Analyze the cost variance metric, and include the equation and what the acronyms stand for
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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?Explain how earned value management (EVM) may save costs and assess project performance, and predict why it's not utilised more. What makes a cost variation, schedule variance, cost performance index, or schedule performance index statistic good or bad?Use the information in this table to calculate the weighted score for project 2 Criteria Weight Project1 Project2 Project3 Project4 Supports of key business objectives 5% 90 90 50 20 Has strong internal sponsor 10% 70 90 50 20 Has strong customer support 5% 50 90 50 20 Realistic level of technology 10% 25 90 50 70 Can be implemented in one year or less 30% 20 20 50 90 Provides positive NPV 10% 50 70 50 50 Has low risk in meeting scope, time, and cost goals 30% 20 50 50 90
- Explain how earned value management (EVM) may control costs and monitor project success and hypothesise why it is not utilised more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?Prepare a project proposal for a promoting operations management major among newly enrolled students. The project should develop different means to attract new students to the major. What and how to promote and how to deliver is for the group to decide. Business Case 1.0. Introduction/ Background 2.0. Business Objective 3.0. Current Situation and Problem/Opportunity Statement 4.0. Critical Assumptions and Constraints 5.0. Analysis of Options and Recommendation 6.0. Preliminary Project Requirements 7.0. Budget Estimate and Financial Analysis 8.0. Schedule Estimate 9.0. Potential Risks Please answer all the requirementIT PROJECT MANAGEMENT:EX 2.4 You have a project to be completed in 12 months, and the budget of the project is R100, 000. 6 months have passed, and R60, 000 has been spent., but on closer view you find that only 40% of work has been completed so far. Given in question : Actual cost (AC) =R60 000 Earned Value (EV) =40% of R100 000 =R40 000 Find the project's cost varience (CV) and determine if you are under budget or over budget.
- If earned value management (EVM) is so beneficial, why is it not used more often? Explain how it may be used to track costs and evaluate the success of a project. When evaluating cost variation, schedule variance, cost performance index, and schedule performance, what criteria should be used as a starting point?Hi, I need help answering the last question. Rob Smith is managing a small project at Boston University. He is under pressure to shorten the overall duration of the project by 4 weeks and he wants to do so at the lowest cost possible. In order to meet this objective a number of activities must be crashed. Activity Normal Time (weeks) Crashed Time (weeks) Normal Cost Crashed Cost Predecessor(s) A 5 3 $800 $1,200 - B 6 5 $300 $450 - C 6 5 $550 $775 - D 3 2 $750 $950 A E 6 3 $1,350 $2,250 C F 5 3 $675 $875 B What is the total cost of crashing the project 4 weeks (just the additional cost, not total project cost)? (Display your answer to two decimal places.)4a) Total quality management is a top-down program True/ False 4b) The qualifications of a competent project manager are: technical expertise, related project experience, business capability, leadership ability, people skills and appropriate educational degree. True/ False 4c) A good method to ensure client satisfaction is to develop criteria and a related measurement program and periodic report that show the contractor's performance against the criteria. True/ False 4d) Some of the elements for an effective team-building program are: project commitment, cost and schedule consciousness, and working togetherness True/ False Make sure you solve all question, I need only answers. If you are going to solve please left this question. I need all answers.... **
- which of the following are valid project selection methods A. Holy Goat B. The unbalanced program method C. The weighted scoring method D. Personal prferenceOne of the main outputs of project cost management is cost estimate. Project managers normally prepare several types of cost estimates for most projects. Examine the situations where you would prepare rough order of magnitude (ROM), budgetary and definitive cost estimates for an information technology project. Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×Give an example of a project which is a failure in cost estimation and give suggestions for making it appropriate.