Why is earned value management (EVM) not utilized more frequently? Describe how it may be used to manage expenses and gauge project effectiveness. What are some broad guidelines for judging the quality of figures for cost variation, schedule variance, cost performance index, and schedule performance index?

Why is earned value management (EVM) not utilized more frequently? Describe how it may be used to manage expenses and gauge project effectiveness. What are some broad guidelines for judging the quality of figures for cost variation, schedule variance, cost performance index, and schedule performance index?

Information Technology Project Management

9th Edition

ISBN:9781337101356

Author:Kathy Schwalbe

Publisher:Kathy Schwalbe

Chapter7: Project Cost Management

Section: Chapter Questions

Problem 8QQ

See similar textbooks

Similar questions

Explain how earned value management (EVM) can be used to control costsand measure project performance and speculate as to why it is not usedmore often. What are some general rules of thumb for deciding if costvariance, schedule variance, cost performance index, and scheduleperformance index numbers are good or bad
Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesize as to why it is not utilized more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?
Explain why earned value management (EVM) should be used to keep track of money and how well a project is doing, and provide your best guess as to why it is not. Which of these four metrics—cost variance, schedule variance, cost performance index, and schedule performance index—should be treated as positive or negative, and how?
How does requirement prioritization contribute to project success, and what methods can be used for prioritizing requirements?
Justify the use of Earned Value Management (EVM) to control costs and monitor project progress, and hypothesis as to why it is not used more often. For example, what are some general rules of thumb for deciding whether or not a cost fluctuation, a schedule variation is positive or negative?
In order to control expenses and monitor project progress, explain why earned value management (EVM) is not used more often. What are some general rules for establishing if a cost variance, schedule variance, cost performance index, or schedule performance index is positive?
Describe the concept of traceability in requirement analysis. How does traceability ensure that project deliverables align with initial requirements?
Explore the concept of traceability in requirement analysis. How does traceability ensure that all project requirements are met and tested?
What do you think about adding slack to individual task estimates? If you were asked to add a project buffer for the entire project, what would be your response to your manager? Explain your reasoning. What would be one ethical issue when imposing slack and/or project buffering/slack?
Explain why earned value management (EVM) is not frequently employed in cost control and project success monitoring, and speculate why. Can a cost performance index (CPI) or schedule performance index (SPI) be calculated using a few simple rules?
__________ is a project performance measurement technique that integrates scope, time, and cost data. a. Project cost budgeting b. Life cycle costing c. Reserve analysis d. Earned value analysis
Discuss the concept of scope creep in requirement analysis. How can project managers prevent and manage scope creep effectively?