Which tool assists in determining if a project should continue based on scope, schedule, and cost?

Which tool assists in determining if a project should continue based on scope, schedule, and cost?

• A. Earned value management.
• B. The function point.
• C. The Gantt chart.
• D. The program evaluation and review technique (PERT).

Answer: (A)

Earned value management (EVM) is a crucial project management tool used to assess a project's performance and progress in terms of scope, schedule, and cost. By integrating these metrics, EVM allows project managers to evaluate how much work has been accomplished to date compared to the planned progress and the costs incurred. The main premise of EVM is to calculate key performance indicators like Cost Performance Index (CPI) and Schedule Performance Index (SPI), which help determine if the project is on track, ahead, or behind schedule, as well as whether costs are exceeding the budget or not. This analysis ultimately feeds into decision-making processes regarding the continuation or adjustment of the project. The other options, while useful in project management, serve different purposes. Function points are a standard used for measuring software size and complexity but do not directly assess scope, schedule, or cost. Gantt charts are employed for visualizing project schedules but lack the comprehensive analysis provided by EVM. The program evaluation and review technique (PERT) is used to analyze the time required to complete tasks and identify the minimum time needed for project completion but does not include cost metrics in its analysis. Thus, earned value management effectively combines scope, schedule, and cost metrics, providing a holistic view of

Earned value management (EVM) is a crucial project management tool used to assess a project's performance and progress in terms of scope, schedule, and cost. By integrating these metrics, EVM allows project managers to evaluate how much work has been accomplished to date compared to the planned progress and the costs incurred.

The main premise of EVM is to calculate key performance indicators like Cost Performance Index (CPI) and Schedule Performance Index (SPI), which help determine if the project is on track, ahead, or behind schedule, as well as whether costs are exceeding the budget or not. This analysis ultimately feeds into decision-making processes regarding the continuation or adjustment of the project.

The other options, while useful in project management, serve different purposes. Function points are a standard used for measuring software size and complexity but do not directly assess scope, schedule, or cost. Gantt charts are employed for visualizing project schedules but lack the comprehensive analysis provided by EVM. The program evaluation and review technique (PERT) is used to analyze the time required to complete tasks and identify the minimum time needed for project completion but does not include cost metrics in its analysis.

Thus, earned value management effectively combines scope, schedule, and cost metrics, providing a holistic view of