Introduction
Planning is a vital pillar for the success of a project. Planning consist development of cost estimates and projects schedule, development of work breakdown structure and understanding of Earned value management. As the project progress, some adjustment must be made from the initial plan. The project manager may decide to change the time frame or the cost estimate, in most of the cases the customer may not be satisfied with the changes, therefore, it is the work of the project manager to ensure that the adjustments are reasonable and into the scope of the project ( Larson & Gray, 2015 . In this paper we are going to review; the project performance information, project scope, and project Earned Value Management (EVM).
Project Performance Information
When the project is in progress, the project manager collects continuous information which is used as the input data, for quality control. The performance information includes technical performance measure, projects variables status, collective action, and performance reports ( Turner, 2014) . When determining the scope and schedule of the project, it is essential to consider the resources available for the projects. Before any budget processes, the project manager should first evaluate resources available for the project and the time frame the project is projected to take
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Project Scope
After the project, the scope has been authorized the project is initiated, but in the process, some changes will have to be made into the project scope. The process should be formal since the changes were not agreed at the initial stages and my results in disagreement with the client. Some of the changes include modification of the project schedule and cost. It is very critical to follow the formal process when changing the project scope ( Turner, 2014) . The purpose of project scope change is to facilitate the management, control, and documentation of inevitable changes that will occur to your project. The project scope is managed under the following procedures; the first step in change management process is the identification of the area and document that are required to be changed. The second stage needs that the project manager validates the changes and collects the required information to be used in the review process. The third stage requires the project manager to analyze the situation by examining the change in the project schedule, cost and impact of the change ( Turner, 2014) . After the analysis of the change is made the management drafts the next course of action which includes deciding on whether to execute the changes. Lastly, the project manager presents the plans to the client for approval where if approved the changes are executed schedule (Fleming & Koppelman, 2015)
EVM Results
Explain the following EVM results
Project A (CV=400, SV=-700) the Cost Variance is 400 which is positive, and Schedule Variance is -7000 which is negative. The values mean that the project is under the budget while the negative schedule variance indicates that the project is behind schedule (Fleming & Koppelman, 2015). Since the project is behind schedule the project's manager should monitor the areas that are likely to bring the delay
Project B (CPI=1.30, SPI= 0.74) since the Cost Performance Index (CPI) is higher than one it means that existing project has earned more than the amount already spent. Thus, the project is under the budget. On the other hand, the Schedule Performance Index (SPI) is below one which means that the work that has already completed is less than the planned work this means that the project is behind schedule (Fleming & Koppelman, 2015). To rectify the situation, the project manager should fast-track the areas that are behind to complete the project within the stipulated time.
Project C (CV =-850, SV =-450) the Cost Variance (CV) is – 850 which is negative on the hand Schedule Variance is -450 which means that the project is over the budget and is behind schedule (Fleming & Koppelman, 2015). The project manager has the course to worry since the Earned Value Management checking tools are adverse and should do everything possible to salvage the situation.
D (CPI = 0.34, SPI = 0.18) the Cost Performance Index is 0.34 less than one and Schedule Performance Index is 0.18 also less than one. This means that the project less work has been completed than the planned work and is also behind schedule (Fleming & Koppelman, 2015). The project manager should identify the areas that need to be improved to bring the project back to track.
E (CPI = 1.0, SPI = 1.0) the Cost Performance Index is 1 while the Schedule Performance Index is 1. The figure means that the project is being completed at about the same rate as planned and earning and spending are equal. The project manager should maintain this pace.
Why Project schedule is more important than cost
The time for completion of the project is essential in most of the project, some projects, if not completed in time, will not serve their purpose and may be overtaken by client competitor’s projects which may be very costly in the long run. The project manager should strive to complete the projects in time even if it is expensive in the short run.
R eferences
Fleming, Q. W., & Koppelman, J. M. (2015). Implementing Earned-Value Project Management in Ten Easy Steps. Field Guide to Project Management , 521-539. doi:10.1002/9780470172346.ch31
Larson, E. W., & Gray, C. F. (2015). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. Project Management Institute.
Turner, J. R. (2014). Handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.
