MGMT627 - Project Management GDB Solution Spring 2013
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MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:14 am
Discussion Question:
A project of constructing a building for a public office is going beyond the deadlines. In order to meet the deadlines, the project manager has decided to crash all of the remaining activities. Give your opinion whether it is a good decision or not. Discuss in the context of time and cost associated with the crashing.
Important Instructions:
1. Your discussion must be based on logical facts.
2. The GDB will remain open for 2 working days/ 48 hours.
3. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
4. Obnoxious or ignoble answer should be strictly avoided.
5. Questions/ queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
Ø For Detailed Instructions please see the GDB Announcement
A project of constructing a building for a public office is going beyond the deadlines. In order to meet the deadlines, the project manager has decided to crash all of the remaining activities. Give your opinion whether it is a good decision or not. Discuss in the context of time and cost associated with the crashing.
Important Instructions:
1. Your discussion must be based on logical facts.
2. The GDB will remain open for 2 working days/ 48 hours.
3. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
4. Obnoxious or ignoble answer should be strictly avoided.
5. Questions/ queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
Ø For Detailed Instructions please see the GDB Announcement
Victoria333- Monstars
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Re: MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:14 am
Time
A project's activities can either take shorter or longer amount of time to complete. Completion of tasks depends on a number of factors such as the number of people working on the project, experience, skills etc.Time is a crucial factor which is uncontrollable. On the other hand, failure to meet the deadlines in a project can create adverse effects. Most often, the main reason for organizations to fail in terms of time is due to lack of resources.
Cost
It's imperative for both the project manager and the organization to have an estimated cost when undertaking a project. Budgets will ensure that project is developed or implemented below a certain cost.Sometimes, project managers have to allocate additional resources in order to meet the deadlines with a penalty of additional project costs.
Scope
Scope looks at the outcome of the project undertaken. This consists of a list of deliverables which need to be addressed by the project team.A successful project manager will know to manage both the scope of the project and any change in scope which impacts time and cost.
Quality
Quality is not a part of the project management triangle, but it is the ultimate objective of every delivery. Hence, the project management triangle represents implies quality.Many project managers are under the notion that 'high quality comes with high cost', which to some extent is true. By using low quality resources to accomplish project deadlines does not ensure success of the overall project.Like with the scope, quality will also be an important deliverable for the project.
Last edited by lucky_5008; 24-01-2013 at 08:24 AM.
A project's activities can either take shorter or longer amount of time to complete. Completion of tasks depends on a number of factors such as the number of people working on the project, experience, skills etc.Time is a crucial factor which is uncontrollable. On the other hand, failure to meet the deadlines in a project can create adverse effects. Most often, the main reason for organizations to fail in terms of time is due to lack of resources.
Cost
It's imperative for both the project manager and the organization to have an estimated cost when undertaking a project. Budgets will ensure that project is developed or implemented below a certain cost.Sometimes, project managers have to allocate additional resources in order to meet the deadlines with a penalty of additional project costs.
Scope
Scope looks at the outcome of the project undertaken. This consists of a list of deliverables which need to be addressed by the project team.A successful project manager will know to manage both the scope of the project and any change in scope which impacts time and cost.
Quality
Quality is not a part of the project management triangle, but it is the ultimate objective of every delivery. Hence, the project management triangle represents implies quality.Many project managers are under the notion that 'high quality comes with high cost', which to some extent is true. By using low quality resources to accomplish project deadlines does not ensure success of the overall project.Like with the scope, quality will also be an important deliverable for the project.
Last edited by lucky_5008; 24-01-2013 at 08:24 AM.
Victoria333- Monstars
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Re: MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:15 am
Six stages of Project Management:
A project undergoes six stages during its life cycles and they are noted below.
Project Definition: This refers to defining the objectives and the factors to be considered to make the project successful.
Project Initiation: This refers to the resources as well as the planning before the project starts.
Project Planning: Outlines the plan as to how the project should be executed. This is where project management triangle is essential. It looks at the time, cost and scope of the project.
Project Execution: Undertaking work to deliver the outcome of the project.
Project Monitoring & Control: Taking necessary measures, so that the operation of the project runs smoothly.
Project Closure: Acceptance of the deliverables and discontinuing resources that were required to run the project.
A project undergoes six stages during its life cycles and they are noted below.
Project Definition: This refers to defining the objectives and the factors to be considered to make the project successful.
Project Initiation: This refers to the resources as well as the planning before the project starts.
Project Planning: Outlines the plan as to how the project should be executed. This is where project management triangle is essential. It looks at the time, cost and scope of the project.
Project Execution: Undertaking work to deliver the outcome of the project.
Project Monitoring & Control: Taking necessary measures, so that the operation of the project runs smoothly.
Project Closure: Acceptance of the deliverables and discontinuing resources that were required to run the project.
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Re: MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:16 am
Project management is very often represented on a triangle. A successful project manager needs to keep a balance between the triple constraints so that the quality of the project or outcome is not compromised.There are many tools and techniques that are available in order to face the challenges related to the three constraints. A good project manager will use appropriate tools in order to execute the project successfully.
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Re: MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:17 am
Managing Cost and Time
The following tips relate to both cost and time:
The following tips relate to both cost and time:
- Careful estimation - being able to estimate against clearly defined scope is the best way to go here, but we all know, that this is often not the reality. Fixed price, up front quoting can make this very difficult and we often have to work with what we have at the time. Use you and your team's knowledge of how long a task takes, refer to past projects. Know that you will most likely underestimate, so don't base everything on best case scenario, give yourself a little breathing room.
- Contingency time planning - be mindful of applying an adequate time contingency. This contingency should be based upon the level of detail of scope you have to work with, your knowledge of your organization and it's current level of resourcing, the size of the project and external factors that may impact upon the project, such as dependencies on other projects. Remember to factor in adequate review and approval times and keep in mind the more people involved in review and approval, the longer it takes.
- Track your project - know when your project is heading outside of your acceptable parameters so that you can quickly take action. The Project Plan is your key planning, tracking and managing tool throughout the project so make sure you look at it regularly and update it to reflect what is actually occurring.
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Re: MGMT627 - Project Management GDB Solution Spring 2013
by Victoria333 Sun Jun 09, 2013 6:18 am
The iron triangle as a way to explain the relationship between time, cost, and scope. If you change one of the three variables, the laws of project management say that one of the others has to change too. For example,
If you want to add scope, time or cost has to go up as well.
If you want to deliver in less time, you either need more budget or you need to reduce the scope.
If you want a less expensive product, you either need to reduce scope or reduce the time it takes to complete the project.
The iron triangle is a great tool to take to business meetings when hard decisions have to be made because it provides a framework, i.e., "here are the variables you must consider, but you can't change one with out affecting the others".
A classic example of using time, cost, and scope as a measure of a successful project is the Sydney Opera House, which went 16 times over budget and was 4 times more expensive to finish than originally planned. But the project was a big success for the people of Australia and at the same time a big failure from the project management point of view. But nobody remember the missed objectives.
On the other hand, the Millennium Dome in London was a project completed on time and on budget - but in the eyes of the British people was considered a failure because it didn’t deliver the awe and glamour that it was supposed to generate.
If you want to add scope, time or cost has to go up as well.
If you want to deliver in less time, you either need more budget or you need to reduce the scope.
If you want a less expensive product, you either need to reduce scope or reduce the time it takes to complete the project.
The iron triangle is a great tool to take to business meetings when hard decisions have to be made because it provides a framework, i.e., "here are the variables you must consider, but you can't change one with out affecting the others".
A classic example of using time, cost, and scope as a measure of a successful project is the Sydney Opera House, which went 16 times over budget and was 4 times more expensive to finish than originally planned. But the project was a big success for the people of Australia and at the same time a big failure from the project management point of view. But nobody remember the missed objectives.
On the other hand, the Millennium Dome in London was a project completed on time and on budget - but in the eyes of the British people was considered a failure because it didn’t deliver the awe and glamour that it was supposed to generate.
Victoria333- Monstars
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