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Stud e nt Re WKU Libraries To DIE n Helpdesk rte Portal The importance 01 Prniecl Management Being an eflective project manager Implementation ofthe

IT IS A DISCUSSION QUESTION

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This week focuses on the processes by which project managers monitor and control their projects. The plan-monitor-control cycle is an integral part of this process. Discuss with your classmates how to implement the plan-monitor-control cycle during the different phases of the project life cycle.


Assigned Book:

Book :  Wiley Pathways Project Management, 1st EditionISBN: 978-0-470-47246-0
Publisher: John Wiley and Sons.
Authors: Portny, S. E., Mantel, S. J., Meredith, J. R., Shafer, S. M., Sutton, M. M., and Kramer, B. E.
http://www.wiley.com/WileyCDA/WileyTitle/productCd-EHEP000116.html
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Stud e nt Re
WKU Libraries To DIE n Helpdesk rte Portal The importance 01 Prniecl Management Being an eflective project manager Implementation ofthe plan-monitor—control cycle during the
dirrereni phases of the project iiie cycie " me... u. ”WWW “.1 ,W "WM .... mm...” v. ”New“. Include information from assigned or supplemented readings, Do
you have personal experience that you could you share? 126 Make your original post by 11:59 PM on Thursday, July
13th. Respond In at least three other students by 11 :59 PM
on Sunday, Jury 16th. Imagine you are the project manager slaning a new cancer
research team, The project team members have been
assigned and they have a history of being excellent researchers
but poor communicators, both amongst themselves and in
terms at reporting their progress to management 1eDiscuss as the proiect manager how you could utilize
Influence and power to lead the unoommunicative team
members. 4 2- Setup a renew schedule and a set {it rules to be Toilowed In
orderto maximize the team‘s efficienw and minimize potential
problems Make your original post by 11:59 PM on Thursday, July
20th. Respond in at leastthree other students by 11:59 PM
on Sunday, July 23rd. This week focuses on the processes by which project managers
monitor and control their pingecls The plan-rnunilor-contrul cycle is an integral pad of this pruness Discuss With your
dassmales how to implement the plarymonilnrecnntrol cycle during the di‘fierent phases of the project life cycle 0 Make your original post by 11:59 PM on Thursday, July
27th. Respond to at leastmree other students by 11:59 PM
on Sunday, July 30th. 35

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How I Grade the Discussion P051: in tne discussion posting area, ttie instructor will post amplcl’asslgnmenijbr questionis) ioi analysis and discussion. th1 will be expected to contribute posts ttiat reliectyoui knowledge oittie topic based upon tne assigned readings as well as extemal
sources in addition to youi oiiginal post on tne topic, you sliould also rugund to at least tiuee otlier posts. Tnis inteiaction witn yourclassmates and tne instiuctoi will olier a iicti opportunity to snare impressions oitne ieadings and snare your
peispectives oitne material. AH oii'giiial discussion posts are due by 11:59 PM on Thursdays. Your time response: to ouiers are due by 11:59 PM on Sunday. 6 de lles fur purl gal n the d scuss ans . upload original discussion contributions early in tne week (notconcentiated all on one day or at tne beginning andloi end oitne period). Post responses later in ttie week 7 Post a minimum oi two snort paragiapns and a maxlmum oitnree paiagiaplis ioi each discussion question - Avoid responding to otnei posts by saying "l agree" or "great idea", etc. it you agree (ordisagieelwitn a analysis post, then say wny you agree by supporting youi statement witn concepts lrom tne ieadings or by bringing in a related example or
experience. . Address and analyze eacn question (don't lettlie discussion stray). - Quote or paiapnrase liomtne assigned readings to support your postings witn citations. include links wnen you quote liom ottiei outside sources. lfyou link oi cite outside sources, make sure tney are sctiolarly. rrliis means no tilogs, biased
special interest gioups, oi social networking sites.l Use news sources caielully. Stai magazine, People, or CNN don‘t always tell ttie tiutn. IMPORTANT: i expect a relerellce to some souice o1 inleimation (text, exteiual web site, or
otliei booksi aniclesi etc.) tor eveiy original post iegaid less or wlietliei I specifically ask 1oi it oi not. Always giou no your assertions and statements witti citations. 7 lf you cite lioin tne assigned text, include a page number . 55ng to develop a liabit oi making all oiyoui reierences and citations in APA foimaL . Build on otners' responses toiurtneideveloptnieads . Bllrlg in ielated prior knowledge (wnrk expellence, priorcouisework, readings, etc ) - Use oruger netiquette (a new browser window will open) (piopei language, tone, mecnanics. grammar, spelling, couitesy, and respect ioi otneis' opinions, etc.). Remember, tnis is not a blog or a cnat room. The rules oigood wiiting still apply. Successful 0 e gnnlclgatlon [Or how to get others to read [our m | 7 Think oitne assignment in terms oiaconcise wiiting exercise Relate tne post to tne course mateiials. . Try to keep your posts to 159an words Texts longertnan 159an words are tiaidei to iollow on screen. . Bettersfmmulated, giammatically correct, cleai posts attract more attention (liom botn instructor and colleagues). . Before you post, tnink about the assignment irst and jot down notes as you read . Develop youii'iii'li'al oosiin a woidoiooessi'iig oiogmm wiieie you can edit; itien past Tnis gives you the added advantage oileainng you witti a record oiyoui observations. The saved word processing ioimat is always available to you to refer
back to altei tne course is completed. . Cite arid/oi provide links to nelp readeis associate andIor ind tne source you aie paraptirasing or quoting. - ntle will post witn a descriptive andior interesting topic to ilag attention and to solicit response flout otneis . Alter you nave posted, check back to see i anybody nas responded to you and keep tne dialog going Res "595 . Respond to one oiyoui colleagues wtio suppons your own tliougnts oi one ttiat lacks supporting evidence or seems to iall slion on an aspect ttiat you tnink is important.
- le can pose questions, ofiei arguments (distinguish between opinion and argumentl, or play “dewl's advocate "
. Avoid responses tnat oliei only iignt and wrong perspectives and ignore otnei possitile answeis, pose opensended questions tnat inwte dialog. “55 n Bomd Posts PM Gl’fi g [I Excellent Good Poor
imely conliibulions oiiginal contiitiutions posted by tne due dates witn at least tniee Original contiitiutions posted and received less tnan tniee Postings late or missing. (a points)
responses. (2 points) iesponses (1 point)
Responsiveness to tlie assignment. Two to tniee paiagraptis tnat demonstrate clear and concise analysis. One paiagrapti tnat demonstrates some analysis. Relates to Less tnan expected. Lacks critical writing or analysis.
Demonstration or knowledge and Relates to course materials or related articles Page numbers personal experience No ieieiences, page numbers or URLs included Supericial oi questionable ielationsnip to ttie course
undeistandiug gained. or URL: included Uses APA style. {2 poinrs) Does not use APA style. {1 pmnt‘) material (a points)
SIrudure, meclianics. netiquette. and validity ellsformulated, grammaticallyconect Proper netiquette ellsformulaled, Proper netiquette Satisiactory, but not scliolarly Lacks structuie lmpioper netiquette Unlellahlelhlased
i souices [see above) Rsllahlelscholally sources. (2 lent‘i) souices. {1 point) sources (a points)

Chapter11.docx

11.1.1 MAKING TIME FOR PLANNING, MONITORING, AND CONTROLLING INTRODUCTION
Planning, monitoring, and controlling a project's progress is an ongoing projectmanagement responsibility. From the very beginning of a project, a project man ager must decide the type of - data that needs to be collected, the analyses the
data will undergo, and the formats in which pertinent information will be
reported. Earned Value Analysis is a popular and useful data analysis tool that
determines where a project stands budget- and schedulewise by only tracking
expenditures. Project managers can design monitoring and controlling systems
specifically targeted for schedule performance, work-effort, and expenditures.
Monitoring and managing scope creep and project change are two overarching
control responsibilities. 11.1 Understanding the Plan-Monitor-Control Cycle
Project monitoring is the collection, recording, and reporting of project information that is important to the project manager and other relevant stakeholders.
Controlling means different things within various organizations, but in general,
project controlling uses the monitored data and information to bring actual performance into agreement with the project plan. Frequently, the distinction
between monitoring and controlling becomes blurred, and the interaction of the
two processes sometimes leads project managers to think they are working on a
single task. However, the processes are highly distinct and serve significantly
different purposes.
The key issue in designing an effective monitoring and control system is to
create an information system that gives project managers and others the infor mation they need to make informed, timely decisions that will keep project per formance as close as possible to the plan. 11.1.1 Making Time for Planning, Monitoring, and Controlling
Managing a project involves continually planning what to do, checking on
progress, comparing progress to plan, taking corrective action to bring progress
into agreement with the plan if it is not, and replanning when needed. The fun damental items to plan, monitor, and control are time, cost, and performance so
that the project stays on schedule, does not exceed its budget, and meets its
specifications.
This plan-monitor-control cycle is an ongoing process that happens
throughout a project until it is completed. Figure 11-1 shows how information
and authority flows for such a cycle in an engineering project. Note that the
information generally flows up the organization while the authority typically
flows down. 317 318 TRACKING PROGRESS AND MAINTAINING CONTROL
Figure 11-1
Planning and Scheduling President and
General Manager
Director of Engineering
Director of
Research
Director of
Manufacturing Reporting and Monitoring
Distribution-----------to directors
tr
and managers Review and
4,
action as
required
r Project review
and signature ------------ ,
approval Feeder copy
I
I
I--------Post to weekly
status
Prepare and
report and
forward
- -0- project
management
expenditure
reports as
and control
required
schedule
chart
I I t
Administration Administration
review, type,
and prepare
final copies
I Responsible
Engineer Rough draft of
I
engineering
project authorization
and project
-- -----------expenditure
and
controlschedul
e chart Initiate project
records
Distribute
copies
1
I
1
I
I 13
I T 1
I
I I
I
I I Weekly time
tickets
milestone
report
4, Copy
4,
1
I
1
1 ------------------ 1. Feeder copy
Distribution
to responsible
engineer Source: Dean, 1968. The plan-monitor-control cycle in an engineering project. Unfortunately, projects that are particularly complex, challenging, or uncer tain are often the first to minimize the importance of planning, monitoring, and
controlling effort so the team can focus on "the real work" of the project. Many
project managers are tempted to focus ott doing something, anything, rather than
to spend time on planning, monitoring, and controlling—especially if the stakes
are high and the project is a difficult one. It is precisely such projects, however,
that most desperately need mature project managers who realize the importance
of creating effective planning-monitoring-controlling processes. 11.1.2 Monitoring Projects
For project managers, the key to setting up a monitoring system is to identify
the special characteristics of performance, cost, and time that need to be con trolled in order to achieve the project goals as stated in the project plan (see
Chapter 4). 11.1.2 MONITORING PROJECTS FOR EXAMPLE 1 , 1■4081*.d.MA Planning Is Critical
1 Many organizations have incurred tremendous expense and large losses
because the project planning process was inadequate for the tasks under taken. For instance, a retailer won a bid to supply a regional office of a
national firm with a computer, terminals, and software. Due to insufficient
planning, the installation was completed far beyond the due date with very
inadequate performance. The project failure disqualified the retailer from
bidding on an additional 20 installations planned by the national firm. Sim ilarly, a firm in the construction industry ran 63 percent over budget and
48 percent over schedule on a major project because the project manager
had managed similar projects several times before and claimed to know what
to do "without going into all that detail that no one looks at anyway." The action plan identifies what is being done and when, and the planned
resources for each task and subtask in the project. The project manager must
determine the exact boundaries within each task that should be monitored, as
well as the specific performance characteristics for each project activity or task.
Project managers must set up systems and processes to gather and store rel evant performance data. In addition to technology-based systems for collecting
hard data, the monitoring system is likely to include telephone logs, tracking
documents, records of significant changes, and documentation processes for both
formal and informal communications.
Monitoring can take various forms, including the following:
n An ever-evolving project schedule or chart. The Gantt chart in
Figures 6-15 and 6-16 shows that one way to link planning and control
is to monitor project progress. The original Gantt chart provided the
baseline. Every time there is a change, the "tracking Gantt chart" can be
updated to reflect changes. Project-management software can automatically
adjust all information to reflect these changes.
n Earned value charts. The project manager can create and gauge project
progress against a preestablished baseline. See Section 11.3 for more on
this technique.
Project managers frequently make several project monitoring errors, including
the following:
nFocusing on easy data. Project managers might be tempted to pay attention
to monitoring activities where control data can be easily gathered rather 319 320 TRACKING PROGRESS AND MAINTAINING CONTROL
than control data that might be more important but more difficult to collect
and interpret. For example, project managers focus on the hard, objective
measures (number of units completed per hour, for example) rather than
the softer, subjective data revealed in phone calls and water-cooler conversa tions (new expectations brought up by the client in an e-mail, for instance).
Both types of data are typically necessary for proper project control.
n Focusing on inputs. Because measuring project performance can be difficult,
project managers sometimes allow project inputs to serve as mea sures of
output (for example, assuming that if 50 percent of the budget has been
spent, then 50 percent of the tasks must be completed).
n Focusing on data that don't change. In this common error, project
managers spend a significant amount of time monitoring data generally
related to project performance but that virtually never change from one
collection period to the next. With no significant change, there is no
significant control activity.
Project managers must remember that monitoring project performance doesn't
identify problems—it identifies symptoms. Whenever a symptom is identified, the
project manager must investigate the situation to determine the nature of any
underlying problems, the reasons for the problems, and how to fix the problems.
11.1.3 Controlling Projects
Project control is the set of activities project managers perform to ensure that
projects proceed according to plan and produce the desired results. A project
manager performs the following activities throughout the life of a project:
n Reconfirming the plan. At the beginning of each performance period
(the interval for which a project is reviewed and assessed), the project
manager reaffirms with team members their project responsibilities and
commitments for the coming period.
n Assessing performance. The project manager collects information during the
period about what was produced; when activities started and finished;
when milestones were reached; and what work-effort, money, and other
resources were used. Project managers should compare team performance
with the plan and determine the reasons for any differences between planned
and actual performance.
n Taking corrective action. If necessary, the project manager takes steps to
bring the project's performance back into conformance with plans or, if
doing so isn't possible, to change the existing plans to reflect a new set
of expectations.
n Keeping people informed. The project manager shares information with
selected audiences about achievements, problems, and future plans. 11.2 COLLECTING, ANALYZING, AND REPORTING DATA
Great project plans often fall by the wayside when well-intentioned people
start to do what they feel is necessary to achieve the best possible results. They
might spend more hours than were allotted because they feel that the additional
work will produce better results. They might ask people to work on the project
who were not included in the -original plan because they feel that these people's
expertise will improve the quality of the project results. They might spend more
than the amount budgeted to buy an item they believe to be of higher quality.
And they might overspend their budgets because they aren't keeping track of
how much they're spending. 1. Project controlling uses data to bring actual performance into
agreement with project plans, while project monitoring
involves which of the following?
(a) evaluating project objectives, schedules, and budgets
(b) classifying expenditures and resource allocations
(c) estimating costs, work-effort, and timelines
(d) collecting, recording, and reporting project data
2. Useful tools for project monitoring include Gantt charts and
tracking documents. True or false?
3. Using an organization's time sheets to track project work-effort
even
though this tool isn't as detailed as the project demands is poor
project monitoring because it focuses on which of the foNowing?
(a) data that don't change.
(b) project inputs, rather than outputs
(c) easily acquired data
(d) all of the above 4. Although taking corrective action is a form of control, reaffirming the plan can be an effective control as well. True
or false? 11.2 Collecting, Analyzing, and Reporting Data
After project managers decide on the type of data they want to monitor, the next
question is how to gather the data, interpret it, and turn it into information use ful
for controlling projects. Data collection and reporting is the collective term
typically used to refer to these activities. 321 322 TRACKING PROGRESS AND MAINTAINING CONTROL
Data collection raises a number of questions, including the following: ■ Should special forms be designed and used?
■ Should data be collected just before or after important milestones?
■ Should time and cost data always be collected at the same time each
month?
These and many other issues are likely to arise, and most questions can only
be answered in the context of a specific project. However, the following sections
offer some general guidelines to aid project managers in creating their data col lection systems. 11.2.1 Data Collecting
The majority of project data to be collected exists in one of the following five
formats: ■ Frequency counts. A frequency count is a simple tally, or count, of the
occurrence of an event—for example, days without an accident. Often a
count of events per time period or as a fraction of some standard number
is used, such as complaints per month, defects per thousand products, or
fraction of luggage lost. ■ Raw numbers. Raw numbers are actual numbers in collected data,
usually in comparison to some expected or planned amount, such as
dollars spent, hours required, and pounds consumed. The comparison
to a project plan might take the form of variances, that is, differences
between planned and actual. When collecting raw numbers, it is
important that the basis, time period, and collection process always be
the same. ■ Subjective numeric ratings. These are usually subjective estimates of ■ some quality offered by specialists in the topic, such as numeric rankings
of performance. Ratings can be reported in the same ways as raw numbers, but they often cannot be mathematically processed in the same
ways raw numbers can,
indicators and surrogates. When it is especially difficult to find a
direct measure of a variable, indicators or surrogates are frequently
used instead. If this approach is taken, it is important that the indica tor
or surrogate be as directly related to the variable as possible. For
example, body temperature is an indicator of infection and years of
experience can be a surrogate for expertise. The number of salesper sons, however, would be a poor, and clearly indirect, measure for level
of customer service. 11.2.2 DATA ANALYSIS ■ Verbal characterizations. Other variables that are difficult to measure,
such as team spirit or client/supplier cooperation, can take the form of
verbal characterizations. These forms of data are acceptable and useful as
long as the terminology is limited and is uniformly understood by all
parties. 11.2.2 Data Analysis
Following the collection of the data, the project manager (or someone on the
project team) needs to analyze or process the data in some manner before report ing
it and using it for control purposes. Analysis might take the form of simple
aggregation of the data, such as averaging the values, or it might be something
complex, such as fitting statistical distribution functions to the data to ascertain
a particular trend. Project-management software is frequently required to con duct data analysis.
Quality controVmanagement techniques are often useful at this point. For
example, a common graph used in quality management shows the range of sam ple
values taken during a period of time. If the samples' range—the largest value minus
the smallest value—appears to be increasing over time, this could indicate that
something needs to be adjusted in a project (perhaps a machine is wearing out or
needs maintenance). Figure 11-2 illustrates a common charting format that
combines a predetermined level of performance (the curving dashed line) with
data collected at specific points during the project.
In general, significant differences from plan should be highlighted or flagged
in some way so the project manager or other person exercising control cannot
overlook the potential problem. Many statistical quality control techniques can
Figure 11-2
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Number of trials 1 1 1 Chart comparing performance to a plan during a series
of trials. 324 TRACKING PROGRESS AND MAINTAINING CONTROL help project teams determine how significant variances are, and can often even
help determine causes and effects. Unfortunately, these formal approaches are
often after-the-fact techniques for correcting or controlling problems; variances
occur, are reported, investigated, and then some action is taken. The astute pro ject
manager, however, is much more interested in preventing fires rather than putting
them out, thus the value of timely data collection and reporting.
Finally, it should be noted that data analysis is sometimes used as a tool to
assign blame. Project managers should avoid this endeavor entirely because it
does not help in the management of projects. The goal of monitoring and con trolling is to achieve project objectives through correcting deviations from plan,
not to find scapegoats or assign guilt. The project manager needs all team members performing at the top of their capabilities. Blame encourages team members
to avoid taking the risks necessary to achieve a project's goals.
11.2.3 Reporting
After data have been collected and analyzed, it needs to be reported in some
form. Project reports provide upper management and project teams an oppor tunity to see whether a project is on track and to determine whether they should
do something differently to ensure the projects meet their goals.
In general, project managers should avoid periodic reports except in those
cases in which the flow of data is periodic (such as accounting data). Reports
issued routinely—every day, week, month, or quarter—generally do not get read.
instead, let a project's milestones, scope changes, problems, and the project
team's need for information dictate the timing of reports. Choosing Report Types
Project managers primarily have three distinct types of reports to choose from:
1.Routine reports are issued on a regular schedule and report on data
collected on established aspects of a project. Routine reports often review
schedule and budget commitments and ensure upper management and
the project team that a project is on track. Routine performance reports
include status reports, progress reports, and forecasts, but many other
possible formats exist, including time/cost reports, variance reports, and
update presentations. Section 12.2 covers the process of preparing
progress reports.
2.Exception reports are primarily intended for special decisions or unexpected situations in which affected team members and outside managers
need to be made aware of a change, and the change itself needs to be
documented.
3.Special analysis reports are prepared to disseminate the results of a
special study in a project concerning a particular opportunity or problem 11.2.3 REPORTING
for the project. They might be distributed to top management, other
project managers who can benefit from the knowledge, functional managers, or anyone who might be affected or interested. Typical subjects
include studies of new materials, capabilities of new software, and
descriptions of the impact of new government regulations.
In addition to reports, on an ongoing basis, project managers should update
all tables, network diagrams, Gantt charts, and action plans to reflect current
reality. In addition to alerting team members w potentia[ problems, such updates
help maintain team morale. (And whenever project documents are updated, pro ject
managers should take care to preserve all documents from earlier stages of the
project's life. These materials will be invaluable when the project is com pleted
and a project final report is written.) Customizing Reports
Although everyone concerned with the project should be tied into the report ing
system in some fashion, not everyone needs to receive the same informa tion.
Reports can and should vary in terms of the frequency of distribution and detail,
as well as the particular measures being reported. For example, a client might
wish to receive reports on cost or schedule while functional management might
wish to see reports on technical performance. Project team members might
need information at the task or subtask level on a frequent, perhaps daily, basis.
The explosion of electronic tools for both collecting and disseminating pro ject information can lead project managers to overreporting, which can be just
as dangerous as underreporting. Important events, problems, and trends tend to
be hidden in a mountain of detail. Thus, it is crucial that the reporting system FOR EXAMPLE
Report Frequency
Project managers should time the frequency of reports to suit the time
required for team members to exercise control over a project task. For
instance, drug efficacy tests required by the Food and Drug Administration
require a long time—often months or years—to conduct. For a pharma ceutical manufacturer, frequent control-related reports would not be appropriate because testers would not be able to work with the information for
months. In contrast, performance verification tests on silicone chips for a
microprocessor manufacturer can result in hundreds of discrepancies within
a matter of hours. Daily or even more frequent reports are often necessary. 325 326 TRACKING PROGRESS AND MAINTAINING CONTROL be well designed to make use of such modern technological marvels without
abusing the recipient with their capabilities.
In addition to their control-related benefits, reports do the following:
nProvide an opportunity for mutual understanding between stakeholders in
a project regarding the goals, progress, difficulties, successes, and other
ongoing project events.
nHelp communicate the need for coordination among team members
working on the tasks and subtasks of the project.
nCommunicate changes to the goals and functioning of projects in a
timely and appropriate fashion, thus minimizing the confusion often
encountered during such changes.
nHelp maintain the visibility of the project and the project team to top
management, functional managers, colleagues, and clients. 1. What are five formats of data that a project manager can
collect?
2. Raw number data can be compared to estimates to figure
out how far off-plan a certain project aspect is. This type of
data is known as which of the following?
(a) biased data
(b)variance
(c) outlying
(d) trending data
3. Regularity should drive the timing of project reporting.
True or false? 4. A new steel processing procedure holds the possibility of cutting
two months from your standard manufacturing process. To
appropriately consider the new procedure in relation to your
project, you should consider producing which of the following?
(a) a routine report
(b) an exception report
(c) a special analysis report
(d) none of the above 328 TRACKING
PROGRESS
MAINTAINING
CONTROL
11.3.1
DEFINING
THE KEYAND
ELEMENTS
OF EARNED
VALUE ANALYSIS 11.3 Performing Earned Value Analysis
Earned Value Analysis is a technique that helps project managers determine
whether a project is ahead or behind schedule and whether its over or under
budget, while only tracking .-resource expenditures. Its particularly useful on
larger projects to identify those areas where project managers might need to
investigate further for potential problems.
Unfortunately, just comparing a project's actual expenditures with those
planned normally doesn't indicate whether a project is over or under budget.
For example, Ilena is three months into a project and has spent $50,000. Accord ing
to her plan, she shouldn't have spent $50,000 until the end of the fourth month
of the project. It appears that the project is over budget at this point, but actually
Ilena can't tell for sure. A variety of situations could have produced this result,
including the following:
n Ilena's team might have performed all the work planned but paid more for
it than expected. This means the project is on schedule and over budget.
n Ilena's team might have performed more work than they planned but paid
exactly what was expected for the work completed. This mean the project
is on budget and ahead of schedule.
Earned Value Analysis is necessary for Ilena to truly assess her project's
schedule and resource expenditure performance, based on resource expenditures
to date. 11.3.1 Defining the Key Elements of Earned Value Analysis
With Earned Value Analysis, a project manager determines the following critical
pieces of information: ■ Cost variance: the portion of the difference between what was planned
to be spent by a certain date and what has really been spent that's true
cost savings or loss.
n Schedule variance: the difference between what was planned to be spent by
a certain date and what was really spent that's due to the project being
ahead of or behind schedule. ■ Estimate at completion: the total amount that will be spent to perform
a task, if a project's spending pattern to date continues until the task is
finished.
Figure 11-3 Figure 11-3 depicts the key information used and produced in an Earned Value
Analysis. As illustrated, the difference between planned and actual expenditures 327 Assessment date Actual Cost of
Work Performed
Schedule Variance
(behind schedule) Cost Variance
(under budget) (ACWP) Budgeted Cost of
Work Performed
(BCWP) Budgeted...

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The plan-monitor-control cycle can be implemented during the project life cycle phases.
Monitoring and control ought to occur at and as well be incorporated in all the project life cycle
stages. At...

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