Please respond to POST1: and POST2 with at least 150-200 words.
This responses requires knowledge of the conducted simulation in lesson 6 of the simulations. Therefore, I will give detailed instructions to the chosen tutor to be able to answer the questions / grant access to the already completed simulation for your reference.
Below are 2 separate posting feedback from the professor on the mistakes students are making and may help in forming a response to both POST1 and POST2.
Feedback for you based on what I have seen in the simulation so far and common things I am telling people in the class:
- If you have changes to your activities (slippages, trainings, etc.), you need to re-establish your baseline for schedule and budget. If you don’t do this, then how do you know if you need a budget increase or if you are falling behind schedule?
- Make sure you are reading your materials – the simulation grades you down for based on the % of documents and mail read.
- Remember from our discussions in the early lessons that your primary constraint is scope (cannot change), secondary is schedule (cannot be after June 30th), and your last is cost (this is flexible given the right reasons). Some of you are still making decisions inversely and thinking cost is most important
- Be smart about budget requests. Just like in real life, do not make multiple requests or ones that do not reflect your baseline. Also, you don’t win over friends in the finance department with multiple small increases or increases that your reserves will cover.
For Lesson 6, you are finishing up a lot of the decision pieces required to get your product out the door. Here are some elements to consider this week for the simulation:
Earned Value Analysis – knowing what elements are best used for reports (Remember, the status report is for senior management who only need to know the high-level details of the project. In general, it is best to limit a report for senior management to no more than two pages, preferably one.)
How to figure in unexpected charges in the VAC and EAC calculations (does it impact them or not? What is the calculation for each?)
What metrics do you use when someone asks about the overall status of a project (this goes beyond what you learned in Module 3 – the best two are your VAC and EAC)
Do you alter the contact information on the Japanese release with local contact information?
Good evening, Class.
The simulation this week was not as long or busy with emails and project activities; however, the questions about quality and project cost and schedule tracking were difficult for me.
Considering this week’s topic of quality control, it was not surprising that our simulation project ran into quality issues. Fortunately, I made the correct choice when asked about how to handle the extremely poor performance from Localization Limited. After listening to Claire Dwyre explain that she would put her most experienced staff on our project until the end and that she would make up for the lost time at no additional charge, I felt that giving a warning with notice of future penalties was most appropriate. Issuing a penalty for the first issue is not necessary, and often replacing a contractor can cause more harm than good.
I ran into trouble answering the questions about what metrics would be best for reporting the project status to Jason and the senior management. Even after reading the suggested sections of PMI (2017) I still made several incorrect choices for which materials and metrics would have been the best for progress reporting.
After I completed the simulation, I re-read PMI (2017) to understand better which metrics are best for various cost and scheduling analysis. The descriptions of CV, SV, VAC, EAC, BAC, SPI, and CPI are all used for tracking and forecasting; however, subtle differences indicate which is better for tracking current status versus calculating trends or forecasting how the project status at completion (part 1, sec. 184.108.40.206).
For example, CV and SV are excellent for tracking the current project status but do not necessarily predict how the trend of the project. However, the metrics used for current project status are used in the formulas to calculate VAC and EAC which are best for forecasting cost and schedule adherence at completion. Ultimately, all the metrics are interrelated, but it takes experience and skill to learn which ones are best to use for specific questions.
Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK guide) (Sixth edition.). Newtown Square, PA
According to the simulation, Cost performance index (CPI) and Schedule Performance Index (SPI) are tools used for forecasting cost performance and schedule performance in a project. CPI tells how much is being earned for each dollar is spent, and SPI indicates how well the progress of the project is in terms of schedule. These metrics are suggested for progress reporting.
The simulation explained the importance of performance reporting and what information to make available depending of the audience that the report is being presented to. For example, for upper level management, it is suggested to present an overall performance report with high levels of detail about project progress in under two pages of information that includes project milestone, budget summary, performance indices by brief summaries of CPI and SPI, to include risks critical to accomplishment of the project. The report must also include a forecast of final cost of the project up to date, by analyzing variance at completion (VAC) and the estimate at completion (EAC). PMI (2017, pg. 613) states that continuous monitoring provides the project team and stakeholders with insight into the project status and identifies any areas that may require additional attention. I believe continuous monitoring makes producing reports easily available as soon as reports are needed.
The simulation also explains about management reserves and how it affects the projectâ€™s final cost. The management reserves are funds set aside and are not part of the projectâ€™s cost baseline, instead, it covers unexpected cost, such as the unexpected training cost addressed in the simulation. Therefore, it will not affect the final cost of the project.
In the project Iâ€™m currently working at, reports are analyzed and discussed in a weekly basis, it includes all the metrics mentioned, as well as Gantt charts, the meetings involved upper management members and sometimes includes stakeholders. Every two weeks, the project manager and all section managersâ€™ brief all team members about project progress reports up to date, that includes Gantt charts, cost summaries, scheduling, risks and company standing. This event helps everyone to be aware of the projectâ€™s progress and motivates to keep doing the right thing to keep the project on track.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. Hoboken, NJ: Wiley
Project Management Institute. (2017). A guide to the project management body of knowledge: (PmbokÂ® guide). Newtown Square, PA, USA