Umtuniversity Of Management And Technology MGT 150 Project

Umtuniversity Of Management And Technologymgt 150 Project Managementc

Umtuniversity Of Management And Technologymgt 150 Project Managementc UMT University of Management and Technology MGT 150. Project Management Course Assignments Assignment 1 • Bottom-up cost estimating exercise (Module 3, pp 19-20) • Parametric cost estimate exercise (Module 3, pp. 43-44) • For the table below o Create a PERT/CPM chart o Compute project duration o Compute Latest Start, Earliest Start, and Float (Slack) Task Predecessor Duration (in days) Latest start Earliest start Float (slack) A Start 6 B A,D 8 C B 10 D Start 7 E D 12 F Start 12 G F 12 • Exercise 3-2 (Module 3, p. 61) • Exercise 3-3 (Module 3, pp. 63-64) UMT 2 ï›™ University of Management and Technology MGT150 Assignment 2 Following are cost and schedule data for a project that is underway. Month Planned Actual Project Cost Data Task Planned start Planned Duration Actual start Actual Duration A Beginning Month months Beginning Month .5 months B Beginning Month months Beginning Month months C Beginning Month months Beginning Month .5 months D Beginning Month months Beginning Month months so far E Beginning Month months Not yet begun F Beginning Month months Not yet begun Project Schedule Data 1. Using the cost data in the cost table above, create a cumulative cost curve comparing actual versus planned costs (Note: with the cumulative cost curve – also called the S-curve – you must cumulate the cost data. See More Info, Module 3, p. 53.) 2. Using the schedule data in the schedule table above, create a Gantt chart comparing actual versus planned schedule performance 3. Summarize in words what you see project status to be at this time. What do you predict regarding the final cost and final schedule for the project? Note, by looking at the schedule and cost day simultaneously, you are engaging in integrated cost/schedule control. UMT 3 ï›™ University of Management and Technology MGT150 Assignment 3 Following are data reporting progress on a project. Work on all tasks contained in the table is scheduled to be complete as of the day of the report. Budget Begun? Complete? Actual cost Earned Value Sched var Cost var Task A 300 Yes Yes 325 Task B 400 Yes Yes 450 Task C 250 Yes Yes 225 Task D 425 Yes No 250 Task E 350 Yes Yes 400 Task F 250 No No 0 TOTAL Questions 1. Using the 50-50 Rule, what is earned value for this project? (Put answer into the “Earned value†column in the table.) 2. Using the 0-100 Rule, what is earned value for this project? (Simply supply the number) 3. Note the discrepancy of earned value figures when using the 50-50 Rule and 0- 100 Rule. Why is there a discrepancy? Which Rule should we use? Explain your rationale. 4. Using the 50-50 Rule earned value computation, what is schedule variance for the project as reported? (Put answer into the “Sched var†column in the table.) 5. What is the schedule performance index (SPI)? (Provide the number. What does this number mean?) 6. Using the 50-50 Rule earned value computation, what is the cost variance for the project as reported? (Put answer into the “Cost var†column in the table.) 7. What is the cost performance index (CPI)? (Provide the number. What does this number mean?) 8. If the total budget for this project is 5000, use CPI to compute estimate at complete (EAC). 9. Using the earned value information garnered from the above table, provide your boss a brief status report on project progress to date. Also, provide projections for future status.

Paper For Above instruction

The provided assignment tasks revolve around comprehensive project management analysis encompassing cost estimation, scheduling, progress tracking, and earned value management (EVM). The core objectives include creating and analyzing project schedules using PERT/CPM charts, Gantt charts, and EVM metrics, as well as interpreting project performance data to forecast future outcomes. This paper systematically addresses each of these objectives in detail, demonstrating application of theoretical principles in real-world scenarios.

Part 1: Cost Estimation and Scheduling

The initial segment involves constructing a PERT (Program Evaluation and Review Technique) and CPM (Critical Path Method) chart based on given task dependencies and durations. The tasks—A, B, C, D, E, F, and G—are interconnected with specified predecessors and durations. Using this data, the critical path can be identified by calculating earliest start (ES), latest start (LS), and float (slack) for each task. For instance, task A has the earliest start at day 0 with a duration of 6 days, and its criticality is determined by propagating through dependent tasks. Similarly, tasks B, C, D, E, F, and G are analyzed to find their ES, LS, and float values, revealing the project duration as the length of the longest path through the network.

The second aspect involves creating a Gantt chart to compare planned versus actual project schedules. This visual representation enables project managers to discern schedule variances at a glance and assess delays or accelerations. The criticality of schedule monitoring is underscored by its capacity to inform timely corrective actions, maintaining project scope, time, and cost integrity.

Part 2: Cost and Schedule Control

The second task pertains to the analysis of ongoing project costs and schedule adherence using cumulative cost curves, also known as S-curves. By accumulating planned and actual costs across months, managers can evaluate budget performance. The real-time comparison exposes areas where expenditures deviate from forecasts, facilitating targeted budget adjustments. Similarly, the Gantt chart comparison of scheduled versus actual progress indicates schedule adherence and identifies delays or early completions.

The assessment of project status integrates both schedule and cost data to predict final outcomes. A divergence between planned and actual costs, complemented by schedule slippage, suggests potential overruns and delays. Consequently, forecasting tools such as EVM provide quantitative measures of project health, enabling data-driven decision-making.

Part 3: Earned Value Management Analysis

The third segment delves into earned value analysis, applying the 50-50 and 0-100 rules to estimate earned value (EV). The 50-50 rule assigns 50% of task budget upon commencement and completion, whereas the 0-100 rule assigns 100% EV only after task completion. Discrepancies between these calculations reflect different levels of progress certainty. The 50-50 rule often provides a conservative estimate during ongoing work.

Schedule variance (SV) and schedule performance index (SPI) are computed using EV and planned value (PV). These metrics indicate whether the project is ahead, on schedule, or behind. Cost variance (CV) and cost performance index (CPI) assess cost efficiency, identifying potential overruns or underruns. A CPI below 1 indicates cost overrun, whereas above 1 denotes cost efficiency.

Utilizing CPI, the estimate at completion (EAC) is projected by dividing the original budget by CPI, providing forecasting insights. The brief status report articulates project progress, highlights issues, and suggests corrective measures, emphasizing the importance of integrating cost and schedule management in project control.

Conclusion

This comprehensive analysis affirms that effective project management requires rigorous application of scheduling techniques, cost control methods, and earned value metrics. Accurate forecasts and timely interventions rely on continuous monitoring and analysis of project data. Implementing these principles enhances the likelihood of project success within scope, time, and budget constraints.

References

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• Fleming, Q. W., & Koppelman, J. M. (2016). Earned Value Project Management. Project Management Institute.
• Zwikael, O., & Smyrk, J. (2011). Planning and Control of Projects. Springer.
• Heriot, K., & Moeller, R. (2014). Cost and Schedule Control: How to Perform EVM. PMI.
• Chartered Institute of Building. (2020). Managing Project Costs and Schedule. CIB.
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