GM593 Determining Project Budget Estimates (a) By using an example, explain the type of project performance information that is useful to the team when det

GM593 Determining Project Budget Estimates (a) By using an example, explain the type of project performance information that is useful to the
team when determine if the cost, schedule, and scope baselines are on target.
(b) Discuss the process by which changes to the project scope are managed. Why is it important
to have a formal process? (c) Explain the following EVM results: Project A (CV = 400, SV = -700); Project B (CPI = 1.30,
SPI= 0.74); Project C (CV = -850, SV = -450); Project D (CPI = 0.34, SPI = 0.18); Project E
(CPI =1.0, SPI = 1.0). In each situation, provide a plan of corrective action to the project
manager, if any is recommended.
(d) By using an example, explain why the project manager might place more emphasis on the
schedule over the budget. In other words, how does schedule drive costs? Please follow rubric for more directions. Unit 2 [GM593]
Unit 2 Assignment: Determining Project Budget
Estimates
In this Assignment, you will be assessed based on the following outcome:
GM593-3: Conduct Earned Value Management (EVM).
This Assignment is designed to evaluate your ability to determine the impact that schedule
management has on project success, including meeting the budget and keeping the customer
happy. The purpose of this Assignment is to learn Earned Value Management (E VM) concepts,
which provide the project team with updated information regarding the health of the project. In this
Assignment, you will learn the importance of managing the project to the schedule, budget, and
scope. As the project manager, you will encounter many situations where scope is added, and it is
imperative that you establish a change management plan. W hen time is the issue, two schedule
compression techniques can be used: fast-tracking or crashing. To reduce the number of changes
on the project, subject matter experts (SMEs) should provide the schedule and cost estimates.
Working with the team, the project manager is committed to delivering the work on time, within
budget, and to the customer’s satisfaction. However, the reality is that most proj ects will run overbudget and will fall behind-schedule. It is also common for the customer to be dissatisfied at some
point during the project.
Please note that the goal is to create a schedule management plan and cost management plan that
guide the project team. By their very nature, plans are forward-looking, which means they help meet
the goals and objectives of the project. It is imperative these plans are as accurate as possible, and
thereby minimizing the number of changes down the road.
For this Assignment, please provide comprehensive responses to the following questions:
(a) By using an example, explain the type of project performance information that is useful to the
team when determine if the cost, schedule, and scope baselines are on target.
(b) Discuss the process by which changes to the project scope are managed. W hy is it important
to have a formal process?
(c) Explain the following EVM results: Project A (CV = 400, SV = -700); Project B (CPI = 1.30,
SPI= 0.74); Project C (CV = -850, SV = -450); Project D (CPI = 0.34, SPI = 0.18); Project E
(CPI =1.0, SPI = 1.0). In each situation, provide a plan of corrective action to the project
manager, if any is recommended.
(d) By using an example, explain why the project manager might place more emphasis on the
schedule over the budget. In other words, how does schedule drive costs?
Components
● Title page formatted in APA 6th edition style with the following information: Title of the paper,
your name, course number and section number, and date.
● A table of contents using the following headers: (a) Introduction, (b) Project Performance
Information, Managing Project Scope, and EVM Results, Conclusion, and References.
● A minimum of three scholarly journal and textbook source references cited and credited
according to APA 6th edition formatting style using a minimum of six in -text citations.
● The paper should be focused and to the point, containing between 600–800 words specific to
the table of content items, excluding references.
Page 1 of 2
Unit 2 [GM593]
Directions for Submitting Your Assignment
To submit your Unit 2 Assignment, go to the Unit 2 Assignment Dropbox link and follow the
instructions. Make sure that you save a copy of each of the tools you submit.
GM593 Unit 2 Assignment: Determining Project Budget
Estimates
Content
By using an example, explain the type of project performance
information that is useful to the team when determine if the cost,
schedule, and scope baselines are on target.
Discuss the process by which changes to the project scope are
managed. Explained why it is important to have a formal process.
Explain the following EVM results: Project A (CV = 400, SV = 700); Project B (CPI = 1.30, SPI = 0.74); Project C (CV = -850, SV
= -450); Project D (CPI = 0.34, SPI = 0.18); Project E (CPI = 1.0,
SPI = 1.0). In each situation, provide a plan of corrective action to
the project manager, if any is recommended.
By using an example, explain why the project manager might
place more emphasis on the schedule over the budget.
Points
Possible
Points
Earned
10
10
15
10
Analysis
Response exhibits strong higher-order critical thinking and
analysis (e.g., evaluation). Submission shows original thought.
5
Analysis includes proper classifications, explanations,
comparisons, and inferences.
5
Critical thinking includes appropriate judgments, conclusions, and
assessment based on evaluation and synthesis of information.
5
Writing (0-15 points)
Grammatical skills are strong with typically less than one error per
page. Correct use of APA 6th edition.
Appropriate to the Assignment, fresh (interesting to read),
accurate, (no far-fetched, unsupported comments), precise (say
what you mean), clear introduction and conclusion, and concise
(not wordy).
Paper is in 12-point font, and double-spaced with a double space
between. Paper is free of serious errors; grammar, punctuation,
and spelling help to clarify the meaning by following accepted
conventions. At least three scholarly journal and textbook sourc es
are cited and referenced in APA 6th edition format. Content is
between 600–800 words specific to the table of content items
(excluding references).
Total
5
5
5
75
Page 2 of 2

Purchase answer to see full
attachment