Rules on using templates. MECH 896 Professional Development for MEng Students. Assignment #6A: Questions. Homework Discussion

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1 MECH 896 Professional Development for MEng Students Mohamed Hefny and Brian Surgenor and Rules on using templates 1) Must reference the template used 2) Use only outline and structure. 3) All wording must be your own (any document). Winter 2015: Lecture #6 Project Cost Management Homework Discussion Assignment #6A: Questions Submit written answers to following questions and be ready to discuss them in class. 1) Identify the challenges health crises control projects face. 2) State involved stakeholders in health critical projects. 3) Based on the case studies, discuss the keys to success in such project. 3 Assignment 6B: Questions 1) Compare Portfolio, Program, and Project Management. 2) Identify the project process groups and discuss their interactions. 3) Name the Project Management Knowledge areas. 4) List the essential components of a project charter. 5) Define the WBS dictionary. 6) List precedence relationships in PDM. Project Cost Management 6 1

2 Plan Cost Management Cost Management Plan Units of measure Level of precision Level of accuracy Control thresholds PMBOK Estimate Costs Cost Estimates Rough order of magnitude (ROM) Make vs. buy Buy vs. lease PMBOK Three point Estimating Determine Budget Most likely (cm) Optimistic (co) Pessimistic (cp) Triangular distribution ce = (co + cm + cp)/3 Beta distribution ce = (co + 4cM + cp)/6 11 PMBOK

3 Project Budget Components Cost Baseline, Expenditure, and Funding Requirements PMBOK PMBOK Control Costs Earned value management (EVM) Key dimensions Planned value (PV) Earned value (EV) Actual cost (AC) Variances from approved baseline Schedule variance (SV = EV PV) Cost variance (CV = EV AC) Scheduled variance index (SPI = EV/PV) Cost performance index (CPI = EV/AC) PMBOK Earned Value, Planned Value, Actual Costs Forecasting Budget at completion (BAC) Estimate to complete (ETC) Estimate at completion EAC = AC + ETC EAC forecast for ETC work performed at the budget rate EAC = AC + (BAC EV) EAC forecast for ETC work performed at the present CPI EAC = BAC/CPI EAC forecast for ETC work performed considering both SPI and CPI EAC = AC + [(BAC EV)/SPI * CPI)] PMBOK

4 To Complete Performance Index (TCPI) To Complete Performance Index TCPI based on BAC TCPI = (BAC EV) / (BAC AC) TCPI based on EAC TCPI = (BAC EV) / (EAC AC) 19 PMBOK Variance Analysis Basic EVM Calculations Cost Variance CV = EV AC Schedule Variance SV = EV PV Variance at Completion VAC = BAC EAC 21 Practice Standard for 22 Interpretations of EVM Measures Independent EAC Assumptions and Calculations Practice Standard for 23 Practice Standard for 24 4

5 EVM as it relates to PM Bicycle Project Data by WBS as of Period 6 Practice Standard for 25 Practice Standard for 26 Bicycle Project Data Summary Practice Standard for 27 Practice Standard for 28 Practice Standard for 29 Practice Standard for 30 5

6 Practice Standard for 31 Practice Standard for 32 Practice Standard for 33 Practice Standard for 34 Drill down of Contributing Variances Variance Analysis Report Part 1 Practice Standard for 35 Practice Standard for 36 6

7 Variance Analysis Report Part 2 Exercise: The Fence Project A friend has asked you to manage the project if building a new fence around the perimeter of her small farm that consists of 4 equal sides. Each side will cost $5,000 and take two days to build. The plan is to complete sides in sequence. Today is the end of day 5. Use the project status chart below to calculate the EVM components. Analyze the results and discuss it with class. Practice Standard for Exercise: The Fence Project Exercise: The Fence Project Task Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Day 8 Status Day 5 Side 1 Side 2 Side 3 Side 4 AS _ AF _ PF AS _ PS _ AF _ PF AS _ PS PF PS PF Complete Spent $3,500 Complete Spent $5000 ¾ Done Spent $3750 Not Yet Started PV EV AC BAC CV CPI SV SPI EAC ETC VAC Value Analysis Assignment #7 (for class Mar 3) Read the PMBOK Chapter 7. Within one page answer the following questions and submit your answers as FirstName_A7.pdf Homework 41 7

8 Assignment #7: Questions Submit written answers to following questions and be ready to discuss them in class. 1) Define three point estimating and its elements. 2) State the usage of reserve analysis. 3) List the key variables in EVM. Reference 1) A Guide to the Project Management Body of Knowledge (PMBOK ), Project Management Institute, ) Practice Standard for Earned Value Management, Project Management Institute, Deliverables Class Project Multinational Bank Information Technology Infrastructure Develop a cost management plan based on your reading on Cost Management in the PMBOK, add any additional components that can positively contribute to the final project plan. For any cost components, you must get quotes from the internet, including shipping and handling for each country. If you got your quotes in different currencies, then you have to get exchange rates as well. For man hour rates, get rates from the internet and document the sources. Hand in the Project Cost Plan before the lecture class next week, and keep a working copy for your final project. Submit your deliverables as a PDF file named as FIRSTNAME_P03.PDF. Your file must include a cover page. It recommended to start preparing slides for your final presentation, but they are not required until the end of the course. 45 8

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