Project 11-4: Don Funk Music Video Earned Value Analysis

This is a post about the Project 11-4: Don Funk Music Video Earned Value Analysis.

Introduction

This video presents an Earned Value Analysis of the Don Funk Music Video project. The purpose of this analysis is to determine whether the project is on schedule, on budget, and whether it is likely to be completed on time and within budget.

The scope of this analysis includes an evaluation of the project’s Resources, Schedule, Budgets, and Contracts. The analysis will use Earned Value Management (EVM) concepts and principles to determine the Project’s health.

Project Overview

Don Funk is a musicians who creates and performs his own original music. He also has a significant social media following. For his latest music video, “Can’t Stop the Funk,” he has engaged your production company to provide an earned value analysis (EVA) of the project.

Project Scope

Project scope is the definition of what work and associated deliverables are required to complete the project, and generally includes delineation of project boundaries. The primary benefit of formalizing project scope is to establish agreement between the project sponsor, customer, and key stakeholders on what will be delivered as part of the project. A secondary benefit is that it provides a framework for making decisions during execution.

The Project Management Institute (PMI) defines project scope as “all the work that needs to be accomplished to deliver a product, service, or result with the specified features and functions.” That’s a broad definition, so it’s helpful to see how it applies in practice by looking at an example.

For our purposes, we’ll use the example of a company that wants to release a new music video. The team responsible for releasing the video will need to consider a number of factors in order to determine what’s required to complete the project. These factors can be grouped into three categories: content, delivery, and schedule.

Content: What type of video does the company want to release? Is it a performance video, a narrative music video, or something else entirely? Once the team has decided on the type of video they want to produce, they need to determine what kind of footage they’ll need to shoot and what graphics or special effects might be required. In addition, they’ll need to choose which song or songs will be featured in the video and secure the rights to use them.

Delivery: How do we want people to be able to watch the video? Do we want them to be able to watch it online, on television, or both? If we’re releasing it online, do we want people to be able to download it or stream it? And how do we want people who are watching television to see it? Do we want them to see it on MTV or VH1, or would another channel make more sense? Asking these questions helps us understand what format(s) we need to deliver the final product in.

Schedule: When does the company want people to be able watch the video? Is there a particular album release date that we’re trying to align with? Are there any holidays that might make sense as a target date? Once we’ve decided when we want peopleto seethevideo ,we needtoconsider howlongittakesustocompleteproduction , post-production ,anddelivery .Allofthisinformationhelpsusestimatehowmuchtimewecanreasonablyspendon eachtask .

Project Objectives

The objectives of this project are to produce a high-quality, creative, and innovative music video for the song “Get Up” by Don Funk, and to do so within the budget and schedule constraints. This project will require the use of earned value analysis to monitor and control progress.

Project Deliverables

The project includes the production of a 4-5 minute music video for the song “Ain’t No Sunshine” by independent artist Don Funk. The video will be produced in high definition and will be distributed online via YouTube and other video sharing websites. The project deliverables will include:

-A completed music video
-A project report documenting the process and results of the earned value analysis

Project Management Plan

Project management is the process of planning, organizing, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end. The PMP documents the actions necessary to define, prepare, integrate, and coordinate the various plans that will together achieve the project objectives.

Project Schedule

The project schedule is a Gantt chart that lists all of the tasks necessary to complete the project, as well as their estimated duration, start dates, and end dates. The schedule also includes milestones, which are significant events or tasks that mark important stages in the project. The project schedule is an important tool for keeping the project on track and ensuring that all deadlines are met.

Task|Duration|Start Date|End Date
—|—|—|—
Write script|1 week|Sept 1|Sept 8
Shoot video|3 days|Sept 9|Sept 11
Edit video|2 days|Sept 12

Project Budget

To complete the video, the team has estimated that they will need $5,000. This budget will go towards paying for the equipment rental, location fees, and hiring the necessary personnel. The crew has already raised $2,000 through donations and personal savings. To make up the difference, the team is seeking sponsorship from a local business.

Project Quality Plan

The purpose of the Project Quality Plan is to define the quality standards for the project and how those standards will be met. The Project Quality Plan will be used to ensure that all deliverables meet or exceed the customer’s expectations.

The Quality Management Plan is composed of four main elements:
1. Quality Standards
2. Quality Control Procedures
3. Quality Assurance Procedures
4. Continuous Improvement Processes

Project Execution

The Don Funk Music Video project is now complete. How do we know it was a success? We can measure this by looking at the earned value analysis. This is a method of measuring project performance and is based on the concept of earned value.

Project Tracking

Project tracking is the practice of continuously monitoring the progress of a project to ensure that it is on track to be completed within the agreed-upon time, cost, and scope. Tracking allows project managers to identify potential problems early and take corrective action to get the project back on track.

There are three elements that must be tracked in order to effectively monitor a project’s progress:
-Time: How much work has been completed and how much work remains?
-Cost: How much money has been spent and how much money is left in the budget?
-Scope: What work has been completed and what work remains to be done?

Tracking progress on these three elements is typically done through earned value analysis, which we will discuss in more detail below.

Project Change Control

Project Change Control is the formal process used to ensure that changes to the project are formally documented and approved. The project manager is responsible for maintaining project change control. All changes to the project, whether they are requested by the client or initiated by the project team, must go through the Project Change Control process.

There are three types of changes that can occur on a project:

1. Client-initiated changes – These are changes that are requested by the client. They may be in response to a change in the business environment or due to a change in direction from senior management. Client-initiated changes must be formally documented and approved by the client before they can be implemented.

2. Project team-initiated changes – These are changes that are proposed by the project team in order to improve the quality of the deliverables or to address problems that have arisen during the course of the project. Project team-initiated changes must be formally documented and approved by the project manager before they can be implemented.

3. External factors – These are changes that occur outside of the control of the project team and may include things like natural disasters, unexpected delays, or material shortages. External factors must be formally documented and approved by the sponsor before they can be implemented.

Project Closure

Project closure is the formal process of finishing a project. It includes finishing up all the work, transferring the final product or service to the customer, and handling any loose ends. The project closure process is important because it ties up all the loose ends and ensures that the customer is happy with the final product or service.

Project Lessons Learned

As we close out this project, there are a few important lessons that we have learned. First and foremost amongst these is the importance of organizational skills and clear communication. Because this was our first major project working with a client, we were learning how to juggle the competing demands of schoolwork, our personal lives, and the needs of the client. We quickly learned that it was essential to keep track of deadlines and progress on the project in order to keep everything moving smoothly. Along similar lines, we also found that regular communication with our client was critical in order to ensure that we were meeting their expectations.

Another important lesson that we learned is the value of flexibility. Throughout the course of the project, there were many times when things did not go according to plan. In these situations, it was necessary for us to be flexible in order to find solutions that would work for everyone involved. This could involve anything from changing our production schedule to accommodate a last-minute request from the client, to finding alternate ways to achieve the desired results when faced with unexpected challenges.

Overall, this project has been a great learning experience for us. We have gained valuable skills and knowledge that will be helpful in future projects, both personal and professional. We would like to thank our client for giving us this opportunity to grow and learn, and we look forward to putting our new skills to use in future endeavors!

Project Success Criteria

Project success criteria are the specific measurable goals that a project must achieve in order to be considered successful. These criteria should be aligned with the project’s objectives and should be quantifiable wherever possible.

Some examples of success criteria for a music video production project might include:
-The video is completed within the allotted budget.
-The video is completed within the scheduled timeframe.
-The video meets or exceeds the predetermined quality standards.
-The video receives a positive response from the target audience.