Project Management Plan And The Proposed Steps (Essay Sample)
Scenario: You are the project manager responsible for a new building construction in northern Virginia. The building is worth $500,000 and will have five bedrooms, a kitchen, landscaping, and a two-car garage to be completed in two years. This was agreed upon in a firm fixed contract. During the execution (construction) of the building, you realize that the cost of materials have gone up by 10%, and your schedule is behind by 90 days due to delays from county inspections and permit processes. You also notice that if you continue with the current cost rate and schedule rate that the total cost to complete this house would be $600,000 and delivered three months late.
Submit a three-page report explaining the reasons for these variances from your original project management plan and the proposed steps on how you are going to control the cost and schedule to achieve the contract threshold of $500,000 to be delivered in two years. Your plan must include the following:
Address identifications of impacted activities with their cost and schedule attributes, remembering to account for contingencies.
Address explanations of the roles your project management team will play during the execution of your project management plan and how they will help you to control the issues that are arising during the project.
At the end of your essay, add a separate section entitled, “Reflections on My Learning.” In this stand-alone section, summarize what you have learned in doing the research, reading the textbook, and reading the written lessons in regard to project management and how it impacted your decisions in this essay.
Refer to the execution and control process examples in the Handbook of project-based management: Leading Strategic change in organizations textbook, Chapter 17. Include at least one additional source to support your ideas, thoughts, and theories. Use APA format to document your sources in-text and in your “References” list at the end of the essay.
Project Management Report Concerning Case Study
Project Management Report regarding Case Study
It has been observed from the past literature that project management is a systemic process. In addition, a project plan is composed of different stages that are shaped and practiced accordingly (Too & Weaver, 2014). For instance, the initiation phase is designed for collecting relevant information and delivering the scope of a project. Then, planning and schedule management is exercised by the project team so that all the relevant activities are noted and synchronized accordingly (Grover & Froese, 2016). Ultimately, the execution process is experienced that gives rise to control and closing of a project. However, a variance can be experienced in the execution and estimation of the plan (Turner, 2014). Variance is referred to as the change in actual and estimated processes. In response to this, the following study will demonstrate variance for a construction project.
Initially, a fixed contracted was practiced to deliver a building with five bedrooms, a kitchen, landscaping and a two-car garage under $500k. On the contrary, the cost of materials is raised to 10% due to political reasons. Besides, the project is already lagging with 90 days. Subsequently, a variance reported is needed to be presented to the contractors so that reasons can be highlighted for the variance in the budget and schedule of the project.
Variance is referred to as the tendency of change in actual and planned action. The variance analysis in project management is defined as a technique that demonstrates the cause and tendency of difference between estimation and actual outcomes (Whyte, Stasis, & Lindkvist, 2016). In other terms, variance analysis identifies the reason for a deviating outcome. Also, it helps the project team to address the deviated outcome by presenting possible solutions and lowering the degree of variances in the plan (Grover & Froese, 2016). For this project, estimated budget and schedule has deviated. So, the following action plan can be considered for demonstration of reasons and receiving the consent of the contracted party for working under the deviated condition.
Action Plan for Variance in Budget and Schedule
At first, the completed tasks are to be reported for determination of the remaining budget and its deviation. After this, the spending and budget need to be synchronized. The next step is to determine the impact of change in cost on the project. For this, the changed cost of resources is to be listed and prepared for a demonstration to the contractor. Once the deviated cost is determined, the scope of the project requires a critical review. This review will result in scrutinizing of irrelevant costs and cost-saving from other possible actions. Another significant action is to survey alternates in the market. In addition, negotiation with the vendors can also help in this task. After the completion, of relevant information, scrutinized activities and re-negotiated sessions with the vendors a new plan
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