Please Complete The Work From The Listed Chapters ✓ Solved

Please Complete The Following Work From the Chapters Listed Below In Y

Please complete the following work from the chapters listed below in your textbook. Show detailed work in your submission and create this in Microsoft Word, Excel, or Project (Times New Roman or Arial, font 11 or 12) document(s) as required; draw any diagrams and/or cut-and-paste screen captures into ONE Microsoft Word document. Use your textbook, lecture notes, PowerPoints, and chat discussions from the appropriate Unit/Chapter to complete this assignment:

Chapter 6

Read, list, and discuss:

• The stages of group development
• Types of conflicts
• Types of negotiation

Chapter 7

Discussion Questions

1. Do you agree with the following statement: “With proper planning it is possible to eliminate most/all risks from a project.” Why or why not?

Problem: Assessing Risk and Benefits. Suppose you are a member of a project team that is evaluating the bids of potential contractors for developing some sub-assemblies for your project. Your boss makes it clear that any successful bid must demonstrate a balance between risk and price. Explain how this is so; specifically, why are price and risk seen as equally important but opposite issues in determining the winner of the contract? Is a low price/high risk bid acceptable? Is a high price/low risk bid acceptable? Why or why not?

Chapter 8

Discussion Questions (DQ)

Why is cost estimation such an important component of project planning? Discuss how it links together with the Work Breakdown Structure and project schedule. Think of an example of parametric estimating in your personal experience, such as the use of a cost multiplier based on a similar, past cost. Did parametric estimating work or not? Discuss the reasons why. Would you prefer the use of bottom-up or top-down budgeting for project cost control? What are the advantages and disadvantages with each approach?

Problem

Calculate the direct cost of labor for a project team member using the following data:

• Hourly rate: $35/hr
• Hours needed: 150
• Overhead rate: 55%

1. Assume that overhead is charged on a flat rate basis. Each member of the project is assigned an overhead charge of $150/week. What would the direct cost of labor be for an employee, given that she is assigned to the project for 200 hours at $10.50/hour?

2. It took MegaTech, Inc. 100,000 labor-hours to produce the first of several oil drilling rigs for Antarctic exploration. Your company, Natural Resources, Inc. has agreed to purchase the fifth oil drilling rig from their manufacturing yard. Assume that MegaTech experiences a learning rate of 80%. At a labor rate of $35 per hour, what should you, as the purchasing agent, expect to pay for the fifth unit? Remember, the simplified formula for calculating learning rate time is given as: TN = T1 * C where TN = Time needed to produce the Nth unit, T1 = Time needed to produce the first unit, C = Learning curve coefficient.

Sample Paper For Above instruction

Introduction

This comprehensive paper addresses the sequential chapters of the textbook, focusing on essential project management concepts, including team development, risk assessment, cost estimation, and learning curve calculations. Each section provides detailed analysis, practical examples, and critical insights into the topics outlined in the assignment instructions.

Chapter 6: Group Development, Conflict, and Negotiation

Stages of Group Development

Group development occurs in predictable stages: forming, storming, norming, performing, and adjourning. During forming, team members acquaint themselves and understand project objectives. The storming stage involves conflicts as members express differing ideas and roles conflict emerges. Norming develops as the team establishes norms and cohesive strategies, leading to high performance in the performing stage. Finally, adjourning occurs when tasks are completed and teams disband (Tuckman, 1965). Recognizing these stages helps project managers facilitate effective team dynamics.

Types of Conflicts

Conflict can be functional or dysfunctional. Functional conflict involves constructive debate that promotes innovation, whereas dysfunctional conflict hampers progress and deteriorates relationships. Sources include resource disputes, differing priorities, or communication issues (De Dreu & Weingart, 2003). Managers must recognize conflict types and implement appropriate resolution strategies.

Types of Negotiation

Negotiation types include distributive and integrative approaches. Distributive negotiation involves a zero-sum game focusing on fixed resources, while integrative negotiation seeks win-win solutions by mutual problem-solving (Fisher, Ury, & Patton, 2011). Effective negotiators understand the context and employ suitable strategies to maximize project success.

Chapter 7: Risk Assessment in Projects

Risk and Price Balance

Proper planning minimizes but cannot eliminate risks. The statement suggests that with adequate planning, most risks are manageable, but some residual uncertainty remains (Hillson, 2003). The balance between risk and price is crucial because low bids with high risks may lead to project failures, while high bids with low risks might be acceptable depending on project priorities.

Risk-Price Trade-offs

In evaluating bids, price and risk are inversely related. A low price often indicates higher risk due to less margin for error or lower quality assurance. Conversely, a high price typically correlates with lower risk, reflecting better quality or reliability (PMI, 2017). Accepting a low price/high risk bid entails potential cost overruns or failure, posing significant threats to project objectives. A high price/low risk bid is often preferable for critical projects, emphasizing quality and compliance.

Chapter 8: Cost Estimation and Learning Curves

Importance of Cost Estimation

Accurate cost estimation is fundamental for project planning to allocate resources, secure funding, and establish timelines. It links with the Work Breakdown Structure (WBS) by providing detailed cost forecasts for each component and with the project schedule by aligning expenditures with project milestones (Wysocki, 2014). It enables proactive management of project finances and avoids overruns.

Parametric Estimating

Parametric estimating uses historical data and mathematical models, such as cost multipliers, to predict costs. For example, estimating construction costs based on square footage (Shenhar & Dvir, 2007). In personal experience, a cost multiplier based on past renovation projects worked well, but accuracy depended on similarity of projects and current market conditions.

Bottom-up vs. Top-down Budgeting

Bottom-up budgeting involves detailed estimates from each task, providing accuracy but consuming resources. Top-down uses high-level summaries, efficient but potentially less precise. Advantages of bottom-up include detailed control and accuracy; disadvantages include time consumption. Top-down offers quick estimates but may under- or overestimate costs (Kerzner, 2017).

Cost Calculation Problems

Problem 1

For an employee working 200 hours at a rate of $10.50/hour with overhead charges of $150/week, the total direct labor cost is calculated as:

Labor cost: 200 hours x $10.50 = $2,100

Weekly overhead assumption: the employee works approximately 4 weeks (200 hours / 50 hours/week). Overhead total: 4 weeks x $150 = $600

Since overhead is charged flat on weekly basis, the total direct cost: $2,100 + $600 = $2,700.

Problem 2

The learning curve reduces labor hours for successive units. For the fifth unit, applying the formula:

• Total initial hours: 100,000
• Learning rate: 80% (C=0.80)
• Number of units: 5

Theoretical hours for first unit (T1): 100,000 / 100,000 = 1 hour per unit — but this is illustrative. The cumulative hours T_c can be approximated using the learning curve formula:

Tn = T1 * n^b (b = log(C) / log(2))

Calculating b: log(0.80)/log(2) ≈ -0.3219

Hours for the 5th unit: T5 = T1 5^b ≈ 100,000 / 100,000 5^(-0.3219) ≈ (assuming T1=1) * 0.77 ≈ 0.77 hours.

Cost: 0.77 hours x $35 = approximately $26.95 for the fifth unit.

Conclusion

Effective project management necessitates understanding team development, conflict resolution, risk assessment, cost estimation, and learning curves. Applying these concepts strategically enhances project success, minimizes risks, and optimizes resource allocation.

References

• De Dreu, C. K., & Weingart, L. R. (2003). Task versus relationship conflict, team performance, and team member satisfaction: A meta-analysis. Journal of Applied Psychology, 88(4), 741-749.
• Fisher, R., Ury, W., & Patton, B. (2011). Getting to Yes: Negotiating Agreement Without Giving In. Penguin.
• Hillson, D. (2003). Effective Opportunity Management for Projects: Exploiting Positive Risk. CRC Press.
• 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.
• Shenhar, A. J., & Dvir, D. (2007). Reinventing Project Management: The Diamond Approach. Harvard Business Review Press.
• Tuckman, B. W. (1965). Developmental sequence in small groups. Psychological Bulletin, 63(6), 384-399.
• Wysocki, R. K. (2014). Effective Project Management: Traditional, Agile, Extreme. John Wiley & Sons.