Week Two Assignment 3 Of 4 And How To Use Excel ✓ Solved

Week Two Assignment 3 Of 4and If Youd Like To See How Excel Can Rea

Given that the current construction project is planned to be completed in 30 days, determine the best way to meet an expedited request of 26 days, and calculate the associated cost to expedite the project. Use the embedded SOLVER function in Excel to analyze and optimize the project schedule. To access Solver in Excel, go to the Data tab, then select Solver under the Analyze group. If Solver is not available, install it via File > Options > Add-ins, then manage Excel Add-ins, check the Solver Add-in box, and click OK.

For further project management insight, consider using specialized software like Microsoft Project. Resources are available on your Single Sign-On page under Lynda.com to access “Microsoft Project 2016 Essential Training.”

Sample Paper For Above instruction

The successful management of construction projects hinges on effective scheduling, resource allocation, and cost control. In this context, optimizing project completion time is crucial, especially when expedited deadlines are imposed. Utilizing tools such as Excel with the Solver add-in enables project managers to identify the most cost-effective methods to accelerate project timelines without compromising quality or safety.

Understanding the Project Schedule

The current project schedule completes in 30 days, but an expedited deadline of 26 days has been requested. Reducing the schedule by 4 days involves rescheduling activities, allocating additional resources, or overlapping tasks—known as crashing. The goal is to find the most economical crashing plan that meets the new deadline.

Using Excel Solver to Optimize Project Scheduling

Excel's Solver add-in functions as a mathematical optimization tool that can determine the optimal values for decision variables within given constraints. In project management, these variables could include the duration of specific tasks and resource allocations. To begin, input the project activities, durations, dependencies, and costs associated with crashing tasks into the Excel spreadsheet.

Once the data is organized, define the objective function—usually minimizing the total cost to accelerate the project—along with constraints such as the new project duration (26 days). Solver then iterates through different combinations of crashing options to identify the minimal cost schedule that satisfies the deadline.

Steps to install Solver in Excel include:

  • Open your Excel document.
  • Go to the Data tab.
  • Click on Solver within the Analyze group.
  • If Solver isn't available, install it via File > Options > Add-ins.
  • In the Manage box, select Excel Add-ins, then click Go.
  • Check the box for Solver Add-in and click OK.

In Google Sheets, a similar tool can be added by navigating to Add-ins > Get Add-ins, searching for Solver, and installing the free add-on.

Calculating the Cost to Expedite

After running Solver, you'll obtain the optimal crashing plan. The total crashing cost is calculated by summing the additional costs associated with each crashed task. This cost represents the expense incurred to reduce the project duration from 30 to 26 days.

The results will provide a clear understanding of which activities to accelerate, the extent of crashing required, and the associated costs, guiding project managers in making informed decisions to meet project deadlines cost-effectively.

Additional Project Management Tools

For complex projects, software like Microsoft Project provides advanced scheduling capabilities, resource leveling, and real-time tracking. These tools integrate with Excel data and facilitate more sophisticated analysis. Resources from Lynda.com, accessible via your SSO, offer comprehensive training on Microsoft Project and other project management methodologies.

Conclusion

Optimizing project schedules using Excel's Solver enables project managers to effectively meet expedited deadlines while controlling costs. Combining Excel analysis with specialized project management software provides a robust approach to handling complex scheduling challenges in construction projects.

References

  • Blanchard, B. S. (2014). Project Scheduling & Cost Control: Planning, Monitoring, and Control of Construction Projects. John Wiley & Sons.
  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
  • Larson, E., & Gray, C. (2017). Project Management: The Managerial Process. McGraw-Hill Education.
  • Microsoft Corporation. (2016). Microsoft Project 2016 Essential Training. Lynda.com.
  • Pinto, J. K. (2019). Project Management: Achieving Competitive Advantage. Pearson.
  • Sharma, R. (2020). Project Management Tools and Techniques. Routledge.
  • Winston, W. L. (2004). Microsoft Excel Data Analysis and Business Modeling. Microsoft Press.
  • Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). PMI.
  • Gido, J., & Clements, J. (2016). Successful Project Management. Cengage Learning.
  • Levitt, T. (2014). The Management of Construction Projects. Routledge.

Related Assignments