Operations Management Individual Exercise: Project Management Earned Value Learning Objectives Demonstrate knowledge of determining project performance using earned value tools. Due Date Please submit your assignment by Sunday, December 19th at 11:59 PM (AZ time). Assignment Overview 1. You are managing your first project and have your first monthly performance metrics run on your project. Your most recent project performance report indicates that your cumulative Schedule Performance Index (SPI) is .85 and your cumulative Cost Performance Index (CPI) is .90. a. What conclusions can you draw from these performance indexes? b. What actions might you take to address project performance based on these results? 2. Alyssa has a meeting with the top management team tomorrow to discuss the status of her project. The top management team is especially interested in knowing whether the project will be completed on time (36-month timeframe) and within the appropriated budget ($300,000). Alyssa has a vague memory from her project management class that EVM can help her address her top managements concerns. After one month of work, Alyssa estimates that her earned value is $8,000. She also estimates that: Planned Value = $10,000 Actual Cost = $4,000 a. What information can Alyssa provide the top management team about the current status of the project from the cost and schedule variances? Provide both specific numbers and a brief interpretation of those numbers. b. Give one reason why the project may be in this situation. c. What information can Alyssa provide the top management team about the estimated cost at project completion and estimated time of project completion? Provide both specific numbers and a brief interpretation of those numbers. 3. What 3 PM knowledge areas make up the triple constraint, and why are they called the triple constraint?