Overview In the early days of project management, the control of project cost and project schedule were considered to be separate activities If the reported project costs remained below the planned budget and the reported project progress remained on or ahead of schedule, then the project was considered to be on track The shortcoming of this approach is that if the project costs were below budget, it could indicate that the planned work is not being accomplished at the necessary rate To address this potential shortcoming, an integrated method of controlling and reporting budget and schedule was needed Earned value management (EVM) was developed in response to the need to integrate the control and reporting of project cost and schedule EVM techniques have been codified by the American National Standards Institute into a published standard The Project Management Institute has developed a practice standard for earned value management that serves as a complement to its Project Management Body of Knowledge (PMBOK) guide The use of EVM is often mandated in procurements issued by the U S government and has become more common in private industry The state of a project is assessed using earned value measurement (EVM) measures and supporting project documentation The results of such an assessment are typically compiled in a report written for the project manager that summarizes the state of the project and identifies areas in which performance is currently or potentially deficient For this summative assessment, you will create a written report for a project manager based on a case study that reports the project's performance, including any current or potential deficiencies that you have identified, as well as your recommendations for improving project performance The project is divided into three milestones , which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions These milestones will be submitted in Modules Three, Four, and Five The final product will be submitted in Module Seven In this assignment, you will demonstrate your mastery of the following course outcomes Analyze project documentation for data needed in determining earned value management parameters Employ fundamental earned value management equations in calculating cost and schedule variance statistics Assess earned value management principles for their effectiveness in achieving integrated cost and schedule control Appraise project performance through interpretation of earned value management statistics for informing project decision making Directions The state of a project is assessed using earned value measurement (EVM) measures and supporting project documentation The results of such an assessment are typically compiled in a report written for the project manager that summarizes the state of the project and identifies areas in which performance is currently or potentially deficient For this summative assessment, you will create a written report for a project manager based on a case study that reports the project's performance, including any current or potential deficiencies that you have identified, as well as your recommendations for improving project performance To access the case study for this assignment, please see the Harvard Business Publishing Module Specifically, you must address the following rubric criteria Earned Value Parameters Define the basic elements used to calculate EVM measuresearned value (EV), planned value (PV), actual cost (AC), and budget at completion (BAC)and where you would find them in project documentation Analyze the project documentation from the case study for the data necessary to establish EVM parameters In other words, is everything you need to establish the EVM parameters for this project contained within that documentation If not, explain how you might obtain it Be sure to use specific examples to justify your rationale Discuss the various methods used to determine earned value Select the most appropriate method for determining earned value for the project in the case study Be sure to use research to substantiate your position Earned Value Management Calculations Demonstrate how EV, PV, and AC are used to calculate the following EVM measures cost variance (CV), cost performance index (CPI), schedule variance (SV), schedule performance index (SPI), estimate to complete (ETC), estimate at completion (EAC), and variance at completion (VAC) Employ EVM equations to calculate the EVM measures (CV, SV, CPI, SPI) for the project in the case study Explain the implications for the projects in the case study when CPI is greater than or equal to 1 0, CPI is less than 1 0, SPI is greater than or equal to 1 0, and SPI is less than 1 0 Interpretation of EVM Statistics Explain the use of EVM statistics for identifying potential project performance deficiencies Interpret the EVM statistics calculated for the project in the case study in terms of current or potential deficiencies Do the statistics imply or identify any deficiencies If so, what are they Be sure to support your reasoning with research Discuss the role of EVM principles in achieving integrated cost and schedule control Be sure to substantiate your claims with research Interpret the EVM statistics calculated for the project in the case study Do they lend themselves to the successful integration of cost and schedule control for this project Be sure to cite research to justify your position Make appropriate recommendations for improving integrated cost and schedule control for the project in the case study Be sure to use research to justify your recommendations Application of EVM Assess the role of integrated cost and schedule control in improving overall project performance Be sure to use research to substantiate your reasoning Analyze the overall performance of the project in the case study based on your interpretation of the EVM statistics and with regard to integrated cost and schedule control Milestones Milestone One Earned Value Parameters In Module Three , you will create a presentation that defines the basic elements used to calculate EVM measures, analyzes the project documentation from the case study, discusses various methods used to determine earned value, and selects the most appropriate method for determining earned value in the case study This milestone will be graded with the Milestone One Rubric Milestone Two Earned Value Management Calculations In Module Four , you will create a presentation that demonstrates calculation of EVM measures, employs EVM equations, and explains the implications for the case study This milestone will be graded with the Milestone Two Rubric Milestone Three Interpretation of EVM Statistics In Module Five , you will create a presentation that explains the use of EVM statistics for identifying potential project performance deficiencies, interprets EVM statistics in terms of deficiencies, discusses the role of EVM principles in cost and schedule control, interprets EVM statistics calculated for the case study, and makes appropriate recommendations for improving integrated cost and schedule control This milestone will be graded with the Milestone Three Rubric Final Submission Presentation In Module Seven , you will submit your final project It should be a complete, polished artifact containing all of the critical elements of the final product It should reflect the incorporation of feedback gained throughout the course This submission will be graded with the Final Project Rubric What to Submit Your submission should be a complete, polished artifact organized into all the required sections Submit your final project as an 11 to 12 page Microsoft Word document with double spacing, 12 point Times New Roman font, and one inch margins Sources should be cited according to APA style QSO 420 KEL304 PDF ENG

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Overview In the early days of project management, the control of project cost and project schedule were considered to be separate activities. If the reported

Overview

In the early days of project management, the control of project cost and project schedule were considered to be separate activities. If the reported project costs remained below the planned budget and the reported project progress remained on or ahead of schedule, then the project was considered to be on track. The shortcoming of this approach is that if the project costs were below budget, it could indicate that the planned work is not being accomplished at the necessary rate. To address this potential shortcoming, an integrated method of controlling and reporting budget and schedule was needed.

Earned value management (EVM) was developed in response to the need to integrate the control and reporting of project cost and schedule. EVM techniques have been codified by the American National Standards Institute into a published standard. The Project Management Institute has developed a practice standard for earned value management that serves as a complement to its Project Management Body of Knowledge (PMBOK) guide. The use of EVM is often mandated in procurements issued by the U.S. government and has become more common in private industry.

The state of a project is assessed using earned value measurement (EVM) measures and supporting project documentation. The results of such an assessment are typically compiled in a report written for the project manager that summarizes the state of the project and identifies areas in which performance is currently or potentially deficient.

For this summative assessment, you will create a written report for a project manager based on a case study that reports the project's performance, including any current or potential deficiencies that you have identified, as well as your recommendations for improving project performance.

The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Four, and Five. The final product will be submitted in Module Seven.

In this assignment, you will demonstrate your mastery of the following course outcomes:

Analyze project documentation for data needed in determining earned value management parameters
Employ fundamental earned value management equations in calculating cost and schedule variance statistics
Assess earned value management principles for their effectiveness in achieving integrated cost and schedule control
Appraise project performance through interpretation of earned value management statistics for informing project decision making

Directions

To access the case study for this assignment, please see the Harvard Business Publishing Module.

Specifically, you must address the following rubric criteria:

Earned Value Parameters
1. Define the basic elements used to calculate EVM measuresearned value (EV), planned value (PV), actual cost (AC), and budget at completion (BAC)and where you would find them in project documentation.
2. Analyze the project documentation from the case study for the data necessary to establish EVM parameters. In other words, is everything you need to establish the EVM parameters for this project contained within that documentation? If not, explain how you might obtain it. Be sure to use specific examples to justify your rationale.
3. Discuss the various methods used to determine earned value.
4. Select the most appropriate method for determining earned value for the project in the case study. Be sure to use research to substantiate your position.
Earned Value Management Calculations
1. Demonstrate how EV, PV, and AC are used to calculate the following EVM measures: cost variance (CV), cost performance index (CPI), schedule variance (SV), schedule performance index (SPI), estimate to complete (ETC), estimate at completion (EAC), and variance at completion (VAC).
2. Employ EVM equations to calculate the EVM measures (CV, SV, CPI, SPI) for the project in the case study.
3. Explain the implications for the projects in the case study when CPI is greater than or equal to 1.0, CPI is less than 1.0, SPI is greater than or equal to 1.0, and SPI is less than 1.0.
Interpretation of EVM Statistics
1. Explain the use of EVM statistics for identifying potential project performance deficiencies.
2. Interpret the EVM statistics calculated for the project in the case study in terms of current or potential deficiencies. Do the statistics imply or identify any deficiencies? If so, what are they? Be sure to support your reasoning with research.
3. Discuss the role of EVM principles in achieving integrated cost and schedule control. Be sure to substantiate your claims with research.
4. Interpret the EVM statistics calculated for the project in the case study. Do they lend themselves to the successful integration of cost and schedule control for this project? Be sure to cite research to justify your position.
5. Make appropriate recommendations for improving integrated cost and schedule control for the project in the case study. Be sure to use research to justify your recommendations.
Application of EVM
1. Assess the role of integrated cost and schedule control in improving overall project performance. Be sure to use research to substantiate your reasoning.
2. Analyze the overall performance of the project in the case study based on your interpretation of the EVM statistics and with regard to integrated cost and schedule control.

Milestones

Milestone One: Earned Value Parameters In Module Three, you will create a presentation that defines the basic elements used to calculate EVM measures, analyzes the project documentation from the case study, discusses various methods used to determine earned value, and selects the most appropriate method for determining earned value in the case study. This milestone will be graded with the Milestone One Rubric.

Milestone Two: Earned Value Management Calculations In Module Four, you will create a presentation that demonstrates calculation of EVM measures, employs EVM equations, and explains the implications for the case study. This milestone will be graded with the Milestone Two Rubric.

Milestone Three: Interpretation of EVM Statistics In Module Five, you will create a presentation that explains the use of EVM statistics for identifying potential project performance deficiencies, interprets EVM statistics in terms of deficiencies, discusses the role of EVM principles in cost and schedule control, interprets EVM statistics calculated for the case study, and makes appropriate recommendations for improving integrated cost and schedule control. This milestone will be graded with the Milestone Three Rubric.

Final Submission: Presentation In Module Seven, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric.

What to Submit

Your submission should be a complete, polished artifact organized into all the required sections. Submit your final project as an 11- to 12-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

QSO-420_KEL304-PDF-ENG