Performance and Closure in Project Management Project

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Project Management, Performance, and ClosureSchedule Variance (SV)SV = Earned Value – Planned CostSV = $600 - $540SV = $60The earned value refers to the accomplishment of physical, financial units from the project activities. The difference between the earned value and the planned value reflects the progress made in the project concerning the project schedule. Consequently, the project activities are on track since the schedule variance is positive, which signifies the project activities as scheduled.Cost Variance (CV)CV = Earned Value – Actual CostCV = $600 - $650CV = $(50)The cost value of the project is a negative figure which signifies that with the progress made, the project performance is already over the budget. This could present some challenges, such as exceeding the planned budget and may require the stakeholders to spend more money to complete the project. It may also mean that the project may go overboard the projected baseline cost and affect its profitability.Cost Performance Index (CPI)CPI = Earned Value / Actual ValueCPI = 600/650CPI = 0.92The cost performance index is 0.92, reflecting a good but not excellent project target. However, this challenge can be remedied through interventions in the project activities and resource planning to lower the expenditure redundancies…

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…stakeholders, such as contractors.

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Some of the resources might be reassigned if necessary for the project’s life cycle. However, those who will not be needed after that will be released.The project team involved will hand over the project to the project sponsors and then celebrate its success. the project sponsor will be invited to give a speech and articulate their view on the completion of the project (Project Management Institute, 2021). Different teams will be rewarded for their participation and commitment to completing the project. Appreciation of other stakeholders, such as contractors, will be shown to contribute to the project’s success.….....

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