You just started a new job. The team you are working on is getting ready to start a project. The project involves your team organizing and hosting a luncheon for the organization's staff and their families. The company employs 3,000 people spanning over five states (Wisconsin, Illinois, Indiana, Michigan, and Ohio). The team has 90 days to hold this luncheon.

The team has decided to move forward with the company luncheon in the timeframe established.You are about two weeks from the event, and there has been little to no management oversight on the performance of the project.

• Why is it necessary to track actual and committed costs once a project starts?
• Why is it necessary to calculate the earned value of work performed?
• Why are the cost control steps important to the project?

Please be sure to validate your opinions and ideas with citations and references.