If earned value management (EVM) is so beneficial, why is it not used more often? Explain how it may be used to track costs and evaluate the success of a project. When evaluating cost variation, schedule variance, cost performance index, and schedule performance, what criteria should be used as a starting point

Q: enerally, project life cycles have phases, which are sequential, and their ends are    punctuated…

A: There are a wide variety of project phases that vary by project or industry. The phases are…

Q: Due to complexity of the project, there is the need to use ‘network analysis’, what is it?

A: A network diagram is the graphical representation of project activities and their relationship with…

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Q: What does a project’s NPV of $1,500 mean?

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Q: Explain why earned value management (EVM) is not widely used in cost control and project success…

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Q: Earned Value Management (EVM) is a method or an approach in measuring the project performance…

A: The question is related to Earned Value Management. The details are given.  Since you have posted a…

Q: how Monitor Project Planning Parameters (Project Manager/Project Members)

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Q: project vision document

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Q: which feasibility measure estimates the cost/benefit of the project and how it is measured?

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A: Given

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Q: Earned Value Management (EVM) is a method or an approach in measuring the project performance…

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Q: What are options models and when should they be used to evaluate projects? Provide an example.

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A: ANSWER IS GIVEN BELOW:

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Software cost estimation

In software engineering, cost estimation defines the calculation of the amount spent on software development and testing. This includes maintenance, managing, buying equipment, user requirement reviews, software, training, and servers. Many methods are developed to estimate the software project cost. Software cost estimation has a major impact on planning and managing a project. The software cost estimation has three estimates like project duration(time), effort(person-month), and cost(dollars).