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Managing Projects - Essay Example

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MANAGING PROJECTS ASSIGNMENT NO TASK 1 By XYZ ID: 000000 Management of Projects Name of Professor University TABLE OF CONTENTS Section Title Page 1. Network diagram (using activity on node the node) 1 2. Timings of the Activities and Total Float 2 3…
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Managing Projects
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Download file to see previous pages Network Diagram (Activity on Node) 1 2. Network Diagram (Activity B is delayed by one day) 6 3. Network Diagram (Activity P is delayed by one day) 7 4. Network Diagram (Activity O is delayed three days) 8 LIST OF TABLES Table Title Page 1 Project Completion Date 4 Task 1 1. Network diagram (using activity on node the node) (Gido & Clement 2008) 2. Timings of the Activities and Total Float It was essential to estimate the duration and sequence of activities before a network diagram could be established to calculate the total float. For this purpose, information on amount of work and number of wok periods, types and quantities of resources and their availability was important. According to (PMBOK, 2004), a better way of handling this information is by using a project calendar and an alternative resource calendar. To estimate duration of each activity, list of all activities, duration estimating databases and other historical reference data which may be commercially available, project calendar from organization process assets, constraints and assumptions from the project scope statement that may impact amount and duration of work, estimates of resource requirements for each activity; human resources and material and equipment requirements are critical inputs to the process of estimating activity durations (Lock, 2007). Estimation of costs and identification of risks associated with each activity help is determining the activity durations with more accuracy closer to actual. Then from the information gathered above, techniques like parametric estimation, analogous estimation, three point estimation and reserve analysis could be used to more precisely estimate the duration of activities (Lock, 2007). In parametric estimation, a mathematical model based on historical records using regression analysis or learning curve is created when there is no information as to on what basis estimation is to be based. Analogous estimation uses a similar previous activity as basis to estimate the future activity. It is more widely used to estimate project durations rather than duration of a single activity when there is no much information regarding project is available. The probability of completing a project or activity on a single date is too less; therefore, in three point estimating, an optimistic, a pessimistic and most likely estimate is made for each activity and then activity duration is calculated either as average of these three or using a formula. When reasonable estimates of the project activities have been made, then reserve analysis is conducted to cater for risks of time and cost by adding contingency reserve and management reserve. The next process is to sequence activities into how the work would be performed considering their internal and external dependencies. The outcome of this process is a network diagram or a project schedule network diagram. In this report, we have used Precedence Diagramming Method (PDM) or Activity on Node where nodes are used to represent activities and arrows show their dependencies. In our case study, we have used finish to start relationship while constructing the network diagram to show dependencies between the activities. Now to calculate the total float, critical path method was used. Once the duration of activities have been determined, dependencies between activities have been established and network diagram has been created the next step was to calculate the earliest and latest an activity can ...Download file to see next pagesRead More
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