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Benchmark – Cost and Earned Value Management
The purpose of this assignment is to establish a baseline, record actual project data, and utilize earned value management data to measure project performance and communicate necessary project adjustments to stakeholders.
Review the “Project Execution” section of Chapter 3 in the textbook. Follow the steps provided to guide your baseline process and the subsequent status of you plan.
- Open the Microsoft Project “Global Treps Project Rev4” file and set a baseline. To set the baseline, first select the project tab. Then select set baseline. Then click OK.
- Turn on the Tracking Table.
- Update the following tasks with the revised actuals specified below.
- Update the Resource Sheet to reflect the revised labor costs specified below.
- Save the Microsoft Project file as “Global Treps Project Rev5.”
- Finalize project team – 100% complete
- Develop project charter – 100% complete
- Develop scope statement – 100% complete
- Develop and refine other plans – 100% complete
- Evaluate current systems – 100% complete – Make the “Actual Start” date the “Current Date” and the “Actual Finish” date 10 days later than the “Current Date.”
- Conduct research for income mechanism into Global Treps – 30 days – 100% complete
- Evaluate current system – 10 days – 100% complete
- Define requirement – 22 days – 100% complete
- Define user requirements – 23 days – 100% complete
- Define content requirements – 29 days – 100% complete
- Define system requirements – 33 days – 100% complete
- Define server owner requirements – 20 days – 100% complete
- Define specific functionality – 33 days – 100% complete
- Define risks and risk management approach – 21 days – 100% complete
- Develop project plan – 32 days – 100% complete
- Brief web development team – 3 days – 100% complete
Revised Resource Labor Costs:
- Project Manager (you): $120 per hour
- Website Developer (Bobby): $125 per hour
- System Test Engineer and Event Runner: Vietnam (Kim): $55 per hour
- Support Team Manager and Event Runner: India (Ashok): $55 per hour
- Event Runner: Ethiopia (Alfreda): $55 per hour
Using the information from “Global Treps Project Rev5,” you must evaluate the seriousness of the threats to project success based upon data from the Earned Value Table and Earned Value Report. Complete the steps below to access the data.
- Using the “Global Treps Project Rev5” you created in Part 1, view the Earned Value table by selecting the “Select All” button, then right-click your selection, select “More Tables,” and double-click on “Earned Value.” Reveal all the columns. Be sure the entire number shows in each column. Add a column for the cost performance index (CPI) and schedule performance index (SPI).
- View the earned value report by clicking the “Report” tab, and then click “Costs” followed by the “Earned Value Report.”
- Create a Word document and insert a screen shot of the earned value table and the earned value report.
- Using the earned value table and the earned value report, answer the following questions in the Word document after the screenshots.
- What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project?
- Is the project ahead of schedule or behind schedule? Is the project under budget or over budget?
- Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?
- Use the SPI to estimate how long it will take to finish this project.
Create a management report to discuss where the project stands in terms of the triple constraint: meeting scope, time, and cost goals at a specific point in time. Use the revised information from the Microsoft Project earned value dashboards and reports to communicate the project status to project stakeholders. Be sure the comments address each of the questions below and provide any additional information required in the template.
- Are there issues that need to be escalated?
- Is it acceptable to do nothing and simply proceed?
- Should the project be terminated?
- Based on your evaluation of the threats to the project, how should you proceed?
Submit the “Global Treps Project Rev5,” the Word document, and the project management report.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are not required to submit this assignment to LopesWrite.
This benchmark assignment assesses the following programmatic competencies and professional standards:
BS Business Analytics
5.4: Use appropriate project management techniques to effectively manage analytics-related projects.
BS Applied Business Analytics
1.4: Use appropriate project management techniques to effectively manage analytics-related projects.