As you learned earlier, customers and stakeholders expect project managers to deliver a definitive and functional cost estimate in a timely manner. How do project managers do this? Good question. As you read, there are three levels of estimation in a project: the WAG, the SWAG, and the “you bet your job on this figure” estimates. Actually, they are referred to in industry as, the “Order of Magnitude” the “Budget,” and the “Definitive” cost estimates. The PMBOK addresses them under Analogous, Parametric, and Bottom-up estimates respectively Explain which of the three is used where in the project lifecycle.
Topic 2:
Why should you know how to use EVM?
Project costs are monitored and controlled using a common technique called Earned Value Management (EVM).
Review the following figures below:
Project PV AC EV
A 10,000 11,000 10,000
B 9,000 8,000 7,000
C 8,000 8,000 8,000
D 7,000 7,000 5,000
Based on the Planned Values, Actual Costs, and Earned Values listed for Projects A, B, C, and D in the above table, how would you rank these four projects, from best- to worst-performing?
Buy an essay in any subject you find difficult—we’ll have a specialist in it ready
Ask for help with your most urgent short tasks—we can complete them in 4 hours!
Get your paper revised for free if it doesn’t meet your instructions.
Contact us anytime if you need help with your essay
APA, MLA, Chicago—we can use any formatting style you need.
Get a paper that’s fully original and checked for plagiarism
