Project Management, Performance, and Closure
Schedule Variance (SV)
SV = Earned Value Planned Cost
SV = $600 - $540
SV = $60
The earned value refers to the accomplishment of physical, financial units from the project activities. The difference between the earned value and the planned value reflects the progress made in the project concerning the project schedule. Consequently, the project activities are on track since the schedule variance is positive, which signifies the project activities as scheduled.
Cost Variance (CV)
CV = Earned Value Actual Cost
CV = $600 - $650
CV = $(50)
The cost value of the project is a negative figure which signifies that with the progress made, the project performance is already over the budget. This could present some challenges, such as exceeding the planned budget and may require the stakeholders to spend more money to complete the project. It may also mean that the project may go overboard the projected baseline cost and affect its profitability.
Cost...
However, this challenge can be remedied through interventions in the project activities and resource planning to lower the expenditure redundancies...…stakeholders, such as contractors. Some of the resources might be reassigned if necessary for the projects life cycle. However, those who will not be needed after that will be released.The project team involved will hand over the project to the project sponsors and then celebrate its success. the project sponsor will be invited to give a speech and articulate their view on the completion of the project (Project Management Institute, 2021). Different teams will be rewarded for their participation and commitment to completing the project. Appreciation of other stakeholders, such as contractors, will be shown to contribute to the projects success.…
Reference
Project Management Institute. (2021). A guide to the project management body of knowledge (PMBOK guide) and the standard for project management (7th ed.).
Project Management Although desirable, it is quite difficult to start with a dictionary definition of project management, mainly because of the complexity involved in the process, a complexity impossible to cover with a simple two-line definition. Hence, it is probably best to describe the process, underlining thus the main characteristics of project management. A company's strategic perspective may, perhaps, be amply resumed to two strategic concepts around which everything else revolves: objectives
.....project management approach is increasingly becoming popular in today's workplace. Organisations are ever more recognising the benefits of accomplishing tasks and activities as projects -- better task coordination, quicker task execution, and so on (Larson et al., 2013). The author's organisation, a renewable energy firm with operations in Australia and beyond, has particularly been shifting to the project management approach in recent years. The organisation is currently interested in acquiring
Project Management Plan of a New Restaurant This project management plan is majorly concerned primarily with the first two steps which are defining the project; the project objective is broken down into a series of manageable steps called tasks and designing the project process; this work is performed by the project manager and is presented in the GANTT chart where the tasks are displayed in more detail (Hamilton, 2004). Besides, for
Project Management in a Legal Context Project management is increasingly becoming a popular and preferred way of contending with inter-organizational ventures that are out of the ordinary. When the functions of a project require the involvement of specialized personnel and skill sets which may not be readily represented from within the company to the fullest extent demanded, it may be appropriate to organize a project team. This might be comprised of
Project Management February J. 2014 A project is a temporary group of activity designed to produce unique products and services or results. Typically, a project has a defined beginning and end and therefore having defined scope and resources. (Pierre, 2012). A project also has a specific set of operations to accomplish a singular goal. Examples of projects are as follows: Development of software to improve business process, Construction of bridge or building, Expansion of sales
Project Management Involved Formation of Airbus Project Management involved in Formation of Airbus The report investigates factors that led to the A380 project crisis. Analysis of the project revealed that Airbus did not integrate an effective project management model into the project lifecycle leading the project to be two years behind schedule, which eventually led to the costs escalations. The report reveals several lessons to be learned from the A380 project crisis.
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now