Full Answer Section

• Planned Value (PV): $X (Total planned cost of the project)
• Earned Value (EV): $Y (Value of work completed according to schedule)
• Actual Cost (AC): $Z (Total cost incurred so far)

This translates to:

• Schedule Performance Index (SPI): EV / PV (Indicates progress vs. schedule)
• Cost Performance Index (CPI): EV / AC (Indicates cost efficiency)

[Explain the meaning of these values and highlight any deviations from expected performance. Be clear and concise.]

Identified Risks (2:00)

Top 3 Risks:

1. Risk 1: [Describe the risk, its likelihood, and potential impact. Briefly explain how it materialized.]
   • Impact: [Quantify the impact on schedule and budget, including the 5 new issues.]
   • Mitigation measures: [Explain the steps taken to address the risk and minimize its impact.]
2. Risk 2: [Repeat for the second risk.]
3. Risk 3: [Repeat for the third risk.]

New Issues (3:00)

The identified risk triggered 5 new issues:

1. Issue 1: [Describe the issue and its impact.]
2. Issue 2: [Repeat for the second issue.]
3. Issue 3: [Repeat for the third issue.]
4. Issue 4: [Repeat for the fourth issue.]
5. Issue 5: [Repeat for the fifth issue.]

[Be creative and specific with the issues, demonstrating a clear understanding of the project’s challenges. Consider using visuals to illustrate the issues.]

Next Steps (4:00)

To address these risks and issues, we’re taking the following actions:

• Action 1: [Describe the action and its expected outcome.]
• Action 2: [Repeat for the second action.]
• Action 3: [Repeat for the third action.]
• Action 4: [Repeat for the fourth action.]
• Action 5: [Repeat for the fifth action.]

[Focus on actionable steps and their potential impact on project recovery.]

Looking Ahead (5:00)

In the next month, we plan to:

• Complete tasks X, Y, and Z.
• Resolve issues 1 and 2.
• Start work on mitigating risks 2 and 3.

[Use a timeline or Gantt chart to illustrate the planned tasks and their deadlines.]

Open Discussion (6:00)

We welcome your questions and feedback on the project’s progress and our mitigation strategies.

Closing (7:00)

Thank you for your time and continued support. We remain committed to delivering the project successfully while addressing the encountered challenges.

Additional Tips:

• Maintain a professional and confident tone.
• Use clear and concise language.
• Focus on visuals to enhance understanding.
• Practice the presentation beforehand to ensure smooth delivery.
• Be prepared to answer questions and address concerns.

By following these tips and tailoring the content to your specific project, you can create an informative and engaging video update for your project sponsor and stakeholders.