M03_Assignment
docx
keyboard_arrow_up
School
Ivy Tech Community College, Indianapolis *
*We aren’t endorsed by this school
Course
269
Subject
Industrial Engineering
Date
Jan 9, 2024
Type
docx
Pages
2
Uploaded by ChefMetal14531
Assignment
The purpose of this assignment is to check your understandings of the
readings from (Schwalbe).
You will use this knowledge gained in the
readings to display your understanding of Project Management Project
Methodologies.
Your responses will be graded on the content, grammar,
and citations. Refer to the grading rubric for further explanation.
Make sure you read each question thoroughly because there may be
multiple responses needed for the question.
Question 1: (points 15)
Planning Schedule Management requires sequencing the activities and
identifying the dependencies.
Describe what Sequencing Activities means
and what are the impacts of incorrectly sequencing the activity.
Describe
what establishing Dependencies
means to a project.
What are the impacts
if the dependencies are not identified in the beginning of the project versus
in the middle of the project timeframe?
Sequencing Activities is exactly what it sounds like. It is the order in which
a project team will tackle each of the parts of the project. This is important
to get right, as improper sequencing can lead to project delays and the
failure of the project. Establishing dependencies is the process of looking at
all possible dependencies, and using them to determine the order that tasks
should be tackled in. There are 4 main types. Mandatory, or hard logic, are
dependencies that are inherent to the work being done. Discretionary, or
soft logic, are defined by the project team and should be used sparingly.
External dependencies involve the relationship between project and non-
project activities, such as the delivery of hardware. Internal dependencies
involve relationships between project activities. If the dependencies are not
identified early there will likely be delays as you have to wait on parts of the
project that should’ve been started earlier, or there may be confusion as
something needed for one activity isn’t done before it is needed.
Question 2: (points 15)
Describe what a Critical Path is and how is it used for project scheduling.
What is Slack or Float?
Explain how to calculate the Critical Path.
Critical path is a network diagramming technique used to predict total
project duration. It is the series of activities that determine the earliest time
a project can be completed. It is the longest path through a network
diagram. Slack or float is the amount of time an activity can be delayed
without delaying the following activity or the project finish date. To
calculate Critical Path you must first create a network diagram, then
M03 Assignment - Knowledge Areas,
Schedule, Cost, and Quality
1
estimate the duration of each activity, finally you must add the durations for
all activities on each path through the diagram. The longest path is the
critical path
Question 3: (points 10)
Explain how to develop cost estimate and basis of estimates.
Define level of
accuracy in cost estimation.
In order to develop a cost estimate and basis of estimates, you must first
gather as much information as possible. This information should include
information about the project and how the estimate will be used. You must
also clarify any ground rules and assumptions for the estimate and
document it along with known constraints, identified risks, and the
confidence level of the estimate. The accuracy of an estimate falls into three
main categories: A rough order of magnitude is an estimate on total project
costs and is the least accurate; this has a range of -50% to +100% of the
estimate and is often used when making project selections. A budgetary
estimate is a more accurate estimate made for the purpose of allocating
money in an organization’s budget; this has a range of -10% to +25% of the
estimate. A definitive estimate is a very accurate estimate of project costs
used to make purchasing decisions in the short term; it has a range of -5%
to +10%.
Question 4: (points 10)
Describe how control thresholds are used in cost management
Control thresholds are the amount of variance from estimates and budgets
that is allowed before action is taken. These are in place to ensure that
costs don’t run over while still accounting for price fluctuations and
complications.
M03 Assignment - Knowledge Areas,
Schedule, Cost, and Quality
2
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help