A project that you are managing is into six months of its accomplishment and the planned duration is also six months. You are now reviewing the project status. The actual cost of Activity A and B are RM 200,000 and RM 100,000 respectively. The planned value for Activity A and B are RM 180,000 and RM 80,000 respectively. The Activity A is 100% complete whereas Activity B is only 75% complete. (a) Formulate the problem to determine whether the project is on-time and on-budget after six months using the Earned Value Analysis (EVA) method. (b) Generate the expected “cost at complete” and “time at complete” to finish the project at this pace. (c) Present two initiatives to be undertaken by the project manager to improve the situation based on Q4(b).
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
A project that you are managing is into six months of its accomplishment and
the planned duration is also six months. You are now reviewing the project
status. The actual cost of Activity A and B are RM 200,000 and RM 100,000
respectively. The planned value for Activity A and B are RM 180,000 and RM
80,000 respectively. The Activity A is 100% complete whereas Activity B is
only 75% complete.
(a) Formulate the problem to determine whether the project is on-time and on-budget after six months using the Earned Value Analysis (EVA) method.
(b) Generate the expected “cost at complete” and “time at complete” to finish
the project at this pace.
(c) Present two initiatives to be undertaken by the project manager to improve
the situation based on Q4(b).
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