1. | Question : | (TCO B) Crashing Problem Using the network below and the additional information provided, find: (a) The crash cost per day per activity? (b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost? (c) What is the extra cost to crash the project? Activity | Normal Time | Crash Time | Normal Cost | Crash Cost | A | 5 | 3 | $300 | $600 | B | 3 | 2 | $250 | $450 | C | 6 | 4 | $400 | $500 | D | 5 | 3 | $150 | $400 | | | | Student Answer: | | a) Crash cost of A = (600-300)/(5-3) = $150; Crash Cost of B = (450-250)/(3-2) = $200; Crash Cost of C = (500-400)/(6-4) = $50; Crash Cost of D = (400-150)/(5-3) = $125 b) As per the above schedule, the activities on the …show more content…
(b) Describe the EVM process used to determine how far our project is ahead of or behind schedule. | | | Student Answer: | | a) Using the traditional method of assessing project performance, we would be able to see if we have been over or under budget and timelines, and we would only have this information once the project has been completed. However, with the traditional approach would not be able to effectively track project performance at a task level and at any given point in time. Due to this, decisions that may need to be taken during the project or identifying issues or project health during project execution is more difficult using traditional approaches than using the EVM process. b) The EVM process is based on tracking the schedule and cost performance at a task level on an on-going basis, that will help determine project task level and overall status with effective indicators that would help make project related decisions. In the EVM process, a baseline plan is made for project costs and timelines and then these are tracked against actual costs and work completion to find out the cost variances and schedule variances and cost and schedule indexes, that will help determine how the project is performing on these parameters. If the variances are in negative or if the indexes are less than 1, it means that the task or the project is behind on cost and schedule and
The answer can be found in the section “Republicanism and the Basis of Representative Democracy.”
b. The emperor Kangxi led the conquest of the island of Taiwan , home to Chinese and Japanese pirates, in 1681. Struggles with a new rival to the north and northwest, manchurians , led to constant conflict and extensive territorial gains for China.
The aim of designing this budget is to keep the tour cost effective yet beneficial for the “Parable” band. In designing the budget each and every element is selected very carefully to ensure the cost effectiveness of the tour. The total cost which will occur during the tour is £5850. It includes staff expenses, accommodation expenses, travel expenses and the promotional expenses. The total staff that will accompany the band during eth entire tour consists of 1 sound engineer, 2 technicians, 1 lightening engineer and street team to support the band. For this tour, an eligible sound engineer having required expertise needed for this tour is booked in £400. For technical support, 2 technicians are hired for £150 each i.e. together they will be paid £300. The lightening engineer is hired for £200 and street team consisting of 5 members is hired for £100 each i.e. in total the accumulated street team expense is amounting to £500 (Leonard,
EVM is used to support both cost and schedule control, and can be very useful in project forecasting. The objectives of an EVM process are to:
car plus $0.20 per mile (including gas). If you decide to go on a 300
Correct The production manager for the Coory soft drink company is considering the production of 2 kinds of soft drinks: regular (R) and diet (D). Two of her limited resources are production time (8 hours = 480 minutes per day) and syrup (1 of her ingredients) limited to 675 gallons per day. To produce a regular case requires 2 minutes and 5 gallons of syrup, while a diet case needs 4 minutes and 3 gallons of syrup. Profits for regular soft drink are $3.00 per
There are several reasons why various attributes of work processes in a software project should be measured. It provides a way to frequently see the amount of progress. It provides an early warning to possible problems. It provides a way to analyze the features and trends of the project. It allows a way to estimate the final cost and completion date of the project. It allows you to build a collection of historical data for comparison and analysis in future projects. Measuring the status of the project involves determining the current and cumulative value of various project attributes. The attributes should be measured which are very important for a successful project outcome include: effort, schedule, cost, performance, product features,
Once a project is begun, it is important for a project manager to monitor and control the execution of the endeavor. A project manager must observe and examine how the work is progressing, the costs, application of the resources required, and if the schedule is being sustained with the overall project plan. This is especially important when a project manager uses the earned value management (EVM) system to track and monitor an undertaking. EVM and variance management must have accurate material and labor costs accounted in order to be an effective tool.
Each project has unique and distinctive elements that must be addressed during the planning and execution of the endeavor. These elements become more heightened when an organization is implementing a new procedure or method for the first time. For this reason, an organization must be flexible to seek out support when problems arise and undertake novel approaches to amend processes. Six Sigma and earned value management (EVM) are innovative methods that assist organizations in expanding quality, monitoring a project effectively, and offering tools to improve customer satisfaction, cost effectiveness, and products and services.
Each project has unique and distinctive elements that must be addressed during the planning and execution of the endeavor. These elements become more heightened when an organization is implementing a new procedure or method for the first time. For this reason, an organization must be flexible to seek out support when problems arise and undertake novel approaches to amend processes. Six Sigma and earned value management (EVM) are innovative methods that assist organizations in expanding quality, monitoring a project effectively, and offering tools to improve customer satisfaction, cost effectiveness, and enhance products and services.
To compute the estimated cost of technology components of the project, we take the following into consideration;
Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results. With this method, one could easily be on time but overspend according to the plan. A better method is earned value because it integrates cost, schedule and scope and can be used to forecast future performance and project completion dates. It is an “early warning” program/project management tool that enables managers to identify and control problems before they become insurmountable. It allows projects to be managed better – on time, on budget.
I agree with to begin to collect reasons why EVM it is not used accordingly and based on that to build up the examples. My first opinion is that EV is an important concept on measuring the progress of the project, but not well explored as a significant tool and in such context, I think that by knowing why the EVM is not used properly can lead toward how to use it. There are cases that PMs know the concept but it is unusable for different reasons as well as there are many cases in which the concept is not known. So leaving apart the second case, in which the concept is not known because for my opinion this is the simple case, in my mere opinion, the reasons why the EVM is not used correctly or it can not be used can be grouped by:
For a project to be successfully completed before due dates and keeping budget under control optimum utilization of resources is necessary; however, these limits may sometimes surpass. A significant variance may be
Setting up logic between cost and activities: the logical process between the cost factors and related activities need to be established so that right rationalizes to do cost estimation correctly.