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.
1. 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.
2. 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?
3. How would you use BAC, EV, AC, and PV in determining the four measures above?
4. Finish your write-up with a conclusion on the use and benefit of using earned value analysis in reporting project status.