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Project Management Concepts - Question 1

(a) Update all the smoke detectors and safety equipment to meet the new regulations: This can be classified under compliance projects since it deals with meeting regulations, whether governmental or standard groups. If the organization fails to comply with these set regulations, it will have to abandon some aspect of business.

Launch a new promotional campaign with Qantas: This is strategic project since it will increase the number of customers and revenues. Also, it will create an edge over the competitors. It will affect the bottom and middle line for the company.

Develop 3 new nature hiking trails: This is a strategic project as it focuses on implementing in new areas which will lead to increase in customers or revenues of the organization.

Convert the swimming pool heating system from gas to solar power: This project comes under operational projects as it will enable the organization to save money. It will affect the bottom line of the organization.

(b) Scope creep can occur when the company starts its project but the scope is not accurately defined or reported. It leads to continuous changes and unrestrained growth in the scope of project. Moreover, it is harmful for the company.

(c) It is difficult because often times even the trainer come in with built-in biases. These biases can be avoided if there is a regular audit of the projects.

Project Management Concepts - Question 2

A functional structure with different units should be created to innovate and bring new idea in the market. This project should include functional units like HR, Marketing, IT and Sales. These units are included for successful and smooth implementation of the project. For example, marketing unit is required to promote the new innovative idea among the potential customers to increase the customer base of the company. Also, this project structure should be implemented if the research and development team has done with the new innovation and are sure that this idea can bring competitive advantage for the company. If the geographical location of the company is known, then matrix structure of project management could also be used with two chains where the team members have more than one boss or manager.

Project Management Concepts - Question 3

Positive risk can be defined as that type of risk that should be taken for the project as it would enhance and increase the probability of success of the project. Thus, an organization should be always open to these types of risks and should enhance it. This would lead to valuable consequence for the project.

In contrast, negative risk can be defined as the risk which has an adverse impact on the company. These types of risks should be avoided as they lead to failure of the project.

The difference between the management of both types of risks is that the company exploits the positive risk rather than avoiding it as in the case of negative risk. Positive risks are exploited by taking right action so that the opportunity occurs. Therefore, the difference lies in the responses of these types of risks. Although, essentially same process is used to manage both types of risks.

Project Management Concepts - Question 4

(a) The role of a conductor of an orchestra is to unify performers, set the tempo, execution of clear preparations and beats, listen carefully and shape everything according to him for the successful performance. Similarly, the project manager has to look after everything as a conductor has to. The manager has to set goals, supervise the team members, listen and make changes when needed. All this is done for the successful operation of the project. Both are responsible for the team.

(b) However, the conductor of an orchestra can have rehearsals before the actual performance. Whereas, the project manager does not have the chance for rehearsals.

Project Management Concepts - Question 5

(a) Individual reward creates a sense of achievement only for a particular individual of a company. It also leads to jealousy and non-cooperation among the team members. However, group rewards creates a sense of achievement and pride for a group of members. This encourages all the team members of all the groups to perform well to increase their chances of winning group reward. This motivates bunch of people of the team. Group reward uplifts the concept of collective action and working together. This leads to healthy competition among the members.

(b) The major problem that is leading to the internal conflicts is that the roles of the team members are not clarified before commencing the project. Thus, the first thing that should be done is to clarify the roles beforehand. As a project manager, I will try to solve the conflicts by specifying the roles of the people in the project.

Project Management Concepts - Question 6

(a) The function point count for a software project is given as 1080.

Number of person months can be calculated as: 1080/6 = 180 person months.

If five persons are working on the project, the minimum duration will be = number of person months / number of person working together = 180/5 = 36 months

(b) The minimum number of person needed to finish the project in 12 months= 12 * 5 = 60

(c) It is unlikely that the 12 months deadline is achieved with the calculated number of person. This is because the function point software project is given as 1080 but with 60 people months, we are getting 360 function point count.

Project Management Concepts - Question 7

(a) Earned value management comprises of three components: Planned Value, Actual Cost and Earned Value. Planned value can be defined as the benchmark value set for the project. Actual cost can be defined as the actual cost incurred in completion of the work. Earned value refers to the value of the work that is completed to date.

According to the information provided in the question:

 Planned Value = (Planned % Complete) * Project Cost = (25/100) * 30000

Planned Value= 7,500

Actual Cost is the amount paid so far. Thus, actual cost = 7,500

Earned Value = 25% * overall net worth of tasks

Earned Value = 25%*30000 = 7,500

It can be seen that Wil is on schedule. This is according to the number of sheared trees shared in five days. A total of 24000 trees are to be sheared. However, at the end of the first week, 6000 trees have been sheared. This is equivalent to 25% of the total trees sheared. According to the calculations above, Wil pays $7500 to the shearing crew boss which is 25% of the total budget allocation of $30000 for the contract. This implies that Wil is on budget since the amount paid out after five days goes handy with the work done.

Whether or not Wil is using Earned Value, it is clear he employs it in the project. This is reflected when he pays out $7500 to the boss of the shearing crew after shearing 6000 trees in five days. Therefore, Wil uses Earned Value in this project.

(b) Wil can develop a scheduling variance by being interested during the project’s planning phase, especially on the budget, scope, and schedule. Also, Wil can estimate and match the number of people and equipment to conclude the work in time. By critically evaluating the current shearing schedule after the five days, Wil can decide to alter the program in a way that the project is completed within the stipulated period of one month. On the resource side, Wil can also address the cost variance.

Project Management Concepts - Question 8

Factors that would promote the successful adoption of an agile project management methodology are:

Organizational:

  • Cooperative organizational culture instead of hierarchal.
  • Committed sponsor or manger.

These organizational factors have a major role to make the agile projects successful.

Group:

  • Team members with high expertise and competence.
  • Team members with great motivation.

The above human resource factors are also necessary for the successful implementation of the agile projects.

Individual:

  • Collaborative Attitude and eagerness to learn.
  • Honesty and sense of responsibility.

The personal characteristics also plays a fundamental persona in the success of agile projects.

Project:

  • Project type being of variable scope with emergent requirement.
  • Projects with small team and the nature being non-life-critical.

The above factors related to project also determines the success of the project.

Project Management Concepts - Question 9

(a)(i) The network diagram is a schedule and helps in:

  • Providing information that is user-friendly with the help of schedule formats. For example- milestone and Gantt charts.
  • Lays out significant information to the project team.
  • It furnishes information and shows how the tasks are related.
  • Helps to identify the location of risk points in the schedule and what time it will take to complete the project
  • To communicate work sequence, the schedules are used as a management tool
  • Track progress on just about every type of project.

Managers have plethora of information that is provided by the project schedule.

(a)(ii) The network diagram does not provide all the information and there are additional information about the schedule which the project manager needs to know. The major drawback of the network diagram is that:

  • Finish-to-start relationships is presented. This can be rectified if it is possible to show lead and lag except by adding or subtracting time. This can further make project tracking easy.
  • In network diagram, there are cases when dummy activities could occur. This shows that tasks are dependent on each other. If this can be avoided, then more information and inferences can be drawn.

(b)(i) With the information provided in the question, the least cost to crash the activity so that a week is reduced is activity E.

(b)(ii) In the given exercise, normal cost is not provided. Thus, we cannot calculate crash cost per unit time for each activity in the network. If the normal cost was provided, it would have been complicated the process.

(b)(iii) The risks associated with compressing projects are that it will lead to elimination of one or more activities in the network or time overrun.

Project Management Concepts - Question 10

Yes, there are concerns related to the data provided. In the data given, earned value is more than the planned value. This suggests that we are ahead of the schedule. However, when the earned value is compared to the actual cost, the major problem arises. The Earned Value is higher than the actual cost. This highlights that we are above the budget. Cost variance can be calculated as the difference between Earned Value and Actual Cost.

Cost Variance = 35673.08 – 20673.08 = 15000

Therefore, this project is 73% over-budget.

Therefore, there is a problem of cost overrun. This can be avoided by ignoring and avoiding negative risks. Also, when actual costs are more than planned, then the company should take cost control measures to avoid this problem.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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