Project Cost and Schedule Control

Please answer the following three questions with one solid paragraph for each APA format for all references, the topic is Project Cost and Schedule control.
1. In Earned Value Analysis there are multiple ways to calculate a statistic known as Estimate at Completion EAC. Let’s look at a couple of scenarios. Please tell us which (of the several equations for EAC) you would use (and especially why) for each scenario. (You may want to take a look at my mini course on EVA in doc share “EVA Forecasting Mini Course” before you give this a whirl…)
Our earned value analysis of Project -A shows us it’s a little out of tolerance however given the nature of the project we knew that was likely and within our project contingency reserves. We don’t see that situation changing as we complete the effort. While senior management agrees with that assessment they, of course, still want to know what our Estimate at Completion (EAC).
In a similar vein, our earned value analysis of Project -B shows that this project is out of whack as well. The CPI and SPI numbers have been consistently predictive of the effort, but due to a number of circumstances we have not been able to improve them. In addition, this effort has a drop dead date that simply cannot be moved! If we have to do we can move on the budget but the date is set!
2. That was fun (?!) so let’s do it again… Let’s look at a couple more scenarios. Please tell us which (of the several equations for EAC) you would use (and especially why).
In our Project-C Steering Committee Meeting we are reviewing our current period Earned Value Analysis Report. Our variances and indexes do not look good. However we know exactly why! Steps are already in place to move us back to the baseline. Senior management asks a perfectly reasonable question, “People assuming our corrective actions work and we get the project back on track what is our Estimate At Completion?”
As the project manager of Project D you finally receive the Email that you have been dreading. An emergency meeting of the Project Oversight Committee is scheduled in 3 hours. You know what it’s about. The Earned Value Analysis Reports over the last six months have gone from bad to worse. For a number of reasons, most of which you have no control over, your budget and schedule estimates in the baseline plan are totally invalid at this point! The numbers are all over the map!

3. Much of our EVA analysis is dependent on our measurement of earned value, which in turn depends on our measurement of percent complete for work in process. Think about it. We know our planned values (they never change unless we re-baseline the project). We know our actual costs if we have been careful with our accounting. What we have to estimate is percent complete of work in progress! How do we know THAT people? Do we just rely on people’s perception of “how close to being done” they are? What are our choices? Thoughts, comments, examples.

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