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Colorado State University, Global Campus *

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500

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Information Systems

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Feb 20, 2024

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docx

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Uploaded by ColonelMandrill743

All of the learning tools are useful in educating us on designating project performance metrics and on how to interpret project performance using earned value analysis. While I find Kerzner to be very informative, it’s a bit too much sometimes. The Module 5 Interactive Lectures were the perfect summarizations of the information needed to learn the two outcomes. Additionally, the PMBOK also helped with not just identifying project performance metrics but also with understanding what to measure, what are effective metrics and how to present those metric results. The Interactive Lecture were extremely helpful in understanding Earned Value Analysis (EVA). The lectures summarized the concept well and then reinforced the information with the LindedIn Learning video “Understand earned value analysis” and by providing a reference sheet which I hope we all saved. The video by Biafore (2022) provided a visual to show how to interpret the results of the 3 EVA measures (PV, EV, and AC). If the earned value (the amount of money you’ve earned by completing work) is above the planned value (the amount you’ve planned to spend to complete the work through the status date) then your project is ahead of schedule (Biafore, 2022). However, if actual cost is above the planned value then your project is over-budget (Biafore, 2022). Next, the PMBOK helped me understand how to identify appropriate project performance metrics and explained what characteristics make for effective metrics. The PMI (2021) utilizes the “SMART criteria” which stands for Specific, Meaningful, Achievable, Relevant and Timely. Understanding what to measure, what are effective metrics, how to present these metrics and which measurement pitfalls to look out for are needed for project management competence (PMI, 2021). I felt that the Interactive Lectures followed by the PMBOK provided the most value in my understanding of the two learning outcomes. Furthermore, after reading, I wrote down several questions to go over with my manager. My hope is that if we don’t already incorporate EVA that we will consider starting and utilize that to better understand which projects are over or under budget and which are on time. Additionally, as someone who creates dashboards and reports, I felt this module to be useful for my current role to help me identify KPIs and useful metrics as well as my future one. References Biafore, B. (2022). Project Management Foundations: How and when to use earned value analysis [video]. LinkedIn. https://www.linkedin.com/learning/project-management- foundations-15528659/how-and-when-to-use-earned-value-analysis? autoAdvance=false&u=2245842

Project Management Institute. (2021). A Guide to project management body of knowledge (PMBOK guide) (7th ed.).

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