Earned Value Management and the Project

Earned value is the accurate measurement of the authorized work physically accomplished plus management's budget for the completed work. To explore this tool of project managers, the course assignments will be centered on a simulated project. To understand EVM will require the project manager to apply the project scope to the EVM planning process to ensure the key components identified in the scope is evaluated as part of the EVM calculation.

You have been designated as the project manager for a project to of your choosing. Since the project encompasses multiple tasks you are looking for a methodology to compare contractor work accomplished to the funds expended to date. Earned value management (EVM) is one tool that project managers can implement as a performance monitoring tool. Earned value management is utilized for assessing project progress to the expenditures at a point in time during the project plan timeline.

After completing the readings and assignments in this section you should be able to do the following:

Learning Outcomes: 1, 2

1. Compare and contrast the concept of Earned Value Management and Financial Management.

2. Analyze the relationship between Project Scope and Earned Value Management.

Week 1:

Week Introduction:

Compare and Contrast Earned Value Management with Financial Management Responsibilities

As the designated project manager, you are currently not familiar with earned value management techniques and tools. Therefore, you engage in a research project to make yourself familiar with EVM and what proper implementation can do to help you monitor project performance. EVM is a calculation that will provide you with snap shot in time of the progress of the project. You will only be able to apply the results of the EVM calculation for a specific period of time, so by its very nature EVM is a perishable calculation and should not be used without caveats as to the time frame calculated.

1. Review the resources listed in the Books and Resources area below to prepare for this week's assignments.

2. Complete the following Spotlight on Skills if you need assistance with the tools used to complete your assignments.

Spotlight on Skills: APA Form and Style

Throughout this course and others here at Northcentral University, you are required to follow APA form and style when preparing assignments. If you are unfamiliar with APA form and style, take this tutorial: The Basics of APA Style. Are you already familiar with APA form and style? Keep up with the 2010 changes by taking this tutorial: What's New in the Sixth Edition. Check out this blog for deeper discussions and examples: APA Style Blog. You can also visit: Frequently Asked Questions about APA Style.

Books & Resources:

Book

Fleming, Q. W., & Koppelman, J. M. 2010 Earned value project management.

Instruction:Read Chapters 4, 5, and 6.

Kerzner, H. 2009 Project management: A systems approach to planning, scheduling, and controlling.

Instruction:Read Chapter 15 (15.4-15.6).

Dallas, M. (2006). Value and Risk Management: A Guide to Best Practice. Oxford. http://site.ebrary.com.proxy1.ncu.edu/lib/ncent/docDetail.action?&&p00

Instruction:Read Chapter 10

Assignment: Compare and Contrast Earned Value Management with Financial Management Responsibilities (10 Points) Due: 07/10/2016

Instructions:

Categorize earned value management based on your research as to how to properly implement this along with financial and cost management techniques. How are these two managerial categories similar from each other and how do they differ? List specific examples of how and when you would employ both tactics while managing a project. Your paper should include the value of earned value management, a brief history of the origin of EVM and the legacy of EVM. Remember, EVM is calculation that is time sensitive as is financial and cost reporting; timeframe or time span is a key portion of the calculation explanation.

Conclude your paper by providing an insight as to how you are planning to evaluate project performance implementing Earned Value Management tools and techniques.

Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 5-7 pages not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University's Academic Integrity Policy.

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Alignment to Course Learning Outcomes:

1.0 Compare and contrast the concept of Earned Value Management and Financial Management.