Project Scope and Earned Value



Project Scope and Earned Value

Abstract

The assignment describes the scope of a project (Identifying the target market for a product) and uses earned value management methodology to sub divide the scope of project into smaller tasks in detail along with the time schedule for each task and costs as well. The main agenda is to assess the performance and development of each task against the desired outlined schedule.

Introduction

The scope of project is an essential part of every project and must be addressed in the very beginning of a project to be undertaken. The scope of a project is required to be broken down into work breakdown structures for proper management The scope of a project includes the main objectives and goals of a project and how what it is aimed at delivering. The WBS is used to break down works and tasks relevant to produce the desired outcome. It can be also considered as a milestone that is mainly used as a measure of comparing and contrasting the output with the desired deliverables. The scope of a project can be changed depending upon the needs and requirements of project. The scope of a project is firstly defined in a project charter. Therefore, the scope of work should be defined precisely to get the work done accurately. The manager of the project is liable for conveying and making every one associated with the product development and other tasks understand the main objectives of the project along with the final outcome.

Discussion

The scope of project is referred to the primary features, functions, capabilities, and limits associated to making or delivering of a desired product or service (Turbit, N., 2005). Similarly, earned value management is defined as a methodology for assessing the development and performance of the project. It interacts with the scope, schedule and cost or budget of the project directly because the overall performance of project is dependent upon scope of project that is already defined and the time estimated for achieving a particular task associated to the project along with provided budget or cost for each of the tasks. It can be called as integrated system (Stratton, R. W., 2006). A budget can be defined as a set of document that exhibits the process of translating plans, schemes, ideas and goals into monetary terms. Here the monetary resources are referred to the amount needed to spend on various activities to carry forward the plan along with the monetary resources that can be generated from the project undertaken or plan executed.

The scope of the project that is to be discussed is this paper is based upon analyzing the market of a product for ABC company in comparison to the companies or key market players operating in the industry A and associated sectors that are perceived as the potential clients and users of the product. This project also require to assess the existing competitive setting, inclusive of the similar and different products sold and offered by other companies in the ...