Northlake College Week 5 Earned Value Management Questions

Book:

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• Title: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition 
• Author: Project Management Institute 
• Publisher: Project Management Institute 
• Year Published: 2017 Edition: 6th

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Week 5

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Topic: Managing Project Costs

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• Inputs to Managing Project Costs
• Project Cost Control
• Earned Value Performance      Measurements
• Earned Value Project Forecasting
• Outputs of Managing Project Cost

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Competencies:

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• 1, 2, 12, 13, 14, 16

   

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Readings:

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• PMBOK® Guide (6th edition): Part 1 Section      7.4, Part 2 Section 5.6

   

• Pinto (2018). Project      Management: Achieving Competitive Advantage, 5/E: Chapter 13
• Project      Management Article/Case Study 3 – For this assignment, please locate      (and read) an article on the topic of Earned Value and/or Earned Value      Management in the Amberton University Online Library or another source. 

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Week 5: Discussion – PM Article/Case Study 3 – Earned Value Management

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Assignment:

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Chapter 7  of the PMBOK Guide (6th edition) Project Cost Management includes the processes involved in planning, estimating, financing, funding, managing, and controlling project costs so the project can be completed within the approved budget.  Of particular interest for this course is the tools and techniques found in the Control Costs process, specifically Earned Value Management.  Earned Value Management (EVM) is unique to project management as a methodology. It combines techniques that integrate measurements of project scope, schedule, and costs to provide accurate forecasts of project performance. 

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For your initial response write and post a summary of the article you located on the topic of EVM you located for the Week 4 reading assignment. Then prepare and post a topic in this forum responding to the following:

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1. Provide a brief summary and      evaluation of the article. Your summary should include APA 6.0 compliant      in-text citations and references. (If you are new to APA style please see      the APA style references located from Citation Styles Link under the      eCourse Portal QEP Tutorials page.)
2. What are the strengths and      weaknesses of earned value management (EVM)? 
3. Why it is important that Project      Managers understand the principles of the EVM practices of their project’s      performing organization?