Earned Value Analysis

Full Answer Section

Applying EVM in your Project:

1. Gather Data: Review the NearlyFree.com project documents and identify relevant data points like planned schedule, budget, actual progress, and actual costs.
2. Set a Baseline: Establish a baseline plan representing the original project scope, schedule, and budget.
3. Calculate EV Metrics: Use Microsoft Project or other tools to calculate Earned Value (EV), Planned Value (PV), and Actual Cost (AC) for each task or milestone.
4. Analyze Performance: Compare Earned Value with Planned Value to understand progress against the plan. Calculate Schedule Performance Index (SPI) and Cost Performance Index (CPI) to measure schedule and cost variances.
5. Draw Conclusions: Use the EVM metrics to identify areas of project performance, potential risks, and opportunities for improvement.
6. Plan Turnaround: Develop a project turnaround plan based on insights from the EVM analysis. This could involve scope adjustments, budget revisions, schedule changes, or resource allocation optimization.

Deliverable Tips:

• Clear and Concise: Present your findings in a well-organized report with clear explanations and visuals like charts and graphs.
• Address Requirements: Make sure your report covers all the topics specified by your instructor, including assumptions made and application to successful project turnaround.
• Professional Formatting: Use appropriate formatting as per your course guidelines, including citations and references.

Additional Resources:

• Your course materials likely have detailed instructions and rubrics for this assignment. Consult them carefully.
• Don't hesitate to seek help from your instructor or classmates if you have specific questions or need clarification.

Remember, the learning process involves critical thinking, analysis, and application of knowledge. Use the resources provided as guidance, but strive to understand the concepts and complete the assignment independently.

Sample Solution