Discuss how you will respond to deviations;
In the previous weeks, you developed a plan for project managing acquisition projects. In Week 1, you discussed which tools would be most appropriate for managing cost, schedule, and technical performance. In Week 2, you evaluated the difference in managing a project if it is small in nature. In Week 3, you focused specifically on guidelines for acquisition projects. In Week 4, you incorporated cost methods and tools to assist you in project tracking and monitoring.
This week, you will be incorporating earned value management and how overall cost and schedule performance will be monitored and controlled.
Deliverables
The following are the overall project deliverables:
Update the previously completed sections based on the instructor’s feedback.
Complete the following new sections:
Earned Value Management System
Discuss how an earned value analysis will be utilized for this project or Key Assignment, including the formulas to compute earned value analysis (EVA).
Cover the following 4 scenarios and what you should do:
Behind schedule and over budget: Include a sample calculation that would trigger this interpretation, along with a graph.
Ahead of schedule and on budget: Include a sample calculation that would trigger this interpretation, along with a sample graph.
Behind schedule and on budget: Include a sample calculation that would trigger this interpretation, along with a sample graph.
Ahead of schedule and under budget: Include a sample calculation that would trigger this interpretation, along with a sample graph.
Discuss for each of the above situations how you compute the final cost and end date if nothing changes with its present state.
Overall Cost and Schedule Performance
Discuss how you will monitor progress.
Discuss what metrics, reports, and graphs you will use to monitor progress.
Discuss how they would determine the cause of the variation.
Discuss how you will respond to deviations; (specifically around schedule compression and a contingency budget).
Instructor Feedback: “Watch your plan structure and be sure to always approach the risk directly”
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