Premium Essay

Project Cost and Scheduling

In: Business and Management

Submitted By bolivar1
Words 14442
Pages 58
Welcome to Week 1! Project Scope Definition and WBS

In this course, we will explore project cost and schedule control! The focus of this week is developing the scope and the work breakdown structure (WBS). We will use the WBS to specifically detail the tasks required to complete any project. The scope is the starting document of a project. It defines the project. The WBS is created from the scope and is the basis on which several other project documents, such as the budget and schedule, will be derived from. Because the WBS is one of the foundations to our planning effort, it is critical to know and understand this tool. Shortcomings in the scope or WBS will translate to the rest of our planning documents resulting in real failures during project execution to attain goals in scope, cost, and schedule. It is, therefore, of primary importance that the scope and WBS are inclusive and detailed. Just remember that as a project manager, your family comes first but the project scope and WBS are not far behind.
Introduction
Cost and schedule form two sides of the iron triangle of project management with the third side being the collection of scope, quality, and performance. This makes cost and schedule paramount concerns to a project manager. Cost and schedule control on a project are vital to a successful project.

As you know, this course is named Project Schedule and Cost Control, which may imply that the project is underway and it's time to go to work. However, the process for project control has to start with a plan, because without a plan, it is impossible to know where we are going or to judge how we are doing at getting there. This week, we will cover creating the project plan that will help us create a foundation for the rest of the course. The primary parts of the plan are the budget, the schedule, and the multitude of details that fill these out. We will...

Similar Documents

Premium Essay

It Case Study Wobbly Wheels

...IT Decision Wobbly Wheels LTD IT Decision Wobbly Wheels LTD Table of Contents I. Project Description II. Strategic Alignment III. IT Portfolio Alignment IV. IT Architecture X. Benefits XI. Requirements XII. Cost Estimation XIII. Performance Measures Project Description An employee scheduling system is used to plan all the tasks allotted to the employees. All the employees are assigned assignments through this system and will allow the organization understand and calculate the performance of the employees. This system will sustain a complete log of the tasks assigned to personnel and in case there is any change in the development of the work then it will be automatically managed within the system. Strategic Alignment Employee scheduling system will help the organization to achieve its business strategic objectives and IT strategies. Since the employee scheduling system is directly connected with maintaining the schedules of the employiees, and one of the key business objectives is to reduce delivery times. Another business strategy is to improve the percentage of loaded miles, however without employee scheduling, this objective is not possible. Another crucial objective is to provide the customer accurate delivery times. Managing the task of the employee will solve the objective of the delivery time. Another objective is to provide the customers the best facilities and this can be done only when the employees of the business are managed in the finest......

Words: 1534 - Pages: 7

Premium Essay

It Decision Paper

...Table of Contents Project Description: 2 Strategic Alignment: 2 IT Portfolio Management: 3 IT Architecture: 3 - 4 Benefits: 4 - 5 Requirements: 5 - 6 Cost Estimation: 7 Performance Measures: 7 System Development: 7 - 8 References: 8 Project Description: Employee scheduling system is used to schedule all the tasks assigned to the employees. All the employees are assigned task through this system and this system will enable the organization to understand and evaluate the performance of employees using the system. This system will maintain a complete log of the tasks assigned to the personnel and in case there is any change in the scheduling or assignment of the work then this task will be automatically managed with the system. The managers of the various teams will use this software while assigning the work. Strategic Alignment: Employee scheduling system will help the organization to achieve its business strategic objectives and IT strategies. One of the key business objectives is to reduce the delivery time by providing the local warehouse services but managing the employees is of key concern when the delivery time is needed to be reduced. Another business strategy is to improve the percentage of loaded miles however without employee scheduling even this objective is not achievable since the employees need to take care of the loaded miles. One another crucial objective is to provide the customer accurate delivery time but the employees are the ones...

Words: 1615 - Pages: 7

Premium Essay

Evm Controls

...(EVM) is a project measurement tool that organizations use, along with project management best practices, to provide a realistic assessment of project performance (how much work has been accomplished) for the money consumed. Basically, EVM allows a comparison between actual and planned costs and schedules, thus, it is a useful tool to gauge a project current status (Venkataraman, 2008, p. 111). EVM enables an organization to detect a potential problem with the costs and scheduling of a project early and make appropriate adjustments to achieve project success. Earlier detection of potential problems allows project management to avoid pitfalls by pinpointing lapses in project health by providing early indicators of when vital components may go astray (Visitacion, 2007a, p. 75). EVM methodology gauges a project health by assessing three components; planned value, earned value, and actual cost. Furthermore EVM uses forward-looking capabilities to guide projects toward success. Although a very valuable tool, EVM is not a magical instrument that one can wave and expect it to produce desirable results 100% of the time, it requires the human touch, people with prior management knowledge, in order weigh the data (analysis) that EVM produces to gauge a project status, strengths, weaknesses, budget compliance. Perhaps the most important purpose of EVM is risk management or minimalizing risks that may be associated with a project. By using indicators to alert project management......

Words: 1126 - Pages: 5

Premium Essay

Chapter 8 Review Question

...1. How does resource scheduling tie to project priority? a. Resource scheduling is directly tied to the project priority when the priority system selects projects that best contribute to the organizations objectives, within the constraints of the resources available. “If all projects and their respective resources are computer scheduled, the feasibility and impact of adding a new project to those in process can be quickly assessed. With this information the project priority team will add a new project only if resources are available to be formally committed to that specific project” (pg 251). It is paramount that scheduling resources are realistic judgments of resources availability and project durations. For example at my current job, the committee and I are planning a big event that’s sponsored by Macy’s. Before we can go to Macy’s with the project priority, as a committee we had to do the resource schedule such as the cost of everything we wanted to do and our project budget. Reference Larson, E. W., & Gray, C. F. (2014). Project management (6th ed.). Retrieved from The University of Phoenix eBook Collection database 2. How does resource scheduling reduce flexibility in managing projects? For resource-constrained projects, resource scheduling (leveling) reduces flexibility because (after leveling) slack is reduced and the amount of critical/near-critical activities increases; therefore, the number of CP’s may also increase. Further, scheduling complexity......

Words: 642 - Pages: 3

Premium Essay

Phd Student at University of Marylan

...Maryland (UMD) PhD, Project Management│Current GPA 3.67/4.00 College Park, MD Expected May, 2019 College of Ship Engineering, Harbin Engineering University (HEU) Harbin, China M.S., Naval Architecture & Marine Engineering│GPA 3.75/4.00 Sept.2012 ~ Jun.2014  Awards: China National Scholarship; Merit Student in Heilongjiang Province (Top 5/180). College of Ship Engineering, Harbin Engineering University (HEU) Harbin, China B.S., Naval Architecture & Marine Engineering│GPA 3.65/4.00 Sept.2008 ~ Jun.2012 Minor, Business Administration│GPA 3.53/4.00 Sept.2010 ~ Jan.2012 nd  Awards: Graduation with Honors, Merit Student, 2 Class Scholarship and etc. (7times). PROFESSIONAL EXPERIENCE PROJECT EXPERIENCE Scheduling Modeling & Coordination Mechanism Based on MAS for Marine Equipment Project Researcher│China Natural Science Foundation Project Jun.2013 ~ Jun.2014  Built scheduling model and coordination mechanism based on Multi-agent System (MAS) theory.  Developed a collaborative scheduling system using Oracle database and MyEclipse.  Designed Improved Genetic Algorithm (IGA) for multi-objective scheduling under resource conflicts. Information Management Technology of Jack-up Drilling Platform Construction Analyst│China National 12th Five-year Plan Major Scientific Project Mar.2013 ~ Jun.2014  Collected, organized and summarized data and materials and made presentation for review meetings.  Made needs analysis for scheduling and cost......

Words: 711 - Pages: 3

Premium Essay

Doc Sljfdskljdsl

...American-Eurasian J. Agric. & Environ. Sci., 5 (3): 313-321, 2009 ISSN 1818-6769 © IDOSI Publications, 2009 Application of Project Scheduling in Agriculture (Case Study: Grape Garden Stabilization) S.M. Fahimifard and A.A. Kehkha Department of Agricultural Economics Engineering, University of Zabol, Zabol, Iran Abstract: Some activities of project are critical in the sense that delay in their commencement will delay the overall project completion time. Therefore, management and scheduling of projects is inevitable. In this paper, project scheduling in agriculture, for establishing 300 hectares grape garden in Agricultural Research Center of University of Zabol, is carried out by CPM (Critical Path Method) and PERT (Program Evaluation Review Technique) methods. Results show that the minimum completion time of this project, based on using Normal time and PERT method is 390 days and 364.67 days, respectively. Also the results obtained from employing CPM method indicate that the cost of reducing the project completion time to 365 days is 23643530 Rials. Key words: Project scheduling % CPM % PERT % Agriculture INTRODUCTION Project scheduling and control refers to the planning, scheduling and control of projects, which consist of numerous activities. In the other words, Scheduling issue is a frequent task in the control of various systems such as manufacturing processes [1], project management [2] and service system control (reservation systems, timetabling). Examples can be......

Words: 5559 - Pages: 23

Premium Essay

Economic Evaluation of Investment

...ACCOUNTING ECONOMIC EVALUATION OF INVESTMENT “A SYSTEM FOR BUILDING CONSTRUCTION PROJECTS IN THE CONCEPTUAL PHASE” BY ADENUGA OLUFEMI SOLOMON MATRIC NO: PG14/05/005 JUNE 2015 ECONOMIC EVALUATION OF INVESTMEST “A SYSTEM FOR BUILDING CONSTRUCTION PROJECTS IN THE CONCEPUTAL PHASE” ABSTRACT The conceptual phase of capital projects is of strategic importance – an economic evaluation at this early stage is critical to the owners’ decision-making with limited information. The current study developed a comprehensive but practical system that can be used in such an early phase for economic evaluation of capital building construction projects. The system integrates four analytical steps: (i) Project planning, (ii) Construction costs estimation, (iii) Projection of incomes and expenditures and; (iv) Economic evaluation. Due to the integration, the system effectively manages the information flow from the planning to the evaluation, in which any changes from the initial plan are fully accounted for multiple alternates. In the system, users predict construction cost using a combined estimating method with historical project data and assembly costs. The system performs the tabulation of all incomes and expenditures based on the automated calculation as well as users’ inputs and then the economic evaluation based on project cash flow, which is generated using an automated scheduling method. System performance has been tested in terms of its accuracy and......

Words: 3364 - Pages: 14

Premium Essay

Multi Span Bridges

...DISSERTATION ON SCHEDULING OF MULTI SPAN BRIDGES: AN APPLICATION OF REPETITIVE SCHEDULING METHOD Submitted to Rajiv Gandhi Prodhyogiki Vishwavidhyalaya, Bhopal (MP) For Partial fulfilment of requirements of Master of Engineering (Civil) with specialization in Construction Technology and Management * 2009 Submitted by KAVI PRAKASH Department of Civil Engineering MADHAV INSTITUTE OF TECHNOLOGY AND SCIENCE (An autonomous Institute under R.G.P.V., Bhopal) Gwalior (MP) MADHAV INSTITUTE OF TECHNOLOGY AND SCIENCE (An autonomous Institute under R.G.P.V., Bhopal) Gwalior (MP) * * * * * 2009 * Recommendation This dissertation work entitled “SCHEDULING OF MULTISPAN BRIDGES: AN APPLICATION OF REPETITIVE SCHEDULING METHOD” submitted by KAVI PRAKASH for partial fulfilment of the requirement of Master of Engineering Civil with Specialization in Construction Technology and Management is satisfactory account of his dissertation work and recommended for the award of degree Dr. M.M. Pande Professor Department of Civil Engineering and Dean (Academic) M.I.T.S., Gwalior-5 Dr. S.K. Jain Professor and Head Department of Civil Engineering M.I.T.S., Gwalior-5 Prof. Y P Singh Director M.I.T.S., Gwalior-5 * CANDIDATES DECLARATION I hereby declare that the work, presented in the dissertation entitled “ Scheduling of Multispan Bridges : An Application of Repetitive Scheduling......

Words: 17038 - Pages: 69

Premium Essay

1z1r09f80399810605

...Discuss some major causes of project failure. One reason is that many systems analysts are unfamiliar with, or undisciplined in how to properly apply, tools and techniques of systems development. But most failures are attributed to poor leadership and management. This mismanagement results in unfulfilled or unidentified requirements, cost overruns, and late delivery. 2. Discuss the major functions of management: scoping, planning, estimating, scheduling, organizing, directing, controlling and closing. Scoping- Scope defines the boundaries of the project. A project manager must scope project expectations and constraints in order to plan activities, estimate costs, and manage expectations Planning- Planning identifies the tasks required to complete the project. This is based on the manger’s understanding of the project scope and the methodology used to achieve the goal. Estimating- Each task that is required to complete the project must be estimated. How much time will be required? How many people will be needed? What skill will be needed? What tasks must be completed before other tasks are started? Can some of the tasks overlap? How much will it cost? These are all estimating issues. Scheduling- Given the project plan, the project manager is responsible for scheduling all project activities. The project schedule should be developed with an understanding of the required tasks, task duration, and task prerequisites. Organizing- The project manager should......

Words: 644 - Pages: 3

Premium Essay

Operations

...organization and finally it will explain the various operations planning and control issues that company faces. Task 1- (A.C.:3.1.) Explain linear programming and it uses. According to slack et all (2013 ) linear programming is a technique that is useful for allocating scarce resources among competing demands. As has been argued Slack et all (2013) those resources may be money, time, or materials but also the limitations are known as constraints.Shim & Siegel ( 1999) argued that the linear programming was originated during the early 1950s by Prof.G.B Dantzig which it was called as an operation research technique. According to Chary (2004) the main basic problem solved by Linear Programming is that of optimising either total cost or profit. However as has been argued Chary(2004) it takes into considerations the limitations or constraints on the availability or usage of different resources. Also Shim & Siegel (1999) agreed that this technique could be applied in different situations: long term planning, production planning, decision-making, marketing , quality control decisions, material utilisation decisions etc. Slack et all (2010) suggested that linear programming consists in two important ingredients: Objective function: the organization must provide the specific objectives to be achieved Constraints: Constraints are in the form of restrictions on the availability of resources or meeting the minimum requirements. Applications LP can......

Words: 1809 - Pages: 8

Premium Essay

Project Management Outline

...PROJECT MANAGEMENT MODERN PROJECT MANAGEMENT 1. Define a project 2. Identify the stages involved in s project life cycle 3. Determine the roles of a project manager 4. Explain the importance of project management ORGANIZATION STRATEGY AND PROJECT SELECTION 1. Understand the strategic management process and the four activities involved at such 2. Define and explain the need for an effective project portfolio management system 3. Identify the classifications of a project 4. Identify sources and solicitation of project proposals 5. Rank proposals and select projects 6. Explain how to effectively manage a portfolio system in terms of risks and types of projects ORGANIZATION: STRUCTURE AND CULTURE 1. Determine the different project management structures 2. Identify the different ways to organize projects 3. Explain the essence of right project management in terms of both organizational considerations and project considerations 4. Explain organizational culture and justify its implications to organizing projects DEFINING THE PROJECT 1. Identify the different steps involved in defining a project 2. Understand process breakdown structure 3. Explain the responsibility matrices 4. Understand project communication plan ESTIMATING PROJECT TIMES AND COSTS 1. Identify the factors influencing the quality of estimates 2. Understand estimating guidelines for times, costs and resources 3. Compare between top-down and bottom-up estimating 4. Determine the......

Words: 819 - Pages: 4

Premium Essay

Mg52

...MGT2 - IT Project Management Course of Study This course supports the assessments for MGT2. The course covers 8 competencies and represents 3 competency units. Introduction Overview Project management is a systematic approach to solving a problem, taking advantage of an opportunity, improving a process, or otherwise creating something. A project goes through several phases, with a distinct beginning and end. A successful project includes effectively carrying out tasks related to initiating, planning, executing, monitoring/controlling, and closing. Unsuccessful projects often skip some of these steps, perhaps not fully planning everything that needs to be done or forgetting to monitor the team to ensure they are sticking to the plan. An effective project manager foresees problems, makes appropriate trade-offs that ensure successful project completion, and, above all, facilitates communication among all project stakeholders, who are likely each looking for something different from the project. This course provides an overview of the Project Management Institute’s project management methodology. As you learn about the various process groups and knowledge areas, you will apply your knowledge in case studies for planning a project that has not started yet and monitoring/controlling a project that is already underway. You will solve problems, gather information, and make decisions using your expert judgment. The techniques you practice in this course will be......

Words: 5570 - Pages: 23

Premium Essay

Resources Levelling

...1. How does resources scheduling reduce flexibility in managing projects? Meredith and Mantel (2000, 302) stated that a schedule is the conversion of a project action plan into an operating timetable. As such, it serves as the basis for monitoring and controlling project activity and taken together with the plan and budget, is probably the major tool for the management of project. In a project environment, the scheduling function is more important than it would be in an ongoing operation because projects lack the continuity of day-to-day operations and often present much more complex problems of coordination. Shtub, Bard and Globerson (2005, 457) identify that resources scheduling is the process by which the project manager decides which resources to obtain, from which sources, when to obtain them, how to use them and when and how to release them.Given the finite nature of resource availability, a project plan may have to be modified so that it is practical. This is the major thrust of resource planning and management. According to Gray and Larson (2005, chapter 8), there are four major stages of the resource scheduling process. These stages are resource definition, resource allocation, resource aggregation, and resource leveling. Resource definition involves identifying the critical resources that need to be planned and managed for the successful completion of the project. In a multi-project environment as projects are competing for scarce resources, resource......

Words: 2216 - Pages: 9

Premium Essay

Iloveyouni

...Detailed Scheduling and Planning Terminology Action message | An output of a system that identifies the need for, and the type of action to be taken to correct, a current or potential problem. Examples of action message in an MRP system include release order, reschedule in, reschedule out, and cancel. Syn: exception message, action report. | Activation | Putting a resource to work | Aggregate planning | A process to develop tactical plans to support the organization’s business plan. Aggregate planning usually includes the development, analysis, and maintenance of plans for total sales, total production, targeted inventory, and targeted customer backlog for families of products. The production plan is the result of the aggregate planning process. Two approaches to aggregate planning exist:1) production planning and 2) sales and operations planning, sales plan. | Advanced planning and scheduling (APS) | Techniques that deal with analysis and planning of logistics and manufacturing during short, intermediate, and long-term time periods. APS describes any computer program that uses advanced mathematical algorithms or logic to perform optimization or simulation on finite capacity scheduling, sourcing, capital planning, resource planning, forecasting, demand management, and others. These techniques simultaneously consider a range of constraints and business rules to provide real-time planning and scheduling, decision support, available-to-promise, and capable-to-promise......

Words: 4256 - Pages: 18

Premium Essay

Ops 571 Final Exam (Newest) - Assignment

...major competitive dimension that forms a company's strategic operational competitive position in their strategic planning is which of the following? • Cost or price • Focus • Straddling • Automation 2. In setting up a kanban control system you need to determine the number of kanban card sets needed. If the expected demand during lead time is 25 per hour, the safety stock is 20 percent of the demand during lead time, the container size is 5, and the lead time to replenish an order is 5 hours, what the number of kanban card sets is needed? • 27 • 20 • 5 • 30 3. Which of the following is a multifactor measure of productivity? • Output/(Labor + Capital + Energy) • Output/All resources used • Output/(Materials) • Output/Inputs 4. Which of the following is an alternative possible service encounter included in the service-system design matrix? • Internet • Automated teller (ATM) • Face-to-face distance • Questionnaire response 5. In development of an operations and supply chain strategy, which of the following may be an important product-specific criteria to consider? • Learning curve • Supplier after-sale support • Production lot size • Focus Find the final exam answers here just a click away OPS 571 Final Exam (Newest) 6. Which of the following is one of Dr. Eli Goldratt's rules of production scheduling for optimized production technology? • An hour lost at a bottleneck saves an hour for the entire system • Do not allow bottlenecks to govern......

Words: 1350 - Pages: 6