Be sure to respond to two of your peers' postings. How could you expand upon their descriptions and assessments of their chosen criteria?

Respond to the two statements below with the information above.

First statement:

EVM CRITERION # 23: Identify, at least monthly, the significant differences between both planned and actual schedule performance and planned and actual cost performance, and provide the reasons for the variances in the detail needed by program management.

The purpose of this criterion is to show how the projects performance is going with both the schedule and the budget. The monthly evaluations will be able to show the differences between the planned cost and schedule to the actual cost and schedule. Criterion #23 allows for project performance increase by allowing the project manager to handle a situation that arises as the updated information comes in. When the differences with the cost or the schedules begin to show the project manager can take action before they because bigger issues. Finally a potential flaw or shortcoming within the criterion would be, having to rely on accurate data."Earned value can be manipulated. If reports don't contain sufficient supporting data that is verified, someone can massage the numbers so that the results look favorable" (The Value Earned with Earned Value, 2023). Data can sometimes be inaccurate and can potentially cause the project manager to miss the timeframe to fix the difference in cost or schedule.

Fleming, Q., & Koppelman, J. (2016). Earned Value Project Management (4th ed.). Independent Publishers Group (Chicago Review Press). https://bookshelf.vitalsource.com/books/9781935589419

The value earned with earned value. (2023). Pmi.org. https://www.pmi.org/learning/library/project-overview-benefits-primary-limitations-5874#

Second statement:

The accepted RVM criterion that I selected for this assignment was EVM Criterion #1. For this criterion, you will define the authorized work elements for the program or project. A work breakdown structure or (WBS) will be tailored for proper internal management control.

This first criterion for accepted EVM requires that any new project that came to life must be defined before the actual work of the project starts. Normally, you would build a WBS for this process. A work breakdown structure basically a family tree which will describe the major segments of a project and also describes all the deliverables, both from the company and client side. I feel that EVM criterion #1 is extremely crucial to the overall success of projects because you need to have a breakdown of all elements of a project in order to complete it 100% accurate. If you just start a project with no plan in place, the project will fail. EVM #1 helps increase project performance because it will keep all of the stakeholders that are involved in this project on the same page during all steps and milestones of the project, by letting everyone know the steps that are involved with the project.

References:

Fleming, Q., & Koppelman, J. (2016).Earned Value Project Management(4th ed.). Independent Publishers Group (Chicago Review Press).https://mbsdirect.vitalsource.com/books/9781935589419