Purchase Solution

Earned Value Analysis - Monitoring and Controlling Project Cost

Not what you're looking for?

Ask Custom Question

Once your budget is planned and allocated across your work packages, it is critical to monitor and control your project's cost. Why is monitoring and controlling the project cost important for the success of the project? What are some key components to monitor the health of the project, as it relates to earned value? How is earned value management different than straight financial accounting?

Purchase this Solution
Solution Summary

This solution contains an analysis of monitoring and controlling a project cost, together with earned value management and straight financial accounting.

Solution Preview

Monitoring and controlling project cost is important because often a project is allocated a certain budget, and controlling project cost might be a deciding factor in doing this. Key components to monitoring the ...

Purchase this Solution
Free BrainMass Quizzes
SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Motivation

This tests some key elements of major motivation theories.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

View More Free Quizzes
Related BrainMass Solutions

  • Project Baseline

    Also, as you continue to think about monitoring and controlling the project, specifically consider the question: How can the project baseline and the earned value approach for variance analysis be used to monitor and report project progress?

  • The Uses of Earned Value Calculations in Project Management

    It also explains how both forms of calculations can be useful when monitoring and controlling a project.

  • Monitor Performance of the Project Baseline Plan

    Earned value measurement is the system of controlling and planning the cost performances of the project by the way of integrating the scope, cost objectives and time schedule of the project (Budd & Budd, 2013).

  • Earned Value Analysis Structured Explanation

    626169 Earned Value Analysis Structured Explanation The purpose of this assignment is to help you to understand the application of Earned Value Analysis (EVA) for project management monitoring and control.

  • Analyze Cost Control Techniques to Reduce Potential Risks

    Project Scheduling and Cost Control: Planning, Monitoring and Controlling the Baseline. Newcastle: J. Ross Publishing. Wideman, R. M. (2001). Managing the Project Environment. Germany: Springer-Verlag. Wolfe, M. (2015).

  • Project controlling and forecasting

    Choose one technique from each of the major forecasting categories (numerical/statistical, simulation, earned value analysis, and/or ad hoc), and discuss in detail.

  • Establishing a WBS, Baseline, EVM, etc.

    The Earned, Planned Value and Actual Cost are an aspect of EVM used to appraise the schedule and cost performance right through the project, The monitoring of the projects progress entails assessing whether you are on, ahead of or behind the schedule

  • EVM as a central tool to project management

    Earned Value management keeps cost under control by identifying variances in project cost, schedule or cost at an early stage and thus, act as a robust risk management tool for the project.

  • Schedule and cost control techniques

    Write a memo to him assuring him of how all these things are controlled-- explain the value of PERT estimating, Risk Matrices and Earned Value Management and how they assist in: - The scheduling and controlling of a project - Making project and segment

View More Related Solutions