Question 1

What is gap analysis?

Question 2

Summarize four benefits of using milestones as a form of project control. What advantage do they hold over pure S-curve analysis?

Question 3

What’s the relationship between WBS, scheduling, and budgeting?

Question 4

What are three benefits of using contingency funds?

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Question 5

Examine learning curve theory and describe how learning curves are used in project management.

Question 6

A project has the activity duration and cost information indicated in the table where all times are in weeks. There is a penalty of $250 per week for every week the project extends beyond 50 weeks. What is the duration of the least expensive project possible?

Activity Normal time Crash time Normal Cost Crash Cost Predecessor
A 5 3 500 1100
B 18 15 900 2300 A
C 12 9 2500 3000 A
D 9 7 500 650 B
E 15 12 3000 5000 B
F 12 10 4000 5000 C, D
G 20 15 3600 4800 E, F

Question 7

Examine briefly each of the purposes of project scheduling.

Question 8

Use the S-curve, where the solid line is actual cost and the dashed line is budgeted cost, to choose the best statement.

Select one:

  1. The project is further ahead of budget from weeks 36 through 40 than from weeks 8-12.
  2. The project never experiences negative variance.
  3. The project is further behind budget from weeks 0 through 16 than from 24 through 40.
  4. The project is in a constant state of positive variance.

Question 9

Examine learning curve theory and describe how learning curves are used in project management.

Question 10

What type of budget is created by starting with the work breakdown structure? Summarize this type of budget.

Question 16

Define human factors and analyze their impact on project success.

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Project Lifecycle Processes

Question 1

A gap analysis is an indication of what needs to be done in a project; it is the difference between the actual achievement of a project and the desired goals. The analysis aims to identify the weakness that would hinder the success of the project.

Question 2

Benefits of using milestones as a form of project control

  • Milestones help project managers to monitor deadlines which would enable timely completion of the project activities.
  • Milestones are beneficial in marking significant dates in which specific things must be done such as paying employees and making orders for multiple purchases.
  • By dividing the project into smaller parts, project managers can identify critical paths that would be quicker and optimal to complete all stages in due time (Project Management Institute, 2018).
  • Success or failure to achieve several milestone goals inform project managers on the confidence level of advancing the project.
  • Milestones are better than S curve analysis because they are easy to create and do not require complex mathematical skills of drawings graphs.

[Project Management Institute. (2018). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.]

Question 3

Relationship between WBS, scheduling, and budgeting

  • Work Breakdown Structure (WBS) reduces complex activities into smaller achievable tasks. The smaller tasks must be assigned specific timeframes which are configured in project scheduling (Sanchez and Haas, 2018) . As majority of project tasks require production inputs such as capital and labor costs, the breakdown and scheduling of those tasks would only be achieved through allocation of resources through the budgeting process.

[Sanchez, B., & Haas, C. (2018). Capital project planning for a circular economy. Construction Management and Economics36(6), 303-312.]

Question 4

Benefits of using contingency funds

  • The funds enable project managers to deal with emergency cases like natural calamities and pandemics so that to avoid significant interruption of normal operations.
  • Project managers may use contingency funds to undertake huge operational expenditures such as replacing old equipment and facilitating advancements like technology upgrade (Burke, 2013).
  • In case of unexpected expenses, project managers may decide to use the contingency fund instead of relying on loans, the fund acts as the project’s credit protection (Meredith, 2017).

[Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA26.]

[Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons.]

Question 5

Learning curve theory describes the direct relationship between time and output; the more time a person does a task, the easier the task will be next time. In project management, the more a task becomes repetitive, the lesser the time and cost are taken to accomplish it (Note, 2016). Learning curves are used to measure how long an activity takes short of the target time. Experience in doing a specific activity leads reduced completion times hence a reduction on costs and duration of a project.

[Note, M. (2016). Project management for information professionals (pp. 101-123). Elsevier Science.]

Question 6

The duration of the least expensive project is 9 hours

Activity Normal time Crash time Normal Cost Crash Cost Predecessor
A 5 3 500 1100
B 18 15 900 2300 A
C 12 9 2500 3000 A
D 9 7 500 650 B
E 15 12 3000 5000 B
F 12 10 4000 5000 C, D
G 20 15 3600 4800 E, F

Question 7

Purposes of project scheduling.

  • Project scheduling facilitates the budgeting process as managers can allocate funds depending on the urgency of projects.
  • Project scheduling ensures the orderly flow of activities by allocating more time on priority and lengthy tasks.
  • As a management tool, project scheduling helps project officials to evaluate the success of the project through short term goals (Huemann and Turner, 2018).
  • Project scheduling can be used to cut on costs. According to Portny (2010), project costs reduce in the long run for well-scheduled activities through optimizing resources and forecasting future prices.

[Portny, E. (2010). The Journal for Quality and Participation: Project Performance with Three Essential Pieces of Information. (pp.18- 23)]

[Huemann, M., Keegan, A., & Turner, R. (2018, September). Human resource management in the project-oriented organization. Project Management Institute.]

Question 10

Work Breakdown Structure (WBS) precedes the formulation of a Definitive estimate budget. A definitive estimate budget takes the longest time to create but is the most accurate type of estimate. The budget makes use of organization charts to manage costs and make purchase decisions. Thought out the project life, the budget uses actual costs to update its definitive costs to maintain accuracy levels of -5% and + 5%.

Question 16

Human Factors

  1. Human factors are personality traits that define the behaviours of people and how they make daily decisions. In project management, team members must have flexibility, integrity, and punctuality attributes to achieve common goal
  2. Impact of Human Factors on project success.

Flexibility helps project managers to adapt quickly to new changes that erupt during the project process by modifying specific policies or making new ones to sustain normal operations of the project (Kerzner, 2003)

Integrity is essential for all project participants to prevent fraud and corruption cases. When everyone is transparent, the project becomes successful because there is accountability for resources and duties.

Punctuality to duty and responsibility ensures timely completion of the project by achieving the objectives of the prepared project schedule.

[Kerzner, H. (2003). Project management workbook to accompany Project management: a systems approach to planning, scheduling, and controlling 8th ed. Hoboken: J. Wiley.]

Question 8

Use the S-curve, where the solid line is actual cost and the dashed line is budgeted cost, to choose the best statement.

Select one:

  1. The project is further ahead of budget from weeks 36 through 40 than from weeks 8-12.
  2. The project never experiences negative variance.
  3. The project is further behind budget from weeks 0 through 16 than from 24 through 40.
  4. The project is in a constant state of positive variance.

Question 9

Learning curve theory describes the direct relationship between time and output; the more time a person does a task, the easier the task will be next time. In project management, the more a task becomes repetitive, the lesser the time and cost are taken to accomplish it (Note, 2016). Learning curves are used to measure how long an activity takes short of the target time. Experience in doing a specific activity leads reduced completion times hence a reduction on costs and duration of a project.

[Note, M. (2016). Project management for information professionals (pp. 101-123). Elsevier Science.]

Question 10

Work Breakdown Structure (WBS) precedes the formulation of a Definitive estimate budget. A definitive estimate budget takes the longest time to create but is the most accurate type of estimate. The budget makes use of organization charts to manage costs and make purchase decisions (Kerzner, 2014). Thought out the project life, the budget uses actual costs to update its definitive costs to maintain accuracy levels of -5% and + 5%.

[Kerzner, H. (2014). Project management workbook to accompany Project management: a systems approach to planning, scheduling, and controlling 8th ed. Hoboken: J. Wiley.]

Question 16

  1. Human factorsare personality traits that define the behaviors of people and how they make daily decisions. In project management, team members must have flexibility, integrity, and punctuality attributes to achieve common goal
  2. Impact of Human Factors on project success.

Flexibility helps project managers to adapt quickly to new changes that erupt during the project process by modifying specific policies or making new ones to sustain normal operations of the project (Kerzner, 2003)

Integrity is essential for all project participants to prevent fraud and corruption cases. When everyone is transparent, the project becomes successful because there is accountability for resources and duties.

Punctuality to duty and responsibility ensures timely completion of the project by achieving the objectives of the prepared project schedule.

[Kerzner, H. (2003). Project management workbook to accompany Project management: a systems approach to planning, scheduling, and controlling 8th ed. Hoboken: J. Wiley.]

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