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Earned Value & Risk Management Guide

This document outlines the course project requirements for a project management class. It discusses earned value management principles and provides details on project requirements, cost management plans, risk management plans, change management processes, and references. Key aspects covered include the three measurements of earned value analysis, the types of project requirements, components of a cost contingency plan and risk management plan, and the change management process.

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97 views5 pages

Earned Value & Risk Management Guide

This document outlines the course project requirements for a project management class. It discusses earned value management principles and provides details on project requirements, cost management plans, risk management plans, change management processes, and references. Key aspects covered include the three measurements of earned value analysis, the types of project requirements, components of a cost contingency plan and risk management plan, and the change management process.

Uploaded by

harry
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1

Week 6 Course Project

Shakeeluddin Mohammed

Trine University

Project Management

August 6, 2022

Professor: Dr. Colin Wasiloff


2

Course Project

EVM is based on three measurements: Planned worth, procured esteem, and real expense.

 Earned Value Analysis (EVA)

 Earned Value Management (EVM) (Poh & World, 2004)

 EVMS (Earned Valued Management System)

Project Requirements – Updated

The principal kinds of requirements are:

 Utilitarian Requirements.

 Execution Requirements.

 Framework Technical Requirements.

 Details.

Cost Management Plan – Outlining Contingency Plan for Project Changes

 Ordinarily, there are six parts of Change Management:

 Leadership Alignment

 Stakeholder Engagement

 Communication (Lock, 2013)

 Change Impact and Readiness

 Training and Organization Design

Detailed Risk Management Plan

The accompanying cycles structure the risk management plan.

Recognizing Risks. Recognizing chances is an extensive assignment and one that ought to be

continuous.
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 Evaluating Risks.

 Foster Risk Responses.

 Foster a Contingency Plan or Preventative Measures for the Risk.

Risk Response Plan

 Risk evasion: A venture group might pick a merchant with a demonstrated history over

another seller that gives substantial value motivators to avoid the gamble of working with

another seller.

 Risk sharing: Partnering with one more organization to share the gamble related to a

piece of the undertaking is worthwhile when the other organization has mastery and

experience the task group does not have.

 Risk decrease: Experts dealing with a high-hazard action regularly foresee issues and

observe arrangements that keep the exercises from adversely affecting the undertaking.

 Risk move: The acquisition of protection is generally in regions outside the control of the

venture group.

Risk Mitigation Plan

The concurrent systems can be utilized in hazard relief arranging and checking.

 Expect and acknowledge the hazard

 Risks affecting expense

 Risks affecting timetable

 Risks affecting execution (Liberman & Woodruff, 1993)

Change Management Process


4

The Change Management Process is the component used to start, record, survey, support,

and resolve project changes. Project changes are required when it is considered significant to

change the degree, time, or cost of at least one recently supported task expectation.

RAID is an abbreviation representing Risks, Actions, Issues, and Decisions. Gambles are

the potential issues hiding in your undertaking. Chances will often be considered antagonistically

affecting the task, yet certain dangers are also. Activities are how you want to treat the task.

Reference

Liberman, A., & Woodruff, M. J. (1993). Risk management. Fortress Press.


5

Lock, D. (2013). Project management. Gower.

Poh, P. S. H., & World. (2004). World of construction project mangement [sic] : proceedings of

the 1st International Conference. World Of Construction Project Management.

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