Earned Value Management (EVM)
Worth 130 points
Use the Internet or the Strayer Library to research articles on EVM.
Project managers often use Earned Value Management (EVM) if they want to compare the status of their projects to their project plans. Using the same project from Assignment 3, develop a project scenario to explain the amount of work that you have completed with the funds allotted.
This assignment consists of two (2) sections:
You must submit both sections as separate files for the completion of this assignment. Label each file name according to the section of the assignment for which it is written. Additionally, you may create and / or assume all necessary assumptions needed for the completion of this assignment.
Section 1: MS Project Exercise
Assume that your project is using more resources (e.g., time, money, and / or other non-labor resources, etc.) than anticipated through 50% of the project duration.
1. Update the project schedule to reflect related resource changes.
2. Produce a series of EVM reports from MS project that illustrates your project’s performance. Note: Your reports should focus on the cost and schedule performance of the project.
Section 2: EVM Paper
Write a two to three (2-3) page paper in which you:
3. Summarize the recourse changes of your project, and discuss the performance results of your project.
4. Determine one (1) performance measurement baseline for your MS Project. Justify your response.
5. Apply earned value analysis (EVA) in order to forecast future cost issues. Justify your response.
Your assignment must follow these formatting requirements:
The specific course learning outcomes associated with this assignment are:
Patrick B. Magee
Professor Jeffery Pullen
Project Estimation and Budgeting
November 01, 2014
A work package can be defined as a subset of a project that may be assigned to a specific part for execution. Since there are lot of similarities between projects and work packages, they are always misquoted as the same (Mantel, 2012). However, work packages are defined by brief statements of activity description, activity estimates of effort and duration, activity resources of skill and expertise, activity schedule, activity budget, and activity risks. Work packages are usually assigned Work Authorization or Control Account (Kliem, 2010).
Main Changes made to the Project in Question
In this project of migrating from a legacy system to a cloud computing environment, I have made several changes to the project schedule; the main changes include the following:
I have aligned the Work Breakdown Structure (WBS) in a systematic and a progressive manner such that it will be easier for the project team to deliver the project easily, in time, and as planned. Through the systematic development of the project the project team will be able to successfully follow the WBS. Once the project plan is approved, all the deliverables must be submitted on schedule. If any problems are foreseen or encountered, that will affect the schedule for the deliverables or milestones, the project team should contact the project manager. The project team should also agree with the project manager in case of any changes to the project schedule.
Costs Estimate for the Project Tasks
The Analysis and Design work package will cost about $5,000 in cost associated with direct costs, indirect costs, and costs of managing risks that are associated with the work package. The Development work package will be the most expensive part of the project and may cost the organization up to $20,000; the costs in this work package may include direct costs attributable to the project such as salaries and associated benefits, payments to subcontractors or consultants, indirect costs such as administrative costs and costs of labor. The Integration work package will also be expensive and may cost the organization $10,000; most of the costs will be associated with direct costs such as labor costs and payments to subcontractors. The Testing work package will cost approximately $5,000 due to costs mainly associated with direct costs. The Maintenance work package will cost the organization $5,000 and is tasked with making sure that the project was successful and delivered what was required.
Primary Measures for Successful Delivering the Project
In order to successfully deliver the project, several measures should be taken into account, the measures include:
The use of work packages in a project plan helps tremendously in successful project completion; it helps in project cost estimation as well as in managing the project completion in a more systematic and less complex manner (Mantel, 2012). In this project it will allow the project team to understand what is expected of them and therefore be able to deliver as expected.
Mantel, S. J. (2012). Project management in practice. New York: J. Wiley.
Kliem, R. L., & Ludin, I. S. (2010). Project management practitionerʼs handbook. New York: AMACOM
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