Project managers often use Earned Value Management (EVM) if they want to compare the status of their projects to their project plans. Using the same project from Assignment 3, develop a project scenario to explain the amount of work that you have completed with the funds allotted.
This assignment consists of two (2) sections:
An MS Project exercise
An EVM paper
You must submit both sections as separate files for the completion of this assignment. Label each file name according to the section of the assignment for which it is written. Additionally, you may create and / or assume all necessary assumptions needed for the completion of this assignment.
Section 1: MS Project Exercise
Assume that your project is using more resources (e.g., time, money, and / or other non-labor resources, etc.) than anticipated through 50% of the project duration.
1. Update the project schedule to reflect related resource changes.
2. Produce a series of EVM reports from MS project that illustrates your project’s performance. Note: Your reports should focus on the cost and schedule performance of the project.
Section 2: EVM Paper
Write a two to three (2-3) page paper in which you:
3. Summarize the recourse changes of your project, and discuss the performance results of your project.
4. Determine one (1) performance measurement baseline for your MS Project. Justify your response.
5. Apply earned value analysis (EVA) in order to forecast future cost issues. Justify 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:
Appraise the process of determining the cost and relevant budget required for a project component.
Analyze quality assurance processes in project management.
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.