WGU C783 AHN1 Task 2 Project Management |Latest Update with Complete Solution

WGU C783 AHN1 Task 2 Project Management k k k k k k




|Latest Update with Complete Solution
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Project Management – C783 k k k




k AHN1 Task 2 k k




Western Governors University k k




A. Provided is an explanation of the characteristics of the following contract types
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(PMI, 2017):
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• Fixed price: This type of contract has a set price for the product or
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service to be provided. Some of these contracts offer financial
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incentives for achieving or exceeding the goal. If there is a change in
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the project's scope, the contract might be renegotiated with a higher
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price.
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• Time and materials: The time and materials type of contract has the
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same components as both the fixed price contract and the cost-plus
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contract. With this type of contract, the contractor or vendor is paid for
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both their time and the cost of materials. When a time and materials
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contract is used, this type of contract is most often an estimate, as
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kthere can be price fluctuations in materials and time.
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• Cost plus: When a cost-plus contract is used, the project cost is for
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klabor and materials and would include a fixed fee paid to the contractor
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or vendor for overhead and profit.
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B. Five vendor selection criteria for the Merrilton Data Migration Project (PMI,
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2017).
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1. Cost
2. Technical expertise k




3. Experience
4. Quality
5. Responsiveness

C. The purpose of Earned Value Analysis (EVA) is to assess the project's
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performance and then identify potential future outcomes by using this analysis
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to compare the planned work of the project against the actual project work that
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has been completed (PMI, 2017).
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• Cost variance: When using the Earned Value Analysis, the cost variance
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can be factored in by comparing the project budget to the actual project
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cost.
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• Schedule variance: When using the Earned Value Analysis, the schedule
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, variance can be factored by comparing the project schedule to the
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actual schedule and progress of the project.
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• Cost Performance Index: The Cost Performance Index (CPI) can be
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factored into the EVA by determining the project's cost efficiency, and
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you would use this formula to do so: CPI = EV/AC
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• Scheduled Performance Index: The Scheduled Performance Index (SPI)
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can be factored into the EVA by comparing the progress to the project
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schedule.
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1. How I would use EVA to monitor and control my project is that I would use
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kall of the information provided to me to monitor and track my
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projects, regarding the project timeline and schedule, and then work to
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monitor for any indication that there is a potential for the project to
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go over budget.
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