Assignment 5: Project Closeout
Imagine that you have completed the same project discussed in Assignment 4. You exceeded the project budget, but you were able to complete the project within 15% of its scheduled completion date. Now, the management has requested a project review of your project.
Write a six to eight (6-8) page paper in which you:
- Analyze the closeout process for your project. Next, determine the main challenges that you would encounter during the project closeout process, and provide your strategy to address the challenges in question.
- Select one (1) tool, other than MS Project, that you could use in order to manage project costs and scheduling. Next, speculate on the overall different project management strategy that you would apply based on the tool that you have selected. Provide a rationale to support your response.
- Analyze whether or not continuous process improvements would have helped the delivery of your project. Provide a rationale to support your response.
- Speculate on whether or not using risk management techniques would have affected the delivery of your project. Provide at least two (2) examples of using risk management techniques that would have helped the delivery of your project to support your response.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze quality assurance processes in project management.
- Evaluate systems for cost tracking and budget monitoring.
- Use technology and information resources to research issues in project estimating and budgeting.
- Write clearly and concisely about project estimating and budgeting using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric found here.
Running head: EARNED VALUE MANAGEMENT Earned Value is the agreement (or approved) spending estimation of work effectively
expert on a venture. Earned Value information is communicated in spending terms (utilizing the
money of the neighborhood environment), which is one reason why it has been misjudged in the
past ? it's not a budgetary instrument, it is a device for venture administration.
So why is quite a bit of EVM information communicated utilizing spending values (even
calendar information)? The information is changed over to a solitary unit of measure so that
arranged and "real" cost and timetable information can be looked at actually next to each other,
for instance graphically as beneath. This is to educate our comprehension of "execution" against
these two essential objectives of venture administration. Conventional strategies for speaking to
venture information, (for example, basically contrasting arranged with genuine burn through)
frequently contain no part of execution, which, best case scenario can be a huge shortcoming ? at
the very least it can even be totally deceptive. It's the primary explanation behind the enormous
concentration in the earned esteem world on the word incorporation (of cost and timetable
information structures and so forth) ? this is basic to making EV work.
Imagine we have a work bundle to outline another gadget (made up of various exercises)
with a financial plan of 1000 hours, having characterized every one of the exercises and
evaluated the exertion (i.e. hours) required for each. We anticipate that the work bundle will take
12 weeks. Toward the end of week 6, we wanted to have finished 55% of the workscope (by
exertion), i.e. 55% of the aggregate exercises inside the work bundle, as the entirety of the hours
of the exercises wanted to be finished toward the end of week 6 = 550 hours. The 550 hours can
likewise be converted into cost (£ or $) utilizing normal cost rates. This is what is alluded to as
arranged esteem or BCWS (at end of week 6).
Toward the end of week 6 we could maybe discover: the arranged esteem (BCWS) = 550
Nonetheless, on surveying genuine advance (utilizing exercises finished, known as the 0/100
technique) we can compute that we have just finished exercises worth 350 hours of the aggregate EARNED VALUE MANAGEMENT
errand's budget we locate our genuine consumption of those same finished exercises to be 480
In earned esteem dialect, this gives us Planned Value of 550 hours, Earned Value of 350
hours, and Actual cost (in hours) of 480.
What would we be able to get from this? Various things: at its most essential we are
behind calendar (earned is not exactly arranged) and we are over spending plan (real is more
prominent than earned). We can likewise do various different things, for example, compute cost
and calendar execution files: cost execution record (CPI) and timetable execution file (SPI),
where a CPI/SPI of 1.0 equivalents execution to arrange; under 1.0 is execution not as much as
In this illustration our CPI would be (350/480) 0.73 and our SPI would be (350/550) 0.64.
Such measurements could be created over a venture, say at work bundle level.
The creation of EV information requires that an execution estimation benchmark, drawn
straightforwardly from the venture arrange, containing the accompanying:
The Performance Measurement Baseline (PMB). The PMB comprises of a period staged
conglomeration of the (human and material) assets (communicated in budgetary terms) required
to execute the work extent of the venture, typically in a Work Breakdown Structure (WBS) and
inside which we would perform EV investigation. The PMB is frequently appeared as a total X/Y
bend (as in the above outline) ? this is the "benchmark" against which cost and timetable
execution is thought about utilizing EVM measurements. The full PMB ought to likewise
incorporate and characterize how Earned Value will be measured and taken through the term of
Target Measures of Progress advance must be surveyed intermittently ? there are
numerous methods for doing this and the critical lead (moved down by a mass of proof) is that
the more subjective the techniques are, the less dependable the EV information is probably going
to be and the more prominent room there is for undesirable "astonishments" downstream ? (we
bolster finish objectivity in advance estimation, and can demonstrate this is conceivable.
Numerous different techniques have been proposed throughout the years, regularly being
excessively intricate or driving, making it impossible to questionable EV comes about).
Real Costs ? Labor and Materials: Actual cost information should then be accumulated
against by the components in the PMB ? this requires business frameworks and procedures
empower valuable and opportune catch of genuine cost information, by means of the structures
that are utilized in the EVM framework ? not something that falls normally from all business
frameworks. EARNED VALUE MANAGEMENT
EV was not grew basically to report status to clients ? it might be utilized as a part of
along these lines, however in the event that this is the main way it is seen, a tremendous level of
the benefit of utilizing the strategy will be lost.
The goal is to implant EV information into the act of day by day administration of the
venture, prompting to a change in basic leadership based upon an educated examination of
genuine status against cost and timetable objectives, at the working levels of the venture. References
(earned value management). (n.d.). Retrieved November 25, 2016, from
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Oct 14, 2020EXPERT
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