Essay about Pm567 Quiz 1

Words: 1802
Pages: 8

TCO A) You work for company Bravo and have been asked to create a presentation for the Board of Directors to explain PPM. Your presentation is to include a comparison and contrast of project portfolio management, program management, and project management. The presentation should also include the benefits of PPM and why the company should implement this program.
Below, in your own words, write the narrative for the presentation. Be sure to address all elements of the presentation. Project management is the performance based process focus on one o more deliverable. It is the process of identifying a problem or need coming up with possible solution, deciding on the best one and completing the project in a manner that is acceptable to
…show more content…
For example, long term would be using the cumulative figure to "statistical forecast of the total final requred funds may be determined by simply dividing the toal project Budget at Completeion (BAC) by the cumulative CPI (Fleming, 2010, p 43)." This will help in determining the estimate.

Schedule Variance – “Schedule variance analysis, along with review of progress reports, results of performance measures, and modifications to the project schedule can result in change requests to the schedule baseline and/or to other components of the project management plan. Change requests are processed for review and disposition through the Perform Integrated Change Control process (4.5). Preventive actions may include recommended changes to reduce the probability of negative schedule variances.” PMBOK 4th Edition, Pg 164 A measure of schedule performance on a project. It is the difference between the earned value (EV) and the planned value (PV). SV = EV minus PV.” PMBOK 3rd Edition, Pg 448 Cost Variance (CV) is determined by taking the Earned Value (EV) and subtracting the actual costs. It is a measurement of the difference between the value that was added from the project minus the costs. Of course you want to have a positive CV so it is in the best interests of the PM's to keep their costs as low as possible. If the amount of the CV is greater than or equal to zero then it is considered to have a favorable CV. Some projects are not for profit but they should still add