MGT 437 Week 4 DQ 2
MGT 437 Week 4 DQ 2
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This 0 page Study Guide was uploaded by tophomework Notetaker on Thursday November 12, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 21 views.
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Date Created: 11/12/15
Discussion Question 2 What is the concept of earned value What real life examples would illustrate the earned value concept How does this approach to performance measurement differ from simply tracking cost or schedule What is the concept of earned value Earned value is a management technique EVM EVM relates resource planning to schedules and technical performance requirements Earned value management EVM is a systematic process that uses earned value as the primary tool for integrating cost schedule technical performance management and risk management Kemzner 2006 p 612 What real life examples would illustrate the earned value concept Some companies systematically replace older equipment such as trucksservice units The replacement of equipment would benefit from the use of EVM If a company has a eet of vehicles that are being replaved with new vehicles the use of EVM would give a Clearer view of the status In addition EVM will assist in identification of trends and variences from the plan How does this approach to performance measurement differ from simply tracking cost or schedule Without using the EVMS determining status can be difficult EVMS identifies problem early in order to prevent and resolve them early The EVMS provides an early warning system thus allowing the project manager sufficient time to make course corrections in small increments Kerzner 2006 p 614 Since smaller variances are easier to correct EVMS should be used throughout the entire project Kerzner H 2006 Project Management a Systems Approach to Planning Scheduling and Controlling 9th ed New York NY Wiley
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