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Schedule Now you need to schedule the project you chose in Unit I. Reread the scenarios from Units I and II. Based on the previous project information you created, the project priorities you set, and your budget, you will now need to break down your project into activities. Using an Internet search engine, locate a project scheduling template or use the Microsoft Project trial software included with your textbook. Build a WBS and project schedule using the templates or Microsoft Project.

You will need to identify all dependencies and estimate your costs. Assign contingency reserves, and determine how much reserve your team would estimate for the whole project. Justify and explain your choices and estimates. You may want to review the WBS section located on pages in Chapter 4 of your textbook. Save your assignment as a PDF file.

Paper For Above instruction

The process of developing a detailed project schedule forms a critical component in successful project management, particularly when it involves breaking down complex projects into manageable activities, estimating costs, and assessing risks through contingency reserves. Utilizing tools such as Work Breakdown Structures (WBS), project scheduling templates, or dedicated software like Microsoft Project enables project managers to visualize project timelines, dependencies, and resource allocations effectively. This paper explores the methodology of scheduling a project based on prior project planning, emphasizing the importance of dependencies, cost estimation, and contingency planning essential for keeping the project on track and within budget.

Initially, reviewing the project information from Units I and II serves as the foundation for creating a comprehensive schedule. It involves revisiting the project scope, objectives, and priorities established earlier. The importance of having clear priorities cannot be overstated, as it directs resource allocation and task sequencing, ensuring that critical activities are completed on time. Based on this information, the next step involves developing a Work Breakdown Structure (WBS). The WBS decomposes the project into smaller, manageable components or activities, making it easier to assign realistic durations, costs, and dependencies to each task (Larson & Gray, 2011).

To build a WBS effectively, selecting an appropriate project scheduling template or employing tools like Microsoft Project streamlines the process. These tools facilitate the visualization of tasks, their durations, and relationships. Dependencies are key to sequencing activities logically; they identify which tasks must precede others to prevent project delays. For example, procurement cannot start until design specifications are complete, illustrating a rigid dependency that influences the overall schedule. Identifying such dependencies ensures a realistic project timeline, mitigating risks of task conflicts or resource idling.

Cost estimation is another pivotal component in project scheduling. Each activity within the WBS must have an associated cost estimate based on labor, materials, equipment, and overheads. Accurate cost estimates support budget adherence and resource planning. It is essential to also account for contingency reserves—additional resources allocated to address unforeseen risks or changes that may arise during project execution. Typically, contingency reserves are calculated as a percentage of the total project cost, depending on the project's complexity and risk profile. A common approach is to allocate reserves ranging from 5% to 15%, with more complex projects warranting higher reserves (Project Management Institute, 2017).

Determining an appropriate reserve amount necessitates risk assessments, stakeholder inputs, and historical data analysis. For instance, a construction project might have a higher contingency reserve due to environmental variability or supply chain uncertainties. The chosen reserve should be justified with a rationale grounded in the project's risk analysis. Notably, reserves are not only financial but may also include time buffers, which provide flexibility to address delays without derailing the entire schedule.

In summary, scheduling a project involves creating a detailed plan that incorporates activity breakdowns, dependencies, cost estimations, and contingency reserves. The process facilitates proactive management by providing a clear pathway for execution, resource allocation, and risk mitigation. By leveraging tools like Microsoft Project, project managers can simulate different scenarios, identify potential bottlenecks, and adjust plans accordingly to ensure successful project completion.

References

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• Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.).
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