Inft3100 Project Management : Role Assessment Answers
Question:
Task 1: Cost Estimating
Identify and justify which estimating method(s) would you use for the relocation of the Water Bird Exhibit, in the following phases of the project lifecycle:
- Starting the Project: "Preliminary estimate" with ± 20-30% reliability required
- Organising and Preparing (early/mid phase): "Budget estimate" with ± 15-20% reliability required
- Organising and Preparing (end of phase): "Approval estimate" with ± 10-15% reliability required
- Carrying Out Project Work: "Tender estimate" with ± 5-10% reliability required
Task 2: Project Quality
- Define what "quality" means for the relocation of the Water Birds Exhibit.
- How can quality be affected for the relocation of the exhibit if there are changes in the time or cost of key activities?
- What role does ISO 9000 play within quality assurance in the project management context?
Answer:
Overview:
This report depicts the role and importance of professional project management prcatices for the successful accomplishment of the “Zoo Relocation”. Though, this report is specifically focused on the relocation of the water birds only. The water birds living in the zoo are all belongs to different climatic surroundings therefore the imitated ambiance created for them must have similar type of features like the original one. The quality and cost are the most importance criteria those have been assumed for the successful accomplishment of the water bird relocation project.
In this report the cost estimated for the entire project is being demonstrated along with that the importance of quality maintenance. It has been found that eighty percent success of any project is dependent on its quality. Thus, if the quality of this project is comprised then the project may fail to meet the success criteria and also face commercial failure. The tendering cost of the project is also elaborated in this project.
Task 1: Cost estimation
The cost estimated for the project is divided in different segments in terms of preliminary cost estimation, budget estimation for organizing and preparing the cost, approval cost estimation and tender estimation. The total budget estimated for the project is $100,000 with a +/- 10 % reliability. In the project starting phase or preliminary phase the reliability has been estimated in terms of +/-20%. While in the early and middle progress period of the project the budget is being estimated with a reliability percentage of +/-15-20%. At the end phase of the project that is for the approval of the project has also a reliability of +/- 10-15%. However, in order to carry out the project the tender cost that has been estimated is +/-5% oer the total estimation.
Though, it is the role of the project manager to make sure that the actual cost is not exceeding the planned cost yet. The details of the cost structure estimation for the project are demonstrated in the below section:
|
Cost benefit analysis for the zoo relocation project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected project discount |
15.00% |
|
|
|
|
|
|
|
|
Cost for changing and preparing new location |
$ 60,000.00 |
|
|
|
|
|
|
|
|
Tendering cost |
$ 15,000.00 |
|
|
|
|
|
|
|
|
Project approval Cost |
$ 25,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Year of Project |
|
|
|
|
|
|
|
0 |
1 |
2 |
3 |
4 |
5 |
TOTALS |
|
|
|
|
|
|
|
|
|
|
|
Economic profit |
|
$10,000.00 |
$ 20,000.00 |
$ 20,000.00 |
$ 30,000.00 |
$ 15,000.00 |
$ 20,000.00 |
|
|
Rate of discount |
|
2.0000 |
0.2500 |
1.5000 |
0.8500 |
0.2000 |
0.1900 |
|
|
PV profit |
|
$20,000.00 |
$5,000.00 |
$30,000.00 |
$25,500.00 |
$3,000.00 |
$3,800.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Benefits (PNV) |
|
$20,000.00 |
$ 25,000.00 |
$ 55,000.00 |
$ 80,500.00 |
$ 83,500.00 |
$ 87,300.00 |
$ 87,300.00 |
|
|
|
|
|
|
|
|
|
|
|
one time project cost |
|
$ (25,000.00) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net recurring cost |
|
$0.00 |
$ (15,000.00) |
$ (15,000.00) |
$ (15,000.00) |
$ (15,000.00) |
$ (15,000.00) |
|
|
project discount rate |
|
0.8500 |
0.7391 |
0.6427 |
0.5589 |
0.4860 |
0.4226 |
|
|
PV Recurring cost |
|
$0.00 |
$ (11,086.96) |
$ (9,640.83) |
$ (8,383.33) |
$ (7,289.85) |
$ (6,339.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Total cost (PV) |
|
$ (25,000.00) |
$ (36,086.96) |
$ (45,727.79) |
$ (54,111.12) |
$ (61,400.97) |
$ (67,739.98) |
$ (67,739.98) |
|
|
|
|
|
|
|
|
|
|
|
Total NPV |
|
|
|
|
|
|
|
$ 19,560.02 |
|
|
|
|
|
|
|
|
|
|
|
Total Return of Investment (ROI) expected |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2888 |
Task 2: Project Quality management
The aim of this project is to relocate a zoo from a current location to another safe and pollution free location. Due to the increasing challenges on carbon footprint the water is also getting contaminated. In order to provide the water birds a sustainable, pollution free new location the zoo relocation project is being planned by the zoo committee members.
2.1 Defining quality for this project
Quality for the water bird exhibits is very much crucial as improper location selection and managerial approaches the total success of the project may get affected. Quality management plan for zoo relocation is referred to as a tricky and unique job for the project committee and zoo committee members. The location that will be chosen for the water birds must have a standard lawn stage so that trucks can supply the foods and other necessary materials for the living creatures. The committee should make sure that minimal rate of disturbance is there including security measures as well as quarantine policies. There should be tracking and monitoring surveillance cameras installed to check the ongoing activities of the visitors. Apart from this the other quality that must never be compromised is the water quality where the birds will be staying. Due to the activities of the visitors the water may get polluted with increasing time. It is the role of the zoo committee members to consistently looking for the maintenance program to make sure that the project quality is not getting negatively impacted. Not only this but also the zoo operational quality are also required to be maintained to balance the quality of the project which is estimated at the project initiation phase. Different tools and techniques are available and that are to be utilized by the project team members to make sure that, the living style of the water birds are not getting affected for the new location and newly created surroundings.
2.2 Affects on quality for relocation of the zoo due to time and cost key activities
Whether the project quality is meeting the success criteria and preliminary project assumptions are always being measured with the help of the cost and time estimated by the project team. If the project and cost are affected then the entire project may fail to meet the objectives. The cost and time for any project are complementary elements to each other. If the time exceeds then the cost of the project will also increase. On the other hand the cost of the project will increase if it takes too much of time.
Due to lack of skills and professional activities of the labours who are working on the zoo relocation project the time gets exceeds than the estimated one then the cost for the additional days will also be added to the estimated cost. For inaccurate resource allocation and schedule preparation the time may exceed that will also affect the cost of the project. If during the project development phase it is found that some additional resources are needed for successfully accomplishing the project then additional cost will also be needed that may also lead to cost failure.
In order to avoid these proper cost and time should be estimated at the project initiation phase based on feasibility study.
2.3 Role of ISO 9000
ISO 9000 is related to quality management principles. In context with project management quality assurance the quality management principles those are always to be followed include the following:
- Consumer focus
- Leadership standards
- Relationship management
- Improvement
- People engagement
- Approached process
- Decision making based on valid evidence
In order to maintain the quality of the zoo relocation project the listed principles are needed to be followed by the project team members. It will enhance the improvement opportunities along with the abilities to overcome cross functional barriers. The business efficiency and effectiveness will also increase from quality performance.
References:
Binder, J. 2016. Global project management: communication, collaboration and management across borders. Routledge.
Cao, D., Wang, G., Li, H., Skitmore, M., Huang, T., and Zhang, W. 2015. Practices and effectiveness of building information modelling in construction projects in China. Automation in Construction, 49, 113-122.
Correa, A. 2016. Project management in architectural practices: project success factors in building design processes(Doctoral dissertation, Dublin Business School).
de Carvalho, M. M., Patah, L. A., and de Souza Bido, D. 2015. Project management and its effects on project success: Cross-country and cross-industry comparisons. International Journal of Project Management, 33(7), 1509-1522.
Fulford, R., and Standing, C. 2014. Construction industry productivity and the potential for collaborative practice. International Journal of Project Management, 32(2), 315-326.
Kerzner, H., and Kerzner, H. R. 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley and Sons.
Ling, F. Y. Y., and Yanti, I. 2016. Stakeholder Management Practices to Boost Outcomes of Construction Projects. Building up business operations and their logic Shaping materials and technologies, 3, 640.
Martens, M. L., and Carvalho, M. M. 2017. Key factors of sustainability in project management context: A survey exploring the project managers' perspective. International Journal of Project Management, 35(6), 1084-1102.
Mir, F. A., and Pinnington, A. H. 2014. Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), 202-217.
Buy Inft3100 Project Management : Role Assessment Answers Online
Talk to our expert to get the help with Inft3100 Project Management : Role Assessment Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
