Assignment II
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Stevens Institute Of Technology *
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Course
612
Subject
Industrial Engineering
Date
Dec 6, 2023
Type
docx
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6
Uploaded by AdmiralLionMaster307
Caitlin Carroll
EM 612 – Project Management of Complex Systems
Assignment II – Shea Stadium Renovation
Project Summary
Start date: 1/14/2004
Estimated End Date: March 22, 2005
Estimated Duration: 62 Weeks
Contract Value: $350,000,000
Estimated Profit: $20,000,000
Risk Analysis
Risk 1 – NYC Labor Strike
: On Saturday, October 30, 2004, the NYC Labor Agreements come to an end. This could cause the risk of a strike beginning on the next workday, Monday, November 1, 2004. The strike could last four weeks. Assuming all of this, work would resume on Monday, November 29, 2004. During this time, the sod installation and erection of facades and boxes would be delayed. This delay impacts the critical task, façade and box completion which affects the date the project will end. In the event of a strike the project will have a new end date of April 19, 2005, four weeks after March 22, 2005. This risk ruins the plan to finish the project 7 business days ahead of schedule and adds an extra 19 days of delay. −
7
DaysEarly ×
$
100,000
Day Early
+
19
DaysLate ×
−
$
250,000
Day Late
=−
$
5,450,000
A four-week labor strike in November will cost the project $5,450,000.
Risk Rating: Very High
Consequence: -$5,450,000
Probability of Occurrence: 50%
Expected Value: -$2,725,000
Updated WBS and Gnatt Chart, Risk 1
Risk 2 – Inclement Weather: May of 2003 was abnormally cold and wet. If May of 2004 is equally cold and wet, the stadium renovation will be delayed. Fortunately, the playing field tasks
are not part of the critical path. Since the delay only affects work done on the playing field, the estimated project end date will not be affected. The inclement weather would push back the playing field excavation until May 18
th
, 2004, two weeks later than estimated. This causes the full playing field renovation to be delayed until November 18, 2004. The end date will not be changed, but it will cause a planning issue for the construction of the playing field, especially if the Mets desire to use the field before the rest of the stadium is complete. Risk Rating: Low
Consequence: Playing Field Construction +4.4 Weeks
Updated WBS and Gnatt Chart, Risk 2
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Risk Matrix
Shea Stadium Renovation – Ace Builders
Project Evaluation
Summary
BCWS: $350,000,000
ACWP: $166,327,000
BCWP: $170,152,750 [+$3,825,750 from ACWP]
Schedule
The Shea Stadium renovation is behind schedule as of December 10, 2004. Erection of façade and boxes, painting, dressing Rooms/offices, roof prefabrication, scoreboard, lights, and wiring/HVAC are all delayed. Luckily, the roof erection, the new seats, and exterior infrastructure have begun ahead of schedule. Project SPI: 0.6032 – The project is behind schedule, significantly.
SV: The project should have earned an additional $111,942,250.00 in value by this point. Cost
Project CPI: 1.023 – The project is under budget.
CV: The project was expected to have spent an additional $3,825,00.00 by the point at which it had earned as much value as it has. Completion
EAC: $342,132,069.57 – The project is estimated to complete under budget. Completion Date: The project is set to end on May 25, 2005. This exceeds the 15-month project life constraint, therefore the work on the stadium must be expedited. Some of the money saved
could be allocated to more labor for the remaining construction to help resolve this issue.
Updated WBS and Gnatt Chart, %Completion
Quantitative Project Evaluation, Excel
Note: Inconsistency with project completion percentage. 63% was accurate before relevelling the project. 42% was calculated after levelling. This did not affect the analysis.
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