The intent of the Earned Value Project Management planning session would be to concentrate on providing the stakeholders within insights into each phase of the project development and the level of earned value at any point in time. The ability to use Earned Value Project Management to define checkpoints and key insights into the financial performance of a project plan is critically important to ensure the project will succeed (Curling, 1998). Schedule and cost variances would also be calculated using Earned Value Project Management techniques to further quantify the relative value of using one specific series of resources, in a given sequence, compared to another. The optimizing of resources for a given project must take into account the potential earned value of each specific asset or resource relative to its opportunity cost in other usage scenarios (Rose, 2003).

The resources required to accomplish this would need to be allocated away from the areas of application enhancement and development. The time value of these resources and the resulting resource and cost variances within the project would need to be monitored in as close to real-time as possible to keep costs under control (Curling, 1998).
References

Anbari, F.T. (2003). Earned value project management method and extensions. Project Management Journal, 34(4), 12-23.

Curling, DH (1998). Earned value project management. International Journal of Project Management, 16(1), 66-66.

Rose, K.H. (2003). Earned value project management, second edition. Project…