PROJ 592 Project Cost and Schedule Control Complete Course

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Week 1 DQ 1

WBS Construction (Graded)

Designated discussion topics in this class are based on a project scenario titled “Indoor Theme Park Project.” Click here to download the project scenario. Keep the document for further reference in later discussions.How would you start the process of constructing the WBS for our Indoor Theme Park Project? Who should be a part of the process? How do we manage the process to get a good WBS?

Week 1 DQ 2

Project Cost Estimates and Assumptions (Graded)

Review the “Indoor Theme Park Project” scenario. Click here to download the project scenario. We will now turn our attention to developing costs and assumptions for our project. What assumptions do we need to make to make? What areas do we need to develop specific new information, and what areas can use existing information? Where would you be likely to obtain this information? What modifications might be necessary to make the information fit our new project?

PROJ 592 Week 1 Assignment:

PROJ 592 Week 1 YouDecide ; New Vision System Product Development Project

PROJ 592 Week 1 Vision System Product Development_WBS

Week 2 DQ 1

Week 2: Financial Plan – Discussion

Cost Components (Graded)

This week we will continue to use the Indoor Theme Park Case from the Week 1 Discussion, in which we discussed the project cost components and our estimate assumptions. This week we will discuss some of the “hidden” project costs and their importance in our project budget. Here are some questions we will address during our discussion this week. Define overhead costs in relation to a project, and explain why it is important to the project manager. Referencing the Indoor Theme Park project case, how should overhead be estimated for the new theme park project?

How is estimating done in your company, and how are overhead costs included?

Week 2 DQ 2

Week 2: Financial Plan – Discussion

Estimating Processes (Graded)

The process that is used for budgeting is as important as the source of the details of the cost estimates. There are two fundamental processes: Top Down performed by upper management, and Bottom Up performed by representatives of the project team that will be doing the work. Describe the two processes. Which do you favor and why?

PROJ 592 Week 2 Assignment:

PROJ 592 Week 2 Assignment; 3 Multi-part Problems

Week 3 DQ 1

Week 3: Scheduling Networks – Discussion

Project Schedules (Graded)

Forget about cost estimation and budgets this week; now we get to play with the third and greatest element of our triple constraint — TIME. Project scheduling follows one of Parkinson’s laws: “Everything takes as long as it takes.” We will explore the elements and functions we must consider when developing the project schedule?We have developed a complete WBS that we feel truly defines the scope of the project, and it is well organized. We have reviewed some available resources, including some outside sources; however we must first build a schedule baseline.

How do you get started? What methods help in scheduling?

Is there the same kind of team process involved as in building the WBS?

What are your most important considerations when building a project schedule?

Must you first consider deadlines? What kinds of scheduling constraints are common?

Remember, you each don’t need to address all the questions. Use them to build a discussion amongst all of us.

Week 3 DQ 2

Week 3: Scheduling Networks – Discussion

Sensitivity Analysis (Graded)

A “what-if analysis” is a common term for sensitivity analysis; does this sound more familiar?

What is your understanding or experience with analysis of project schedules?

When doing a sensitivity analysis, what factors could be variables, and which should be constants?

This is an important part of building a viable project schedule: understanding what can change and still be acceptable, and what can change that may become a problem.

PROJ 592 Week 3 Quiz

Grade Details – All Questions

Question : (TCO B) Three-point estimate:

The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to their voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials are difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team.

Question : (TCO A) Your manager has asked you as a project manager, “How does the Bottom-Up budgeting process work? I hear the terms bottom up and top down.”
Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:

(a) What cost budget do you recommend for the product?

(b) Will the project be approved?

Question : (TCO A) Our company has a limited time to complete our project to develop a new product. We have been assigned as the project manager and are in the process of developing a project plan. The executives are impatient with us and are “encouraging” us to move on and get started on the “actual work.” Why are we taking so much time to develop the project plan, and how does that fit with monitoring and control? For full credit you must provide specific reasons and justifications, not just generalities.

Question : (TCO A) An environmental consulting firm has been hired to clean up contaminated groundwater beneath the site of a former chemical factory. The clean-up design process consists of evaluating several alternatives, preparing a conceptual design for the most appropriate alternative, evaluating the conceptual design by performing a small scale pilot test on site, and, based on the results of the pilot test, preparing a final design.

PROJ 592 Week 3 Quiz

Grade Details – All Questions

Question : (TCO B) Three-point estimate:

Question : (TCO A) Single-project budgeting must fit into the overall budgeting process of the organization and the company as a whole. As a project manager for one of your company’s projects, you have been asked to provide a brief description of the top-down approach to the budgeting process.

Explain the three basic steps in the top-down budgeting approach by identifying the organizational level (Upper Management, Functional Management, and Project Management) and type of budget prepared at each step. For each type of budget, explain why it is used at its level.

Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:

(a) What cost budget do you recommend for the product?

(b) Will the project be approved?

Question : (TCO A) We have discussed the project plan and are taking considerable time developing processes for creating it. This seems to be in conflict with the description of the course, which is Monitoring and Control. Why are we taking so much time to develop the project plan, and how does it fit with monitoring and control? For full credit you must provide specific reasons and justifications and not just generalities.
Question : (TCO A) A consumer electronics firm is planning an expansion into Milwaukee. Generally, the firm prefers to remodel large existing tenant spaces to suit their needs. After a site is selected from several alternatives, the corporate architect develops plans by reviewing the suitability of existing structure and utilities. A modification and demolition plan is then developed. Interior finish plans are then developed from corporate standards and adjusted to each site.

Building permits are handled by the general contractor (GC). The firm uses a GC for all of its construction in a region. The GC hires local subcontractors and provides on-site construction supervision.

Week 4 DQ 1

Week 4: Advanced Scheduling and Crashing – Discussion

Resource Allocation and Leveling (Graded)

This week we discuss the advantages of resource leveling to increase the efficiency of our schedule and our resource utilization. During our discussion we will address several questions, including:

How much detail should be demanded by the project manager in resource assignments?
What factors might intervene between the plan and its execution to disrupt the resources assigned to the project?
How can the PM reduce the potential effect of these factors and obtain resource commitment as the project is implemented?

Week 4 DQ 2

Week 4: Advanced Scheduling and Crashing – Discussion

Advanced Schedule Techniques (Graded)

This week we were introduced to some advanced scheduling techniques, including CPM, PERT, and TOC (or CCPM). Throughout the week we will address the following questions:

Do you think these will help you as you continue your project management career? Why?
Where have you used them or seen them used?
Were they effective? Why or why not?

PROJ 592 Week 4 Assignment:

PROJ 592 Week 4 Course Project Part 1 (CP-1) Proposal

Week 5 DQ 1

Week 5: Project Monitoring and Control – Discussion

Earned Value Calculation (Graded)

This week we are introduced to Earned Value techniques. Why is this method any different than just comparing the traditional budget to date with the expenditures to date? After reviewing the EV technique and calculations, does the method have any use when monitoring a project?

Week 5 DQ 2

Week 5: Project Monitoring and Control – Discussion

Project Monitoring and Control & EV (Graded)

Project Monitoring and Control may not use the Earned Value method, but it must use some method. Does the organization for which you work, or one with which you are familiar, use Earned Value? If it does, briefly describe the system and discuss any changes or improvements you would make. If not, what does it use?

If you don’t have any experience using a project monitoring system, you will get a chance to hear from classmates who have. Feel free to ask questions and make comments. You can also do research to provide some background for participation.

PROJ 592 Week 5 Assignment:

PROJ 592 Week 5 Assignment Problems 5-1 through 5-2 (4 Verions)

Week 6 DQ 1

Week 6: Cost and Schedule Management – Discussion

Forecasting Project Completion Cost (Graded)

We have introduced concepts in the earned value management system that allow us to forecast what it will cost to complete our project (Estimate To Completion, or ETC). We then use ETC to calculate the total actual project cost (Estimate At Completion, or EAC). In your own words, explain what ETC and EAC are and how the project team uses this information to ensure project success.

Week 6 DQ 2

Week 6: Cost and Schedule Management – Discussion

Project Control (Graded)

Calculating variances, indexes, and forecasts would seem to make the decisions easy, but we know that the numbers don’t manage the project. We do. We accept that we have to make new projections based on how the project is performing and then decide what we will do to make it meet the requirements in the end. So how will you as the project manager use this information to ensure project success at completion? Will you be successful? What might get in your way? Does it matter where you are in the project timeline?

Week 6 Quiz 1

Grade Details – All Questions

Question : (TCO B) Crashing Problem

Using the network below and the additional information provided, find:

(a) The crash cost per day per activity?

(b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost?

Question : (TCO F) We have discussed at length the Earned Value Management process. I am sure all of you have used the traditional process of assessing projects where we compare actual dollars spent to the amount we had planned to spend. This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better.

(a) Why is this traditional approach different from using earned value when assessing project performance?

(b) Describe the EVM process used to determine how far our project is ahead of or behind schedule.

Question : (TCO E) The following information is extracted from a project to develop a state of the art alternative power energy storage device:

Activity Duration Predecessors Resources

A 4 days — 1 Research Engineer

B 3 days A 1 Marketing Specialist

C 5 days A 1 Design Engineer

D 3 days A 1 Design Engineer

E 3 days B 1 Prototype Builder

F 2 days D 1 Test Engineer

Question : (TCO F) The following data were obtained from an Information Systems project to upgrade and expand a Local Area Network:
Question : (TCO E) We have all been associated with projects with resource problems. As a project manager, you will be responsible for resolving these problems. Remember, resources are human and otherwise. If you can name it, it may be a resource.

(a) When there are not enough resources available to fill all the needs in the project plan, what are some specific remedies a project manager can take to complete the project. How does each of these affect the project plan and performance?

(b) Describe 5 of the many benefits to resource leveling.

Week 7 DQ 1

Week 7: Project Management Communication and Information Systems – Discussion

Project Communications (Graded)

Good project communication starts with a communications plan. This document is sometimes overlooked because the project manager feels like he or she knows how, when, and what to communicate so that he or she does not need to take the time to document it.

What do you think of this action (or lack of action)?
Have you experienced the use of a good communications plan?
Have you experienced the result of the lack of a communications plan?

Week 7 DQ 2

Week 7: Project Management Communication and Information Systems – Discussion

PMIS Applications (Graded)

With focus on Budget and Scope control, how would you develop an information system for the Indoor Theme Park Project? Briefly describe the essential elements you would include, and the information flow between the project manager and the project team, including contractors. Include how to communicate exceptions and changes.

1- Briefly describe the PMIS in your organization, or in one with which you are familiar.

2- Does the system provide adequate information to proactively control the project?

3- What improvements would you suggest?

PROJ 592 Week 7 Assignment Course Project

PROJ 592 Week 7 Course Project, Part 2 (CP-2)