Find Budget at Completion (BAC), Actual Cost(AC), Planned Value (PV) and Earned Value (EV). Calculate the Project Health by finding values of Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV) and Cost Performance Index (CPI). What these value shows? If the project continues at the current pace, what will be the true cost of the Project or Estimate at completion of the project. What actions, You would suggest or take as a Project Manager, to keep the budget and time under control.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Question:
A Hospital Management System Development Project has a budgeted cost of Rs. 11,900,000/-. The project is to be completed in 11 months. After 4 months, you have completed 24 percent of the project at a total expense of Rs. 1,475,000/-. You, as a Project Manager, needs to submit the monthly performance report to the Steering Committee. Based on EVM methodology, please identify the current progress of the Project.
- Find Budget at Completion (BAC), Actual Cost(AC), Planned Value (PV) and Earned Value (EV).
- Calculate the Project Health by finding values of
Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV) and Cost Performance Index (CPI). What these value shows? - If the project continues at the current pace, what will be the true cost of the Project or Estimate at completion of the project.
- What actions, You would suggest or take as a Project Manager, to keep the budget and time under control.
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