Pjm480 Peer Discussion Responsesplease Responses

PJM480 Peer discussion responses

Please reply to both POST1: and POST2: in at least 200 words

Original Post:

What is the value of Earned Value Management (EVM)? Consider
how you would pitch EVM to your manager. Describe the value as if you
were trying to convince management that EVM is a measure your
organization should be using for project management.

POST1:

Earned Value Management (EVM) is a method that determines
the value a project has gained during the project, as well as at the
project end by comparing the current value to the expected value. The Practice Standard for Earned Value Management (2011)
states that EVM is a method by which scope, schedule, and resources
evaluate project performance and development. Additionally, EVM predicts
future project performance by comparing patterns and trends against an
established baseline.

Bergerud (2015) writes that the use of EVM allows an
organization to predict costs at 20 percent of project completion, and
there is a good chance that those costs will only change by plus or
minus 10 percent. In and of itself, this is an excellent reason to adopt
EVM in every project. EVM enables tighter control of costs and
timelines, keeping the project on time and within budget.

Overall, any project can benefit from EVM in that EVM
works like an early warning system to alert the project management group
to issues in the project. For example, a portion of a project requires
the purchase and installation of a software package on the central
server. However, a week into that installation process, the progress is
not as far along as expected. It could cause the project to run over
budget and behind time if it is not corrected immediately. An
established baseline and EVM for this particular task will reveal this
issue.

References

Bergerud, C. (2015, February). Selling executives on the predictive powers of EVM. PM Network, 29(2),
59. Retrieved from
https://csuglobal.idm.oclc.org/login?url=https://s…

Project Management Institute. (2011). Practice standard for earned value management (2nd ed.). Newtown Square, PA: Project Management Institute, Inc.

POST2:

The
biggest goal for any project is to not only finish the project, but also
complete the project that is within schedule and cost. A tool is needed
to see how well a project is doing Earned value management (EVM) is a
tool to assess how well a project is doing. The project team can use EVM
to determine if the project is within schedule and cost. Risk
management is not the only thing that the project team needs to worry
about in the project. Cost and schedule can greatly affect a project.
Earned value management needs to go along with risk management because
EVM can be used as a risk management tool (Fleming, & Koppelman,
2002). By combining a risk assessment and EVM the project team can
necessary adjustments to bring the project back within schedule and
budget.

It is important to use earned value management early on in the
project. By doing so the PM will able to make necessary adjustments
early in the project to prevent the entire project from going off track.
EVM needs to be constantly monitored and adjusted throughout the
project. The constant update and managing of both cost and schedule will
increase the chances that the project will succeed.

Reference

Fleming, Q. W., & Koppelman, J. M. (2002). Using earned value
management: A publication of the american association of cost engineers a
publication of the american association of cost engineers. Cost Engineering, 44(9),
32-36. Retrieved from
https://csuglobal.idm.oclc.org/login?url=https://s…