evm ). project cost management includes planning B u s i n e s s F i n a n c e
Create a budget analysis report of the current failed project and a project estimation report for the turnaround project. This portfolio work project, a budget analysis and cost estimating artifact.Bbase your assessment on the Revive LLC case study for the development of a new online employee orientation module, or you may select a company/scenario of your own choosing. Both human resources (HR) and information technology (IT) employees, as well as contractors, will be used in this project.
Cost management is defined as “primarily concerned with the cost of the resources needed to complete the project activities” (Project Management Institute, 2017, p. 233.). Also, consideration needs to be taken with respect to project costs and stakeholder differences. Financial performance techniques provide both internal and external measurement capabilities that allow for decision making, financial analysis, and mitigation strategies.
Effective cost management involves establishing a cost baseline for measuring project performance. Establishing the project baseline is like establishing a point of reference. Whatever that point of reference, it will become the baseline against which project performance will be measured. This cost baseline becomes the basis for more advanced techniques, such as earned value management (EVM).
Project cost management includes planning for the resources needed: the people, equipment, and materials. With the use of proven estimating techniques, an estimate is presented to the project sponsor and management for approval. Upon approval, the cost estimate becomes the official budget for the project. As the project goes through the normal project lifecycle, cost control techniques track and monitor the budget, which allow you to make sure you will not incur a budget overrun.
Authentic Experience Project Components
You will do what is necessary to have the project succeed this time around. Using the Project Revive LLC Scenario or a project of your choosing, you will:
- Assess the failed project by examining the cost estimation process.
- Analyze the existing project work breakdown structure (WBS).
- Create a new WBS.
Using the original WBS:
- Break down the activities and tasks further into smaller work packages that will not exceed 80 hours of work.
- You may also add new activities and tasks that you think are needed to successfully complete the project.
- You will use Microsoft Project as the project management software tool to create the new WBS in tabular form.
YouTube has many excellent project management videos that may be helpful to review before completing this assessment.
Project Revive LLC is a consulting firm of highly charged and accomplished project managers whose main stream of revenue comes from managing the turnaround of failing projects. As a consultant with Project Revive LLC, you will study, analyze, and manage a failed project from NearlyFree.com. NearlyFree.com is a fictitious company and the project documents for this project scenario are located below. The NearlyFree.com project was originally scoped to develop and deploy an automated web-based training system for new employees to reduce the workload and cut down personnel resources required to complete the new employee orientation (NEO) training.
Use the NearlyFree.com project work breakdown structure to help identify deliverables and processes that need resources. It is important to know historical information regarding what types of resources were required for similar work. You can do research using the Internet to find similar projects. You will find the project justification and objectives in the project scope statement, which is listed among the resources below.
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