Your project sponsor pulls you aside and admits that she has no idea what earned value management (EVM) concepts, such as AC, BCWP, and EV, mean; she is only concerned that you deliver the project ahead of schedule and under budget. Develop a project to educate her, including which EVM performance measures you would educate her on. Provide a rationale for your selection of topics.
Your project sponsor pulls you aside and admits that she has no idea what earned value management (EVM) concepts, such as AC, BCWP, and EV, mean; she is only concerned that you deliver the project ahead of schedule and under budget. Develop a project to educate her, including which EVM performance measures you would educate her on. Provide a rationale for your selection of topics.
Introduction
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Explanation
Explain what EVM is.
Explain the difference between AC and BCWP.
Explain the difference between BCWS and EV.
Define
A project is an effort to achieve a result.
The project sponsor is responsible for allocating resources, managing the budget and schedule, and ensuring that all parties involved in the project remain aligned with their responsibilities. This can be a challenging task when you’re new at it! The key to success is understanding what each party’s role is on your team, what their responsibilities are (and no one else’s), who makes decisions about those decisions, and how things get done when they don’t get done right away!
Explain
Explain the concept of earned value management (EVM).
Explain how earned value management relates to project accounting, BCWP, and EV.
Explain why your project sponsor is interested in EVM.
Provide a rationale
Provide a rationale for your selection of topics. In this case, the sponsor has indicated that she is not concerned about EVM concepts, but rather about delivering the project ahead of schedule and under budget. She wants to ensure that her team delivers on these goals and does not miss any opportunities to improve them through learning more about how EVMs work. Therefore, you need to explain why there are certain topics related to EVMs that will help her understand how they can be used in this situation.
Takeaway:
Takeaway:
As a project manager, you have to be able to communicate complex information in an understandable way. You need to be able to explain the value of your work and why it matters. For example, if your sponsor is concerned about the amount of money spent on certain activities (such as training), then explain how this will help her project overall by improving customer satisfaction and increasing sales. You can also use EVM metrics and other performance measures as examples for how they might improve overall project performance.
Conclusion
If your project sponsor is not familiar with EVM concepts, you need to educate her. The best way to do this is by providing her with a project that uses EVM concepts and performance measures. This can be as simple as developing a spreadsheet that explains the main concepts of EVM or even creating a short video on YouTube (like our partner program). It’s crucial that you provide this education because it will help ensure your project manager understands how important proper measurement and reporting are for successful projects!