cepm504_course-project_LenoraAsanova.

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COURSE PROJECT Using Earned Value Management for Project Managers Part One: Create an Action Plan for Effective Meetings As you have seen in this module, it’s critical for project managers to plan, schedule, and run effective meetings, yet it’s not uncommon for team members and contributors to resist attending. You will now create an action plan to guide your efforts on the job so that you can plan to get the best value out of meetings and make sure they serve your projects well. Answer the following questions, using as much space as you need. 1. Implementing Project Control: Describe how you think you can use project meetings as one of your key implements of project control. The discussion topics should be precisely defined so all project team members know the status updates on the project issues and numbers they should be prepared for to present. Each meeting should be concluded with the solutions to each problem that arose during the life cycle of the project. 2. Key Business Problem(s): Identify one problem regarding your project meetings that you hope to resolve. What is one goal that you need to achieve more effectively through meetings? Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 1

The meetings should end with the plan of actions or plan of corrections to the issues. The outcomes of the meetings should be outlined and sent out to each meeting participant. 3. Strategies: Identify which strategy or strategies from this module you plan to use to improve your results. The key idea of the module was “to minimize the gaps between plans and execution” and the meetings are one of the key instruments in project controls to achieve it. Additionally, there are measurements that help to crunch the numbers to understand if something is off the track in the project. 4. Steps: What are the specific actions you will take to bring about better results in planning and executing meetings? Be as specific as you can in outlining how you will proceed. Each meeting has to have a list of items that’ll be discussed and it should be communicated prior the meeting so all participants are ready in advance to discuss the agenda. The right audience should be invited to the meeting, the meeting participants and their work should relate to the agenda that’ll be discussed. All meeting attendees have to take a part in discussion and solution-making process to achieve the objectives of the meeting. All meeting objectives and outcomes should be outlined and recorded. The meeting records should be sent out to all participants as it helps to keep all team members on the same page. 5. Timeline: Identify a timeline for implementation. What will you do (or will you have your project team do) in the next month? Over the next quarter? My estimate is 10 meetings to allow the room for improvement on all steps in q. 4. The steps for improvement will be based on the meeting records and feedback from the team. 6. Measurement/Results: How are you going to measure your results or demonstrate that your efforts have had a positive impact? Outline your measurement strategies here. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 2

The best indicator to demonstrate the positive impact is success of the project. If the team members stay on the same page and move along in implementing the solutions for the projects, it means that the goal of the meetings is achieved and communication is done efficiently. The team’s work outcomes are the best demonstrator of the results. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 3

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Part Two: Calculate Planned Cost, Actual Cost, and Earned Value In this part of the course project, you will work with an existing budget from a completed project. You can choose any budget: one from your past work; one from another position; one that another project manager created, if you are not currently in a role in which you typically create budgets yourself; or one from a project outside of your current position. You may attach your budget at the end of this project if you choose. Answer the following questions, using as much space as you need. 1. For this particular project, what were the total planned costs? Describe briefly the process used to arrive at a planned cost estimate. The project was to remodel the house. The planned cost was $749,100. The planned cost estimate was determined by using Top-down budgeting approach by general contractor. General contractor’s estimate was determined based on the previous projects with the similar requirements. 2. What were the actual costs? If there was a variance, what do you think caused it? Explain briefly some of the key reasons you think there was a variance between planned costs and actual costs. There was a variance of $20,000 in plumbing work activity. The completion of this activity required additional $20,000 in cost due to unforeseen circumstances which arose during pipe installation. Additional pipe lines had to be renewed to proceed with installation of the appliances. Additional task was added which incur additional material and labor costs. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 4

3. Examine this past project budget through the lens of resource scheduling and project duration. We know that cost variance has implications for the schedule and for the project’s time to completion. Were there signals in place that indicated to you that based on cost variance, the project schedule would be affected? Describe what you observed (or, alternately, what you wish you had observed). There was a delay in the begging of the next task. The detection of the old pipe lines didn’t just result in the increased project cost, it also resulted in delays of the whole project. 4. Referring to the work that was done on any completed project: go back to your project schedule and choose a date midway through the project. What was the planned value at that point in time? Alternately, if you don’t have access to the data required to answer this, describe in your own words how you would go about computing planned value for any hypothetical project midway through completion and how doing so would help improve your practice of project management. Additional due diligence work had to be performed to check the year the house was built in and plan ahead for additional work by budgeting the additional cost into the initial planning. Also, the project schedule was supposed to be longer. The longer the activity takes to be completed, the more cost it incurs, which means the planned value increases. 5. Refer to any current project underway and its budget. What is the earned value as of today? Alternately, if you don’t have access to the data required to answer this, describe in your own words how you would go about computing earned value for any hypothetical project midway through completion and how doing so would help improve your practice of project management. The earned value is calculated based on the work that has been done at a certain point of time. In this example, the problem is signaled by low earned value and high actual cost. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 5

Part Three: Forecast Project Cost Answer the following questions, using as much space as you need. Refer back to the sample project examined in module two and imagine that everything is executed perfectly. Imagine that you have just now come to the end of time period 16. Activity 4-5 is now complete as scheduled, and Activity 3-6 has also just completed, two periods ahead of schedule. Imagine that Resource A cost $6,000 for each period it was active on Activity 3-6: 5 periods, not the 7 periods at $5,000 per period expected. You are now ahead. In answering the questions below, remember that Resource A has a planned cost of $5,000 per period of use, and Resource B has a planned cost of $3,000 per period of use. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 6

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1. What is the cost variance? Expected cost: $5,000 X 7 periods = $ 35,000 Actual Cost: $6,000 X 5 periods= $30,000 Cost Variance = $35,000 - $30,000 = $5,000. Or we may calculate it this way: Planned cost 1-2: 9 X $5,000 = $45,000 1-4: 2 X $5,000 = $10,000 2-3: 3 X $3,000 = $9,000 4-5: 5 X $3,000 = $15,000 3-6: 7 X $5,000 = $35,000 5-6: 9 X $5,000 = $45,000 Actually activity 3-6 was 5 X $6,000 = $30,000 This is how much work we actually achieved: $114,000 ($45+$10+$9+$15+$35) It cost us to do: $109,000 ($45+$10+$9+$15+$30) Cost Variance = $114,000-$109,000 = $5,000 (positive = under budget) 2. What is the new forecasted total cost at completion if you use Method 1? The total planned cost - $159,000 $159,000-$114,000 = $45,000 worth of work remaining $45,000+$109,000 = 154,000 – forecasted cost of the project We are ahead of schedule and under budget, now the project is estimated to cost $154,000, not $159,000 as it was initially planned. $5,000 variance. 3. What is the new forecasted total cost at completion if you use Method 2? CPT = $114,000/$109,000 = 1.046 $159,000 / 1.046 = $ 152,007.65 – estimate for the final cost for the project. Using Earned Value Management for Project Managers Cornell University College of Engineering © 2022 Cornell University 7

cepm504_course-project_LenoraAsanova.

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