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MGT2 Task3 Essay

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MGT2 Task 3
Task A: Addendum to the Risk Assessment Matrix:
Description of Risks Impact Likelihood of Occurrence (L,M,H) Degree of Impact (L,M,H) Initial Action to Take if Event Occurs Team Member Responsible Strategies for Prevention and Mitigation
Widespread security breach due to unauthorized access to sensitive customer information Negative publicity of the company and loss of credibility in the eyes of existing and potential customers impacting overall business M H Take immediate action to tighten security including all employee access to customer sensitive information Ben
Malinda Identify and install the latest security software on all telecommuters' PCs and enforce strict rules for information access including password …show more content…

Part of the Earned Value Management technique is the monitoring of variances from the approved baseline of costs and schedule. The variances are useful in determining the overall project health and status.
- Schedule Variance (SV): The Schedule Variance indicates a value which is a measure of how much the project is either ahead or behind at a given point in time. For any given point in time, once the EV and PV are known the SV can easily be calculated. The formula for SV is quite simply: SV = EV – PV. Here a positive value indicates that the project is ahead at the current point in time and a negative value would indicate the opposite that a project is behind at the current point in time.
- Cost Variance (CV): The Cost Variance indicates a value which is a measure of how much the project is either overspent or underspent at any given point in time. For any given point in time, once the EV and AC are known the CV can easily be calculated. The formula for CV is quite simply: CV = EV – AC. Here a positive value indicates that the project is under spent at the current point in time and a negative value would indicate the opposite that a project is over spent at the current point in time. The Cost Variance at the end of the project is calculated as follows: CV = BAC – AC. The same above rationale is applied to positive and negative numbers to indicate if the project is under spent or over spent respectively.
To measure schedule or cost efficiency there are two

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