With regards to earned value management and project performance, answer the following questions:
1. What do Schedule performance index (SPI) and cost performance index (CPI) demonstrate? How would you plan to use this type of information in your recommendation to the CIO?
2. How are schedule variance (SV) and cost variance (CV) related to one another? Why are these terms important?
3. What are the major advantages of using earned value metrics to understand the effectiveness of project performance? What do you perceive are its disadvantages?
3. What are the challenges associated with obtaining earned value metrics? What can you do as a project manager to minimize the challenges?