23 Oct Discussion questions: Week 6

Discussion questions: Week 6

1. “Earned Value Analysis” is an industry-standard way to measure a project’s progress and provide schedule and budget variances along the way. Please discuss any shortcomings/problems to complete the analysis for a complex project?

Answer Question

2. In your opinion, how often the earned value analysis should be done on a mid-size project?

Answer Question

G G

1. “Earned value Analysis” is an industry-standard way to measure a project’s progress and provide schedule and budget variances along the way. Please discuss any shortcomings/problems to complete the analysis for a complex project?

A major shortcoming/coming problem listed with the Earned Value Analysis, is the variance. Even though EV reveals the presence of variance, It does not provide corrective action for the variance. Another major setback is its reliance on accurate data. if the input data is not very accurate. The results may be misleading and it is also possible in EV to manipulate the data to obtain a favorable output.

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2. In your opinion, how often the earned value analysis should be done on a mid-size project?

Earned Value Analysis is best suited for small and medium-sized projects. For a small project that lasts for less than 3 weeks, the analysis can be done on a daily or weekly basis. A simple cost and schedule variance can be considered sufficient for a short term project.

Earned Value Analysis is a method to analyze a project’s performance at any given point of time, forecast its completion time and cost involved, and analyze variations. if any more specifically, it is a comparison of the planned work and the amount of work completed to determine the cost requirements and time required for completion. EVA includes two variances: cost variance and schedule variance.

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L S

1. “Earned Value Analysis” is an industry way to measure a project’s progress and provide schedule and budget variances along the way. Please discuss any shortcomings/problems to complete the analysis for a complex project?

The problem with this EVA is that it only checks whether the work is on time and within the budget or not but it does not have a check system for the quality of work so the project may be completed on time and within the budget but the quality of the work can only be seen once the project is complete. 

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2. In your opinion, how often the earned value analysis should be done on a mid-size project?

For a mid-sized project with a maximum of up to 6 months, it is useful to perform the EVA once every 3 weeks to keep a tab on the progress of the project and to support the report efficiency levels and project completion date with budget variance must be included. 

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M L

1. “Earned Value Analysis” is an industry-standard way to measure a project’s progress and provide schedule and budget variances along the way. Please discuss any shortcomings/problems to complete the analysis for a complex project?

Earned Value Analysis is a method to analyze a project’s performance at any given point of time, forecast its completion time and cost involved, and analyze variations, if any. EVA includes two variances: cost variance and schedule variance. Usually a useful method, it might encounter some problems in case of complex and long duration projects such as

· Uncertain: EVA makes use of planned value as a benchmark. Other data regarding the project completion, costs, and variances are according to this planned value.

· The cost involved: The cost of implementing an EVA is very high. It makes use of EVA software which is an added cost for the company.

· The time required: The time involved to gather data regarding actual costs for comparison is a lot in the case of big and diverse projects.

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2. In your opinion, how often the earned value analysis should be done on a mid-size project?

For a mid-sized project that lasts between 3 weeks and 6 months, it is useful to perform the analysis once in two or three weeks to keep a tab on the progress of the project. Further, the report to be helpful must include the efficiency levels and project completion date with budget variance, if any.

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