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- Justify the usage of earned value management (EVM) to control costs and monitor project success, and hypothesize on why it is not utilized more often. What are some broad guidelines for determining if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is positive or negative?Describe an alternative approach to consider risk in a project evaluation?Justify the use of earned value management (EVM) to control expenses and monitor the effectiveness of a project, and speculate as to why it is not used more often. How can one determine if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is favorable or unfavorable? What are some general criteria to follow?
- For each project phase of a project life cycle, identify and describe at least one major deliverable (output) of the phase.Use the following project status information to calculate each of the requested EVM numbers below (a-i).The project status is reported at the end of week 13. Task Budget Cost Budget Duration Status as of Week 13 A $5,000 2 Weeks 100 percent complete $5,000B $8,500 3 Weeks 100 percent complete $9,000C $15,000 4 Weeks 75 percent complete $14,000D $10,000 4 Weeks 50 percent complete $9,000 E $12,000 4 Weeks Not startedF $15,000 5 Weeks Not started a. Planned Valuedb. Actual costc. Cost varianced. Schedule variancee. Cost performance indexf. Schedule performance indexg. Budget at completionh. Estimation to completei. Estimation at completionState and explain three phases that are involved in the management of a large project under project management ?
- Describe the method of developing cost estimates using WBS.How are these figures combined to arrive at the approximate net cost of the project?What types of Difficulties are involved in public-project analysis?Describe how you will go about monitoring a project. If you were a project planner, what problems would you prioritise?What is the reason for this?
- The project management plan specifies that a predictive development approach has been selected to produce the project deliverables. Suggest when in the project life cycle will the overall project risk be the lowest and demonstrate how it should be doneWhat are the steps for the project closure phase?With the use of a diagram, show (illustrate) the typical levels of project staffing related to each phase and throughout a project With the use of a diagram, show (illustrate) the typical levels of uncertainty or project risks associated with each phase and throughout a project.