Project budget estimates | Management homework help

In this piece of work, you will be assessed based on the following outcome: 

This piece of work is designed to evaluate your ability to determine the impact that schedule management has on project success, including meeting the budget and keeping the customer happy. The purpose of this work is to learn Earned Value Management (EVM) concepts, which provide the project team with updated information regarding the health of the project. In this piece of work, you will learn the importance of managing the project to the schedule, budget, and scope. As the project manager, you will encounter many situations where scope is added, and it is imperative that you establish a change management plan. When time is the issue, two schedule compression techniques can be used: fast-tracking or crashing. To reduce the number of changes on the project, subject matter experts (SMEs) should provide the schedule and cost estimates. Working with the team, the project manager is committed to delivering the work on time, within budget, and to the customer’s satisfaction. However, the reality is that most projects will run overbudget and will fall behind-schedule. It is also common for the customer to be dissatisfied at some point during the project. Please note that the goal is to create a schedule management plan and cost management plan that guide the project team. By their very nature, plans are forward-looking, which means they help meet the goals and objectives of the project. It is imperative these plans are as accurate as possible, and thereby minimizing the number of changes down the road. 

For this piece of work, please provide comprehensive responses to the following questions: 

(a) By using an example, explain the type of project performance information that is useful to the team when determine if the cost, schedule, and scope baselines are on target. 

(b) Discuss the process by which changes to the project scope are managed. Why is it important to have a formal process? 

(c) Explain the following EVM results: Project A (CV = 400, SV = -700); Project B (CPI = 1.30, SPI = 0.74); Project C (CV = -850, SV = -450); Project D (CPI = 0.34, SPI = 0.18); Project E (CPI = 1.0, SPI = 1.0). In each situation, provide a plan of corrective action to the project manager, if any is recommended. 

(d) By using an example, explain why the project manager might place more emphasis on the schedule over the budget. In other words, how does schedule drive costs? 

Components 

● Title page formatted in APA 6th edition style with the following information: Title of the paper, your name, course number and section number, and date.

● A table of contents using the following headers: (a) Introduction, (b) Project Performance Information, Managing Project Scope, and EVM Results, Conclusion, and References.

● A minimum of three scholarly journal and textbook source references cited and credited according to APA 6th edition formatting style using a minimum of six in-text citations. Including:

Project Management Institute. (2017). A guide to project management body of knowledge (PMBOK® Guide) (6th ed.). Newtown Square, PA: Project Management Institute.

● The paper should be focused and to the point, containing between 600–800 words specific to the table of content items, excluding references.

By using an example, explain the type of project performance information that is useful to the team when determine if the cost, schedule, and scope baselines are on target. 10 points

Discuss the process by which changes to the project scope are managed. Explained why it is important to have a formal process. 10 points

Explain the following EVM results: 

Project A (CV = 400, SV = -700); Project B (CPI = 1.30, SPI = 0.74); Project C (CV = -850, SV = -450); 

Project D (CPI = 0.34, SPI = 0.18); Project E (CPI = 1.0, SPI = 1.0). 

In each situation, provide a plan of corrective action to the project manager, if any is recommended. 

15 points

By using an example, explain why the project manager might place more emphasis on the schedule over the budget. 10 points

Analysis (0-15 points)

Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Submission shows original thought. 5 points

Analysis includes proper classifications, explanations, comparisons, and inferences. 5 points

Critical thinking includes appropriate judgments, conclusions, and assessment based on evaluation and synthesis of information. 5 points

Writing (0-15 points)

Grammatical skills are strong with typically less than one error per page. Correct use of APA 6th edition.

5 points

Appropriate to the work, fresh (interesting to read), accurate, (no far-fetched, unsupported comments), precise (say what you mean), clear introduction and conclusion, and concise (not wordy).

5 points

Paper is in 12-point font, and double-spaced with a double space between. Paper is free of serious errors; grammar, punctuation, and spelling help to clarify the meaning by following accepted conventions. At least three scholarly journal and textbook sources are cited and referenced in APA 6th edition format.
Content is between 600–800 words specific to the table of content items (excluding references). 5 points

Total 75 points