Earned value measurement system is a process of project management that entails analysis of the work plan versus the work output to evaluate the variances in projects. Project managers utilize earned value measurement system to evaluate the performance of their projects (Fleming & Koppelman, 2016). Franklin electronics seems to have insufficient knowledge about earned value measurement system. Their results were ineffective because of calculating the cost variance and schedule variance using the wrong method. Besides, they had a poor understanding of the interpretation of the values of the variance. They could not interpret that a positive value of schedule variance indicates that the project is ahead of schedule while a negative value indicates that the project is late. Besides, they did not understand that a positive value of cost variance implies that the project is an underrun while a negative value implies that the project is an overrun. The vice president of Franklin Electronics provided incorrect comments about the schedule and cost variances. According to Kerzner (2017), Correct variances of schedule and cost are calculated from the Budgeted Cost of Work Scheduled (BCWS) and Actual Cost of Work Performed (ACWP). However, the Franklin Electronics ineffectively based their schedule and cost variance on the variance of the last period.
The project management schedule proposed in the Franklin Electronics case was not effective enough to provide accurate results. Thus, I will create a more effective schedule based on the scheduling techniques of task listing. The reason for choosing the task list technique of scheduling is that it is easily created using Microsoft office and allows the project managers to assign tasks to resources (Fleming & Koppelman, 2016). Thus, the proposed schedule of project management would look like as indicated in the table below:
Details of work
Time of completion
Immediate predecessor activity
Creating a Product Design Specification
Detail design of the product
Materials requirement and planning
Testing and integration
Manufacture different parts
Sub-assembly of the parts
The main assembly of the parts
Completing the final product
Project managers usually face different types of risks. The project risks challenge the efficiency of the project towards the achievement of the laid objectives (Kendrick, 2015). However, effective strategies can be set aside to help in lowering the impact of the risks. Project risks are majorly grouped into pure and business risks. These risks may arise from different sources. Most project risks arise when the operations deviate from the project scope. The scope of risks can be addressed by adhering to the fundamental requirement of the project activities (Kerzner, 2017). Other risks arise from the poor estimation of the cost of project activities. The use of wrong methods of calculations may lead to these cost-related risks. The risk can be solved by implementing effective methods of cost calculations to ensure correct results for reliable estimations. Poor management also exposes the project to risks of failure (Kendrick, 2015). Such risks can be addressed by choosing skilled and experienced managers who would lead the project successfully. The inadequacy or unavailability of required resources may expose the project to the risk of poor performance. The resource risks may be managed by controlling the allocation of project resources. Projects may face unpredictable risks arising from natural factors or unexpected issues. Although it is possible to manage most of the project risks, it is difficult to manage unpredictable risks.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure proofing your project. Amacom.
Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th Ed.). Hoboken, NJ: Wiley
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