Project Analysis Response Guidelines Offer Two Other Learner ✓ Solved

Project Analysisresponse Guidelinesoffer Two Other Learners Constructi

Offer two other learners constructive feedback on their answers.

Student 1: What is the background of this project? That is, why is it being done and what are the key player's expectations? The background of this project is that as a leader in its markets, Hopkins and Associates' plan was to develop and extend its competitive advantage and profitability by developing sophisticated applications software for its engineers to use to leverage and extend their work product (Davis, 2005). Key players' expectations were for software that can accurately estimate the rate of production over time and that point in the future when a given producing property will stop producing.

The way to determine the value of an oil or gas field is by how much oil and gas the field will produce and the price per barrel of crude oil and the price per million cubic feet of natural gas over the life of the field (Davis, 2005). With the Reserves Economics Evaluation, an oil or natural gas company can assess their economic health by analyzing its producing properties, estimating the amount of producible reserves in the ground, and forecasting the future selling price of these reserves. This will allow them to project the dollar value of their reserves. Who are the stakeholders for this project? The stakeholders include lending companies that funded the project and oil and natural gas companies that can benefit from the research and development of this software.

The organizational context of this project has Hopkins as Chairman and CEO, with the President of Hopkins and Associates, Larry Jordan, reporting directly to him. Underneath are Presidents of Hopkins Computer Services and Gas Pipeline, and Vice Presidents of Exploration & Drilling and Reservoir Engineering with their respective teams.

References: Davis, C. K. (2005). An experiential case study in IT project management planning: The petroleum engineering economics evaluation software imperative. Journal of Cases on Information Technology, 7(1), 1-21. doi:

Sample Paper For Above instruction

Constructive Feedback on Project Analysis Responses

Analyzing the responses provided by Student 1 and Student 2 offers valuable insights into their understanding of project background, stakeholders, and organizational context. Effective feedback should aim to reinforce strong points and address areas where clarity or depth can be improved, fostering a more comprehensive understanding of project analysis within a petroleum engineering software development context.

Evaluation of Student 1's Response

Student 1's answer effectively contextualizes the project within the strategic goals of Hopkins and Associates, emphasizing the company's intent to develop sophisticated software to enhance operational efficiency and profitability. The response clearly delineates the key expectations of the software—namely, accurate production estimation and predictive analysis of asset longevity—which are central to petroleum economics. Additionally, the description of how the software could facilitate valuation of reserves through production data and economic forecasting demonstrates a solid grasp of industry-specific metrics.

However, while the organizational chart is referenced, further elaboration on the hierarchical structure and its influence on project management could enrich the response. Additionally, the identification of stakeholders could be expanded to include not only the lending companies and oil producers but also regulatory agencies, potential customers, and internal departments who might impact or be impacted by the project outcomes. Incorporating such multi-stakeholder perspectives would deepen the analysis and reflect the complexity of project environments in the energy sector.

Evaluation of Student 2's Response

Student 2's answer succinctly captures the purpose of developing a reserve evaluation software, emphasizing its role in assisting petroleum companies and the contributions of Hop Hopkins and his team. The mention of project management elements such as planning, management, costing, and risk mitigation underscores an understanding of essential project execution considerations.

Yet, the description of stakeholders could be further nuanced by including specific internal and external participants, such as project sponsors, engineering teams, client companies, and regulatory entities. This would provide a comprehensive view of stakeholder influence and engagement strategies. Moreover, the organizational context outlined could benefit from more detail about resource allocation, project governance, and decision-making processes—factors critical to project success in complex technical environments.

Recommendations for Enhancing Project Analysis

1. Incorporate broader stakeholder analysis to reflect the multifaceted nature of project environments, especially in regulated sectors like petroleum engineering.
2. Elaborate on organizational dynamics, resource management, and project governance to illustrate how these influence project execution and success.
3. Use industry-specific terminology and frameworks, such as project lifecycle phases and risk assessment methodologies, to demonstrate a comprehensive grasp of project management principles.

Conclusion

Both responses exhibit a foundational understanding of project background, stakeholders, and organizational structure relevant to software development in petroleum engineering. By extending analysis to include wider stakeholder considerations, organizational dynamics, and project management frameworks, their responses can evolve into more nuanced and robust analyses. These enhancements will equip students with a deeper appreciation of the complexities inherent in technical project planning and execution within the energy sector.

References

• Davis, C. K. (2005). An experiential case study in IT project management planning: The petroleum engineering economics evaluation software imperative. Journal of Cases on Information Technology, 7(1), 1-21.
• PMBOK Guide (6th Edition). (2017). Project Management Institute.
• Meredith, J. R., & Mantel, S. J. (2017). Project Management: A Managerial Approach. Wiley.
• Schwalbe, K. (2015). Information Technology Project Management. Cengage Learning.
• Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
• Heldman, K. (2018). Project Management JumpStart. Wiley.
• Leach, L. P. (2014). Critical Chain Project Management. Artech House.
• Turner, J. R. (2014). Handbook of Project-Based Management. McGraw-Hill Education.
• Williams, T. (2017). Modelling Complex Projects. John Wiley & Sons.
• PMI (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide). Project Management Institute.