Share
Explore BrainMass

Earned Value Management

I need help with the following assignment:

Write a critical evaluation of a paper topic - Earned Value Management.
Paper should go beyond simply summarizing the topic; exhibiting critical thinking or adding value through your superior analysis and relating the article to real world applications. The article is attached.

Pages: 4-6

Thank you!

Attachments

Solution Preview

need help with the following assignment:

Write a critical evaluation of a paper topic - Earned Value Management.
Paper should go beyond simply summarizing the topic; exhibiting critical thinking or adding value through your superior analysis and relating the article to real world applications. The article is attached.

Earned value refers to measuring project performance. It is a system of comparing the amount of work that was planned with what was actually accomplished to determine if cost and schedule performance are as planned. The earned value management also seeks to assess, understand and quantify what a contractor or field activity has achieved with the program money. The earned value management give project management with impartial, precise and timely information for effective decision making. The article claims that earned value is "what did I receive for what I spent?" It is an attempt to measure performance objectively and precisely.
In contrast to mere cost measurement and comparing them to planned cost, the earned value seeks to measure accomplishments. From one perspective, it is an excellent method because it measures project performance. It compares the amount of budget spent with the amount of work done so far. In other words it seeks to compare the physical work accomplished with the authorized budget for the same. According to the article there is a third variable called earned value that is needed to measure actual accomplishment.
What is required is that the project manager should agree on the project scope; create a work breakdown structure an assign budget to each package. The project manager creates a schedule showing the calendar time it will take to complete the work. There is a baseline that shows the planned value and this planned value is used to measure performance throughout the lifetime.
Granted that earned value management provides a picture on ...

Solution Summary

Earned Value Management is discussed very comprehensively in this explanation..

$2.19