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How does earned value give a clearer picture of project schedule and cost status than a simple plan vs actual system?
Wiki User
∙ 15y ago
If the cost performance index (CPI) > 1 then the project is on schedule or ahead of schedule, otherwise, it's behind schedule.
If the schedule performance index (SPI) >1 then the project is on or ahead of schedule, otherwise it's behind schedule.
Note: This is a duplicate question, but I've answered it twice.
Wiki User
∙ 15y ago
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How does earned value give a clearer picture of project schedule and cost status than a simple plan versus actual system?
If SPI < 1, then the project is behind schedule, otherwise it's on or ahead of schedule. If CPI < 1, then the project is over budget, otherwise it's on budget, or under budget.
Where can you find a picture of the first violin ever made?
The first violin made was by Andrea Amati in 1555. There are a few violins of his from that year that would be the actual first violin. A search of "violin Amati 1555" would give you pictures of these instruments.Interestingly, the first instrument in the violin family was not the violin. It was the viola!
What is the actual date of the first Thanksgiving?
AnswerThe actual date of Thanksgiving is 11th December.
Is the music video for the song We Are The World the actual recording session video?
It is an actual recording session indeed.
Did My Chemical Romance once wear costumes that were seen on the film 'A Clockwork Orange'?
My Chemical Romance once did a photo shoot that was inspired by that film, but I doubt they were the actual costumes that were worn in the movie.You can see a picture from the shoot here: http://i47.tinypic.com/2afbgxd.jpg
How does earned value give a clearer picture of project schedule and cost status than a simple plan versus actual system?
If SPI < 1, then the project is behind schedule, otherwise it's on or ahead of schedule. If CPI < 1, then the project is over budget, otherwise it's on budget, or under budget.
What is the roles of quantitative technique in business?
What is the role of quantitative technique in business?
What is project performance monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
What is project monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
Is color important to a painting?
not really its the actual picture that counts ! not really its the actual picture that counts !
How is a project baseline used to guide the execution of the project's work?
The Project baseline is used for assessing performance, and improving the estimation accuracy (for the future). Having said that, the project baseline is excellent for the guiding the execution of the next project. If you imagine your project plan is a boat race between Oxford and Cambridge. Your Boat is Oxford (the schedule what you have told your colleagues will happen) tracking allows you to create a second boat Cambridge which is what actually happened. Every task in your schedule is a boat with an alter ego boat to track what actually happened. You can see which tasks started and finished earlier or later than expected. This is called tracking the variance between the base line plan (the schedule you have set or announced and the actual outcome
How can you minimize or control changes to project schedules?
The first step in establishing a project is to estimate how long each activity will take, from the time it is started until the time it is finished. This duration estimate for each activity is the time for the work to be done plus associated waiting time. It's a good practice to have the person who will be responsible for performing a particular activity make the duration estimate for that activity. This generates a commitment from that person and avoids bias that may be introduced by having one person make the duration estimates for all the activity. An activity duration estimate must be based on the quantity of resources expected to be used on the activity. The estimate should be aggressive, yet realistic. Throughout the performance of the project some activities will take longer than their estimated duration, others will be done in less time than their estimated duration, and a few may conform to duration estimates exactly. Over the life of a project that involves many activities, such delays and accelerations will tend to cancel out one another. In order to establish a basis from which to calculate a schedule using the duration estimates for the activities, it's necessary to select the estimated start time and required completion time for overall project. These times define overall window or envelope, of time in which the project must be completed. The projects required completion time is normally part of the project objective and stated in the contract. Once the, estimated duration for each activity in the network and an overall window of time in which the project must be completed, you have to decide whether the activities can be done by the required completion time. An ever enjoyable aspect of managing a project is the control the project schedule. The managing and maintaining the schedule proactively is your best way to assure the project comes in on time. In order to be proactive about this process there are some inputs that one needs to understand. The inputs are: The Schedule Baseline - The schedule baseline is the current approved version of the project schedule which provides a basis for comparing and reporting on the project performance. The project schedule details the planned start and end dates for the activities. Performance Reports - Performance reports are first and foremost a communication mechanism to list what work has been performed by whom. A good performance report should show the planned and actual dates and duration of work activities Schedule Management Plan - The Schedule Management Plan details how changes to the schedule can be made and under which conditions such changes are allowed. Project Manager, Project Sponsors, and Functional Managers should adhere to the scheduling guidelines explained within the schedule management plan. Approved Change Requests - Approved schedule change requests are an input because the schedule needs to be revise to reflect the approved changes to the project schedule.
Was Halo Combat Evolved a project or a side project?
I believe it was an actual project. Forgive me if i am wrong though i am not 100% certain.
What is Project cost control vs approved budget in project management?
Project cost control is comparing the actual project cost against planned project cost.
Is there an actual picture that is not painted of Abraham Lincoln?
no
When is the 2008-09 OHL schedule going to be out?
I suggest that you check the official CHL or OHL websites. They may have that date or even the actual schedule.
What is defference between project management project planing and project implementation?
Project Planning is the key phase in Project Management. Project implementation / execution is actual Project Management phase which is followed by Project Planning phase (where the project deliverables are implemented).
