Earned Value Management
Discuss the following in Essay form using attached references as a guide with at least one citation per discussion point:
Discussion Points:
1. What is the definition of Success in a Project?
2. What is Earned Value Analysis? What is the purpose of Variance analysis?
3. Discuss two of the performance Indeces
CHECKLIST 18: DESIGNING
THE CONTROL SYSTEM
• How is the work actually controlled now?
• Do you have budgets for hours and costs?
• Do you have data comparing actual hours/cost with planned hours/
cost?
• How is the quantity of completed work measured and compiled?
• Is completed work related specifically to hours used or based on
forecasts?
• Are you kept informed of potential delays to milestones?
• How long does reported information take to get to you after the close-
off?
• How much time/cost is spent between close-off and receipt of reports?
• What action do you take after reading the report?
• Can you take action based upon information in the report?
• Is reported information reasonably accurate? If not, why not?
• Who receives copies of the report? Why them? Can they take action?
Do they?EBSCOhost – printed on 7/13/2022 1:24 PM via AMERICAN PUBLIC UNIVERSITY SYSTEM. All use subject to https://www.ebsco.com/terms-of-use
Executing the project work l 195
• Can you list who receives the reports for information only?
• Who could take action to reduce costs, but does not receive reports?
• Has someone been assigned responsibility for each piece of work in the plan?
• Does the system provide a way to reduce key variables such as hours,
costs, etc?
• Does the system focus on profit, time, quality, completion or more than
one of these?
• Do the system reports and rewards motivate the desired behaviour?
• Does the system allow time–cost–quality trade-off decisions to be
made quickly?
• Does the system include an early warning system to identify risks and
issues?
CHECKLIST 19: REVIEWING THE PROJECT RISKS
Steps in the risk review:
• Check whether any risks are no longer valid; remove the category and
risk data completely but leave the risk on the list for future reference.
• Use the risk category matrix to verify the categories of all risks on the
list; amend the categories by consensus agreement among the team.
• Prepare risk management forms for any risks revised to HIGH.
• List any new risks identified from current work and new work plan
charts.
• Use the risk category matrix to categorize new risks.
• Prepare a risk mitigation strategy for any risks categorized as
UNACCEPTABLE.
• Implement the action plans promptly.
• Prepare risk management forms for new HIGH risks.
• Ensure that everyone knows the triggers that signal HIGH risks becom-ing issues.
• Confirm or allocate responsibility for managing the risks on the list.
• Update the project risk log with any revisions to the risk scores and
rankings.
• Issue the project risk log to key stakeholders and the team
CHECKLIST 20: QUESTIONS FOR ISSUE OWNERS
For any potential solution, ask:
• Who is affected by the solution?
• How are these people to be kept informed?
• What are the expected consequences of the solution?
• Who could be affected by these consequences?
• Does the plan need to be revised?
• Do issued work plans need to be revised?
• Does the operating budget need to be revised?
• Do project procedures need to be modified?
• Are additional skills/resources needed?
• What timescale is acceptable for implementation of the solution?
• How is the progress of actions to be monitored?
• What measurements need to be made to assess progress?
• What indicators are required to show that further action is necessary
CHECKLIST 21: MONITORING AND TRACKING
The main criteria for effective tracking are:
• Work content – is it to estimates (both time and cost)?
• Measurement – is everyone clear how to measure progress?
• Timescales – are work plans being completed on schedule?
Quality – are standards being met in accordance with specifications?
• Teamwork – are responsibilities being adhered to?
• Changes – are problem-solving tools being used effectively?
• Stakeholders – are they being kept informed, consulted and involved?
