Project Management

4.1 Meredith and Mantel (2006) discussthree types of control processes in chapter 11.

Identify and discussmethods used to monitor and control the activities of the project. How are theydifferent? When would each of these processes be used?

Reference

Meredith, J. R. & Mantel, S. J.(2006). Project management: A managerial approach (6th ed.). Hoboken,NJ: Wiley.

4.2 What is the concept of earned value? What reallife examples would illustrate the earned value concept? What is the value ofearrned Value Analysis (EVA) to a project manager?

4.3 MGT437 Week4 — Review the EVA material posted to coursematerials

Earned Value = EV = BCWP = value completed = percentcompleted (% of BCWS)

Begin your Earned Value Analysis by determining thevalues for the scheduled cost (PV or BCWS), actual cost (AV or ACWP ), andearned value (EV or BCWP).

Once you determine these 3 values you can calculate thecost variance (CV) and the schedule variance (SV). A negative SV indicatesthat the project is behind schedule. A negative CV indicates that the projectis over budget.

Find the schedule and cost variances for a project thathas an actual cost at month 22 of $540,000, a scheduled cost of $523,000, andan earned value of $535,000. Find the CV andSV. Is the project over or under budget? Is the project ahead or behindschedule? What should you do? What should you tell the client?

PV or BCWS = CV = EV – AV =

AV or ACWP = SV = EV – PV =

EV or BCWP =

4.4 What types of risks areinherent in a project? Where do they originate? Can they be mitigated? Explainhow. What are the consequences of ignoring a conflict within a project team?