Cost Duration Analysis Of Project Management

Critical path analysis identifies the most efficient and cost effective way of completing a complex project. The various activities which together will make up the project are identified, and the order of these activities are identified. Then, the duration of each activity is estimated and these factors are then arranged as a network or graph, showing the whole project from start to finish, and showing which tasks can happen at the same time. The sequence of tasks which have to be done one after another with no gaps in between is called the Critical Path.

592 Week 1 DQ 1 WBS Construction PROJ 592 Week 1 DQ 2 Project Cost Estimates and Assumptions PROJ 592 Week 2 DQ 1 Cost Components PROJ 592 Week 2 DQ 2 Estimating Processes PROJ 592 Week 3 DQ 1 Project Schedules PROJ 592 Week 3 DQ 2 Sensitivity Analysis PROJ 592 Week 4 DQ 1 Resource Allocation and Leveling PROJ 592 Week 4 DQ 2 Advanced Schedule Techniques PROJ 592 Week 5 DQ 1 Earned Value Calculation PROJ 592 Week 5 DQ 2 Project Monitoring and Control & EV PROJ 592 Week 6 DQ 1 Forecasting Project Completion Cost PROJ 592 Week 6 DQ 2 Project Control PROJ 592

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

Describe common practices to estimate the duration of project activities as well as real reasons that cause project delays.

In almost every business, project management is critically important. The critical path method (CPM) will provide a timeline for the project manager for when tasks should be completed. In addition, providing a deadline and the negative effects it will have on the following successors if not completed on time. These many task are interdepended. Therefore, the CPM provides the start and finishes times of the tasks, and identifies the few tasks on the critical path that the project manager should observe to determine which task needs the most attention. Already discovering and incorporating the details the task or assignments may require, CPM calculates all task times, which can be measured in hours, days, weeks, and months. For any unintended manually input errors, a warning message will be provided. Including an automatic successor generator, task numbering comment, and data validation, makes it easier on the project manager.

We used PV (planned Value), AC (actual cost), and EV (earned value) to calculate SPI (schedule performance index), SV (schedule variance), CPI (cost performance index), and CV (cost variance). Among these indicators, SPI and SV show whether a project is behind schedule or not, and CPI and CV indicate whether a project is under budget. Therefore, the statuses of the schedule and cost of technical infrastructure, software customization, and combined projects can be easily and clearly checked, respectively.

Problem 12 (page 82) Table 2.5 on page 82 contains information about an environmental clean-up project. Shorten the project three weeks by finding the minimum-cost schedule. Assume that project indirect costs and penalty consts are negligible. Identify activities to crash while minimizing the additional crash costs. Solution: AON Diagram for the environmental project:

The team leaders' projections show that the cost of starting the race under normal circumstances would be $3,152,000 (see table 2), however, normal conditions also dictate that the project will require 50 weeks to finish. As with any solid plan, the team leaders have also calculated crash times and costs as backup options in case the project experiences delays, or in this circumstance an imposed deadline; the start of the race 45 weeks from now. Analyzing crash times and costs we see that if each activity were crashed the project could be finished in 42 weeks, however, the budget would skyrocket to $4.952 million (see table 5). Therefore, the team will need to analyze the project network and its critical path to determine which individual activities can be crashed while maintaining the integrity of the budget.

Analyzing crash times and costs we see that if each activity were crashed the project could be finished in 42 weeks, however, the budget would skyrocket to $4.952 million. Therefore, the team will need to analyze the project network and its critical path to determine which individual activities can be crashed while maintaining the integrity of the budget and the duration of the project.

While projects can be similar in some instances, no two projects are ever the same. For this reason, management of projects requires the application of tools and techniques to meet the goals of the temporary endeavor. Project managers apply these tools and techniques to determine what is required for project delivery such as the list of activities to completed, the time required to complete the activities, resources needed and the various risks associated with the deliverable and efforts. A multitude of tools and techniques are employed by the project manager based on the need of the effort to organize, identify and communicate the various aspects of the project. While in contrast, the repetitive nature of operations activities

Project Time Management – an estimated time for the completion of each task and based on resources, the duration is determined.

All of the delay analysis techniques in this case study depend on the analysis of the critical path. These methods are categorized as the CPM- techniques for quantification. Methods like as-planned vs. as-built are simple and easy to perform; it just follows the basic guidelines without referencing with the supplementary data and any modification. On the other hand, methods like “window” analysis, collapsed as-built using complex, additive and subtractive analysis give better and accurate results because they take into account any changes during the project and therefore recommended for incorporating in delay analysis. Not to mention, these methods need detailed project information followed by rigorous analysis. The results could have been more specific if detailed information in the form of daily reports, schedule of values and pay application would have been available. By sticking to the basic number of delay in activities, most of the results are observed to be close if not same. This research corroborates the use of impacted as-planned, collapsed as-built, time impact analysis and as-planned but for, for the analysis of delays in day to day industry scenarios because calculation of delays and attribution can be easily carried out with these methods. With extensive information and rigorous analysis of the same, better and more efficient results can be observed.

The COCOMO model was proposed by Barry Boehm in 1981 [2] B. Boehm, C. Abts, and S. Chulani, It is a well known model based on regression techniques. The COCOMO model calculates the amount of effort then based on the calculated effort it makes schedule, cost and manpower estimates for software projects. The problem with COCOMO is it uses the development environment of 1990 's. So COCOMOII was proposed to solve the problems of COCOMO. There are three sub models of COCOMOII:

A key activity in project management is assessing project constraints. A project has three limitations: scope, budget and schedule. These limitations are project constraints because they are sensitive to change and have an impact on project risk. Risk is exposure to uncertain outcomes. Project constraints are mutually exclusive. If one constraint changes it affects the others and adjustments may be required to compensate and manage risks. For example, a delay in the schedule can increase the risk that the project will not finish on time. Time is money and delays have a negative impact on the budget. To

According to an accounting textbook, cost is defined as a resource sacrificed or foregone to achieve a specific objective. It is something given up in exchange. It is necessary for project managers to understand project cost management since project costs money and consumes resources.