Assignment: Earned Value
Develop a comprehensive earned value analysis report.
This portfolio work project, an earned value management analysis, is based on your selected business or IT project. You may base your assessment on the Revive LLC case study for the development of a new online employee orientation module. Both human resource (HR) and information technology (IT) employees, as well as contractors, will be utilized in this project.
Earned value management (EVM) is defined "as a methodology that combines scope, schedule and resource management to assess project performance and progress" (Project Management Institute, 2017, p. 705).
Project managers examine cost control, tools, and techniques that define the procedures by which the cost baseline may be changed. They engage in performance measurement to assess the magnitude of variations that occur during project execution. EVM is used to measure project performance by comparing certain predefined variables. Microsoft Project is a tool used to track planned cost versus actual cost, calculate the earned value, and forecast the effects of some cost changes.
Scenario
For this assessment Project Revive LLC is a consulting firm of highly charged and accomplished project managers whose mainstream of revenue comes from managing the turnaround of failing projects. As a consultant with Project Revive LLC you will study, analyze, and manage a failed project from NearlyFree.com. NearlyFree.com is a fictitious company and the project documents for NearlyFree.com project scenario are linked below. The NearlyFree.com project was originally scoped to develop and deploy an automated web-based training system for new employees to reduce the workload and cut down personnel resources required to complete the new employee orientation (NEO) training.
As a veteran member of the Project Revive team, you already know the value of continually examining performance throughout a project to further define and update project data. Special attention to documenting and identifying problems is required in time to make appropriate adjustments. The earned value management (EVM) technique is often used in this type of analysis. Continue your analysis of the failed project by applying the EVM technique to examine performance based on what was accomplished.
Resources:
a. NearlyFree.com Organizational Background and IT Governance [DOCX].
b. Project Charter [PDF].
c. Project Schedule [MPP].
d. Project Scope Statement [PDF].
e. Quality Statement [PDF].
f. Statement of Work Template [DOC].
g. Task Costs [XLS].
h. Work Breakdown Structure [DOC].
i. Work Breakdown Structure [VSD].
Your Role
You are the project manager.
Requirements
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. To make this easier, you have the ability to download and install your own version of MS Project for use in this course. See the Software Preparation and Technology Access activity in Assessment 1 for more information.
Practice using MS Project in this course will prepare you for future professional PM roles and responsibilities; please use MS Project for those tasks supported by MS Project. If you have access to other tools such as MS Visio, MS PowerPoint, MS Word, or other project management software that you believe may still meet the requirements of this course, please discuss your selected alternative with faculty.
Use the PMBOK Guide as the model for developing the deliverables.
Earned Value Analysis
Deliverable: Develop an Earned Value Analysis report of the current failed project.
Address the following topics. Where necessary, define assumptions you made.
a. Apply an earned value technique.
b. Explain the value of the information provided through the EVM technique.
c. Analyze project success based on earned value calculations.
d. Base project decisions on earned value calculations.
e. Explain how you will apply earned value calculations to a successful project turnaround.
Use the MS Project functionality (or another software program) to:
a. Display project summary information and report.
b. Create project reports.
c. Export project plan cost data into Excel.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
A. Competency A: Apply project cost tools and techniques to ensure project success.
a. Apply an earned value technique.
b. Analyze project success based on earned value calculations.
c. Explain project decisions based on earned value calculations.
B. Competency B: Communicate effectively in a professional manner consistent with the standards of project management.
a. Explain how earned value calculations apply to a successful project turnaround.
Format your assignment according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
Reference
Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.