GM593 Determining Project Budget Estimates

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timer Asked: Feb 1st, 2019
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Question Description

(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?


Please follow rubric for more directions.

Unit 2 [GM593] Unit 2 Assignment: Determining Project Budget Estimates In this Assignment, you will be assessed based on the following outcome: GM593-3: Conduct Earned Value Management (EVM). This Assignment 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 Assignment is to learn Earned Value Management (E VM) concepts, which provide the project team with updated information regarding the health of the project. In this Assignment, 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. W hen 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 proj ects 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 Assignment, 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. W hy 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. ● The paper should be focused and to the point, containing between 600–800 words specific to the table of content items, excluding references. Page 1 of 2 Unit 2 [GM593] Directions for Submitting Your Assignment To submit your Unit 2 Assignment, go to the Unit 2 Assignment Dropbox link and follow the instructions. Make sure that you save a copy of each of the tools you submit. GM593 Unit 2 Assignment: Determining Project Budget Estimates Content 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. Discuss the process by which changes to the project scope are managed. Explained why it is important to have a formal process. 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. By using an example, explain why the project manager might place more emphasis on the schedule over the budget. Points Possible Points Earned 10 10 15 10 Analysis Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Submission shows original thought. 5 Analysis includes proper classifications, explanations, comparisons, and inferences. 5 Critical thinking includes appropriate judgments, conclusions, and assessment based on evaluation and synthesis of information. 5 Writing (0-15 points) Grammatical skills are strong with typically less than one error per page. Correct use of APA 6th edition. Appropriate to the Assignment, fresh (interesting to read), accurate, (no far-fetched, unsupported comments), precise (say what you mean), clear introduction and conclusion, and concise (not wordy). 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 sourc es are cited and referenced in APA 6th edition format. Content is between 600–800 words specific to the table of content items (excluding references). Total 5 5 5 75 Page 2 of 2

Tutor Answer

Doctor_Ralph
School: UC Berkeley

Attached.

Running Head: DETERMINING PROJECT BUDGET ESTIMATES

Determining Project Budget Estimates
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DETERMINING PROJECT BUDGET ESTIMATES

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A) Project Performance Information Cost, Schedule, and Scope Baselines
The cost is the basis of measuring, monitoring, and controlling cost baseline of the
project. In a software supply system upgrade project, the estimated travel expenses is premised
on the prevailing hotel, accommodation, and flight rates. In such a case, any increases in these
costs affect the project. The scope baseline for a software Supply upgrade project include the
deliverables such as designing, testing, training, and supply of upgrades to the servers and
software (Kerzner & Kerzner, 2017). Therefore, the performance information would those
information show how the quality of the project was achieved within the project constraints.
Project schedule involves creating a sequence of tasks using a WBS to ascertain the
rational associations between tasks. The WBS prioritizes the dependencies between the project's
tasks using performance information such as the activities, sequences, resource allocation, and
duration of activity schedule development and control of the inputs, tools, and outputs in the
project...

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Anonymous
Good stuff. Would use again.

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