Essay about Proj 592 All Discussions Week 1 - 7

‘Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements’ (Project Management Institute, 2009, p12). Once a project has been approved a project manager is assigned to the project, and ‘is expected to integrate all aspects of the project, ensure that the proper knowledge and resources are available when they are needed, and ensure that the results are produced in a timely, cost-effective manner’ (Meredith and Mantel, 2010, p5). In order to allow this to happen there are several key aspects of a project which need to be carefully thought out and controlled.

After talking to the supplier and meeting with your Engineers and Financial Analysts, you’ve gathered the following pieces of data:

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.

Pre-bid meetings can be held after the RFP’s are issued and prior to the bid due date. Pre-bid meetings may be referred to with other titles in RFP’s such as a pre-proposal conference in government RFP’s. If an owner intends to have a pre-bid meeting, the Instructions provide the location, date, and time of the meeting. The Instructions may also describe the purpose of the meeting and how answers to questions from bidders will be handled. The answers to the questions from bidders are normally handled in a formal manner since they are a supplement to the information provided in the RFP.

| * Project timeline, specifications, resource scheduling, charter, WBS, ROI formula, and monthly statistics and status updates

In view of the importance of the budget to project management, this report has prepared the following budget summaries and further illustrates the different types of costs associated within the

With the Sim4Project our team utilized a proper plan cost management, by employing certain procedures to control the project’s cost. The cost management influences the project manager’s decisions and project output. We used weekly meetings and strategic budget management to decide on which resources were valuable and which did not meet the criteria. Other factors impacted the cost management for sim4project such as organizing resource time and to what percent the resource contributed to the task. Although, for the majority of the project phases we were consistently at or slightly above the expected budget, allowing little room for error or overall risk (Kloppenborg 2012).

Table 2. The total cost of the project will need to be calculate along with the projected use and

Every company relies on accurate budget estimates in order to provide the correct amount of allocated dollars in a budget plan that the company develops. Most companies develop budgets that look at least two years into the future. Each company is different, however typically most expect their projected budgets to be within 10% less or 25% more of the projected budget (Schwalbe 281). In order to do this, managers must allocate project costs to individual work items over the lifetime of the project. Project managers will create a cost baseline (time-phased budget) in order to measure and monitor the performance of their projects over the projects duration. Any changes or updates that are needed should be changed and reflected in a newly updated budget. Real time budget updates are vital in order to avoid financial problems. Ultimately, budgeting provides a prediction of the projects funding requirements. This article will go into detail about the best practices of determining a budget, and how they can be innovated for a better approach in the future.

This artifact was completed as an individual assignment for the PMGT 614 course. The reflection paper is evidence of my understanding of analytical techniques. The paper addresses the integrated relationships between project planning and monitoring, project control, and the intricate nature of guiding a project from start to finish

Piper Industries needs a completed project and for it to be generating review within 12 month’s of the Project Management Office’s (PMO) review (University of Phoenix, 2012). The project that fits the company’s

Also, instead of setting up multiple checklists for each new project or major initiative, it is desirable to provide a way to make estimates more reliable and repeatable by having a standard estimation utility that works with all types of EDW and BI projects. Also, it is important that the results of the utility be used as a way to facilitate group discussions and to improve expert estimation.

GenRays Matrix Template Project Management Knowledge Areas|Recommended Tool(s)|Justification for Tool| Project Integration Management | Expert Judgment|-PM Plan is Formal, single document, approved (becomes officially the project plan. It defines how project is executed and controlled. Scope, schedule, and Cost, Change, and Configuration Management plans are created in this process and are part of the PM plan- Scope Management plan is developed here as well.| Project Scope Management | -Interviews -Focus Groups -Facilitated Workshops -Group Creativity Technique -Group decision making techniques -Questionnaires and Surveys -Observation(Job Shadowing) -Prototypes| Facilitated Workshops examples: JAD and Quality Function Deployment Group

Actual Cost Budget at Completion Benefit Cost Ratio Cost Benefit Ratio Cost Performance Index Cost Variance Duration Estimate at Completion Early Finish Expected Monetary Value Early Start Estimate to Complete Earned Value Future Value Internal Rate of Return Late Finish Late Start Net Present Value Program Evaluation and Review Technique Point of Total Assumption Planned Value Present Value Return on Investment Schedule Performance Index Schedule Variance Variance at

To better examine the financial data for the project, the CPI and SPI values must be completed. Table 1 presents the CPI and SPI values for each work package for the end of month two and three. The targeted values for CPI and SPI should equal one (Kerzner, 2013). Since all the values in Table 1 are under one, both the cost and the schedule performance are favorable.