A project manager has taken over an existing project. According to the previous project manager, the project is on track and within budget. However, stakeholders are unhappy with the recent progress report since the metrics show that the project is delayed and the cost is higher than expected.
What should the project manager do?
In this scenario, conducting an earned value analysis (EVA) is the most appropriate action. EVA is a project management technique that measures project performance and progress in an objective manner. It compares the amount of work actually performed (earned value) with the planned work (planned value) and the actual costs incurred. This analysis will help the project manager to accurately understand the current status of the project in terms of scope, schedule, and cost performance, and take necessary corrective actions. It provides a clear picture of whether the project is truly on track and within budget, as well as identifying any variances that need to be addressed.
Conduct EVA