Question

How does project scope, project budget and earned value management conpare and contrast?

Answer 1

Project value is a perception based one which can be measured by understanding the satisfaction with refers to the project for all the stakeholders, fulfillment of objectives on time and learning which the entire team.members gathered through the project end to end time . Project performance can be evaluated through the ROI which is return on investment, completion of project on time , meeting milestone within time and within the budget, stakeholders, stakeholders perception of value. Project scope can ve evaluate through timely completion of milestone with success and satisfaction from all stakeholders, alignment of all stakeholders invoked and their agreement through out the project on scope etc. ..

Float or slack in a project refers to number of days or time in a project network can be delayed without any negative impact or delay for the completion of the full project.This helps in tracking the current progress and calculate the impact of the delay in terms of time and budget . This create an alarm and indication for everyone on the project delay .Whenever a project and exceed the slack time this give an indication that project going to get delay.

Cost variance in project is calculated by difference from earned value and actual cost involved.The cost variance will be negative when the project exceed or overshoot the budget. Thus it is important to keep a track on cost variance as it helps in completing the project on time.Earned value management helps in a project to trakc the project performance. It is generally used to calculate the variance of cost occured in a project by comparing the work performed and planned work. This is applicable for scheduling as well as budgeting in a project.

Knowledge management effectively utilise the knowledge of resource in an organization in a project. This covers the case history of earlier project, learning curve, training and development etc.It is a systematic methodology which brings resources, tools, culture and systems for a project and fulfil the requirements.This captures both present and process state.

People management is a key factor for a successful proejxt. The co ordination, effective communication and team work brings success to the project. People management skills are required to co ordinate resources from different functionalities, different experience and cultural background together in a project for the fulfillment of a single objective. This need

• Effective communication
• Team building exercise
• Motivation
• Culture acceptance and tolerance.
• Synergy
• Collaborative support.
• Conflict resolution systems and practice.

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