In this piece of work, you will be assessed based on the following outcome:
This piece of work is designed to evaluate your ability to determine the impact that schedule management has on project success, including meeting the budget and keeping the customer happy.
The purpose of this work is to learn Earned Value Management (EVM) concepts, which provide the project team with updated information regarding the health of the project. In this piece of work, you will learn the importance of managing the project to the schedule, budget, and scope.
As the project manager, you will encounter many situations where scope is added, and it is imperative that you establish a change management plan. When time is the issue, two schedule compression techniques can be used: fast-tracking or crashing.
To reduce the number of changes on the project, subject matter experts (SMEs) should provide the schedule and cost estimates. Working with the team, the project manager is committed to delivering the work on time, within budget, and to the customer's satisfaction.
However, the reality is that most projects will run overbudget and will fall behind-schedule. It is also common for the customer to be dissatisfied at some point during the project.
Please note that the goal is to create a schedule management plan and cost management plan that guide the project team. By their very nature, plans are forward-looking, which means they help meet the goals and objectives of the project. It is imperative these plans are as accurate as possible, and thereby minimizing the number of changes down the road.
For this piece of work, please provide comprehensive responses to the following questions:
(a) By using an example, explain the type of project performance information that is useful to the team when determine if the cost, schedule, and scope baselines are on target.
(b) Discuss the process by which changes to the project scope are managed. Why is it important to have a formal process?
(c) Explain the following EVM results: Project A (CV = 400, SV = -700); Project B (CPI = 1.30, SPI = 0.74); Project C (CV = -850, SV = -450); Project D (CPI = 0.34, SPI = 0.18); Project E (CPI = 1.0, SPI = 1.0). In each situation, provide a plan of corrective action to the project manager, if any is recommended.
(d) By using an example, explain why the project manager might place more emphasis on the schedule over the budget. In other words, how does schedule drive costs?