Project Management Custom Essay

[meteor_slideshow slideshow=”arp2″]

Q1.) (a) The crash cost per day per activity.
– Normal time – crash time = days available for crashing
– Crash cost – normal cost = cost of crashing
– Cost of crashing/days available = crash cost per day

Days available for crashing
Activity A. 5-3=2
Activity B. 3-2=1
Activity C. 6-4=2
Activity D. 5-3=2

Cost of crashing
Activity A. 600-300=300
Activity B. 325-250=75
Activity C. 700-400=300
Activity D. 250-150=100

Crash cost per day
Activity A. (300/2)=150
Activity B. (75/1)=75
Activity C. (300/2)=150
Activity D. (100/2)=50

All the four activities should be crashed to meet a project deadline of 12 days at minimum cost.

Q2.) a.) Use of traditional approach is different from using Earned Value to generate similar looking numbers. Because Earned Value get the budget done before and each of the resources being used is apportioned its cost. Unlike the traditional method whose cost incurred is accounted for after it was sent because it deals more with monitoring costs and activities while Earned Value does the actual work of planning how the project is supposed to be.

b.) Earned Value Management is better because it controlled by a project manager who has all the responsibility of the project hence it is well controlled. It also plan for a budget on what they want to be spent, monitor cost performance and schedules for actual time which the project should spend. Its only disadvantage is its costly to maintain it unlike the traditional approach.

C. The basic requirements of the project for Earned Value Management to work are; The project should have the amount budgeted for the work performed, or earned value, the actual cost of the work performed and the budgeted cost of the work scheduled to be complete.

Q3.) A.) The activities B,C,D,E & F are on conflicts for different days and uses different resources while some will need to use the same resource. B, C and D are meant to commence after A therefore Activity C with conflict with activity B for two days while activity D will conflict with activity A for three days and the three activities B,C and D will conflict for the first three days. The resources which will be used for the three activities are two architect and one legal adviser. Activity E will conflict with activity C for two days while activity F will conflict with activity C for two days.

B.) The conflicts would be resolved by drawing a Gantt chart and use the grid to show accumulated resources for each of the conflict. Once the conflicts are resolved they will make the project to take much longer as all the activities are done by the same individual.

Q4.) A.) Cost Variance = (Budgeted cost of work performed-Actual cost of work performed)
Cost Performance Index = (Budgeted cost of work performed/Actual cost of work performed)

Therefore Cost Variance
Activity A $4,920 – $4,200=$720
Activity B $7,680 – $8,740= -$1,060
Activity C $15,140 – $18,250= -$3,110
Activity D $3,980 – $1,740= $2,240
Activity E $5,630 – $560= $5,070
Activity F $2,270 – $0= $2,270

Cost Performance Index
Activity A ($4,920/$4,200)=1.17
Activity B ($7,680/$8,740)= 0.88
Activity C ($15,140/$18,250)= 0.83
Activity D ($3,980/$1,740)= 2.29
Activity E ($5,630/$560)= 10.05
Activity F ($2,270/$0)= 0

B.) The project at the moment seams to be on schedule but two of its expenditures for activity B & C it has already over spent by -$1,060 and -$3,110 respectively. Three of its tasks A,B and C are completed while D & E are on progress with 35% and 10% respectively while activity F have not yet commenced.

Q5.) 1.) Resource allocation is apportionment of resources to different activities in a project, it ensures that the right amount of resources are available. While resource leveling ensures that the resources allocated for are available just in time without under or over allocation for the resources. Both of them are used in resources while resource allocations deals with apportionment of resources to different activities while leveling dwells on its utilization.

2.) When there are no enough resources available such as human labor, finance or time the project manager re plans the project again to accommodate all the resources. Such realignment of activities could make the project sub standard than the way it was meant to be or not include all the components or functionality which it was initially planned to have.

A-Research-Paper.com is committed to deliver a custom paper/essay which is 100% original and deliver it within the deadline . Place your custom order with us and experience the different; You are guaranteed; value for your money and a premium paper which meets your expectations, 24/7 customer support and communication with your writer. Order Now

[meteor_slideshow slideshow=”arp3″]

Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.