Week 6 Assignments Chapter 13 Exercise 44 Given

Week 6 Assignmentschapter 13 Exercise 44 Given The Following Project

Given the following project network, baseline, and status information, develop status reports for periods 2, 4, 6, 8 and complete the performance indexes table. Calculate the EACf and the VACf. Based on your data, what is your assessment of the current status of the project? At completion?

Paper For Above instruction

The assignment involves analyzing a project network, baseline, and current status data to generate comprehensive project performance reports at specific intervals. This process is crucial for project management to monitor progress, identify variances, and forecast future performance. The analysis will include computing various Earned Value Management (EVM) metrics, which serve as vital indicators for project health assessments.

To begin, a detailed review of the project network diagram, including all activities, their durations, dependencies, and baseline schedules, is essential. Utilizing this data, we develop status reports at periods 2, 4, 6, and 8, which correspond to specific points in the project timeline. Status reports typically include key performance indicators such as Planned Value (PV), Earned Value (EV), and Actual Cost (AC). These figures form the foundation for calculating performance indexes like Cost Performance Index (CPI), Schedule Performance Index (SPI), and estimating the project's cost and schedule variances.

Next, the performance indexes table must be completed, summarizing the calculated CPI, SPI, and other relevant metrics at each time period. These indices are instrumental in assessing whether the project is on track regarding scope, schedule, and budget. The calculation of the Estimate at Completion based on the forecasted performance (EACf) provides insight into the expected final project cost, considering current variances. Similarly, the Variance at Completion (VACf) indicates the projected budget surplus or deficit at project completion.

Calculating EACf often involves models such as dividing the Budget at Completion (BAC) by the CPI, assuming current cost performance trends persist. Alternatively, other formulas may incorporate schedule and cost considerations as needed. VACf is derived by subtracting the EACf from BAC, offering a clear measure of expected budget performance. After deriving these values, a comprehensive assessment of the project's current status is necessary, considering the variances, performance indexes, and forecasts. This evaluation should address whether the project is likely to meet its scope, schedule, and budget objectives and suggest corrective actions if needed.

Finally, at the project's conclusion, a comparison between the initial baselines and the projected final values reveals the overall performance and lessons learned. These insights aid in refining project management processes and improving future project planning and control strategies.

References

  • 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) Sixth Edition. Project Management Institute.
  • Meredith, J. R., & Mantel, S. J. (2017). Project Management: A Managerial Approach. Wiley.
  • Terry, F. (2012). How to Measure Your Project's Performance. Harvard Business Review.
  • Too, E. G., & Weaver, P. (2014). Lean Project Delivery. Journal of Construction Engineering and Management, 140(4).
  • Fleming, Q. W., & Koppelman, J. M. (2010). Earned Value Project Management. Project Management Institute.
  • Arbabi, N., Vaseghi, B., & Khashaee, E. (2021). Risk Assessment and Management of Projects: A Review. International Journal of Engineering and Management Research.
  • Harrison, F. L., & Lock, D. (2017). Advanced Project Management. Gower Publishing.
  • Chapman, C., & Ward, S. (2011). How to Manage Project Opportunity and Risk. Wiley.

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