Your company is a dynamic organization that depends on using standard project management techniques as prescribed by PMBOK in managing series of projects to keep its IT infrastructure in alignment with its business goals.

Your company has decided to use the earned value management (EVM) technique to monitor and control projects.

• Define the concepts of cost variance and schedule variance.
• Demonstrate your understanding of EVM by using appropriate examples to illustrate the schedule performance index (SPI).
• Analyze how knowledge of the SPI will help you as a project manager in controlling the project and ensuring that it is completed within the scheduled target.
• Describe the process of project cost management to include creating a baseline of expenses, tracking and managing cost and addressing cost overrun risk during the project life cycle.
• Explain how you would use Microsoft Project or another project management tool to manage project cost.