TASK
Using Earned Value in a Project Status
You have been hired by Company XYZ as the project manager for a retail-space renovation project. The project requires replacing all of the light fixtures in the space, painting the walls and ceiling, and carpeting the floors throughout. Your company has given you a budget of USD $25,000 and the expectation that the project be completed four weeks from its start.
The company requires a status update at the end of each week, until the project is completed. In two to four pages, address the following in your write-up.
- Explain why you would use Earned Value calculations to provide a meaningful status report in terms of the cost and schedule components of this project.
- What information would Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV), and Cost Performance Index (CPI) provide you in determining the status of your project?
- How would you use BAC, EV, AC, and PV in determining the four measures above?
- Finish your write-up with a conclusion on the use and benefit of using earned value analysis in reporting project status.
