Question

Include your thoughts on the advantages and disadvantages of using Earned Value and a computerized Project Management Information System (PMIS) in monitoring and controlling your course project?

Answer 1

When we consider a project, we can say that there can be a number of variables that can become the cause of deviation from the projected baseline values for the company, creating the need for a project manager to continually monitor the project, to see if the actual performance is on track and therefore comparable to the values that were forecasted for it, given the project timeline and budgetary constraint.

For a manager, the Earned value provides a valuable understanding of the current worth of all the activities they have conducted in their project, given all the constraints and resources and therefore, it allows them the ability to track their schedule and therefore, they can determine the performance aspect of the project in an objective form.

The use of a project management information system allows the manager the ability to make better decisions regarding the project quicker. It has the most significant implication over the company’s understanding of their processes as well as their understanding of the scope, time and cost of the project, thereby adhering to the quality triangle of the project. They allow the manager the ability to automate their data collection processes, analysis as well as provide them with the high-level organizational view in terms of actionable decision to aid the project and provide control over the various functions of the project. It contains several primary and advanced level processes allowing the managers the ability to track and make changes quickly. While scope management becomes a difficult task to complete without it, the fact that management decisions need to be objective and not theoretical leads to an increased understanding from the use of the management information systems.

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