Project Planning Essay - 275 Words

Project Planning (Essay Sample) Content: NameProfessorTitleDateProject Planning 1 Schedule variance (SV)Schedule variance is a very useful analytical tool that gives information about how far the project is behind or ahead of the schedule in terms of dollars.Schedule variance (SV) = Earned Value (EV)-Planned Value (PV)$600-$560 = $ 40In this case the schedule variance is positive and therefore the project is ahead of schedule hence moving in the right direction. 2 Cost variance (CV)CV determines whether the project is financially under or over budget.Cost Variance helps in measuring the cost performance of a given project.Cost Value (CV) = Earning Value (EV)-Actual Value (AV)$600-$650 =-$50On day 51 cost variance is negative, showing that the project is over budget and therefore a corrective action is needed. 3 Schedule Performance Index (SPI)This helps in determining time efficiency on project.The schedule Performance Index determines how efficiently the project is actually improving when compared to what w as planned.Schedule Performance Index (SPI) =Earned Value (EV)/Planned Value (PV)$600/$560=1.07142857SPI is more than one hence more work than what was planned has been completed. 4 Cost Performance Index (CPI)CPI shows the earnings for every dolla... Project Planning Essay - 275 Words Project Planning (Essay Sample) Content: NameProfessorTitleDateProject Planning 1 Schedule variance (SV)Schedule variance is a very useful analytical tool that gives information about how far the project is behind or ahead of the schedule in terms of dollars.Schedule variance (SV) = Earned Value (EV)-Planned Value (PV)$600-$560 = $ 40In this case the schedule variance is positive and therefore the project is ahead of schedule hence moving in the right direction. 2 Cost variance (CV)CV determines whether the project is financially under or over budget.Cost Variance helps in measuring the cost performance of a given project.Cost Value (CV) = Earning Value (EV)-Actual Value (AV)$600-$650 =-$50On day 51 cost variance is negative, showing that the project is over budget and therefore a corrective action is needed. 3 Schedule Performance Index (SPI)This helps in determining time efficiency on project.The schedule Performance Index determines how efficiently the project is actually improving when compared to what w as planned.Schedule Performance Index (SPI) =Earned Value (EV)/Planned Value (PV)$600/$560=1.07142857SPI is more than one hence more work than what was planned has been completed. 4 Cost Performance Index (CPI)CPI shows the earnings for every dolla...