Pman634

Earned Value Analysis

The project manager for OBCV will be responsible for making sure the project stays on schedule and is delivering on the expected milestones. To ensure that we are staying within budget and time, we will use earned value analysis. “Earned value analysis is used to measure a project’s progress in terms of both schedule and cost, as well as to help predict its outcome” (Microsoft Project, 2010).

In order to gain the most benefit from using earned value analysis, our project manager will be performing an earned value analysis every 60 days using Microsoft Project. This will allow us to quickly address problems in our process, and make necessary fixes prior to moving on to other sections of the project. Profitability for our partner (JP Conglomerate) is a very important outcome of our project; therefore, we need to make sure that we are accurately measuring the project’s progress. Our planned value will be carefully compared to the actual cost of work performed, and our earned value. The results of the earned value analysis will be shared with the OBCV team, and our counterparts at JP Conglomerate.

Corrective Action Plan

When items are identified through earned value analysis, and it is determined that corrective action is needed, the project manager at Bio-Sci Pharma will address these items with the management team, and formulate a plan on how to best address them. By working with the applicable team, the project manager can address the pertinent issues and by doing so, calculate a date when the project will be back on schedule.

Earned Value Results

Our first earned value analysis in Appendix C was performed for the purpose of the progress report. The first performed earned value analysis was performed on tasks implemented and completed from our start date of May 20, 2014 through June 29, 2014 and included the Requirements for Research section of our project. At this time, it is too early in the project accurately predict variance at...