Inf337 Week 5

Assignment for Week One Sarah L Bean INF 337 Integrated Cost & Schedule Control Instructor: Michael Chu 7/19/2016 to 8/22/2016 Assignment for Week One A work breakdown structure (WBS) is hierarchical structure to a project’s life cycle that display a logical demonstration of meshed activities in a project’s scope. A scope is well defined with clear tasks, standards, and specifications with the proper language for review by customers where correction or misunderstanding can be corrected. It allows a target delivery date and budget for the project with expected deliverables and work package activities. The scope is referred to as the project’s objective. The WBS is an layout of how the work ought to be performed. There is no universal standards or rules to developing a WBS. However, the WBS meshes the project scope, schedule, cost, project information structure to simplify understanding of the objective. The following essay is a simple explanation of what is a WBS and a 3 level dollhouse project using a WBS structure WBS with Relations to Deliverables, Codes, & Work Packages The idea of the WBS is to draw out the entire project information structure to the flow of progress using a summarized report to the project cost. A clear understanding of the WBS is a interrelated logical element where facilitation, estimation, resource requirements, point of control systems and network, and assigned responsibilities for the each element is planed, development, and implemented. The

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

Each Team Member at Nucor Steel Birmingham is expected to act in an environmentally responsible manner and use good judgment when confronted with situations that may not have been clearly defined during training:

11. List the five steps of hypothesis testing, and explain the procedure and logic of each.

After collecting and acquiring the data for the service request for Riordan Manufacturing, I have concluded that the integration of the present system will be valuable to the corporation’s human resource department. The idea for this development will be constructed in regards to the Work Breakdown Structure (WBS). A work breakdown structure (WBS), in project managing and systems engineering, is a deliverable accommodated breakdown of a development into diminutive modules. A work breakdown structure component may be a creation, information, advantage, or any mixture thereof. A WBS furthermore delivers the essential outline for thorough cost approximating and influence along with offering direction for agenda expansion and control.

The triple constraints of project management are Cost, Time, and Scope. A proper balance of these three constraints is necessary for successful project completion. Every project, regardless of size or complexity, has to deal with these constraints. The Aurora Water project was initially projected to cost $854 million dollars. Through extensive and successful use of Earned Value Management (EVM), CH2M HILL was able to slash the project cost by $200 million dollars. By fast tracking the project they were able to complete the project 2 months before the original completion date. This was almost a 25% savings from the projected cost. Without innovative ideas to share the savings or fast track the project timeline, the project’s cost could have gone over budget or resulted in fewer savings than

Organizations must thoroughly measure the earn value of each project to reach required objectives. Each project properly computed to show the value of each work package. A management control system that integrates the work scope of a program with the schedule and cost elements for optimum program planning

Work Breakdown Structure (WBS) is a tool that is used to define the work elements of a project and identify its entire scope. It is the map of the project which identifies all elements of the project and allows managers to keep track and control of it. It is made of a hierarchy which facilitates the evaluation of cost, time and performance at all levels of the project life-cycle and organization. The structure illustrates the smaller units and allows for adaptation and quick communication if there a problems which need to be addressed. Definitions of each task should be clear and avoid overlapping in

According to Kerzner, achieving contract objectives “requires a plan that defines all effort to be expended, assigns responsibility to a specially identified organizational element, and establishes schedules and budgets for the accomplishment of the work,” (2009). A work breakdown structure (WBS) is important because it is the foundation upon which a project manager builds such a plan.

Team structure, effective communication, risk, cost data and projections, performance metrics, and personnel resources are all pertinent mechanisms that have to be considered in order to track and successfully execute a project (CSU-Global, 2015). After a period of meticulous planning, project managers anticipate that their projects will be executed on schedule and within the proposed budget; nevertheless, according to Maheshwari and Credle (2010), there are internal and external factors that can impede a project’s progress. Therefore, once a project is in motion project managers often rely on tools to assist them with staying on course – and to mitigate project risk. One such tool is an Earned Value Analysis (EVA) report that can help quantify a project 's progress during the monitoring and controlling stages - at select time intervals. The EVA can also be used to forecast a project’s completion date and present an analysis of variances that may occur due to additional or misinterpreted requirements (Maheshwari et al., 2010).

Spokane Industries has contracted Franklin Electronics for an 18 month product development contract. Franklin Electronics is new to using project management methodologies and have not been exposed to earned value management methodologies. Even though Franklin and Spokane have worked together in the past, they have mainly used fixed price contracts with little to no stipulations. For this project Spokane Industries is requiring Franklin Electronics to use formalized project management methodologies, earned value cost schedules, and schedules for reports and meetings. Since Franklin Electronics had had no experience with earned value management, the cost accounting group was trained in the methodology in order to bid for the

A work breakdown structure (WBS) will develop for this project and the WBS is based on the project charter, scope statement, and other relevant information. Gantt chart and network diagram also will be well prepared for this project. While preceding the planning stage, the resource usage cash flow report will showing the hours each person is assigned to work on each task each week. Furthermore, the probability/ impact matrix and list of prioritized risks for the project will be included in the project

In my opinion, project control is a valuable process in the sense that every task is carefully measured analyzed. By doing this, the project manager can always make adjustments to meet the priorities of the project. Adjustments are made to the project management plan. Project execution focuses on the processes that are designed to carry out the tasks listed in the project management plan in order to meet all the specifications. In order to meet all the specifications, this process requires “coordinating people and resources, managing stakeholder expectations, as well as integrating and performing the activities of the project in accordance with the project management plan”. Just like the action plan, project execution may require updates in planning as progress is made. Some of these changes may affect resources availability and productivity, unexpected risks and accessibility. Some benefits Earned Value Management provides are that it allows management to stay well updated with the progress of the project. Because of this, management will always make sure that all project parameters are on track and everything runs smoothly. Another advantage is that if there are any issues, performance measurements will aid in bringing the project back on track and avoid any major delays. Some disadvantages of Earned Value Management are that quality is not considered unlike cost and time. The lack of

The focus of this project is to construct an access road to allow for materials transport to a site of future construction. With any project comes a need for trained individuals to manage it. The people placed into this position are referred to as project managers (PM). Regardless of how well trained or talented they are, there can be no real measurable success without the skillful use of the tools at their disposal. This paper will discuss a comprehensive plan to construction an access road that will eventually provide logistical flow to a future construction site; through establishing a Work Breakdown Structure (WBS), a baseline budget reflected through Earned Value Management (EVM), processes, planned in benchmarks and financial performance metrics to demonstrate productivity and scheduling according to an actionable plan.

Qualitative cost estimation techniques are based on a comparison analysis of a new product with the products that have been manufactured previously in order to identify the similarities in the new one. Cost estimation for product similar to a past design is done by identifying similarities between old and new product with the help of historical design, manufacturing data and previous experience of an estimator. Sometimes, cost estimation can be achieved by making use of the past design and manufacturing knowledge encapsulated in a system based on rules, decision trees, etc.