Project Management and Work Essay

Submitted By jyothixrb
Words: 652
Pages: 3
Open Document
Basics

Calculation
Comments
PV
The planned time-phased value of the work that is scheduled

MS Project: BCWS – Budgeted cost of the work scheduled
EV
Earned value is simply percent complete times its budgeted cost of the work
EV = % Complete * PV
MS Project: BCWP – Budgeted cost of the work performed
AC
Actual cost of the work completed

MS Project: ACWP – Actual cost of the work performed
BAC
The total planned value of the project

Budgeted cost at completion
Cost

CV
Cost variance adjusted budget costs to the actual spent costs
CV = EV-AC
Negative number indicates over budget. Positive number indicates under budget. Need to know % over budget to indicate magnitude.
CPI
Cost performance index is a measure of cost efficiency on a project
CPI = EV/AC
A value less than 1 indicates a cost overrun. A value greater than 1 indicates cost savings. CPI = .90 means “we are only earning 90 cents of planned work for each dollar spent.” Found on the EV Cost Indicators Table in MS Project.
TCPI
To complete performance index
TCPI = (BAC-EV)/(BAC-AC)
The amount of value each remaining dollar must earn for the project to stay within budget. A number greater than 1 means there is more work than there is budget left. A number less than 1 means there is less work than there is budget left. Found on the EV Cost Indicators Table in MS Project.
Schedule

SV
Schedule variance: How much work that has been done compared with how much should have done at this point in time
SV = EV-PV
Negative number indicates work that was suppose to be done at this time has not been done. Positive number indicates work that was not suppose to be done by this time has been accomplished. SV = -1,000 means $1,000 worth of work that was scheduled to be done at this time has not been accomplished.
SPI
Schedule performance index is a measure of schedule efficiency on a project
SPI = EV/PV
A value less than 1 indicates that work on the project is behind schedule. A value greater than 1 indicates work on the ahead of schedule. SPI = 1.10 means “$1.10 worth of work has been accomplished for each $1 worth of scheduled work.” Found at MS EV Schedule Indicators Table.
Critical Path
Look at current activity on the critical path or most recent milestone to see if it is on schedule

Compare the planned early start of most recent critical activity with the actual start. Alternative compare most recent milestone date and actual milestone date.
PCIB
Percent complete in terms of budget
PCIB = EV/BAC
What percentage
Show More

Related Documents: Project Management and Work Essay

Environment: Project Management and Work Breakdown Structure Essay

CHAPTER FOUR Defining the Project Lecturer: Dr James Rotimi McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Where We Are Now 'Ergonomics for Log Truck Drivers 4–2 Lesson Objectives • To recognise the importance of scope statements as a condition for project success • To layout guidelines for creating a work breakdown structure (WBS) for a project • To demonstrate the importance of WBS to the management of projects and how it serves as a…

Words 918 - Pages 4

Project Management Essay

Project Management Introduction to Project Management Project management is the application of knowledge , skill , tools ad techniques to project activities to meet the project requirements. Project management is accomplished by the application of 42 different logics. These logics are grouped and 5 process groups. Project management runs , revolves and rotates around these 5 Process Groups. The 5 Process Groups are : Initiating Planning Executing Monitoring and Controlling Closing…

Words 3321 - Pages 14

What Is A Project

PROJECT MANAGEMENT What is a Project? A project is a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates a definite beginning and end. The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists. Temporary does not necessarily mean short in duration. Temporary does not generally apply to the…

Words 6156 - Pages 25

Project Management History

engineering projects were generally managed by creative architects, engineers, and master builders themselves, for example Vitruvius (first century BC), Christopher Wren (1632–1723), Thomas Telford (1757–1834) and Isambard Kingdom Brunel (1806–1859).[7] It was in the 1950s that organizations started to systematically apply project management tools and techniques to complex engineering projects.[8] Henry Gantt (1861–1919), the father of planning and control techniques As a discipline, project management…

Words 892 - Pages 4

Explain How To Break Into Project Management

to break into Project Management http://it.toolbox.com/wiki/index.php/How_to_break_into_Project_Management updated Mar 12, 2011 10:11 am | 12,256 views Contents [Hide TOC] * 1 Introduction * 2 Certified Associate in Project Management * 3 Start Compiling a Portfolio of PM Related Work * 4 Manage a Project Voluntarily * 5 If You are a Recent Grad, Join a Big-5 "consulting" Firm * 6 Understand the Difference Between General Management and Project Management * 7 Suggested…

Words 2605 - Pages 11

Essay on Work Break Down Structure

[pic] Work Breakdown Structure (WBS) Template This Project WBS Template is free for you to copy and use on your project and within your organization. We hope that you find this template useful and welcome your comments. Public distribution of this document is only permitted from the Project Management Docs official website at: www.ProjectManagementDocs.com Work Breakdown Structure (WBS) Company Name Street Address City, State Zip Code Date Introduction The WBS is a view…

Words 2169 - Pages 9

Term Paper 1

Information Technology Project Management, Sixth Edition Note: See the text itself for full citations.    Describe an overall framework for project integration management as it relates to the other PM knowledge areas and the project life cycle Explain the strategic planning process and apply different project selection methods Explain the importance of creating a project charter to formally initiate projects Information Technology Project Management, Sixth Edition Copyright…

Words 3157 - Pages 13

Essay on Project Management

Introduction The aim of this assignment is to disclose the Project Management (PMt) concept. To handle a new kind, strange or complex activities PMt is an effective process over last 30 years. ‘Project management is more effective method than any other traditional management methods’ (A K Munns,1996:81).PMt is necessary to the susses of the project and it has been largely accepted in such areas like control and planning of time, quality and cost. At the other hand it`s been shown that PMt…

Words 3260 - Pages 14

Notes On Quality Management

Project Quality Management: processes and that determine quality policies, objectives, and responsibilities to satisfy the needs of project. Uses policies to implement quality management systems Works to ensure PQM requirements are met and validated Addresses the management and deliverables of project has the following processes: Plan Quality Management: Identifies quality requirements and standards for the project Documenting how project will fulfill relevant quality requirements. Benefit:…

Words 742 - Pages 3

video game delivery critique Essay

Making a well-developed project plan is an very important part for overall planning, monitoring and project implementation. The purpose of this critic is to analyze its integration, scope, timing, resources, risk, cost, quality, performance, techniques, working approach and the related tools. The key deliverables, major work packages and the related work information will be analyzed in the end of the stage. This report described the scope management of the processes, work performed reference and…

Words 1988 - Pages 8