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Feb 20, 2024
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Project 3
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Project 3
CGS1103 Project Management – 60963
Instructor J. Ronald Leake
Hillsborough Community College
March 9, 2022
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Chapter 6 discussion question #5
A Gantt chart is a form of bar chart that shows the progress of a project. The start and finish dates of a project's terminal and summary elements are depicted using Gantt charts. The project's
work breakdown structure is made up of terminal and summary sections. Some Gantt charts additionally display the dependencies (or precedence networks) between activities. Using percent-complete shadings and a vertical "today" line, Gantt charts can be used to illustrate current timetable status. The Critical Path Method (CPM) allows for the determination of the project's Critical Path. From
start to conclusion, this is a sequence of activities through a project network. Depending on the workflow logic, there may be more than one Critical Path. Any operation on the Critical Path that is delayed will cause the entire project duration to be extended (without acceleration or re-
sequencing). This is referred to as a 'critical delay.'
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PERT - A project management tool that is used to schedule, organize, and coordinate tasks within a project is a PERT chart. Program Evaluation Review Technique (PERT) is an acronym for Program Evaluation Review Technique. Critical chain scheduling - In its broadest meaning, "Critical Chain" refers to a collection of project management methods and practices established through the application of Theory of Constraints Thinking Processes to the challenges of delivering projects with both speed and dependability.
Chapter 6 discussion question #6
It is critical to include slack time in your project because it is a smart approach to keep on track. Flexibility is a key project management tool because project managers understand that the unknown is something they can always count on. Project managers want to give themselves extra
time to complete their tasks because difficulties tend to arise at inconvenient periods. Individual task estimates that are padded cause project managers headaches. Extra time does not always equal success, and many students complete their work in the time allocated. There's also the issue of bloated job estimations being difficult to spot. The first step in incorporating safety margins into your project schedule is to employ a technique known as critical-chain scheduling. Buffers are added to the schedule to safeguard it against critical-path jobs being delayed. Typically, a project buffer is set to 50% of the critical chain period. When employing buffer and slack, ethical considerations include the usage of limitations,
incorrect logic, lags, or altered durations to disguise slack and duration padding. Using
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constraints inappropriately and exaggerating schedule margins is unethical in project management.
Chapter 7 discussion question #2
The practices required to ensure that a project team completes a project within an established budget are referred to as cost management. Cost management concepts aid in communicating the
project's return on investment, net value analysis, and other financial components to upper management in order to gain support and a better understanding of what's at stake for the company. Profits, which are revenues after expenses are deducted, and life cycle costs, which include total cost of ownership or development plus project support costs, are examples of cost management metrics. When costs or advantages are "concrete," they can be easily assessed in money, whereas
"intangible" costs and benefits, such as goodwill, prestige, or declarations of higher productivity, are harder to quantify in monetary terms. Direct costs are those that are directly tied to the project's products and services, whereas indirect costs are those that are indirectly related to the project's performance, such as power, paper towels, or other parts of running a huge building to give development space. Reserves are money added in a cost estimate to offer a safety net for unforeseeable future events (Schwalbe, 2007).
Chapter 7 discussion #5
To build a cost baseline, project cost budgeting entails allocating the project cost estimate to individual work items across time. For example, to allocate and track finances, you may need to
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break down costs into particular categories such as travel, compensation, and so on for each month.
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References
Schwalbe, K. (2018). Information technology project management (8th ed.). Boston, MA:
Cengage Learning. (Class Textbook)
Freeland, C. (2016). Four Ways Project Managers Can Stay On
Schedule. Blog.journyx.com. Retrieved 19 February 2016, from
http://blog.journyx.com/four-ways-project-managers-can-stay-on-schedule
(HCC Database)
Frese, R., (2003) – Project success and failure: What is success, what is failure, and how can you improve your odds for success? – Retrieved September 11, 2007 from http://www.umsl.edu/~sauterv/analysis/6840_f03_papers/frese/
(Google Scholar)
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