide you with anything more than, “Things are moving along just fine.”
- Using earned value measurements along with the other information and metrics available, determine the true status of Jennifer’s portion of the project.
- Prepare an updated status report (1 page) for Jennifer and share the measurements and your rationale in your determination of the status for the project.
- Create a 2-3 slide presentation explaining the benefits of using EVM.
- Be sure to document some instructions (1-page document) for Jennifer and Ben for determining the project status for their next project update to you.
- Also, provide materials that would be used to train Jennifer and Ben on the benefits and application of earned value.
- The materials should include some guidelines for Jennifer and Ben to help them create and then interpret the metrics.
