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Project Management(file one) - Essay Example

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Table 1 below on Cost Variance for new product launch, shows the required tasks to complete the deliverable for the shared drives work package were planned to be completed by March 2013and use 310 hours of work. The following tables indicate the progress of the required…
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Project Management(file one)
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Download file to see previous pages The activity is determined by Mean = (o + 4m + p)/6. Its variance will be given by activity (Variance) = ((p - o)/6)2. The value attained is the z-value which can be related in the z-tables to give the probability of completing the project in time (Phillips, 2004).
The CPM/PERT technique were used alongside the base lines for cost, work and schedule variances. The assumption taken was that the duration of activities was established with certainty. The realistic duration will make up to precisely as estimated (Oduwole, 2002). Nonetheless, in actual activities, this is impossible and several projects entail variability in activity times owing to factors like lack of previous experience, breakdown of equipment, erratic weather conditions. Besides, late supply of deliveries is an impediment. PERT analysis is applicable when activity durations are not known with precision. It constitutes three estimates of the activity duration as opposed to the single value analysis identified with CPM:
The base line conditions for this report assessed and evaluated the situation of work considering the baseline and actual reporting. For instance, a deviation in the original budget is captured and observed in the percentage of work covered, the budget allocation and the amount of work remaining. This is a useful piece to learn from since the project manager can read the variance with ease and try to correct any change in project scope (Oduwole, 2002). This is the significance of using project management techniques to monitor and evaluate work progress. Any work related delays will be easily identified and correction made by observing the cause of such changes (Heerkens, 2007). Similarly, the schedule can be monitored for deviation. The possible correction to schedule is to check on the capability of the manpower or work force (Cleland, & Ireland, 2006). If work is going slowly than expected, it may mean that ...Download file to see next pagesRead More
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