Respond to the questions pertaining to Earned Value and the Project Status Report from Chapter 7 in your textbook, Successful Project Management (Gido, 2018). Please show how you arrived at your conclusion.
You need to answer questions 7 & 12 from the end of chapter 7.
Why is it necessary to track actual and committed costs once a project starts?
KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT
Successful Project Management (Gido, 2018)
Track actual and committed costs once a project starts to establish realistic commitments and to safeguard against cost increases. Tracking actual and committed costs is necessary because when a project starts, there are different costs for it to begin. These costs include initial deposit, ongoing material costs and labor costs. By tracking these initial costs, the management of the project can be more accurate until the project is complete.
It is necessary to track actual and committed costs because if a project crosses over from the initial scope to the definition of scope, then at that point it becomes a different project, and as a result additional work is needed. It is necessary to track actual and committed costs once a project starts because it allows you to clearly distinguish between what the customer wants your product or service to cost and what they actually want it to cost. This gives you the opportunity to adjust their expectations realistically and deliver on them. For example, in the case of a high-performance sports car, its prototype may show that it could go from 0-60 miles per hour in 3 seconds and then stay at this speed for all its service life – so the customer thinks that is how long it’ll last. But if we’d added more horsepower, it might not have been able to reach these speeds (or if we’d used a more powerful engine). In other words, we don’t want the customer’s expectations set unreasonably high so that when you deliver on them you can’t satisfy them (which will lead to deflating sales numbers), but neither do we want unreasonable low expectations so that we end up with higher costs than forecasted.
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