Week 6 DQ 1
Week 6: Cost and Schedule Management - Discussion
Forecasting Project Completion Cost (Graded)
We have introduced concepts in the earned value management system that allow us to forecast what it will cost to complete our project (Estimate To Completion, or ETC). We then use ETC to calculate the total actual project cost (Estimate At Completion, or EAC). In your own words, explain what ETC and EAC are and how the project team uses this information to ensure project success.
Week 6 DQ 2
Week 6: Cost and Schedule Management - Discussion
Project Control (Graded)
Calculating variances, indexes, and forecasts would seem to make the decisions easy, but we know that the numbers don't manage the project. We do. We accept that we have to make new projections based on how the project is performing and then decide what we will do to make it meet the requirements in the end. So how will you as the project manager use this information to ensure project success at completion? Will you be successful? What might get in your way? Does it matter where you are in the project timeline?
Week 6 Quiz 1
Grade Details - All Questions
1. Question :(TCO B) Crashing Problem
Using the network below and the additional information provided, find:
(a) The crash cost per day per activity?
(b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost?
(c) What is the extra cost to crash the project?
2. Question : (TCO F) We have discussed at length the Earned Value Management process. I am sure all of you have used the traditional process of assessing projects where we compare actual dollars spent to the amount we had planned to spend. This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better.
(a) Why is this traditional approach different from using earned value when assessing project performance?
(b) Describe the EVM process used to determine how far our project is ahead of or behind schedule.
3. Question : (TCO E) The following information is extracted from a project to develop a state of the art alternative power energy storage device:
Activity Duration Predecessors Resources
A 4 days -- 1 Research Engineer
B 3 days A 1 Marketing Specialist
C 5 days A 1 Design Engineer
D 3 days A 1 Design Engineer
E 3 days B 1 Prototype Builder
F 2 days D 1 Test Engineer
4. Question : (TCO F) The following data were obtained from an Information Systems project to upgrade and expand a Local Area Network:
5. Question : (TCO E) We have all been associated with projects with resource problems. As a project manager, you will be responsible for resolving these problems. Remember, resources are human and otherwise. If you can name it, it may be a resource.
(a) When there are not enough resources available to fill all the needs in the project plan, what are some specific remedies a project manager can take to complete the project. How does each of these affect the project plan and performance?
(b) Describe 5 of the many benefits to resource leveling