Team Case Analysis 4 - Group D ✓ Solved

TEAM CASE ANALYSIS 4 Team Case Analysis Group D

TEAM CASE ANALYSIS 4 Team Case Analysis-Group D

1. Provide a project objective associated with the Astin Martin Electronics project. Include a list of assumptions about the project.

2. What is a work breakdown structure? What is a responsibility matrix? Using the Astin Martin Electronics project activity list and activity duration schedule, create a WBS and RAM.

3. List all activity costs. From the project activity list and activity duration schedule, estimate the cost of each activity. Then, determine the Total Budgeted Cost (TBC) for the Astin Martin Electronics project. Provide the information in table format by month. Objective evidence of derived costs is required for credit.

4. Provide a cumulative budgeted cost curve and monthly budget curve for the Astin Martin Electronics project. Provide in appropriate graph format. This should represent both monthly budget and TBC over the period of performance of the project.

5. Astin Martin Electronics wants to know if you plan to use a management reserve for their project. Explain what the term reserve means and why you will use contingency reserve in the project or not.

6. Astin Martin Electronics wants to know how JBB Software plans to employ cost management and earned value (EV) in their project. Explain to Astin Martin Electronics why it is necessary to calculate the earned value of work performed and how you plan to execute this task.

7. Astin Martin Electronics is concerned about how JBB Software will manage risks. Describe what JBB Software plans to do in order to manage risk on the Astin Martin Electronics project and if a risk assessment matrix will be employed.

Paper For Above Instructions

1. Project Objective

The primary objective associated with the Astin Martin Electronics project is to design and implement an advanced automotive electronics system that enhances vehicle functionality and user experience while maintaining industry-leading safety standards. Assumptions related to this project include the availability of funding and resources, collaboration with key stakeholders, and adherence to all regulatory requirements.

2. Work Breakdown Structure (WBS) and Responsibility Assignment Matrix (RAM)

A Work Breakdown Structure (WBS) is a hierarchical decomposition of a project into manageable sections or components. It breaks down the project deliverables into smaller, more manageable tasks. The Responsibility Assignment Matrix (RAM) links each task in the WBS to the individual responsible for its completion. This provides clarity on roles and responsibilities and ensures accountability in project execution.

3. Activity Costs and Total Budgeted Cost (TBC)

To develop a comprehensive budget for the Astin Martin Electronics project, each activity must be carefully estimated based on labor, materials, overhead, and any other relevant costs. The total budgeted cost (TBC) is the sum of these individual activity costs, presented in a detailed table format by month. This will enable effective financial oversight throughout the project lifecycle.

4. Cumulative Budgeted Cost Curve and Monthly Budget Curve

Creating a cumulative budgeted cost curve and a monthly budget curve allows for visual tracking of expenditures against the budget over time. This graphical representation is essential for identifying periods of financial strain and managing cash flow effectively.

5. Management Reserve

A management reserve is a budget reserved for unforeseen expenses that may arise during the execution of a project. It serves as a safety net to mitigate risks associated with budget overruns or unexpected costs. For the Astin Martin Electronics project, a contingency reserve will be crucial to accommodate potential risks that could impact project delivery and overall budget adherence.

6. Cost Management and Earned Value (EV)

In managing costs on the Astin Martin Electronics project, JBB Software will employ the Earned Value Management (EVM) technique. EVM allows for the integration of project scope, schedule, and cost to assess performance and progress accurately. This will be carried out by comparing the planned value against the actual work completed and the cost incurred to date.

7. Risk Management Strategy

To effectively manage risks within the Astin Martin Electronics project, JBB Software plans to implement a risk assessment matrix. This tool will help identify potential risks, assess their impact, and develop mitigation strategies accordingly. Regular reviews and updates to the risk management plan will ensure proactive management of risks as they arise.

References

  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons.
  • PMI. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.
  • Mulcahy, R. (2018). PMP Exam Prep: Accelerated Learning to Pass the PMP Exam. RMC Publications.
  • Snowden, D. (2016). The New View of Knowledge Management: Liberty, Diversity, and Creativity. Knowledge Management Consortium International.
  • Schwalbe, K. (2018). Information Technology Project Management. Cengage Learning.
  • Gray, C. F., & Larson, E. W. (2020). Project Management: The Managerial Process. McGraw Hill.
  • Turner, J. R. (2016). The Handbook of Project-Based Management. McGraw Hill.
  • Kliusch, A. M. (2019). Earned Value Management: A Powerful Tool for Project Managers. International Journal of Project Management.
  • Hillson, D. (2020). Practical Project Risk Management: The ATOM Methodology. Berrett-Koehler Publishers.
  • Cledor, E., & Cledor, D. (2017). Cost Control Strategies for Effective Project Management. International Journal of Project Management.

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