Project monitoring and control is an important part of the project execution pro
ID: 457199 • Letter: P
Question
Project monitoring and control is an important part of the project execution process. The project manager should monitor project progress and report project performance to the stakeholders in a timely fashion. Any issues and variances should be reviewed, and if the variance has the potential to cause a severe negative impact on the project schedule, budget, or resources, it should be addressed immediately. Using the internet, research Earned Value Analysis (EVA) and its uses. Review the impact of EVA on the project management process, and share your opinion with the class.
Have you ever used EVA on any of your projects? Please share your experiences with the class.
What have you learned from your research/use of the Earned Value Analysis in the project monitoring and control process?
Explanation / Answer
ANSWER IS
Earned value analysis is used by project manager to analyse and measure the project progress at any given point of time. It helps to forecast the expected time of completion and final cost of the project. It also analyse the variance in the schedule and budget during the project.
The uses of EVA is to manage cost and variance in the schedule and budget. This helps the project manager to manage cost and complete the project on time. It is also used to forecast the expected cost and expected completion time.
The impact of EVA is the control of cost or budget of the project. It also control the variances in buget, cost and schedule.
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