CASE STUDY Your firm MS MACKAY LTD. won a project of €1,785,000 to build a 161kV/33kV sub-station. You have been selected as the project manager to lead the project team for the successful execution of the project. You are the project manager, there are a total of 8,400 hours of work schedule on the project. You made your checks with the accounting department, and they told you that you have spent a total of €1,144,000. According to the schedule, your team should have worked 5000 hours, but your foreman says that the team was allowed to work some overtime, and they have actually put in 5600 hours of work. A. Develop the activities sequence for the project in the CASE STUDY. B. Building the capacity of a project team is one of the responsibilities of a project manager. How would you balance your efforts to get the project done with your efforts to help team members use their work on the project to develop themselves professionally? Defend your answer. C. Explain the following types of contract in your own understanding i. Time and material – T & M ii. Firm fixed price – FFP iii. Fixed Price Incentive Fee – FPIF iv. Fixed Price with Economic Price Adjustment contracts – FP-EPA v. Cost Plus Fixed Fee – CPFF
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
CASE STUDY
Your firm MS MACKAY LTD. won a project of €1,785,000 to build a 161kV/33kV sub-station. You have been selected as the project manager to lead the project team for the successful execution of the project. You are the project manager, there are a total of 8,400 hours of work
A. Develop the activities sequence for the project in the CASE STUDY.
B. Building the capacity of a project team is one of the responsibilities of a project manager. How would you balance your efforts to get the project done with your efforts to help team members use their work on the project to develop themselves professionally? Defend your answer.
C. Explain the following types of contract in your own understanding
i. Time and material – T & M
ii. Firm fixed price – FFP
iii. Fixed Price Incentive Fee – FPIF
iv. Fixed Price with Economic Price Adjustment contracts – FP-EPA
v. Cost Plus Fixed Fee – CPFF
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