Question
Project Management
This
assignment for : Project Management Techniques Dear Writer, Read the file
attached carefully. Now we are in week 2 and you must write a post based on the
discussion questions asked and reflect what you write on the same scope of the
question. Please add a title to the assignment. This is
urgent please submit it asap. thank u. attached to you:
1- The main Module book.
2- The case study.
3- The instructions file. if
you need any clarification please let me know.
Expert Solution
The
present state of the project under review indicates a significant time variance
which translates implications to cost. The initial time for the termination o
of the project was 6th August 2010. However, the project has
currently overstayed. The delay in the project is therefore due to tasks 10,
12, 13, 15, 16 and 17 which are yet to be completed.
|
Cost
Variance |
Actual
cost – Budgeted cost |
116680-110480=6200 |
|
Time
Variance |
Actual
time – Projected time |
202-130.34
= 72.66 |
There
is a palpable distinction between the actual figures and the projected figures
which is going to translate into a discrepancy in cost, hours and duration of the
entire project. The time lag from beyond eighteenth August as a result of the
delay would imply higher project costs for the organization (Portny, 2019). The
remaining projects are likely to go beyond September implying an extra month in
the anticipated project duration (Portny, 2019). Furthermore, the entire costs
of the project are also bound to increase whereby the estimation being the
increase in the average monthly cost of the project so far (Portny, 2019).
Furthermore, the work hours for the individuals involved might be subjected to
overtime due to the resultant pressure from the need to complete the project
available(Project Management Institute, 2017). This further translates to
higher costs as the overtime will be a variable cost per every involved worker
and the organization will have to incurred.The project manager should therefore
first devise a reliable strategy for the entire process to ensure time and cost
conservation of the process to prevent further extension beyond the projected
timeline. Furthermore, the project manager should increase the number of
workers with expertise to ensure that the deadline is met appropriately and to prevent
further disparity in the project timeline for the individual. Therefore, these
set of strategies and recommendations would actively mitigate the entire outcome
of the project. How can the arising
variances be mitigated?
References
Portny, S. (2019). Project
Management for Dummies. 5th ed. Hoboken, Nj: John Wiley & Sons, Inc.
Project Management Institute (2017).
A guide to the Project Management Body of Knowledge: (PMBOK® guide). 7th
ed. Newtown Square, Pennsylvania, USA: Project Management Institute.
Tinnirello, P. (2019). Project
management. 1st ed. Boca Raton: Auerbach.
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