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Chapter 5 Sheet Music
Question 2
Scope Creep is the continued reassessment and change of a projects original specification. S creep can be both useful and dangerous. Scope creep is useful when:
1. Scope creep creep can allow allow new ideas to to be included included in the project project resulti resulting ng in a better better fin project 2.
Scope creep can help the project produce results better than what the customer had anticipated
Scope creep is dangerous when:
1. Scope creep creep ends up delaying delaying project projects, s, throwing throwing off time time lines lines and eventuall eventually y cance a project 2. Scope Scope creep creep can can run a projec projectt way over budget budget 3. Scope Scope creep creep can turn turn a workable workable proje project ct into into ciaos ciaos
In the Bradley Fighting Vehicle case scope creep was very evident. The original specificatio
the Bradley design were much different than the final vehicle the army received. For examp ex amp original specifications included the capability to transport an entire infantry squad which people while the vehicle produced could only transport six personnel. There were several
changes over the course of the production of the Bradley vehicle because there was failure w
the army to come to a definitive agreement on the role the Bradley was wa s to play. When there Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title app confusion within a project and no general consensus on the project goal scope creep can & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
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Organizations may refuse to freeze design specifications for valid reasons because they coul
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Question 6 Sheet Music
An argument for scope reporting mechanisms:
1. Scope reporting mechanisms encourage solid communication between all parties on project 2.
They provide cost status with updates on budget and performance through the means an S-curve, EV report, or variance or exception report
3. They provide schedule status on a project and 4. The provide technical performance status reports
The types of reports necessary for document control are all reports as document control is a
of making sure anything contractual or legal is documented and distributed to the appropriat
people. For example such reports as schedule status, technical performance and cost status w
You're Reading a Preview updates on budget performance would be important to project clients, members of the projec Unlock full access with a free trial.
team, top management and other groups in the organization affected by the project. These re Download With Free Trial would also be of interest to stakeholders who have interest in the project development.
Chapter 5 – Case Study Question 1 In this particular case funding is a key element. Without the adequate funding there is no
statementsemester of work. Once funding obtained I would review bids of engineering designs t Master your withwas Scribd Read Free Foron 30this Days Sign up to vote title & The New useful Useful Not would York best suitTimes the budget, be completed within an acceptable timeline with the least amoun Special offer for students: Only $4.99/month.
disturbances to the local citizens.
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Tasks: To have possession of the site, method to divert traffic, master plan to show location Sheet Music
underground cables lines and utilities, have adequate funding and providing shop access wh nearby roads were under construction.
Objective: To complete Calcutta’s Metro on time, within bud get with little disturbance to lo
Approach: Construct a plan on how our objectives will be pursued and all resources that wil needed.
Input Source: Identify all personnel that will be needed to complete the tasks. These personn would include thousands of labourers, electricians, power c ompanies, engineers, managers, traffic control etc.
Question 2 The problems faced in the metro project were entirely due to poor project scope. The scope
project includes everything about a project such as any expected outcomes. It should include You're Reading a Preview
Unlock The full access with aproject free trial.in Calcutta included the projec project goals, constraints, and outcomes. railway
goals but no real concrete plan on how to achieve them. Download With Free They Trial never took into account possib
constraints and contingency plans to deal with these constraints. It seems as though they just
started digging and would plan to deal with problems as they came. Without well thought ou
plans to include all aspects of a project the project becomes way over budget, way over tim eventually turns into a mess. In the case of Calcutta’s metro there was very poor project planning.
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Technical risk because this is a highly complex project based on new technology that has ne Sheet Music
been directly proven in the market place
The company of this highly complex project would deal with the types of risk they are likely
encounter by minimizing the risk. This new technology that will be new to market cannot be to market in fear of exposing the company. They have several subcontractors hired to make
the job is finished on time. When selecting these subcontractors they would minimize risk b taking the selection very seriously by only selecting and ensuring qu ality performance subcontractors. The company would also minimize risk by insisting that all subcontractors
maintain continuous direct contact with the company’s project team. The company could als
reserve the right to intervene in the subcontractors production if the product doesnot meet th quality of standard the company had requested.
Question 6 Reading a Preview Price and risk are equally important You're but opposite issues. They are opposite issues because Unlock full access with a free trial.
company’s hope to maximize their return or profits while minimizing any risks. Many comp
Download With Free Trial have risk mitigation strategies and teams to determine risks associated with a particular proj
investment opportunity. Risk cannot be eliminated but it can be transferred to another party,
reduced by having good internal controls, avoided if you decide the business venture may h too much risk, retained or shared.
Usually price and risk go hand in hand. Sometimes with a low price or bid comes high risk a
with high price or bid comes low risk. The lowest price does not always mean the best offer
accept. Low price can leadwith to highScribd risk because the company could be taking short cuts, or h Master your semester Read Free Foron 30this Days Sign up to vote title not factored possible delays. Low price could lead to high risk because would b & The New Yorkin Times useful Useful Nottimelines Special offer for students: Only $4.99/month.
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extended past due and budget would then be affected. High cost low risk is favourable if the
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Chapter 7- Case Study Sheet Music
Question 1
Scope management is the function of controlling a project in terms of its goals and objective through the process of conceptual development, full definition, execution and termination. Reviewing the elements in project scope management I don’t believe the problem planning
scope management in the case of the Tacoma suspension bridge was appropriate. I do not se any evidence of: 1. Conceptual development – no info gathering or constraints discussed 2. Scope statement – no goal or criteria 3.
Scope reporting – no work breakdown structure, schedule, cost or technical perform status
You're Reading a Preview 4. Control systems – none in place
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Download requirement With Free Trial 5. Work Authorization – was contractual but no valid consideration or ter
6. Project closeout – no official post project analysis
The planners began taking unknown/unnecessary risks from the beginning of the project. Th never assessed what the risks would be or came up with alternatives to the risks.
The project had constraints. A bridge was constructed with a small width-to-length ratio wh was smaller than any other suspension bridge of its type in the world. This would be risky
Master your semester with Scribd Free Foron 30this Days Sign up to title risk was t considering this particular type of bridge had never been Read proven tovote work. Another & The New York Times Useful Not useful Cancel anytime.
the Only engineer changed the original plans and used solid girders instead of open girders Special offer forwhen students: $4.99/month.
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questioned the change and as a result the wrong girders were used which helped lead to the Sheet Music
deterioration of the bridge.
Question 2 Qualitative risk assessment Likely Risk Factors 1. Completion of the bridge takes longer than anticipated 2.
The bridge is to narrow to withstand the high winds
3. No tests for different girders used 4. Engineering team may lose employees 5. The budget for the bridge may be cut back You're Reading a Preview 6. Safety issues need to be addressed Unlock full access with a free trial.
7. Materials needed must be shipped from elsewhere Download With Free Trial Probability Low Medium High High 3 Medium 5and6 Low 4and7
2 1
Consequences
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4. Train company employees in field expertise and pool resources from your own Sheet Music
organization if need be
5. Maintain contact with management and the project team to ensure the project is stay on schedule and no foreseen problems 6. Schedule safety checks routinely
7. Maintain a list of all materials needed and ensure they can be purchased locally or al enough time in project timeline for the shipment of materials.
Chapter 3 Question 13 1. Cash flow = 0.4(1,000,000) + 0.6(100,000) Cash flow = 400,000 + 60,000 Cash flow = 460,000 2. NPV = -5,000,000 + (460,000/(1.1)^t You're Reading a Preview NPV = -5,000,000 + 460,000/0.15 Unlock full access with a free trial. NPV = - 5,000,000 + 3,066,666 Download With Free Trial NPV = - 1,933,334 The NPV for the first year is negative so I would reject the project
1. Cash flow = 0.7(1,000,000) + 0.3(100,000) Cash flow = 700,000 + 30,000 Cash flow = 730,000 2. NPV = 5,000,000/1.15 + 730,000/1.15
Master your semester with Scribd NPV = 4,347,826 + 4,866,667 & The New York Times NPV 518, 841 Special offer for students: Only=$4.99/month.
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The advantages would be: Sheet Music
1. The opportunity exists for a big payout 2. Crown would be staying current with new technology 3. Taking on this project would prove Crown was a diverse company 4. Could mean huge profits for crown 5. Investing in new technology would mean reinforcement of strategic goals.
6. Investing in the new project would mean expansion of their project portfolio which c lead to other business ventures in the energy sector 7. The home fuel cells would strategically fit because it is a complimentary project The drawbacks would be: 1. Potential loss in money if fuel energy cell demand declined You're Reading a Preview 2. The cost to invest in new technology may be to great and carry to much risk Unlock full access with a free trial.
3. They don’t specialize in this new technology leaving them at a disadvantage Download With Free Trial
4. To become serious players in fuel cell heating Crown would have to hire more empl with training in home fuel cells or train existing employees to specialize in the area
5. The cost of fuel cell market could fluctuate turning people away from this source of heating 6. They could spend too much time and money expanding their project portfolio for a
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Question 15
STAGE 1
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STAGE 2
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The elements I would include have been provided in the tables above. I would recommend s steps in the introduction process and a series of stages in the company’s flow map to evalua stages of each new project and the progress the project is making until completion. Gates be installed whenever the project is about to enter the next stage to assess any risks to be encountered.
Chapter 8 Question 2 Hourly rate x hours needed x overhead charge x personal time = Total direct labour cost Sandy = 17x40x1.35x1.12 = 1028.16 Chuck = 31x100x1.80x1.12 = 6249.60 Bob = 9x80x1.35x0 = 972.00 Penny = 34x65x1.80x1.12 = 4455.36 Total direct labour cost = 1028.16+6249.60+972.00+4455.36 = 12705.12
Question 4 TN = 100,000 x 0.596 TN 59,600 x 35/hr
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$2,086,000 I would expect to pay for the fifth unit.
Chapter 8 – Case Study Question 1 Estimating project cost is a challenging process that can either be an art or a science. Two
important principles are used when estimating a projects cost. The first is the more clearly y
Master your semester define the projects variouswith costs inScribd the beginning the less chance there is for makingestimat Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful errors. Secondly, the more accurate you initial cost estimations, the greater the likelihood of Special offer for students: Only $4.99/month.
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preparing a budget that represents the reality of the project. Estimating project cost is difficu
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transportation costing an exorbitant amount of money. These costs would be difficult to esti Sheet Music
initially due to the numerous amount of supplies needed and how often supplies would need be air lifted in.
Question 2
When entering a fixed price contract the buyer and seller are agreeing to the final cost of the project.
The advantages of the Indian government using the fixed price bidding process are few in th
case because the cost estimation of the project was grossly underbid. The Indian governmen
went with the company that bid the least which in turn created a great amount of risk for the
Indian government. The project was not estimated to take as long as it did and material costs
were not taken into as much consideration as they should have been. The overall project wa You're Reading a Preview poorly planned and poorly estimated. This poor planning and estimation led the Indian Unlock full access with a free trial.
Government to pay 25 times the original quoted price of the project and lasted for 20 years. Download With Free Trial cost escalated constantly due to the inadequate project estimations
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