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11Chapter10 - Assignment Example

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Monitoring refers to collecting, recording and reporting any information regarding all aspects of project performance that the project manager together with other members within the organization may wish to know. It is vital to note that monitoring as an activity should be…
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Assignment 11Chapter10
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Managerial Approach Managerial Approach Chapter 10a What is monitoring? Monitoring refers to collecting, recording and reporting any information regarding all aspects of project performance that the project manager together with other members within the organization may wish to know. It is vital to note that monitoring as an activity should be distinctly kept from controlling – which make the use of data provided by monitoring to bring genuine performance into imprecise congruence with prearranged performance – as well as from evaluation through which decisions are made about the effectiveness and quality of project performance (Meredith & Mantel, 2012).
Monitoring has additional functions that include auditing, getting to learn from past mistakes, and keep the top management well informed.
Routine reports and some problems associated with them.
Routine reports are supposed to be primed and submitted on issues required by the organization for the purpose of helping the organization management to take actions in the issues that are related to daily affairs of the business. The main aim of routine report is to make the management aware of the happenings within the organization, progress where there might be a deviation, and what kind of resolutions made in conjunction with solving the problem.
There are few problems associated with routine reporting; one is that data collected and submitted within the organization is neither complete nor accurate for the purpose of tracking outcomes or process performance across the entire organization. Secondly, systematic evaluation of data may be hit with challenges as a result of inconsistencies (Meredith & Mantel, 2012).
The purpose of earned value
The main purpose of earned value measures the entire organization performance by use of an aggregate performance measure which is the earned value. The earned value of performed work for any task in progress is obtained by multiplying the estimated percent physical completion of task for each task by the planned cost for those particular tasks. The result should be the amount that may have been spent on the activity thus far; this can then be paralleled with the actual amount that has been spent (Meredith & Mantel, 2012). Having a summarized estimate of the percent completion of any project without keen study of every of its work and tasks units is not sensible in a way.
Chapter 10b
Earned Value (EV)
Planned Value (PV)
Actual cost (AC) = cost * time
CPI - cost performance index
SPI - schedule performance index
CPI =EV/AC
SPI = EV/PV
cost:
Actual cost (AC) = cost * time
AC= 34000
cost=?
time = 5 months
if 1 day = 24hrs
30 days
30*24*5 =3600
let cost be y
34000 = y * 3600
34000= 3600y
y= 34000/3600
hence cost per hour = $ 9.4
on a monthly basis is = $ 6800
CPI = EV/AC
EV = $39000
AC = $34000
CPI = 1.15
SPI = EV/PV
EV= $39000
PV= $42000
= 39000/42000
SPI = 1.0
Reference
Meredith, J. R., & Mantel, S. J. (2012). Project management: A managerial approach. Hoboken, NJ: Wiley. Read More
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