Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Select a project based on the definition "A project is a temporary endeavor undertaken to create a unique product, service, or result" What project have you selected? Explain. Provide reasons for selecting the project. What kind of organization or industry does your selected project belongs to? How does the project you selected fit the definition of a project? Is your selected project constrained by performance, cost, or schedule ? Why or why not?
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- The procurement of products and services is crucial to project management, as it provides the resources needed to implement the project plan. This is the perfect time to go through how the procurement process works in the public and private sectors, and how it differs.arrow_forwardYou are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?arrow_forwardAny project's success hinges on accurate cost assessment. Explain the various tools and approaches that are used in the cost estimate process.arrow_forward
- Explain what the Project Plan is and why it is important. What elements comprise the project plan? Which elements of the project plan are the most important?arrow_forwardYou are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?arrow_forwardBased on the Mt. Kumar Road project in Grenada, critically assess in paragraph format whether or not the project was successful from the following viewpoints: a. Were the client(s) and/or users satisfied with the final project outcome(s)?b. Was the project completed on time, within scope, and on budget?c. Was the desired value or benefit realized for the organization?d. Did the project leadership demonstrate a broad commitment to financial, social, and environmental impacts of the projects?arrow_forward
- Provide a marketing plan that outlines the strategy, tactics, target audience for a project to promote an asset after completion.arrow_forwardWhat are the benefits and drawbacks of using a pre-existing model as a jumping off point for a project, as opposed to starting from scratch?arrow_forwardWhich of the following are major characteristics of projects? Choose all that apply. Has a defined life span with a beginning and an end Requires all project activities to be completed by the same team Has specific performance, time, and cost requirements Has an established objectivearrow_forward
- Describe the responsibilities of a business analyst in gathering and defining project requirements.arrow_forwardGiven a project with the following characteristics, answer the following questions:You are the project manager of a project to build fancy birdhouses.You are to build two birdhouses a month for 12 months.Each birdhouse is planned to cost $100.Your project is scheduled to last for 12 months.It is the beginning of month 10. You have built 20 birdhouses and your CPI is 9091. a. Assuming that the COST variance experienced so far in the project will continue, how much more moneywill it take to complete the project? b. If the variance experienced so far were to stop, what is the project's estimate at completion?arrow_forwardDescribe the role of a business analyst in the requirement analysis process and the skills and techniques they employ to ensure project success.arrow_forward
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