***MUST USE ATTACHMENT PROJECT TO COMPLETE ASSISGNMENT****
This is the final of three assignments.At this point, most communication issues have stabilized, and the execution process is producing deliverables. The sponsor, as well as the project team, are now focused on project performance and closure.
Write a 3–4 page paper in which you address the following:
Now that the project is in the execution process, summarize your project to date.
Describe 3–4 deliverables produced from the execution of your project.
Explain how project baselines are established and why they are important to EVM calculations.
Note: this relates to project control.
Explain how you assess the results (what is good, what is bad) when you do EVM calculations. Provide examples using 3–5 EVM metrics.
Note: this relates to project control.
Apply the PMBOK best practices to close your project.
Note: this relates to project closure.
List 3–5 lessons learned from your project. Provide examples.
Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citations, access the library.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Be sure to include a cover page and Sources list. Note: the cover page and Sources list is not included in the 3–4 page count requirement. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:
Develop a proposal to communicate project execution, control, and closure strategies to a specified audience.PROJECT MANAGEMENT 2
Week Nine Activity
3 March 2022
Schedule variance = earned value – planned value.
SV = $600 – $540
SV = $60
Cost variance = earned value- actual value
CV = $600 – $650
CV = -$50
Cost performance index = Earned value/ actual cost
CPI = $600/$650
CPI = 0.923
Schedule variance is an indicator that tells how ahead or behind a project schedule is. According to our SV of $60. It means that more work has been done than the scheduled, so our project is ahead of the schedule.
Cost variance is a performance measure that assesses a project’s financial performance. It compares the budget specified before the project started with what was actually spent. From our CV above which is negative $50. It means that our project is overspending and the project does not have enough excess funds to cover its overspending. It means that our project is over the budget by $50.
A cost performance indicator is a mechanism for measuring a project’s cost effectiveness and financial efficiency. It can also be used to tell whether a project is over or under the expected budget. This method is used to show that for every money spent on the project, it determines how much one earns and therefore tells how well the project sticks to the budget. From our CPI of 0.93, it tells us that our project is over the budget. It means that the cost requirements for our project are deemed to be less than favorable. From our CPI it means that for every $1 spent, we receive $0.93.
Project management body of knowledge argues that the project was successfully finished once the specified objectives were met and all associated activities were performed. It also argues that When compared to other kinds of management, project management is distinguished by the fact that projects are time or milestone constrained. Closing duties include obtaining client acceptance, archiving documents, terminating contracts, analyzing lessons learned, and celebrating accomplishment with colleagues. Closing a project entails a mix of assurances that all work has been finished. All agreed-upon project management steps have been carried out, and official acknowledgement of a project’s completion has been given, with everyone agreeing that it has been done.
Larson, E. W. (2020). Project Management: The Managerial Process (8th Edition). McGraw-Hill Higher Education (US)
Guide, A. (2001). Project management body of knowledge (pmbok® guide). In Project Management Institute (Vol. 11, pp. 7-8).6
27 February 2022
Project Management Process
The project is about a house construction because the present living condition did not meet the anticipated expectations. The first strategy taken to kick start the project is budgeting and listing all the materials needed for construction (Hickel, 2019). However, construction needs a huge financial investment and basing on the budget, the ultimate objective of moving to a completed house would not be accomplished. Construction needs significant planning and careful selection of material and due to the busy school schedule that would be quite a tussle. When selecting a communication plan, the major focus is its effectiveness and whether it would create a better understanding. An organization experiences significant challenges especially if they have failed to select a desirable mode which guarantees consistent results. Therefore, matrix communication should be selected and to ensure communication between the team members selected for the construction project.
A mile stone project is a more useful report because it indicates some of the basic achievements that have been accomplished. A milestone reports showcases the efforts incorporated to ensure that the ultimate goal has been achieved or the necessary plans are being made. The first milestone project which should be recognized is identifying the need for the construction. The milestone is significant since it helps in planning and decision making. The milestone will help one develop specific objectives which should be accomplished. It is a proof that the necessary plans are underway (Drobetz et al., 2018). Construction needs an excellent planning strategy to allocate some of the requirements which will be essential for completing the project. Another milestone for the project is creating a budget on the exact financial boost required. The sponsor depends on the financial breakdown to understand the financial support needed for the entire project.
The communication matrix is incorporated to ensure that information has been duly exchanged between the stakeholders and the project team members. The communication matrix summarizes some of the modes selected and the recipients for the information. The primary objective for using communication matrix is ensuring that all shareholders and relevant parties have been adequately informed of the ongoing construction processes. For instance, teleconference has been selected as a communication mode which would be used to disseminate messages to the stakeholders and the constructors on a weekly basis and the major focus is informing them about the project progress (Hickel, 2019). Teleconference has been selected to serve weekly because it does not transmit urgent information. It covers a follow up on the projects and its proceedings to the stakeholders. The communicatio
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