Discuss The value of Earned Value Management (EVM)
Explain how each of the above project management elements or concepts affect the scheduling and controlling of a project.
Explain how the above project management elements or concepts affect a project manager’s ability to make project and segment trade-offs.
Solved by verified expertHere are some of the key benefits of EVM:
Accurate project tracking: EVM provides a reliable way of tracking project progress and performance, which allows project managers to identify issues and take corrective actions in a timely manner. It allows managers to see how well their projects are progressing and identify areas where they need to make adju
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Real-time insight: EVM provides real-time insight into the status of a project, which enables project managers to make informed decisions about the project’s future direction. It also enables stakeholders and sponsors to see how well the project is performing and make informed decisions about resource allocation.
Better cost control: EVM allows project managers to manage costs proactively by comparing actual costs to the budgeted costs. This helps managers to identify cost overruns early and take corrective actions to prevent further escalation.
Improved risk Management: EVM allows project managers to assess the impact of risks on the project’s schedule and budget. By doing so, they can develop risk mitigation strategies that can help minimize the impact of risks on the project.
Enhanced communication: EVM provides a common language for project managers, stakeholders, and sponsors, which enhances communication and collaboration. It enables stakeholders to understand the project’s progress and performance and make informed decisions about the project’s future direction.
Overall, EVM is a valuable tool for project managers who want to ensure that their projects are delivered on time, within budget, and to the expected quality. It provides a reliable way of tracking project progress and performance, which enables project managers to take corrective actions in a timely manner. It also provides real-time insight into the status of a project, which enables stakeholders and sponsors to make informed decisions about the project’s future direction.
