The Impact Of Earned Value Analysis Of Managing Project...

The impact of Earned Value analysis in managing project cost control is undeniable. When EVM is implemented on a project, there are significant benefits to the project manager and the customer. Project manager benefits include increased visibility and control to proactively respond to issues that can impact project schedule, cost and objectives. Customer benefits include increase confidence in the PM’s ability to manage the project and track the progress of their project. Additionally, EVM provides a wealth of information for accountants. Accountants can use the data to report profitability to the investment community (Wilkens, 1991). There is a true connection between project management and corporate accounting. PMs use data provided by finance departments as inputs to determine cost performance of projects via EVM. This includes information used to create financial statements such as the cash flow statement, used to track the actual cash in hand. Said financial statements ar e to be crafted in compliance with the U.S. GAAP (generally accepted accounting principles). GAAP impacts every item on a qualifying financial statement. GAAP guidelines dictates how financial statements are produced every step of the way, covering hundreds of different components, according to Stanford University’s Cardinal Money Management website (Gresham, 2012). GAAP encompasses basic accounting principles and guidelines and detailed standards issued by the Financial Accounting Standards BoardShow MoreRelatedMaster Of Biotechnology ( Biomedical )1241 Words   |  5 Pages PROJECT MANAGEMENT ASSIGNEMENT 1 C UNIVERSITY OF ADELAIDE NAME: Nishanthan Chandrasekaran STUDENT NUMBER: 1661145 COURSE: Master of Biotechnology (Biomedical) TASK: What is the value of having good time and cost management plans when undertaking project execution? 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