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BSBPMG514 Manage Project Cost
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BSBPMG514 Manage Project Cost
0 Download6 Pages / 1,316 Words
Course Code: BSBPMG514
University: Victoria University
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Country: Australia
Question:
Extend your investigation to include the restriction that the total investment with funds carrying a “5 rating” must be greater than the total investment in the funds carrying a rating 1 or 2 or 3.
Answer:
Every construction project in Greenhouse Construction Company follows a formal project plan, where the entire project is divided in a number of manageable units. The project management tool that helps in dividing the project in manageable units is called WBS or work breakdown structure (Kerzner and Kerzner 2017). A work breakdown structure is prepared according to the project deliverables and the activities in the project. The work breakdown structure is generally prepared at the beginning or start of the project. The work breakdown structure associated with the project of Greenhouse Construction Company mainly involves the details of activity and task descriptors, high level deliverables framework, multi-level task granulation and work breakdown task dictionary.
One of the most significant criteria of successful implementation of a project is fulfilment of all the project deliverables. For successful completion of the project, it is essential to put correct effort for completion of the task. The task dependencies are needed to be identified so that a project can be implemented in a planned manner. In order to achieve the project deliverables, it is essential to estimate the duration, effort sequence and dependencies in a task. This can be achieved by making use of proper scheduling tools such as Gantt chart (Walker 2015). Gantt chart can be prepared with the help of MS Project. Different scheduling tools are used in Greenhouse Construction Company for successful completion of the project.
The use of project scheduling tools in Greenhouse Construction Company helps in fragmenting the entire project in a number of smaller deliverables, which in turn helps in identifying the schedule impact of the project. The schedule impact associated with a project is evaluated on basis of the estimated project cost, the advances or the delays in the project, risks associated with the project along with the resource cost and the changes in the baseline (Heagney 2016). Thus, the use of project scheduling tools helps in identification of the schedule impact with the help of bar and Gantt charts and path diagrams of project implementation.
In context of the construction project, the schedule baseline can be described as approved project schedule or plan that cannot be further modified. The schedule baseline is mainly agreed by the stakeholders of the project prior to the start of the project. It is a fixed measure that helps in measuring the progress of a particular project (Nicholas and Steyn 2017). For communicating the schedule baseline to the stakeholders of the project, the Greenhouse Construction Company mainly make use of formal ways of communication such as a formal e-mail, conference and with regular status update of the project.
While the project is in its implementation stage, it is necessary to measure, record and report the progress of the project. For measuring and recording the progress of the project certain measures are taken by Greenhouse Construction Company, which includes implementation of a realistic project schedule (Nicholas and Steyn 2017). The project schedule is used to track and record the percentage of the work completed and the work that is yet to be completed (Burke 2013). For reporting the progress of the project, a formal communication channel is followed such as email and conferences. The progress report mainly consists for overall project status, identified risks and the decisions that are needed to be taken.
It is essential to set a baseline in a project in order to identify the progress of the project. The Greenhouse Construction Company sets the baseline of the project with the help of project scheduling tools. In order to identify the baseline variance, the Greenhouse Construction Company conducts an ongoing analysis throughout the project implementation phase (Lock 2017). The project progress is needed to be tracked constantly and the project schedule is needed to be monitored. The current data is compared with the planned data in order to identify the project variance.
Change management is an important aspect of project management. Any changes in a project have a large impact to the schedule of the project (Nicholas and Steyn 2017). The impact of a change on the schedule of the project can be forecasted to the project team by formal meetings. The project manager needs to formally accept the change request prior to the forecast of the impact of the change on the schedule.
There are a number of methods of reviewing the progress of the project throughout the project life cycle. For reviewing the progress a clear idea of the project, scope, purpose and the deliverables of a project is necessary (Pritchard and PMP 2014). The project delivery is controlled by managing the cost, risk and time associated with a project. Apart from that the details about the quality and change management of the project is needed as well. The methods that is used by Greenhouse Construction Company for measuring the progress of the project include development of milestone chart, development of S-Curve and development of exception report. The reviewing and monitoring of the project progress is associated with updating of the task or the project status. The agreed schedule changes can be implemented by updating the task status and by updating the project schedule.
The most appropriate process for responding to the potential and actual schedule change includes defining and implementing a change management system so as to assist the project team in facing the change requests associated with a project (Acebes et al. 2013). The proposed change management system must include proper record of the change request, planning the approved changes and implementation of the change request. Thus, every change request in a project must follow the process of identification of the impact and the traceability of the identified and implemented changes in the project.
The changes are needed to be implemented in a planned manner with the authorization of the project manager in order to maintain the project objectives. Once a change requested has been approve by the project owner, all the related project documents are needed to be updated for including the changes. The most important documents that are needed to be updated include risk register and baseline of the project.
Greenhouse Construction Company manages its time management activities in a planned manner. The effectiveness of the time management activities are determined by reviewing the schedule performance record of the project. The schedule performance records of Greenhouse Construction Company include incident logs, occurrence reports, Gantt chart, PERT chart, scheduling charts, list of variances and work breakdown structure. The schedule performance is reviewed by evaluating the major milestone, change of the key personnel and completion of the major deliverables of the project.
The time management issues that Greenhouse Construction Company might face include overcomplicated time management system, failure of delivering task within time and in accurate prioritising of the task (Nicholas and Steyn 2017). The suggested potential improvements for the Greenhouse Construction Company include identification of the accurate project scope. The company should ensure that the project plan and baselines are aligned with the project scope. It is essential to keep the time management documentation up to date to that it becomes easier to implement the changes in a project.
References
Acebes, F., Pajares, J., Galán, J.M. and López-Paredes, A., 2013. Beyond earned value management: A graphical framework for integrated cost, schedule and risk monitoring. Procedia-Social and Behavioral Sciences, 74, pp.181-189.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Lock, D., 2017. The essentials of project management. Routledge.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and technology. Routledge.
Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. Auerbach Publications.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
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