Describe the concept of earned value in project monitoring, Project Management

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Question:

(a) What are the checks/actions to be carried out in a project monitoring meeting?

(b) What is the rationale behind the concept of "earned value" in project monitoring?

(c) Describe the concept of "earned value" in project monitoring showing:

  • ?what information is needed at planning stage,
  • ?what information is required when collecting data at specific intervals, 
  • ?what values are calculated and ? how these values are used to interpret progress.

(d) What corrective actions can be taken in the following cases : ?

  • Task is behind schedule.
  • Quality of deliverable for a task is below standard.

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