Final Exam
Earned Value, Procurement and Cost Management
Each response should be at least 50 words or longer
1. Describe how analogous and parametric estimating are similar and how they differ. Create an
example of how you might use both in managing projects at your organization.
2. How does your project’s scope, as defined by a WBS, relate to an earned value management
system (EVMS)? Also, what techniques can you use to forecast the final outcomes for an EVMS
once you determine project progress at month 3 of a 12 month project?
3. How could your firm effectively perform cost analysis for an upcoming supplier who could
support your project? Also, why should you be concerned about the learning curve for this
supplier?
4. Why do you believe there are mixed results for early supplier involvement in new product
development?
5. Describe how a change management board can be useful in helping control project costs.
Also, identify and discuss a control technique that helps you focus on future undesirable changes
to your project.
6. Why does a EVMS rely on budgeted costs to measure performance and spending? Create a
basic example that shows how the three basic pieces of an EVMS work together, making sure to
include variances.
7. How can expert judgment and the use of the Delphi technique help improve your overall
project estimates?
8. Identify and discuss four challenges your firm might encounter when considering procuring
goods and services from foreign suppliers.
9. How would you define an EVMS to someone who has never heard of it? Also, what has been
done to try and increase use of an EVMS in the private sector?
10. How do project specifications relate to the type of contract that you could use for your
project? What are the major contracts you can use for your project and how do they differ?
