Managing and Reporting Project Items (Scope, Timeline, and Budget)
The three aspects of a project, including time, scope, and budget, are the three most critical factors of implementing and completing the tasks. Since they operate in tandem with each other, they are referred to as the triple constraints. The figure presented below shows the constraints triangle and how they are intertwined to work simultaneously.
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When making changes to three constraints, there are a few considerations and steps that should be undertaken. These steps must be taken to understand that when the scope of the project is changed, it affects the other two factors that include time and cost. In this regard, the project manager must produce a scope statement with the items added or subtracted when making the changes. These items, also known as deliverables, are then broken down into small units called the sub-deliverables. The sub-deliverables should then be broken down into work packages that show the exact roles and undertakings that are added or disregarded in the project. When the overall changes concerning the work packages are identified, the manager should then determine the additional cost and time required to complete the new project description (Too, 2013). If the time cannot allow the project completion with the inclusion of those changes, the manager must increase the project’s cost to ensure that the original time remains. As such, the project changes should be made, bearing in mind that one or more constraints will change because of the changes that have been imposed on one of them (Indelicato, 2013).
Measuring and Reporting Cost and Schedule
When measuring and reporting the schedule and the cost of this project, it is crucial to use various indicators. This requires a methodology that involves the calculation of multiple items that have been presented in this list.
- BCWS-This indicator is referred to as the Budget Costs of Working Schedule.
- BCWP: This is an indicator that determines the Budget Cost of Work Performed.
- ACWP-This is meant to determine the Actual Cost of Work Performed.
- CPI-This is a quantitative factor used to determine the Cost Performance Indicator.
- SPI- The indicator is applied to determine the Schedule Performance Indicator. It is a crucial indicator of the determination of the cost account (Turner, 2010).
When the indicators are determined through the mentioned calculations, there should be a detailed analysis of the corresponding variances, especially targeting the amount that surpasses the agreed and stipulated thresholds. The indicators crucial because they give information about the nature of the project costs and time utilization. For example, when the CPI calculation indicates a measure that is less than one unit, it is concluded that the project is experiencing an overrun of cost. If the continuous measurement of CPI shows a decreasing trend, it should be noted that the overrun situation is becoming worse. On the other hand, increasing CPI indicates that the overrun condition is improving to the positive. When it comes to the schedule, the SPI is the most crucial factor. When it has a value that is below one unit, it is a clear indication that the project is not being performed within the scheduled time. However, it is essential to notice that this value does not indicate that the project execution is behind the stipulated time.
When it comes to the issue of managing quality, there three crucial inputs that are considered, including the environmental aspects, organizational assets, and the scope of the project; these factors are assessed during the project in order to ensure that the project is aligned in accordance with them. Having considered the three elements, there should be tools and techniques applied to ensure that quality is maintained. The tools include various undertakings, such as cost-benefit analysis, benchmarking, and detailed consideration of the cost of rate (Mir, 2014). Importantly, benchmarking is used to ensure that the project is designed in accordance with the experiences that have been incurred by other managers and personnel in a similar undertaking.
Reasons for Closure and Process Undertaken
When it comes to the closure of this project, there are many reasons as to why the undertaking should be conducted. First, a project is closed o formally in order to review the performance of the implementation according to the use of funds and its consistency with the schedule. This evaluation is essential to determine whether the project implementation followed the original stipulations (Levin, 2013). Second, the closure enables the implementers to assess whether the objectives have been fulfilled or not. In regard to the process, there are a number of elements that should be considered, including the recognition, using achievable standards, outlining the objectives, and documentation of the project, among other things.
The violation of the workers’ rights is a critical ethical issue that should be considered during project management. In response to the employees’ rights, the manager should pay them in accordance with fair rates (Jonas, 2010). Second, the maintenance of the health standards for the workers is another ethical issue. In this case, the manager should consider the improvisation of techniques and the use of tools that cannot cause bodily injuries to the employees. Additionally, projects are confronted by the issue of employing sub-standard and unprofessional employees. This is done to reduce wages because professional employees demand higher pay than the ones who are not trained. In relation to this, there is another ethical issue concerning the fairness of the project manager and supervisors towards the employees. In this case, some employees are favored over others. Some are allocated difficult tasks continuously, while others are given simple tasks to execute. This tendency is destructive because it reduces the commitment of the employees towards the projects and compromises the quality of work (Lappe, 2013).
Process Identification and Rationale
When executing the project, two processes can be used to ensure success. The first process is the constant use of the critical path that allows the minimum and sufficient time to complete a project. This ensures that the project does not use an exaggerated time limit, and the schedule does not compromise the quality of work. Secondly, the process will incorporate contingencies that offer alternative options when approaching issues. In this case, it is essential to have alternative paths to ensure that the project continues even when some factors change.
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Indelicato, G. (2013). Total Quality Management for Project Management. Project Management Journal, 44(4), 78-89.
Jonas, D. (2010). Empowering Project Portfolio Managers: How Management Involvement Impacts Project Portfolio Management Performance. International Journal of Project Management, 28(8), 818-831.
Lappe, M. (2013). Investments in project management are profitable: A case study-based analysis of the relationship between the costs and benefits of project management. International Journal of Project Management, 3, 237-298.
Levin, G. (2013). Project Management for Non-Project Managers. Project Management Journal, 44(5), 87-92.
Mir, F. (2014). Exploring the value of project management: Linking Project Management Performance and Project Success. International Journal of Project Management, 32(2), 202-217.
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Too, E. (2013). The management of project management: A conceptual framework for project governance. International Journal of Project Management, 5, 89-97.
Turner, J. (2010). Evolution of project management research as evidenced by papers published in the International Journal of Project Management. International Journal of Project Management, 28(1), 1-6.