A large construction project is progressing well as per the project objectives. The project manager would like to report the project's value to the project sponsor and seek the
next phase of funding closure.
What should the project manager do?
A.
Ensure a measurement system is in place like earned value analysis (EVA) to track project value for the project sponsor.
B.
Submit a detailed report on the cost budget vs. the cost actuals as the project sponsor will want to know more about finances.
C.
Create a detailed project report on successes and challenges for the project sponsor.
D.
Arrange a site visit to show the project sponsor the construction progress in person.
Earned Value Analysis (EVA) is a project management technique used for monitoring and controlling project performance by integrating scope, schedule, and cost parameters. It is a critical tool for project managers to report the project’s value and is particularly useful for large projects where tracking progress against the budget is essential. EVA provides a set of mathematical metrics that reflect the health of the project and is used to report information for the current reporting period and on a cumulative basis. This method allows project managers to identify variances from the plan and forecast future performance, which is crucial for seeking further funding and demonstrating the project’s value to sponsors.
(Earned Value Analysis & Management (EVA/EVM) - Project-Management.info1, Professional in Business Analysis Reference Materials | PMI2)
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