MGT 437 Week 5 Individual Assignment - Performance Measurement Paper_
MGT 437 Week 5 Individual Assignment - Performance Measurement Paper_ MKT421
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Date Created: 11/09/15
Project Performance Measurement Paper 1 Project Performance Measurement Paper Project Performance Measurement Paper 2 Intro In this paper, I will be comparing and contrasting the three Earned Value Management performance measurements: Planned Value, Earned Value and Actual Cost. I will also be discussing the importance of project performance measurement. Planned Value Planned value is defined as, “the value of the work planned for a certain date. It is the entire budget for work to be completed at the planned date. In Scrum terminology: it is the sum of the estimated feature sizes for all the features up until the planned date” (Martinig & Associates, 2009). An example of a planned value is when you start a project and have an idea as to when the timelines should fall into place. These estimates are your planned estimates or values. These values can be changed along the way, but are used in the beginning to baseline your actual values. This gives the team a guideline so that they can manage their workload. The planned value of a project also is taken into consideration for those who need extra time on one task. At my company, the Project Manager will use the Gantt chart to map out the timelines of the project between one year or less. Each project task is then given a projected timeline that is used during the study. Earned Value Earned value is defined as, Project Performance Measurement Paper 3 “the value of work completed at the same date as used for PV. Earned Value is not synonymous with actual cost, nor does the term refer to business value. Earned Value refers to technical performance (work) "earned" against the baseline or work planned. In Scrum terminology: it is the sum of the estimated story points for the features up until the calculation date” (Martinig & Associates, 2009). An example of earned value is the timelines that are actually the time that it took to finish a task. For example, you may have estimated that it will take six months to complete a task, but you find that with all of the obstacles that are around, it actually takes you eight months. This would be your earned value. At my company, once the project starts, we attend weekly and monthly meetings to determine whether or not the timelines work for the team. At this time, the timelines are adjusted if needed and the team adjusts their plans accordingly. Actual Cost Actual cost is defined as, “the amount of money you have spent to do the work that has been completed by the designated point in time. This may or may not equal what you budgeted, because the work you have completed could have cost more, or less, than expected” (Brown, 2009). The actual cost of a project actually pertains to the money spent during the project. In my company, we evaluate the budgets twice a year. We evaluate where we are and what has been spent in the middle of the year, while creating new budgets and plans in the Project Performance Measurement Paper 4 beginning of the year. The budgets are evaluated by our financial department and adjusted if we go over budget as well as given to other projects if we are under budget. Summary Overall, project performance management is very important in project management. It allows for companies to gauge where their money is going and how fast it is being spent. References Brown, G., (19952009), EV, PV, AC, CV, and SV Not Just Alphabet Soup,Global Knowledge Training LLC, Retrieved October 26, 2009, from http://www.methodsandtools.com/archive/archive.php?id=61 Martinig & Associates, (19952009), Measuring Integrated Progress on Agile Software Development Projects, Retrieved October 26, 2009, from http://www.methodsandtools.com/archive/archive.php?id=61
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