IT Project Management Ch7 Assignment Example | Topics and Well Written Essays - 500 words

IT Project Management Ch7 - Assignment Example The main benefit of using its cost management feature is that it allows project managers to manage all the project related information at a single place. For instance, all the project related information such as resources, activities, schedule and costs can be managed in a single application at the single location. As a result, it becomes easy for them to integrate project activities with associated cost and schedule (Schaffhauser, 2010; Microsoft Corporation, 2015; Schwalbe, 2012). Every project manager uses a specific project management tool in order to manage their project management activities. For the cost management, they use specific criteria and some firms have their own software tools that allow them to calculate costs according to their available resources. In some cases, cost estimates are developed and maintained separately from the project plan. Though, MS Project 2010 encompasses all the features that are necessary to maintain a complete project cost management process, but it is still a new component for the majority of project managers, and it can take some time to get complete expertise (Schwalbe, 2012). The project completion opens a door for learning by measuring the performance and improving on the basis of mistakes. To evaluate the performance of any project, the Earned Value Management is quite a significant evaluation practice used in project management (Schwalbe, 2012). A study conducted by Dr. Song that is sponsored by the PMI (Project Management Institute) and CPM (College of Performance Management), is purposed at assisting the project managers to understand and measure the extent of practicing the Earned Value Management technique in project management as well as its practitioners’ base. This study’s important aspect is to deliver a cross sectional perspective of most of the recent EVM practices by surveying more than 600 project management experts. For getting a more useful and practical insight