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MGT5IPM Project Governance Planning Assessment
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MGT5IPM Project Governance Planning Assessment
0 Download5 Pages / 1,179 Words
Course Code: MGT5IPM
University: La Trobe University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Write the Advantages and Risks of Selected & Rejected Methods.
Answer:
Cost & Schedule Tracking
Recommended Methodology
The methodology that has been recommended for tracking the project costs and schedule is Earned Value Analysis (EVA). It is a mathematical approach that is used to track the project performance by comparing the actual values with the estimated ones. The estimated schedule for the project is a total of 47 days. There is a duration allotted to each of the project activities and phases. The total budget estimated for the project is $200,000.
In the Earned Value Analysis and Management, the planned value (PV) of the project will be the estimated costs for the project. The Actual Cost (AC) of the project will be determined along with the determination of Earned Value (EV) (Waris, Khamidi and Idrus, 2012). EV is the value of the work that is actually performed. Cost Variance (CV) will be calculated from the values of EV and AC as EV-AC. The Schedule Variance will be calculated as EV-PV. The negative values of cost and schedule variance will indicate that the project is over budget and behind schedule respectively. This will allow the filling of the gaps, if any and will make sure that the costs and schedule is kept on track.
Justification for Selection
The method has been selected as it will allow the project to be kept on track by including the values of time, cost, and scope. The gaps will be identified at regular intervals which will allow the improvements to be made in the project. The Project Management will be required to track the values of CV and SV at regular intervals which will ensure continuous improvement in the project and will result in cost and schedule control (Wang, He and Zhao, 2014).
Advantages & Risks of Selected & Rejected Methods
Earned Value Analysis (EVA) has various advantages as it allows the project to be kept on track by including the values of time, cost, and scope. The gaps are identified at regular intervals which allow the improvements to be made in the project. The Project Management is required to track the values of CV and SV at regular intervals which ensures continuous improvement in the project and will result in cost and schedule control (Bovteev and Petrochenko, 2015). Quality is not a parameter that is taken in to consideration while performing the EVA which is one of the risks associated with this method.
There are other methods that may also be used to track the costs and schedule, such as Forecasting and Performance Reviews. The two methods do not provide a wholesome view of the project and may be based on a specific viewpoint or project area. The accuracy of the results may not be high. They may be successful for non-complex projects with small project teams.
Format & Structure of the Project Reports
The Project Manager, project team, and the Governance Board shall be provided with the project reports as status reports, project risks reports, project plan, cost & schedule monitoring reports, change reports, and closure reports. These reports shall have a defined structure and format.
The data sets that are used and presented in these reports shall be the actual values associated with the project. This will provide these entities to have a clear understanding of the project progress (Aliza, Stephen and Bambang, 2011).
The reports shall have the mandatory sections as
Title of the Report
Date & Time
Prepared By
Purpose of the Report
Objectives of the Report
Contents of the Report – Latest figures and values
Actions Proposed
These reports shall be uploaded on the SharePoint location and the contents shall be protected so that the information included in the report does not get exposed to the unauthorized entities.
Project Governance Board Meetings
The Project Governance Board Meetings shall be carried out at a weekly basis. The Project Manager must facilitate these meetings and shall send out an invitation in advance. The attendees of the Project Governance Board Meetings shall be CEO, Project Sponsor, Senior Auditor, Senior Project Manager, Project Manager, Program Director, and Business Analyst. These entities have been selected as the attendees of the meeting as they will be required to be provided with the project status and the set of conflicts. They will have the authority to take decisions for the project, recommend the changes to be made, and resolve the project conflicts.
The frequency of the meeting has been selected weekly because the entities will be involved in other projects as well and the changes recommended will be performed by the members of the project team in a week’s time.
Format & Structure of the CEO & Board Project Reports
The CEO of the organization and the Board shall be provided with the project reports as weekly status reports, detailed project plan, project conflicts report, performance reports, and project completion report. Any of the urgent risks and issues shall also be reported to these entities. The marketing report, energy consumption report, and environment sustainability report will also be submitted to these entities (Muller et al., 2016).
The data sets that are used and presented in these reports shall be the actual values associated with the project. This will provide the CEO and Board to make decisions and recommendations as per the details shared. The actual values will be needed as they will be required to be provided with the project status and the set of conflicts. They will have the authority to take decisions for the project, recommend the changes to be made, and resolve the project conflicts (Biesenthal and Wilden, 2016).
The reports shall be developed using the standard template followed by the organization and must include the following sections.
Title of the Report
Date & Time
Prepared By
Purpose of the Report
Objectives of the Report
Contents of the Report – Latest figures and values
Actions Proposed
There shall be use of graphical elements, such as charts and figures that must be done to enhance the level of understanding. These reports shall be uploaded on the SharePoint location and the contents shall be protected so that the information included in the report does not get exposed to the unauthorized entities.
References
Aliza, A., Stephen, K. and Bambang, T. (2011). The Importance of Project Governance Framework in Project Procurement Planning. Procedia Engineering, 14, pp.1929-1937.
Biesenthal, C. and Wilden, R. (2016). Multi-level project governance: Trends and opportunities. [online] Available at: https://dx.doi.org/10.1016/j.ijproman.2014.06.005 0263-7863/$36.00/© 2014 Elsevier Ltd. APM and IPMA [Accessed 20 Sep. 2018].
Bovteev, S. and Petrochenko, M. (2015). Method “Earned Value Management” for Timescale Controlling in Construction Projects. Applied Mechanics and Materials, 725-726, pp.1025-1030.
Muller, R., Zhai, L., Wang, A. and Shao, J. (2016). A framework for governance of projects: Governmentality, governance structure and projectification. International Journal of Project Management, 34(6), pp.957-969.
Wang, W., He, E. and Zhao, Y. (2014). Earned Value Analysis Application in Project Management. Advanced Materials Research, 971-973, pp.2494-2497.
Waris, M., Khamidi, M. and Idrus, A. (2012). The Cost Monitoring of Construction Projects through Earned Value Analysis. Journal of Construction Engineering and Project Management, 2(4), pp.42-45.
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