Question

A) There are a wide range of quantitative tools and techniques available to support the project management process. Describe each of these quantitative tools and techniques, including any limitations of each one.

(B) What does it mean if the priorities of a project include: Time–constrain, Scope-accept and Cost–enhance?

(C) Explain the linkages between the Work Breakdown Structure (WBS) and the Project Network.                                                                

(D) How does earned value give a clearer picture of project schedule and cost status when compared to other types of project monitoring systems, such as planned against actual?

(E) Schedule Variance (SV) is calculated in terms of dollars and as such does not directly represent time. Why is it still useful indicator?   

Answer 1

A)

Project Management comprises the number of activities related to the implementation of a project, through planning, organizing, fundraising, human resources management, etc., so on achieve the objectives, and goals of the project. Managing a project is indeed a challenging task, as the variety of hurdles and problems are faced during the implementation of a project. Such hurdles are within the sort of scope, timings, and budgetary allocations. Appropriate distribution of varied resources, which are sometimes scarce, is another daunting task.

Project Management Process:

Broadly there are five processes involved in any project;

1. The initiation Process
2. The planning Process
3. The implementation Process
4. The controlling Process
5. The Closing Process

All the above processes are inter-linked and happen one after the opposite within the order mentioned above; the output of 1 process becomes the input for subsequent process. If the primary process (Initiation Process) and therefore, the last (Closing Process) are excluded, the remaining processes (planning, implementation, and controlling) are mentioned as Central Process Group (CPG).

Tools and Techniques:

Different tools and techniques applied during the management of a project are;

1. Bar Chart: Bar charts, are used as a ready — reckoned to match the particular work completed at a specific point of your time with the planned one. This is often done just by marking on the chart the planned work, and therefore, the actual work completed there against. During a bar graph different horizontal bars are drawn, all of which represent a selected activity, within the proportion of the time needed for its completion. A movable cursor is attached to the bar, which may be moved across the chart for comparison at a specific point of your time. A bar graph may be a convenient tool which is straightforward to draw and comprehend with none need for any expertise. It's best suited for easy well-known construction work. For many of the resources scheduling, bar graph techniques is the idea. However, its shortcoming lies within the incontrovertible fact that any change within the plan necessitates elaborate redrafting.
2. Line-of-Balance (LoB): This system has some similarities with the fabric Resource Planning (MRP) in the maximum amount because it involves manual planning and scheduling. However, it (LoB) has no relationship with resources expended, instead it's applied for the measurement of the progress, which is expressed regarding the percentage of the work completed. LoB could also be considered a complicated technique as compared with the bar graph technique, which provides an evaluation of the particular progress vis a vis the planned one is respect of every activity and taking corrective measures in respect of these activities, wherein the progress isn't satisfied.
3. Linear Programming: It's a classy technique, which is applied within the cases of linear work especially those concerning road contracts. It's a record of proven success within the construction of massive canals and drainage in poorly developed areas, and tunneling for industrial unpleasant discharges. Like LoB, applied mathematics is additionally a graphical technique with two dimensions, which facilitates, to some extent, access to information in respect of varied activities and their inter-relationship.
4. Network Analysis: It's a representation of varied activities and events during a graphic form. Network analysis is an integral part of the management of a project because it ensures smooth and hassle-free planning, scheduling, and control of the project. Network Analysis involves two sets of techniques.
5. Program/Project Evaluation, and Review Technique (PERT): this system was initially introduced with a view to simplify the method of designing and scheduling in respect of massive and complicated projects. It involves the evaluation of every activity at periodical intervals and taking appropriate steps after each review, if required.
6. Critical Path Method (CPM): this system is applied to determine the precise time involved in various activities. CPM is more suitable for the projects, wherein the time involved in each activity is definite and which are recurring in nature, e.g. construction of buildings, highways construction, launching of a replacement product within the market, ship construction and repairs, etc.