Expert answer:Earned Value Management (EVM)

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Expert answer:Project managers often use Earned Value Management (EVM) if they want to compare the status of their projects to their project plans. Using the same project from Assignment 3, develop a project scenario to explain the amount of work that you have completed with the funds allotted.This assignment consists of two (2) sections: MS Project Exercise EVM paperYou must submit both sections as separate files for the completion of this assignment. Label each file name according to the section of the assignment for which it is written. Additionally, you may create and / or assume all necessary assumptions needed for the completion of this assignment.Section 1: MS Project ExerciseAssume that your project is using more resources (e.g., time, money, and / or other non-labor resources, etc.) than anticipated through 50% of the project duration. 1. Update the project schedule to reflect related resource changes. 2. Produce a series of EVM reports from MS project that illustrates your project’s performance. Note: Your reports should focus on the cost and schedule performance of the project.Section 2: EVM PaperWrite a two to three (2-3) page paper in which you:3. Summarize the resource changes of your project, and discuss the performance results of your project.4. Determine one (1) performance measurement baseline for your MS Project. Justify your response.5. Apply earned value analysis (EVA) in order to forecast future cost issues. Justify your response.

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