Term Paper: Project Management Project Information, History

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SAMPLE EXCERPT:

[. . .] Fig 2: Sample Communication Plan

"Time, Cost and Quality Expectations, use of project network"

"Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of actual and plan throughout the life of the project.

Project status reports depend on reliable estimates as the major input for measuring variances and taking corrective action." (Larson & Gray 2011 p 128)

Project estimate is a yardstick for cost control, project managers often use cost and time estimate for forecasting. Larson & Gray (2011) defines estimates as the process where the project stakeholders forecast costs and time that can be used to complete a project. Types of project cost estimates are:

top-down and Bottom-up approach.

The top management performs a top-down approach while the lower level workers estimates bottom-up approach. While accurate cost estimates assists in eliminating cost escalations, however, inaccurate cost estimate can lead to cost escalation. One of the benefits of cost and time estimate is that it assists the project stakeholders to compare the estimated cost and time to actual costs. However, experience of a project manager can assist in estimating cost and time with 95% accuracy. Larson & Gray (2011).

Typically, the project manager can use range estimate which is a bottom-up approach to estimate project's time and cost. The table 1 reveals PERT estimating risks to a project. (Larson & Gray 2011)

Table 1: PERT Estimating Risks

Low

Average

High

Range

WBS

Estimate

Estimate

Estimate

of ID

Description

Days

Days

Days

Days

Risk Level

Approval

1.0

1.0

3.0

2.0

Low

Designing of Package

4.0

7.0

12.0

8.0

Medium

Potential Customer ID

14.0

21.0

35.0

21.0

High

Design of Logo Bottle

5.0

7.0

10.0

5.0

Low

Contract space of kiosk

8.0

10.0

15.0

7.0

Medium

Construct of kiosk

4.0

4.0

8.0

4.0

Medium

Fair Designed of Brochure

6.0

7.0

12.0

6.0

High

Advertising Trade of Journal

10.0

12.0

15.0

5.0

Medium

Production test

10.0

14.0

20.0

10.0

High

Production -to-inventory

5.0

5.0

10.0

5.0

High

Scanner hook

1.0

2.0

3.0

2.0

Low

Video hookup

2.0

2.0

4.0

2.0

Medium

Event rehearsal

2.0

2.0

5.0

3.0

High

Source: (Larson, & Gray, 2011, p 139).

Project quality expectations are the situation where all the project requirements are met. However, stakeholder can reject a project that fails to meet the quality requirements. Effective quality management plan is very critical to achieve quality expectation, and major strategies that the stakeholders can employ to arrive at target project's quality are to use the following techniques:

Quality Management Plan

Quality Assurance Technique

Quality Control

Project management plan

1 Stakeholder register

2 Requirements documentation Risk register

3 Organizational process

.2 Tools & Techniques

1 Cost-benefit analysis

2 Cost of quality

3. Benchmarking

4. Statistical sampling

.5 Meetings

6 Outputs

Quality management plan

1 Quality metrics

2 Quality checklists

Project documents updates

1 Inputs

2.Quality metrics

3. Quality control

4. Project documents

2 Tools & Techniques

1 Quality audits

2 Process analysis

Inputs

1 Quality metrics

2.Project management plan

3.Quality checklists

4. Work performance data

5. Deliverables

6. Project documents

2 Tools & Techniques

1. Statistical sampling

2. Outputs

3.Inspection

4.Quality control and measurements

5.Validated changes

6. Change requests

7.Validated deliverables

8.Project documents updates

Larson & Gray (2011) define a project network as a graphical representation that delivers logical sequence of activities and a project path. Typically, the project network assists in estimating time to complete a project, however, a network diagram is an important tool to develop network planning using linear pattern. The network diagram should have a network path connecting all network paths together. Critical path revealing the longest duration while activity which reveals an element that consumes time.

"Identification of project stakeholders and their concerns"

A stakeholder is an individual or group of individual or organizations that may be affected by the activity, decision as well as outcome of a project. However, Larson & Gray (2011) define project stakeholders as individuals consisting of all project team and other entities that may be interested in the project. The role of a project manager is to manage all the stakeholders to achieve the project objectives. Stakeholders have varying degree of responsibilities; their participations in the project can vary "over the course of project lifecycle." (Project Management Institute, 2013 p 31). "Identification of stakeholder serves as a continuous process throughout project life cycle." (Project Management Institute, 2013 p 31). Understanding relative degree of stakeholders' influence on a project will enhance successful project's completion. Example of project sponsors is as follows:

Sponsor: A sponsor is an individual or group of people providing support and resources for the project, which is generally accountable to a project success. A project sponsor is very important to a project. From the project's initiation to the project completion, "the sponsor promotes the project" (Project Management Institute, 2013 p 32) and gather support to enhance the project's benefits.

Customers: Customers are the individuals or organizations responsible to approve a project.

Sellers: Sellers are also part of the project stakeholder and may be suppliers, vendors or contractors. These stakeholders are external to the company and usually enter into contractual agreement to deliver necessary components or services.

Functional managers: These stakeholders play managerial roles within the functional business areas that include accounting, finance, human resources, or procurement. Generally, they are permanent staff carrying out functional area of a business.

Additional stakeholders: Other stakeholders include financial institutions, procurement entities, government regulators, and consultants. These stakeholders generally have a financial interest in an ongoing project, and they may contribute their inputs to the project outcomes.

Project Team development

Project team is the project manager and other group of individual performing the work to achieve project objectives. Larson & Gray (2011) identifies five-stage project team development model that includes:

Forming.

Storming

Norming

Performing

Adjourning.

During forming stage, the team member gets acquainted with one another and understands the project scope. At this stage, they start establishing ground rules and acceptance behaviors.

Storming: At the storming stage, the team member is susceptive to conflicts concerning who will control the group. However, the team accepts the project leaders after the conflicts are resolved.

Norming stage is the time team members develop a close relationship and demonstrates cohesiveness. At this stage, the group solidifies the strategy to work together.

At performing stage, the operating structure of the group becomes fully functional. The group gets to know one another and works together to accomplish the project goals. Adjourning is the last stage of the team development where the team focuses on a project's completion. The model has several implications because it provides the framework for assisting the group to understand the project's development.

"Performance measurement and control"

Performance measurement is the project evaluation process to ensure that a project meets the stakeholders' objectives. One of the strategies to set up performance measurement is to set up a control to compare the actual performance against plan performance in order to identify deviation in a project. The steps in measuring a project performance is:

To set a baseline plan.

To set measure for performance and progress.

To compare plan against actual.

To take action.

Periodic monitoring is very critical in the project lifecycle to detect deviations in the project, which assists comparing the actual against the plan and make necessary corrections. Major way to implement control is to identify the negative variance and make a corrective action. The Gantt chart is a tool to monitor the project performance serving as "the baseline to compare against actual performance." (Larson & Gray 2011 p 461).For example, the project manager can measure the project performance by comparing the actual project's cost against the plan costs. Moreover, the project stakeholder can use a variance analysis to compare earned value against expected project value and "compare earned value with the actual costs." (Larson & Gray 2011 p 461). Illustration in Fig 3 reveals the variance between earned value and actual costs.

Fig 3: Variance between earned value and actual costs.

Application of key Concepts to a Real World Situation

All the concepts discussed above are very applicable in a real world situation. For example, the project history can assist the project manager to understand the strategies ancient projects are implemented. As being discussed in the previous section, the mega project completed several thousands years use the same project management cost to complete the project. For example, the Egyptians integrated the project management concepts to complete the Pyramid of Egypt. A project manager can employ the strategy used to complete the ancient projects to complete the modern project. Using the project information that has been successfully completed in… [END OF PREVIEW]

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Project Management Project Information, History.  (2014, April 25).  Retrieved June 16, 2019, from https://www.essaytown.com/subjects/paper/project-management-information/381231

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"Project Management Project Information, History."  Essaytown.com.  April 25, 2014.  Accessed June 16, 2019.
https://www.essaytown.com/subjects/paper/project-management-information/381231.