There are two discussions here that need to be responded to thoroughly. Responses must be on APA format 150+words 1-2 legitimate verifiable sources per response.
CIS5554 discussion 1 post responses.
Respond to the colleagues posts regarding:
“Earned Value” Please respond to the following:
¢ Earned value reporting allows project managers to measure and track actual versus planned costs, schedule, and work. Present the factors, metrics, and formulas that may be used to determine earned value.
¢ Analyze how earned value may be used to determine if a project is on time or within budget. Provide a real-world example, including the formula calculations, to support your response.
LGs post states the following:
“Earned Value” Please respond to the following:¯
¢ Earned value reporting allows project managers to measure and track actual versus planned costs, schedule, and work. Present the factors, metrics, and formulas that may be used to determine earned value.
Earned value (EV) is a technique that project managers used to measure the performance of the project against the baseline. Basically, EV helps the project manager determine if the project is ahead or behind schedule and/or whether it’s over or under budget.
Earned value calculations include:
¢ Planning Value (PV) that is the budgeted amount through the current reporting period
¢ Actual Cost (AC) that is the actual costs to date
¢ Earned Value (EV) is the total project budget multiplied by the percentage of the project completio.n
Overall, the above information helps to calculate the schedule performance index (SPI) and the cost performance index (CPI). The way both of these are calculated are
¢ SPI = EV/PV
¢ CPI = EV/AC
With the use of greater than/less than, if either SPI/CPI are greater than 1, it is considered good. If either is less than 1, then it is considered bad.
¢ Analyze how earned value may be used to determine if a project is on time or within budget. Provide a real-world example, including the formula calculations, to support your response.
A baker plans to bake a total of 100 pies at a cost of $2.90 per day. The use of the facility to use the commercial oven costs $147 a day. The baker was only able to bake 70 pies that day. Therefore, the EV calculation would be:
¢ 70 pies@ $2.90 = $203
¢ 100 pies @ $2.90 = $290
¢ Oven for use for 1 day = $147
Earned Value (EV) = $203
Budgeted Cost (BC) = $290
Actual Cost = $350 ($203 (EV) + $147 (Oven Use))
Cost variance = $203 – $350 = $(147) = CPI <1
Schedule variance = $203 - $290 = $(87) = SPI <1
References:
Usmani, F. (2019, November 17). Planned Value (PV), Earned Value (EV) & Actual Cost (AC) in Project Cost Management. Retrieved from https://pmstudycircle.com/2012/05/planned-value-pv-earned-value-ev-actual-cost-ac-analysis-in-project-cost-management-2/
CIS554 discussion 2 post responses.
Respond to the colleagues posts regarding:
"Project Control Panel" Please respond to the following:
¢ A project control panel may be used to provide a summarized status of a project. Examine the various metrics, project attributes, and project control factors that a project control panel may display. Describe how various sections of a project control panel may serve as a communication tool for project stakeholders.
¢ Describe how you may use the project control panel to communicate with different project stakeholders. Include an example to support your response.
LGs post states the following:
"Project Control Panel" Please respond to the following:¯
¢ A project control panel may be used to provide a summarized status of a project. Examine the various metrics, project attributes, and project control factors that a project control panel may display. Describe how various sections of a project control panel may serve as a communication tool for project stakeholders.
The project control panel, or commonly referred to as my organization, project management dashboard, provides a visual representation of the project's status. The purpose of the project panel is to provide at a glance, a stop-like reference of the project status in terms of completion, budget, risk, and performance. The panel provides a stamp in time, usually every month, there the project is on time and within budget or not. Also, it provides insight as to the number of changes that have been presented against the original plan and what risk factors have either been mitigated or have risen since the start of the projectproviding this panel aids in the communication to stakeholders on the overall project stance.
¢ Describe how you may use the project control panel to communicate with different project stakeholders. Include an example to support your response.
There are different takes of stakeholders for a project. The project control plan (PCP) can be used to communicate them on the project in various ways. For example:
Customers: The use of the PCP can communicate the quality of the project when it comes to the defects found and resolved every month.
Executives: The use of the PCP can see how the project its return on investment, shapes up, through the overall progress, EVM, and resources needed and used throughout the project. They, too, would be interested in the quality of the product/service the project outcome is to produce. The other aspect these executives would be interested in is the overall risks for the project, which they have seen the number of risks identified and the impact and probability of those risks being realized.
Project Sponsor: Outside the executive, the project sponsor will use the PCP as a means to determine the project's effectiveness. For risks, quality and progress are all areas the sponsor would be interested in. However, the project sponsor also would need to see how many changes are occurring throughout the project in terms of scope and requirements and the allocation of resources being used and applied.
References:
Fairley, R. (. (2011). Managing and Leading Software Projects. [VitalSource Bookshelf 9.2]. Retrieved from vbk://9781118245279
