Emergency Landing Device - Assignment Example

ELD Project Total Number of Words 296 Time Management To effectively manage and ensure a timely completion ofthe Emergency Landing Device (ELD) project, the application of time management theories such as work breakdown structure (WBS), the network based schedules (i.e. precedence diagramming method), program evaluation and review technique (PERT) diagram, and Gannt chart are all equally essential. Likewise, the different stages in the product life cycle model was also considered in the scheduling of each deliverable (i.e. initiating, planning, executing, monitoring and controlling, and closing) (Gido and Clements 10; Heldman 25). Work Breakdown Structure (WBS) Creating the work breakdown structure (WBS) is necessary not only in project planning but also when managing the project costs and scheduling (Schwalbe 198). Basically, the main purpose of WBS is to enable the project manager to group the work deliverables as identified in the project scope. In relation to the ELD project, the following is the work breakdown structure: WORK BREAKDOWN STRUCTURE (WBS) Precedence Diagramming Method (PDM) Precedence Diagramming Method (PDM) is basically a type of network-based scheduling technique whereby each task is being represented by either nodes or boxes; and that each of the identified tasks is being linked by the precedence relationship (Bullen, LeFave and Selig 317). Doing so enables the project manager to effectively present the sequence in each task that needs to be performed. Applicable to the ELD project, the following is the PDM: Program Evaluation and Review Technique (PERT) Diagram – Critical Path When it comes to pre-determining the required time to complete the ELD project, the process of conducting the Program Evaluation and Review Technique (PERT) analysis is necessary because it adopts the use of a three-point estimates. Other than trying to depict the presence of interrelated tasks, the PERT diagram can also be used when tracking the pre-identified tasks (DuBrin 203). The PERT diagram below shows the estimated time in each of the identified task (DuBrin 205). Basically, the estimated time was computed using the following formula: [(Optimistic Time + 4(Most Probable Time) + Pessimistic time]/6 Gannt chart Gannt charts are useful when it comes to the tracking the schedule or progress of the actual project (Gido and Clements 121). Based on the PERT diagram presented on page 5, the following is the schedule of the ELD project: Timeline Estimate Activity Resources The estimate activity resource was purposely conducted to determine the rough estimate of available resources and time required to complete certain tasks within the project schedule (Heldman and Mangano 88). Basically, this section aims to determine both human and non-human resources and quantities needed when scheduling the required work activities. As such, the following is the estimate activity resources of the ELD project: Human Resources Inputs Working Hours per Day (Hrs/day) Project Manager Manages & oversees the entire ELD project. Produce updated project reports to effectively manage the project management team. Research components required. 8 Systems Engineer Monitor subsystem design and integration. 8 Chief Financial Officer Handles and controls budgeting including the purchasing of needed materials. Obtain bids for manufacture of ELD. Select manufacturer and place orders. 6 Webmaster Create and manage the official website of ELD project. Prepare materials for the campaign. Place media advertisement. 12 Structural Engineer Responsible in designing the main structure of the subsystem. Coordinates with the CAD engineer for computer-assisted designs. 10 Manufacturing Engineer Responsible in overseeing the entire fabrication process. Assemble components. 8 Software Engineer Responsible in designing and implementing a software subsystem. 12 Testing Engineer Sole responsible in testing the devices or prototype for workability. Ensures that all devices affixed on the airplanes are safe and functioning well. 5 Aerodynamics Engineer Compute for load factors & aerodynamic scaling. 8 Safety Engineer Address issues related to safety concerns. See to it that all employees are safe within the work environment. 6 CAD Engineer Create and manages computer-assisted design processes. Come up with detailed resource or required components 8 Cost Management Cost management requires the process of controlling the project costs through budgeting. As such, it is necessary on the part of the project manager to make a rough estimate with regards to the cost of manpower, needed raw materials, services, equipments and facilities. As such, the following is the cost estimates for the ELD project: Human Resources Salary / Hr. ($) Working Hours per Day Working Hours per Month Estimated Monthly Salary ($) Project Manager 30 8 200 6,000 Systems Engineer 25 8 200 5,000 Chief Financial Officer 18 6 150 2,700 Webmaster 20 12 300 6,000 Structure Engineer 22 10 250 5,500 Manufacturing Engineer 21 8 200 4,200 Software Engineer 20 12 300 6,000 Testing Engineer 18 5 125 2,250 Aerodynamics Engineer 19 8 200 3,800 Safety Engineer 17 6 150 2,550 CAD Engineer 19 8 200 3,800 Total 47,800 Monthly Estimate ($) Estimated Cost of Manpower 47,800 Estimated Budget for Raw Materials 100,000 Estimated Budget for Campaign Materials 3,000 Estimated Cost of Media Advertisements 7,200 Miscellaneous 2,000 Total 160,000 As soon as the ELD project has started, the estimated monthly costs could vary depending on the additional manpower, raw materials, or equipments the project team members would decide to purchase. As such, the projected cost estimates between November to July are as follows: Monthly Estimated Expenses ($) Accumulated Monthly Estimated Expenses ($) November 160,000 160,000 December 230,000 390,000 January 460,000 850,000 February 180,000 1,030,000 March 2,650,000 3,680,000 April 1,600,000 5,280,000 May 820,000 6,100,000 June 465,000 6,565,000 July 105,000 6,670,000 Total 6,670,000 30,725,000 Between November to July, both the planned and expected earned value of ELD project is roughly $6,900,000. Below is the computation of ELD project’s planned and expected earned value: Monthly Estimated Planned Value ($) Accumulated Monthly Planned Value ($) November 200,000 200,000 December 300,000 500,000 January 500,000 1,000,000 February 200,000 1,200,000 March 2,500,000 3,700,000 April 1,500,000 5,200,000 May 1,000,000 6,200,000 June 500,000 6,700,000 July 200,000 6,900,000 Total 6,900,000 31,600,000 Monthly Estimated Earned Value ($) Accumulated Monthly Earned Value ($) November 200,000 200,000 December 300,000 500,000 January 500,000 1,000,000 February 200,000 1,200,000 March 2,500,000 3,700,000 April 1,500,000 5,200,000 May 1,000,000 6,200,000 June 500,000 6,700,000 July 200,000 6,900,000 Total 6,900,000 31,600,000 Based on this figures, the cumulative cost estimate of the ELD project is as follows: Monitoring and Cost Control Applicable to the ELD project, the process of monitoring and controlling the project costs through necessary budgeting procedure is necessary to ensure that the project can be delivered within the expected time schedule and available fund for the project. Even though the actual costs of the ELD project may vary along the way, creating an estimated cost baseline is essential so that the entire project management team can have a basis on how much fund the project sponsor has provided to allow them to develop ELDs that will provide more safety to the public. To ensure that the project manager will be able to effectively monitor and track down the actual cost of the project, it is essential to encourage the chief financial officer to habitually make use of a simplified budget tracking form. Using this form, the chief financial officer will be able to easily locate and identify unnecessary expenses that may occur along the way. A sample form was provided on page 12. BUDGET TRACKING FORM Schedule Variance Actual Costs Cost Variance Total Costs (Baseline $) Monthly Cumulative Monthly Cumulative November 160,000 December 230,000 January 460,000 February 180,000 March 2,650,000 April 1,600,000 May 820,000 June 465,000 July 105,000 Total 6,670,000 References Bullen, Christine V., Richard LeFave and Gad J. Selig. Implementing Strategic Sourcing. Zaltbommel: van Haren Publishing, 2010. Print. DuBrin, A. Essentials of Management. Cengage Learning, 2011. Print. Gido, J. and J. Clements. Successful Project Management. 6th Edition. Cengage Learning, 2012. Print. Heldman, Kim and vanina Mangano. PMP Project Management Professional Exam Review Guide. Indianapolis, Indiana: Wiley Publishing Inc., 2009. Print. Heldman, Kim. PMP: Project Management Professional Exam Study Guide.4th edition. Indianapolis, Indiana: Wiley Publishing Inc., 2007. Print. Schwalbe, K. Introduction to Project Management, Second Edition. Boston, Massachusetts: Course Technology Cengage Learning, 2009. Print. Read More