jennifer project management review

Hello Class,

When tracking a project’s expenses, it is important to keep track of both actual and committed costs. This allows project managers and other stakeholders to monitor how the money is being spent. The former refers to expenses already paid, while the latter includes those yet to be paid, such as purchase orders and contracts. These costs provide a summary of the project’s financial status. A lack of visibility into these expenses can make a project appear under budget when, in reality, significant expenditures are already committed and may affect subsequent spending. By monitoring these costs early, project managers can identify potential budget overruns and take immediate action to prevent them from escalating (Kerzner, 2022). In regulated industries, such as healthcare, accurate cost tracking can help promote responsible resource use, compliance, and accountability (Project Management Institute, 2021).

One of the most effective ways to present a project’s performance to management is through visual dashboards, which are typically supported by Earned Value Management software. This method combines the various data elements of a project, such as cost, scope, and schedule, into one system. With just a few simple indicators, management can easily determine if the project is on track or behind schedule. EVM works well when paired with a visual dashboard or chart, as it presents complex data in a clear, understandable way, enabling executives to make quick decisions (PMI, 2021). This approach is particularly beneficial for executives who require high-level insights, as it clearly shows risks and trends, allowing them to make informed decisions (Meredith et al., 2022).

• Respond to the above by showing After running your earned value calculations, you discovered that the cost and schedule variance are off task. What would you do to get the cost and schedule back on track? Explain in detail your process.

Please be sure to validate your opinions and ideas with citations and references in APA format.