MBA 690 Module Eight Short Paper Guidelines And Rubric

MBA 690 Module Eight Short Paper Guidelines and Rubric

In this short paper, you will create an outline of your project management plan. Prepare an outline to identify the key milestones (include at least five major tasks or steps for implementation) and deliverables of your project. State how you intend to manage and balance the scope-time-cost triangle. Identify the key risks and obstacles that management will have to mitigate for the plan. Identify triggers or signals that management will use to monitor if these risks are occurring or not. Prepare a high-level summary cost schedule identifying the cost categories for the project — rough order of magnitude (ROM) dollar estimates are adequate for this, preferably in a tabular format for clarity.

Specifically, your submission should address the following critical elements:

• State your intentions for managing and balancing the scope-time-cost triangle.
• Highlight the key risks and obstacles that management will have to mitigate for the plan.
• Identify the triggers or signals that management will use to monitor if these risks are occurring or not.
• Summarize the cost schedule by providing cost categories for the project with ROM estimates.

Guidelines for Submission: Use the outline template provided to complete this assignment. The short paper should be 1 to 2 pages long (excluding title and references), double-spaced, with 12-point Times New Roman font and one-inch margins. All APA citations should reference the course text and at least two additional credible resources.

Paper For Above instruction

The project management plan in any organization hinges critically on balancing the three primary constraints: scope, time, and cost. Effective management of these interrelated elements ensures the successful delivery of project outcomes within agreed parameters. My approach to managing and balancing the scope-time-cost triangle involves a proactive integration of planning, monitoring, and adjusting strategies. Firstly, I intend to clearly define and document project scope at the outset, establishing a baseline that guides all subsequent decisions. This comprehensive scope management enables precise scheduling and resource allocation aligned with project deliverables. Secondly, I will implement a dynamic scheduling technique, such as Critical Path Method (CPM), to identify key tasks and milestones, enabling efficient time management. Regular progress reviews and agile adjustments will be essential to prevent schedule slippage. Thirdly, the project budget will be managed through detailed cost tracking; employing Earned Value Management (EVM) techniques will facilitate real-time insight into cost variances, allowing timely corrective actions. Balancing these constraints requires constant communication among stakeholders and flexible adjustments to scope, schedule, or resources as required, ensuring that no single constraint dominates at the expense of others.

Key risks and obstacles in the project plan include scope creep, resource shortages, technical challenges, and unforeseen external factors such as regulatory changes or market shifts. Scope creep, if unmanaged, can lead to project delays and budget overruns. Resource shortages or unavailability can hamper critical task completion, impacting deadlines and increasing costs. Technical challenges, especially in innovative or complex projects, pose risks of delays and additional expenses. External factors like new regulations or economic fluctuations can disrupt project plans. To mitigate these risks, management needs to establish strong change control procedures, maintain resource buffers, conduct thorough technical feasibility assessments upfront, and monitor external environments continuously.

Triggers or signals serve as early warning systems for potential risks. For scope creep, additional work requests or deviations from scope baseline signal possible issues. Resource shortages can be indicated by missed deadlines or increased overtime. Technical difficulties often manifest through increased bug reports or testing failures. External risks may be signaled by regulatory updates or market news. Regular status meetings, progress reports, and KPI monitoring are essential tools to detect these signals early. Establishing predefined thresholds for each trigger allows management to react swiftly and effectively.

The high-level cost schedule encapsulates budget allocation across various categories. Typical cost categories include personnel (salaries, wages), materials and supplies, equipment, subcontractor fees, travel expenses, and contingency funds. Based on rough estimates, personnel costs generally constitute the largest share, especially in knowledge-intensive projects. Materials and supplies are variable based on the nature of deliverables, while equipment costs depend on technological needs. Subcontractor and consultant fees are significant for specialized tasks. A contingency budget (typically 10-15%) is allocated to address unforeseen costs. The following table summarizes these categories with ROM estimates:

In conclusion, a comprehensive project management plan must address key elements such as scope management, risk mitigation, risk monitoring, and budget planning. By clearly articulating these aspects and establishing effective triggers and controls, project managers can significantly improve the likelihood of project success. Continuous stakeholder engagement, rigorous change control processes, and vigilant cost and schedule monitoring are essential practices to ensure these objectives are met effectively.

References

• Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
• PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.
• Meredith, J. R., & Mantel, S. J. (2014). Project Management: A Managerial Approach. Wiley.
• Schwalbe, K. (2018). Information Technology Project Management. Cengage Learning.
• Heldman, K. (2018). Project Management JumpStart. Wiley.
• Chapman, C., & Ward, S. (2011). How to Manage Project Risks and Opportunities. Wiley.
• Leach, L. P. (1999). Critical Chain Project Management. Artech House.
• Fleming, Q. W., & Koppelman, J. M. (2010). Schedule Management: An Introduction. Wiley.
• Kloppenborg, T. J., Anantatmula, V., & Wells, K. (2019). Contemporary Project Management. Cengage Learning.
• Project Management Institute. (2021). The Standard for Risk Management in Portfolios, Programs, and Projects. PMI.