4.1 Meredith and Mantel (2006) discuss
three types of control processes in chapter 11.

Identify and discuss
methods used to monitor and control the activities of the project. How are they
different? When would each of these processes be used?

Reference

Meredith, J. R. & Mantel, S. J.
(2006). Project management: A managerial approach (6th ed.). Hoboken,
NJ: Wiley.

4.2 What is the concept of earned value? What real
life examples would illustrate the earned value concept? What is the value of
earrned Value Analysis (EVA) to a project manager?

4.3 MGT437 Week
4 --- Review the EVA material posted to course
materials

Earned Value = EV = BCWP = value completed = percent
completed (% of BCWS)

Begin your Earned Value Analysis by determining the
values for the scheduled cost (PV or BCWS), actual cost (AV or ACWP ), and
earned value (EV or BCWP).

Once you determine these 3 values you can calculate the
cost variance (CV) and the schedule variance (SV). A negative SV indicates
that the project is behind schedule. A negative CV indicates that the project
is over budget.


Find the schedule and cost variances for a project that
has an actual cost at month 22 of $540,000, a scheduled cost of $523,000, and
an earned value of $535,000. Find the CV and
SV. Is the project over or under budget? Is the project ahead or behind
schedule? What should you do? What should you tell the client?

PV or BCWS = CV = EV – AV =

AV or ACWP = SV = EV – PV =

EV or BCWP =

4.4 What types of risks are
inherent in a project? Where do they originate? Can they be mitigated? Explain
how. What are the consequences of ignoring a conflict within a project team?

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