Question: Question No 5 a) Explain the concept of earned value and its importance in project management (5 marks) b) The reported values from your project

Question No 5 a) Explain the concept of earned value and its importance in project management (5 marks) b) The reported values from your project are as follows Cumulative Value Month January March February Budgeted Cost of Work Scheduled (BCWS) 130 100 200 430 Budgeted Cost of Work Performed (BCWP) 120 60 220 400 Actual Cost of Work Performed (ACWP) 90 150 200 440 Calculate the CPIs and SPIs on a month-by-month basis. Comment on the results. Is the project management improving or becoming worse? State your reasons why. (10 marks)

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