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Questions for Project Execution
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Ques1) Explain the relationship between PLANNED VALUE and EARNED VALUE for Schedule Performance, i.e., when one is higher (or lower) than the other, how does Schedule Performance change?
Answer1) PLANNED VALUE refer to the amount planned to invest in project for a particular period of time and EARNED VALUE refer to total project budget which will be multiplied by number of percentage it is completed.
Both the term are related to Schedule performance. In Schedule performance if anyone is behind the time then EARNED VALUE is less than PLANNED VALUE and if ahead the Schedule then EARNED VALUE is greater than PLANNED VALUE.
So, schedule performance change become behind the schedule when Earned Value has value less than Planned Value. In similar way Schedule performance is said to be ahead of schedule when Planned Value has value less than Earned Value
Question 2: What performance factor Actual Cost does SPI affect? Explain what SPI of more (or less) than one means.
Answer2) SPI refer to Schedule performance Index. It help to measure the project performance. It compare project with...