Which of the following analyses should a project manager use to determine problem areas for corrective action planning? (Choose two.)
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A. B. C. D. E.DE.
The correct answers are B. Schedule variance and E. Earned value.
Explanation:
Corrective action planning is an essential part of project management, and it involves identifying and addressing problem areas that could affect the project's progress and success. There are several analyses that project managers can use to determine these problem areas, but the two most commonly used are schedule variance and earned value analysis.
Schedule variance is a measure of the difference between the actual progress of the project and the planned schedule. It is calculated by subtracting the planned value (PV) from the earned value (EV). If the schedule variance is positive, it means that the project is ahead of schedule, and if it's negative, it means that the project is behind schedule. A negative schedule variance can be an indicator of problem areas that require corrective action planning.
Earned value analysis is a technique used to measure the progress of a project in monetary terms. It involves comparing the actual cost of the work performed (actual cost, AC) to the budgeted cost of the work scheduled (planned value, PV) and the budgeted cost of the work completed (earned value, EV). If the earned value is greater than the actual cost, the project is considered to be performing well, and if it's less than the actual cost, it may indicate a problem area that requires corrective action planning.
In summary, both schedule variance and earned value analysis can help project managers identify problem areas that require corrective action planning. Schedule variance helps identify problems related to project schedule, while earned value analysis helps identify problems related to project cost and progress.