Ashford 6 Week 5 Research Paper

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The Research Paper must demonstrate the understanding of new learning in project management and how it relates to cost and value management. This assignment should be six to eight pages (not including the title and reference pages) and should integrate the reading, multimedia, and class discussions. It is mandatory to have research from the classroom text, as well as at least three scholarly sources from the Internet or Ashford Online Library to support your views. Consider the validity of your sources carefully before using them in academic papers. It is recommended to use examples from your professional experience where possible or build from your learning in the discussion boards.

Use at least one project you have been a team member of or a project manager for as an example to contextualize the research topics below: All of the following topics must be addressed in order for the paper to be complete:

  • Discuss the importance of work packages to support the creation and use of the WBS.
  • Examine how to establish a cost and schedule performance measurement baseline.
  • Present examples of EVM and how it will help the PM understand project status.
  • Examine how the PM uses project control charts to show project status and present value.
  • Recommend an effective change management process to ensure a successful project.

The Research Paper must be six to eight double-spaced pages in length (not including the title and reference pages) and formatted according to APA style as outlined in the approved APA style guide. It must include a cover page that includes:

  • Title of Paper
  • Student's name
  • Course name and number
  • Instructor’s name
  • Date submitted

The paper should start with an introductory paragraph containing a succinct thesis statement. It must address the topic of the paper with critical thought and conclude with a restatement of the thesis and a well-developed conclusion paragraph. All sources must be documented in APA style, and at the end, a References page must be included, formatted according to APA guidelines.

Paper For Above instruction

In the increasingly complex landscape of project management, integrating cost and value management techniques is essential for project success. This paper explores key concepts such as work packages, performance measurement baselines, earned value management (EVM), control charts, and change management, contextualized within a project experience. Emphasizing best practices and scholarly support, the discussion reveals how these tools enhance project tracking, control, and delivery.

The foundational role of work packages in supporting the Work Breakdown Structure (WBS) is vital. Work packages decompose project tasks into manageable units, facilitating resource allocation, scope clarity, and accountability (PMI, 2017). They serve as the building blocks of the WBS, ensuring that every element is well-defined and easily traceable, which supports effective project planning and execution. A project I managed involved developing a new IT system, where defining precise work packages allowed the team to track progress thoroughly and address issues promptly (Kerzner, 2013).

Establishing a performance measurement baseline, covering cost and schedule, is crucial for monitoring ongoing project health. This baseline is a frozen snapshot of planned performance, against which actual progress is compared. Creating this baseline involves integrating scope, schedule, and cost parameters, enabling project managers (PMs) to identify variances early (Meredith & Mantel, 2017). During my project, we established a baseline by detailing scope deliverables, aligning them with the schedule, and budgeting costs accordingly. This foundation allowed us to detect deviations and implement corrective actions swiftly.

Earned Value Management (EVM) provides a quantitative approach to measure project performance and progress. Examples such as Cost Performance Index (CPI) and Schedule Performance Index (SPI) quantify efficiency, informing the PM whether the project is on track (Fleming & Koppelman, 2016). For example, our project's CPI of 0.95 indicated minor cost overruns, prompting tighter cost controls. EVM’s power lies in its ability to forecast project completion dates and costs, giving project managers a clear view of the project's health at any given time.

In addition to EVM, project control charts serve as vital tools to visualize project status and trends. Control charts plot performance data over time, helping PMs identify patterns, anomalies, and areas requiring attention. For instance, a trend of increasing cycle times on key processes prompted process improvements, which mitigated delays. Control charts support proactive decision-making by illustrating whether performance remains within acceptable limits or signals the need for corrective intervention (Montgomery, 2019).

Effective change management is essential to adapt to unforeseen challenges and sustain project success. An effective change management process involves structured procedures for documenting, analyzing, and approving changes, ensuring stakeholder communication, and assessing impacts on scope, schedule, and costs (Kerzner, 2013). During my project, implementing a formal change control process prevented scope creep, facilitated stakeholder buy-in, and maintained project alignment with strategic goals. This structured approach ensures changes are beneficial and do not derail project objectives.

In conclusion, integrating these project management tools—work packages, performance baselines, EVM, control charts, and change management—is vital for effective project control and value delivery. Proper use of these elements enhances visibility, supports informed decision-making, and increases the likelihood of project success. As project environments become more dynamic, mastering these tools is indispensable for project managers committed to delivering value within scheduled budgets and performance metrics.

References

  • Fleming, Q. W., & Koppelman, J. M. (2016). Earned Value Project Management (4th ed.). Project Management Institute.
  • Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (11th ed.). Wiley.
  • Madni, A. M., & Siegel, M. (2019). Systems Thinking and Project Management. International Journal of Project Management, 37(6), 759-769.
  • Meredith, J. R., & Mantel, S. J. (2017). Project Management: A Managerial Approach (9th ed.). Wiley.
  • Montgomery, D. C. (2019). Introduction to Statistical Quality Control (8th ed.). Wiley.
  • PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.
  • Schwalbe, K. (2018). Information Technology Project Management (9th ed.). Cengage Learning.
  • Wysocki, R. K. (2014). Effective Project Management: Traditional, Agile, Extreme (7th ed.). Wiley.
  • Zwikael, O., & Smyrk, J. (2019). Project Planning and Control: Implementing Scientific Management of Projects. Springer.
  • Kerzner, H. (2017). Advanced Project Management: Best Practices on Implementation. Wiley.

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