Question

1. In what ways can the Earned Value Analysis method be used to monitor the project in an integrated way without affecting the overall schedule and budget of a project?

Answer 1

A project is an activity that has been undertaken by the company for the first time in order to achieve something new. There are project teams that work on achieving the goal of the project. They work under the guidance of the project manager. The project manager monitors the activities that are carried out as a part of the project and uses several techniques for this. One such evaluation of project technique is Earned Value Analysis.

The Earned Value Analysis is a good method of monitoring the project. It sets the objective that the project has to achieve and it also mentions the standards by which the project work is evaluated. It sets goals and also gives directions as to how the project work has been progressing. The whole work is broken down into smaller components so that the measurement can be done easily. There is also a clear time frame set for each actitvity along with the cost involved in each activity. The project manager compares the achieved level with the target set and then evaluates the project. Similarly, the cost that is incurred in reality is compared with the target cost for evaluation of the project. Thus, the overall schedule and the budget of the project is not affected when the evaluation of the project progress is done by Earned Value Analysis.