Is There Anyone Who Knows Project Management And Can Do This

Is There Anyone That Knows Project Management And Can Do This Assignme

Is there anyone that knows Project management and can do this assignment? Earned Value Problems. Of the three problems below, choose and solve one problem. Show your work. Along with your answer, define each term and explain the significance (meaning) of the solution.

1. During a project, Earned Value Analysis is performed and gives the following numbers: EV: 523,000; PV: 623,000; AC: 643,000. Which results are correct?

• A. CV: +120,000; SV: +100,000
• B. CV: +100,000; SV: +120,000
• C. CV: -100,000; SV: -120,000
• D. CV: -120,000; SV: -100,000

2. You found the following Earned Value Analysis information for a recently closed out project: SPI = 0.7, CPI = 1.0

• A. The project has been cancelled while it was executed. At that time the project was behind schedule and on budget.
• B. The project's deliverables have all been finished. The project came in ahead of schedule but on budget.
• C. The project's deliverables have all been finished. The project came in on schedule but over budget.

3. You are assigned as the project manager to a project which had a one-time cost variance in the past caused by unexpected rework which has meanwhile been finished. You perform Earned Value Analysis and find the following results: EV: 250,000; PV: 200,000; AC: 275,000; BAC is 500,000. What is right?

• A. EAC = 550,000
• B. EAC = 525,000
• C. EAC = 500,000
• D. EAC = 425,000

Paper For Above instruction

In project management, Earned Value Management (EVM) serves as an essential technique for assessing project performance and progress. It integrates scope, schedule, and cost variables to provide a comprehensive view of a project’s status. Key metrics within EVM include Earned Value (EV), Planned Value (PV), and Actual Cost (AC), each playing a vital role in project evaluation. Understanding and calculating these metrics allows project managers to make informed decisions, adjust schedules, and control costs effectively.

For the chosen problem, I will analyze Problem 1, which involves calculating Cost Variance (CV) and Schedule Variance (SV) based on EV, PV, and AC. The given figures are EV: 523,000; PV: 623,000; AC: 643,000. These metrics help determine whether the project is ahead or behind schedule and whether it is under or over budget, respectively.

Calculate CV using the formula CV = EV - AC:

CV = 523,000 - 643,000 = -120,000

This negative CV indicates the project is over budget by $120,000, meaning the actual costs exceeded the earned value.

Calculate SV using the formula SV = EV - PV:

SV = 523,000 - 623,000 = -100,000

This negative SV indicates the project is behind schedule by $100,000, as the earned value is less than the planned value.

Evaluating the options, the correct choice must reflect CV: -120,000; SV: -100,000, which matches option D.

Understanding the significance of CV and SV is crucial. CV indicates whether the project is within budget (positive CV) or over budget (negative CV). SV reflects schedule performance, with positive SV meaning ahead of schedule and negative SV indicating delays. In this scenario, the project is both over budget and behind schedule, signaling the need for corrective actions to bring the project back on track.

Moving to Problem 2, the indicators SPI (Schedule Performance Index) and CPI (Cost Performance Index) provide further insights. An SPI of 0.7 suggests the project is progressing at 70% of the planned rate, indicating significant schedule delays. A CPI of 1.0 implies the project is on budget in terms of cost efficiency despite schedule issues. These metrics help project managers decide whether to accelerate work or reallocate resources.

Problem 3 involves forecasted EAC (Estimate at Completion). Given EV = 250,000; PV = 200,000; AC = 275,000; BAC = 500,000, the goal is to estimate the final project cost considering current performance. Using the To-Complete Performance Index (TCPI), which indicates the cost performance needed to meet the BAC, and other EVM formulas, the most suitable EAC can be derived.

One common calculation method for EAC when past variance has been addressed is:

EAC = BAC / CPI

Given that CPI is calculated as:

CPI = EV / AC = 250,000 / 275,000 ≈ 0.909

Therefore, EAC = 500,000 / 0.909 ≈ 550,000. This aligns with option A, indicating that, considering current cost efficiency, the project is expected to finish at approximately $550,000.

In conclusion, analyzing EVM metrics such as CV, SV, SPI, CPI, and EAC provides detailed insights into project performance. Correct interpretation of these figures allows project managers to implement targeted corrective actions, adjust schedules, and control costs, ultimately ensuring successful project completion despite challenges.

References

• Fleming, Q. W., & Koppelman, J. M. (2016). Earned Value Project Management (4th ed.). Project Management Institute.
• Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (12th ed.). Wiley.
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• Leite, F., & de Carvalho, M. M. (2010). The Role of Earned Value in Portfolio Management. International Journal of Project Management, 28(4), 373-385.
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