BUS 528 Project Management Assignment Chap 7,8&9 ideas

A project plan needs a step by step process and that includes all of the essential parts to accomplished on time. Most managers are only concerned about two things which are cost and deadline. To produce a realistic schedule there are five steps: step one, we create a work breakdown structure. step two, identify task relationships by using work packages. step three, bottom-up estimating--build a cost and schedule estimate for each work package. for example, cost estimates come from labor,equipment,materials,and fixed-price bids. step four, initial schedule by using the network diagram to determine the start and finish dates for each task. Gantt charts shows the schedule and the work breakdown structure. Time-scaled networks combines many tasks on one line. step five, assign and level resources by using limited people and equipment and raw materials. Realistic scheduling is to ensure timely and efficient completion of the project and it will require pre-planning, clearly communicated schedules and time-line milestones.

It takes time and effort to produce accurate estimates and there are different types of estimating techniques. Phased estimating breaks down the full product life cycle into phases. Only look at one phase at a time and allows the project to be directed by many small, informed decisions. Apportioning--top-down estimating use work breakdown structure start with a total project estimate 100%, then assigns a percentage of that total to each of the phases and tasks. Parametric estimating use statistic of the relationship between historical data and other variables such as square footage. Bottom-up estimating is the most accurate, estimate cost and duration of the lowest level tasks then roll up low-level estimates to determine project cost and schedule. Use estimates techniques to scope, plan and constrain the project conditions can reduce the risks and increase the success of the project rate.

Balancing should be part of the every project definition and planning activity, and involves reconsidering the balance between the cost, schedule, and quality of the product. Sometimes we have to make changes to keep project on track for its original cost, schedule and quality objectives. If it can't meet the goal, then we have to reexamined these three factors. If both are balance, but the firm has to choose which project to go to, then it will be out of manager's authority and will become enterprise level which might be government agency. There are so many ways to balancing at project level such as re-estimate the project,moving people to critical path, add people to project to reduce the schedule, increase productivity by using experts inside or outside the firm, take some parts of project out and give it to outside firm to manage it and work overtime. If the cost-schedule-quality still can't be achieved. we have to re-evaluated the business care of the project. For example, we reduce the scope, reduce profit margin. The project must aware of the realistic expectations and balance the project scope to avoid cost,schedule, and quality constraints.