Question
Please provide a response to the discussion post below: EVM will best serve the organization when the organization wants to monitor for potential schedule or
Please provide a response to the discussion post below:
EVM will best serve the organization when the organization wants to monitor for potential schedule or budget overruns. EVM can be used by an organization to track the actual costs compared to the planned costs (Fleming & Koppelman, 2010). The WBS is understood to be the full scope of work for the project. While the project manager has the most say in how the WBS is structured, there are many stakeholders that will dictate what needs to be done. This means that they will have a say in what is included in the WBS. The project sponsor dictates how much funding the project has, which directly impacts the amount of work that can be completed. For some projects, the customer or buyer will dictate what work they want to pay for. Furthermore, when a stakeholder wants to add in more work, then the project manager can use the WBS as a means to understand how much more funding they need to make a case for adding in the additional work (Fleming & Koppelman, 2010). We can use control accounts to measure actual cost and work completed to the planned schedule and budget of the project (PMI EVM, 2017). Each work package in a project will belong to a control account that can have a measured duration and cost. There can be several control accounts per project. Once we have started completing work, we can use the control accounts to measure our earned value throughout the life cycle of the projec
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