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Management
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Using Earned Value in a Project Status Management Essay

Essay Instructions:

You have been hired by Company XYZ as the project manager for a retail-space renovation project. The project requires replacing all of the light fixtures in the space, painting the walls and ceiling, and carpeting the floors throughout. Your company has given you a budget of USD $25,000 and the expectation that the project be completed four weeks from its start.
The company requires a status update at the end of each week, until the project is completed. In two to four pages, address the following in your write-up.
*Explain why you would use Earned Value calculations to provide a meaningful status report in terms of the cost and schedule components of this project.
*What information would Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV), and Cost Performance Index (CPI) provide you in determining the status of your project?
*How would you use BAC, EV, AC, and PV in determining the four measures above?
*Finish your write-up with a conclusion on the use and benefit of using earned value analysis in reporting project status.
Requirements:
Your well-written paper should be two to four pages in length, not including cover and references pages and appendix. Appendices should be included at the end of the paper after the references page(s).
Format your paper according to the CSU-Global Guide to Writing & APA (Links to an external site.).
Cite a minimum of three sources (two of which should be current, academic peer-reviewed scholarly sources) to support your responses, demonstrate thoughtful consideration of the ideas and concepts that are presented in the course, and provide new thoughts and insights relating directly to this topic.
NOTE: Current research in this class means the most recent five-year period. Although research older than five years may be used, it will not count toward the assignment requirement of citations. Additionally, in the lecture material for Module 1, you were reminded of what constitutes academic peer-reviewed scholarly sources and how to find them in the CSU-Global Library.

Essay Sample Content Preview:

USING EARNED VALUE IN A PROJECT STATUS
Name
Institutional Affiliation
Using Earned Value in a Project Status
Earned Value Analysis (EVA) analyses the continuous development of a venture at any given point, thus enabling forecasting of the final cost and an estimated time (Raileanu, Gasparotti, & Rusu, 2017, p.234). Additionally, it allows an analysis of variances in both the budget and the schedule during the entire cycle from the onset to completion. Through the evaluation of the actual work completed with the job initially put on the plan, one can assess whether the cost, schedule, and work performed progress in line with the plan. Earned Value provides a basis for which both the client and project manager may continually assess time and financial factors along the project period. Without EVA, tracking of the contract status becomes difficult hence the client cannot gauge the progress of spending incurred by the project manager. Therefore, EVA offers a basis for monitoring the effectiveness of the plan through analysis of factors likely to affect project completion.
Company XYZ requires several renovations, including light fixtures in the space, painting, in addition to carpeting floors throughout with an estimated budget of $25,000. Given the set deadline of four weeks for project completion and the required weekly status report, earned value calculations ensure that the calculation of progress continues weekly. By having a clear definition of the work expected at the beginning of this project, the measurement of accomplishments becomes objective through providing accurate assessments of the status of the contract. Therefore, Earned Value calculations provide insights on whether the project cost adheres to planned total cost while staying within the set time limit. Understanding the effects of these two components thus provides Company XYZ with a detection and warning system in case of deviations in the progress of the project. As a project manager adhering to contract terms and conditions shows proper planning and use of time and resources provided by a client. Additionally, the knowledge that unforeseen events may directly impact project completion provides an opportunity for adjustments that ensure minimal disruptions throughout the project cycle.
Schedule Variance (SV) indicates the deviation in project time by analyzing whether it is behind or proceeding accordingly to the estimated time (Morad & El-Sayegh, 2018, p.3). A negative SV value implies a delay in the project schedule. Furthermore, Schedule Performance Index (SPI) indicates progress about planned schedules, thus offering insight on the efficiency of time (Byung-Cheol, 2015, p.2). On the other hand, Cost Variance (CV) indicates the deviation in project costs incurred in comparison to the planned cost in the budget. Subsequen...
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