Question 1 20 Pointsbased On Ideas Offered Inchapter 7 P ✓ Solved

Based on ideas offered in Chapter 7 – Project Scheduling: Adding the Time Dimension, as well as your own insights and experience, discuss at least five benefits a project team is likely to gain if members collaborate in developing a project schedule. Cite examples not presented in this chapter.

Based on your learning from Chapter 7 – Project Scheduling: Adding the Time Dimension, explain the relationships among project deliverables, work packages, and milestones as they would appear in a schedule.

Based on your readings in Chapter 8: Modifying Project Schedules to Accommodate Time and Resource Constraints, answer the following: 3a. Name at least two advantages and two challenges associated with fast tracking. Illustrate with examples other than those cited in the chapter and your own experience. 3b. How does the critical chain differ from the critical path? Offer an explanation in your own words with an example.

Show your calculations to arrive at solutions to these two problems: 4a. In month 9, the following project information is available: actual cost is $2,000, earned value is $2,100, and planned cost is $2,400. Compute the Schedule Variance and Cost Variance for the project. 4b. On day 51, a project has an earned value of $600, an actual cost of $650, and a planned cost of $560. Compute the Schedule Variance, Cost Variance, and Cost Performance Index for the project. What is your assessment of the project on day 51?

Comment on the statement: “We cannot afford to terminate the project now. We have already spent more than 50 percent of the project budget.” 5b. Assume the above project progresses through completion, but at the end, fails to meet its stated objectives. If you were facilitating the Retrospective for this project, what would you document as a Lesson Learned for future project teams?

Paper For Above Instructions

Project management is a complex endeavor that involves numerous moving parts, each of which must be meticulously coordinated to ensure a successful outcome. One of the critical components in project management is scheduling, as highlighted in Chapter 7: Project Scheduling: Adding the Time Dimension. This chapter emphasizes the importance of collaboration among project team members in developing a project schedule. This paper discusses five key benefits of collaborative scheduling, explores the relationships among project deliverables, work packages, and milestones, and examines fast tracking and critical chain concepts, along with necessary calculations and reflections on project termination.

Benefits of Collaborative Scheduling

1. Enhanced Accuracy: Collaborative scheduling allows team members to contribute their expertise and insight, which leads to a more accurate project timeline. For instance, developers can provide realistic estimates for coding tasks, while designers can inform about design dependencies. This collective input minimizes discrepancies between planned and actual progress.

2. Improved Stakeholder Buy-In: When team members are involved in the schedule development process, they are more likely to commit to the project timelines. This buy-in is essential for maintaining motivation and accountability. For example, if team members feel their work is valued in the scheduling phase, they are less likely to push back on deadlines later in the project.

3. Increased Flexibility: Collaborative scheduling encourages a more adaptable approach to project management. Teams can quickly adjust schedules based on real-time feedback and changing project conditions. For instance, if a particular task is behind schedule, team members can reallocate resources swiftly to address the issue.

4. Cross-Departmental Understanding: Often, projects span multiple departments. Collaborative scheduling fosters understanding among different teams about their interdependencies and constraints. For example, marketing and development departments can align their timelines to ensure product launches are well-coordinated.

5. Enhanced Communication: Regular collaborative sessions during the scheduling process promote open communication among the team. This ongoing dialogue can lead to problem identification early and a more holistic view of the project scope. For example, a communication platform may facilitate real-time updates and discussions around schedule adjustments.

Relationships Among Deliverables, Work Packages, and Milestones

In project scheduling, deliverables, work packages, and milestones are interconnected components that aid in structuring the project timeline. Deliverables refer to the specific outcomes or outputs that the project aims to achieve, such as a completed software application. Work packages are subsets of deliverables that encompass the tasks required to produce the deliverable. For example, for the software application deliverable, work packages could include requirements gathering, design, development, testing, and deployment.

Milestones serve as checkpoints in the project schedule that indicate significant progress towards the completion of deliverables. They help in tracking the project's timeline and can trigger evaluations of progress and resource allocation. For example, completing the requirements gathering work package could be marked as a milestone, signaling that the project is ready to move into the design phase.

Understanding Fast Tracking

Fast tracking is a technique used to expedite project timelines by performing tasks in parallel that would typically be done sequentially. There are advantages and challenges associated with this approach. One advantage is time savings; for example, conducting user training while the final software refinements are made can lead to an earlier launch. However, challenges include increased risks of rework. For instance, if user training occurs before finalizing features, it might necessitate additional training sessions later.

Another advantage of fast tracking is improved resource utilization, as team members can work on multiple tasks simultaneously. Conversely, this often leads to scheduling conflicts and resource over-allocation, which can strain team members and impact overall project morale.

Critical Chain vs. Critical Path

The critical chain and critical path are two distinct concepts in project management with different implications. The critical path focuses on the sequence of dependent tasks that determine the project duration, while the critical chain includes resource limitations and buffer times to manage project delivery. For example, if a project involves a construction timeline where securing materials is a bottleneck, the critical chain will account for delays due to resource unavailability, ensuring the project does not exceed its planned buffer time.

Calculations for Schedule and Cost Variance

To calculate schedule and cost variances, we apply the following formulas:

  • Schedule Variance (SV) = Earned Value (EV) - Planned Value (PV)

  • Cost Variance (CV) = Earned Value (EV) - Actual Cost (AC)

In month 9, the project details are: Actual Cost = $2,000, Earned Value = $2,100, Planned Cost = $2,400.

SV = $2,100 - $2,400 = -$300 (indicating the project is behind schedule).

CV = $2,100 - $2,000 = $100 (indicating a positive cost performance).

On day 51, with earned value = $600, actual cost = $650, and planned cost = $560:

SV = $600 - $560 = $40 (the project is ahead of schedule).

CV = $600 - $650 = -$50 (the project is over budget).

Cost Performance Index (CPI) = EV/AC = $600/$650 = 0.923 (less than 1 indicates the project is not managing its costs effectively).

Reflection on Project Termination and Lessons Learned

The statement, “We cannot afford to terminate the project now. We have already spent more than 50 percent of the project budget,” reflects a common misconception known as the sunk cost fallacy. Continuing a failing project due to past investment can result in further losses. Instead, it is crucial to evaluate the project based on future benefits and feasibility.

If the project progresses to completion but fails to meet objectives, documenting lessons learned is essential. Key lessons could include the importance of stakeholder engagement, the need for clear project objectives, and the necessity of ongoing monitoring and adjustments to the project scope. Such retrospectives foster continuous improvement and help guide future project teams toward more successful outcomes.

References

  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Control. Wiley.

  • Schwalbe, K. (2019). Information Technology Project Management. Cengage Learning.

  • PMI (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.

  • Meredith, J. R., & Mantel, S. J. (2017). Project Management: A Managerial Approach. Wiley.

  • Wysocki, R. K. (2019). Project Management Process, Technology, and Practice. Cengage Learning.

  • Holden, D. (2020). Effective Project Management. Springer.

  • Schmidt, C. J. (2019). Project Management for the Unofficial Project Manager. Berrett-Koehler Publishers.

  • Lock, D. (2017). Project Management. Gower Publishing.

  • Young, T. L. (2019). The Project Management Lifecycle: A Complete Step-by-Step Guide to Managing the Project Lifecycle. Kogan Page.

  • Heagney, J. (2016). Fundamentals of Project Management. AMACOM.