Tony Prince And His Team Are Working On Recreation

Question

Tony Prince And His Team Are Working On The Recreation And Wellness In Tony Prince and his team are working on the Recreation and Wellness Intranet Project. They need to refine the existing cost estimate, create a cost baseline, and analyze project performance using project management metrics. The project is scheduled for 6 months with a budget of under $200,000. The tasks include developing a detailed cost model based on the provided work breakdown structure (WBS) and assumptions about labor rates and costs. After creating the cost model, the team must allocate costs by month, perform Earned Value Management (EVM) metrics, and project the remaining duration and budget. Additionally, a 150-word follow-up analysis is required to interpret the project’s current status regarding schedule and budget, along with strategic recommendations and supporting tools for human resource and resource activity management to prevent further cost overruns and delays. The analysis should incorporate concepts such as cost variance (CV), schedule variance (SV), cost performance index (CPI), schedule performance index (SPI), and estimate at completion (EAC) to evaluate project health and guide corrective actions.

Dr. Jack HW Helper · Accepted Answer

Introduction The success of a project heavily relies on effective cost management and performance monitoring. The Recreation and Wellness Intranet Project aimed to be completed in six months with a budget of $200,000. Using Earned Value Management (EVM) metrics—such as Cost Variance (CV), Schedule Variance (SV), Cost Performance Index (CPI), and Schedule Performance Index (SPI)—helps evaluate whether the project is on track financially and schedule-wise. This paper constructs a detailed cost model using the provided WBS, analyzes project performance after three months, calculates relevant variances, and projects future performance. It concludes with strategic recommendations for resource management, supported by reliable project management tools. Development of Cost Model The project’s WBS delineates key activities, including requirements definition, website development, testing, training, rollout, and support, each with specific sub-tasks. Assuming labor rates of $100/hour for the project manager and $60/hour for team members, and given no hardware or outsourcing costs, the total estimated cost was set at $200,000. Breaking down the costs involved estimating hours per task based on complexity, duration, and team composition. For example, requirements definition required 400 hours, and website development 600 hours, distributed across different team members at the stipulated rates. These estimates ensure the total cost aligns with the project’s budget constraint. Cost Baseline and Allocation The cost baseline was allocated evenly across the six months based on the work planned, with an initial linearly phased expenditure totaling $200,000. After three months, 60% of the work was planned to be completed, valued at $120,000, with actual costs incurred of $90,000, and earned value at $100,000, indicating some performance variation. The distribution of costs per month factored in work intensity and activity durations, enabling clear visibility of expenditure patterns an

Tony Prince And His Team Are Working On Recreation ✓ Solved

Tony Prince And His Team Are Working On The Recreation And Wellness In

Sample Paper For Above instruction

Introduction

Development of Cost Model

Cost Baseline and Allocation

Performance Measurement and Analysis

Future Work and Project Adjustments

Conclusion

References