Juan would like to be a project manager, but he feels at a loss, specifically in the financial part of project management. What importance does an understanding of basic accounting and finance have for being a successful project manager? Provide an example of where this would be important when creating the financial plan for a project.
Describe the process of Earned Value Measurement, specifically the metrics of Planned Value (PV), Earned Value (EV), and Actual Cost (AC). How is EVM used to monitor and control a project? If you are 50% of the way through a project and your Cost Performance Index (CPI) is at 90%, what does this tell you about the cost performance of the project, assuming that the project is otherwise on schedule?
Based on your answer to the EVM question above, what would your recommended strategy be to management, assuming that the total budget of the project is fixed and cannot be increased? What could be some of the sources of the problem, assuming that a problem exists?
Paragraph summary of your analysis and resolution
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