Part 4 of the Project Management Plan measures project performance against cost and schedule criteria for each WBS element. This defines how earned value will be taken during evaluation stage, and how results of evaluation will be reported, using cost/schedule control systems. Variance analysis and control methodologies should also be defined. At last, upon meeting project objectives, method of project termination is discussed. Describe the following components
a. Performance measurement
Define variables which will be measured, describe how they will be measured, and describe when they will be measured to find out if project is meeting its stated performance objectives. Recognize measurable objectives as "milestones" on Gantt chart developed in Part 2.
b. Project evaluation
Distinguish different performance measurement systems and apply to WBS. Make monitor and control system to get project goals. describe how cost and schedule control system is utilized to estimate results of preceding monthly performance measurement audit. Report percentage completed for each WBS task, which would then be converted to budgeted cost-to-work performed. Compare actual cost-to-work performed to find out cost variance.
d. Conflict-resolution methodologies
Distinguish several conflict resolution techniques. Apply these techniques to solve problems related to project. Recognize potential conflict areas and create conflict-resolution methodologies to deal with conflicts.