Analysis Earned Value Analysis - 904 Words

Earned Value Analysis Team structure, effective communication, risk, cost data and projections, performance metrics, and personnel resources are all pertinent mechanisms that have to be considered in order to track and successfully execute a project (CSU-Global, 2015). After a period of meticulous planning, project managers anticipate that their projects will be executed on schedule and within the proposed budget; nevertheless, according to Maheshwari and Credle (2010), there are internal and external factors that can impede a project’s progress. Therefore, once a project is in motion project managers often rely on tools to assist them with staying on course – and to mitigate project risk. One such tool is an Earned Value Analysis (EVA) report that can help quantify a project s progress during the monitoring and controlling stages - at select time intervals. The EVA can also be used to forecast a project’s completion date and present an analysis of variances that may occur due to add itional or misinterpreted requirements (Maheshwari et al., 2010). Regardless of how the project information is formatted there are several key elements that should be included in the EVA to include, but not limited to, financial data described as planned value, actual cost, and earned value, which are accompanied by project variances and forecasting (Project Management Guru, 2012). The bottom line is that an EVA can be used to help determine - and provide interested parties - the overallShow MoreRelatedCost Control of Construction Projects Through Earned Value Analysis1770 Words   |  8 PagesCost Control of Projects: An Introduction to Earned Value Analysis Abstract Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results. 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Analyzing a project’s earned value is necessary when reporting to stakeholders. The data must be comprehensive in nature to ensure stakeholders appreciate the assessment of the project in its current status. Measuring performance is critical throughout the duration of the project because project managers and stakeholders can make acute decisions relating to scope creep, crashing a project, or quality in performance or product. Earn value analysis link the project’sRead MoreAriba Implementation at MED X: Managing Earned Value1697 Words   |  7 Pagesï » ¿ Case Study II. ARIBA IMPLEMENTATION AT MED-X: MANAGING EARNED VALUE UNIVERSITY OF CONNECTICUT OPIM 5668 Project Risk and Cost Management (GROUP III) 18 Feb 2015 Executive Summary: MED-X, a Fortune 500 pharmaceutical company with headquarters in Houston, Texas with 54 plants and more than 40,000 employees world-wide, has undertaken a $2 million Ariba e-procurement project implementation. 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I different ratio that can be classified as follows: âž ¢ Liquidity ratio âž ¢ Activity ratio âž ¢ Profitability ratio âž ¢ Debt-coverage ratio. 7.1 Liquidity ratio: A liquidityRead MoreProject Management: Milestone Analysis1619 Words   |  7 Pagesare some benefits and key drawbacks of a milestone analysis? Milestone analysis is a method of analyzing the progress of a project throughout a projects life cycle ADDIN EN.CITE Flouris2008163(Flouris Lock, 2008)1631636Flouris, T.G.Lock, D.Aviation Project Management2008110 Cherry StreetAshgate9780754673958http://books.google.co.ke/books?id=B28AOHiX7qEC( HYPERLINK l _ENREF_2 o Flouris, 2008 #163 Flouris Lock, 2008). It involves the analysis of project progress and actual costs in comparison