Proj592 Project Cost And Schedule Assessment Answers

Briefly Describe the Project Cost and Schedule Control For Destination Family.

Answer:

Project Background

The project is focusing on developing the re-union of the destination family living in Palm Island, Florida. It helps in encouraging strong bonding between the family members for preserving the cultural values of the family. The arrangement of the trip helps in bringing 150 families together under a single platform where they can enjoy, share feeling, vision, and others among them. It helps in generating a feeling of refreshment in them. The focus of the project is to develop a plan for the family trip to make them memorable. The numbers of activities are designed for target audience such as women, men, elderly person, and children. The musical shows should be arranged for getting pleasant feeling to the family members. The proactive development of the activities helps in developing synchronisation for the successful completion of the project. In this paper, we are going to focus on the scope statement for indulging the activities required for the successful implementation of reunion family trip program for the destination location. The scheduling of the project activities helps in completing the project within the period of 33 days and estimated budget is $427,520.00.

Schedule 1

WBS	Task Name	Duration	Start	Finish	Resource Names
0	Family reunion project	33 days	Tue 01-05-18	Thu 14-06-18
1	Initiation phase	3 days	Tue 01-05-18	Thu 03-05-18
1.1	Arrangement of meetings with the family for initializing the plan of the trip for reunion	1 day	Tue 01-05-18	Tue 01-05-18	Event coordinator
1.2	Taking approval on the date of the trip which is suitable for 150 families together	1 day	Wed 02-05-18	Wed 02-05-18	Event manager
1.3	Approaching an Event Manager for developing a complete breakdown of trip plan for the reunion of the families	1 day	Thu 03-05-18	Thu 03-05-18	Event manager
2	Planning phase	10 days	Fri 04-05-18	Thu 17-05-18
2.1	Selection of destination for the planned trip	2 days	Fri 04-05-18	Mon 07-05-18	Event planner
2.2	Taking approval of selected destination from the families	1 day	Tue 08-05-18	Tue 08-05-18	Event planner
2.3	Allocating cost to the resources required	1 day	Tue 08-05-18	Tue 08-05-18	Event planner
2.4	Developing the overall budget for the approved project	1 day	Tue 08-05-18	Tue 08-05-18	Event planner
2.5	Minimizing the budget according to the suitability of the families by	1 day	Tue 08-05-18	Tue 08-05-18	Event planner
2.6	Finalization of date of the trip	3 days	Wed 09-05-18	Fri 11-05-18	Event planner
2.7	Booking of the to and fro flight ticket	2 days	Mon 14-05-18	Tue 15-05-18	Event organizer, Event planner
2.8	Booking of the hotel accommodation for 150 families	2 days	Wed 16-05-18	Thu 17-05-18	Event planner, Expenditure for travelling[1]
2.9	Synchronization of the activities for arranging family adventures program	2 days	Wed 16-05-18	Thu 17-05-18	Event planner, Expenditure for travelling[1]
2.10	Provision of activities for all age groups such as Kids, Women, and Men	2 days	Wed 16-05-18	Thu 17-05-18	Event planner, Expenditure for travelling[1]
2.11	Taking approval from the family members	2 days	Wed 16-05-18	Thu 17-05-18	Event planner, Expenditure for travelling[1]
2.12	Signing Off from the head off the family for clearance	2 days	Wed 16-05-18	Thu 17-05-18	Event planner, Expenditure for travelling[1]
3	Execution phase	18 days	Fri 18-05-18	Tue 12-06-18
3.1	Family adventure	3 days	Fri 18-05-18	Tue 22-05-18	Event coordinator, Event planner
3.2	Ski resort	3 days	Wed 23-05-18	Fri 25-05-18	Event organizer, Accommodation cost[1]
3.3	Charlotte Harbour tours	3 days	Mon 28-05-18	Wed 30-05-18	Event coordinator
3.4	Hooked on SUP	1 day	Thu 31-05-18	Thu 31-05-18	Event organizer
3.5	Arranging of trip to stump pass beach and the state park	3 days	Fri 01-06-18	Tue 05-06-18	Event manager, Expenditure for travelling[1]
3.6	Arranging trip to the gulf Island	1 day	Wed 06-06-18	Wed 06-06-18	Event coordinator
3.7	Ordering of Food according to the personal requirement of the family	1 day	Thu 07-06-18	Thu 07-06-18	Event organizer, Other additional cost[1]
3.8	Arranging group photo session	1 day	Fri 08-06-18	Fri 08-06-18	Event coordinator
3.9	Taking group photos for all time memories	1 day	Mon 11-06-18	Mon 11-06-18	Event coordinator
3.10	Deployment of musical show for the entertainment	1 day	Tue 12-06-18	Tue 12-06-18	Event manager
3.11	Analysis of the requirement placed by the family members	1 day	Tue 12-06-18	Tue 12-06-18	Event manager
3.12	Recommendation of the trip activities should be included for the success of the reunion family program	1 day	Tue 12-06-18	Tue 12-06-18	Event manager
4	Closure phase	2 days	Wed 13-06-18	Thu 14-06-18
4.1	Feedback from the family members	1 day	Wed 13-06-18	Wed 13-06-18	Event manager
4.2	Returning to home	1 day	Thu 14-06-18	Thu 14-06-18	Event manager

Performance Analysis

From the above schedule for the project, it has been identified that Budget at Completion (BAC) is $427,520 and the duration for the project is 33 days. The Planned Value (PV) to execute the project is estimated to be $200,000 but the Actual Cost (AC) is $250,000. The work that has been completed till date is determined to be 50%.

Earned Value (EV) for the project is formulated as below:

Total project budget * % of work completed in project

= $427,520 * 50%

= $213,760

Cost Variance (CV) for the project is formulated as below:

Earned Value (EV) - Actual Cost (AC)

= $213,760 - $250,000

= (-) $36,240

From the value of cost variance, it can be said that the project is over-budget as it has a negative value.

Schedule Variance (SV) for the project is formulated as below:

Earned value (EV) - Planned value (PV)

= $213,760 - $200,000

= $13,760

From the value of schedule variance, it can be said that the project is ahead of schedule as it has a positive value.

Cost performance Index (CPI) for the project is formulated as below:

Earned Value (EV) / Actual cost (AC)

= $213,760 / $250,000

= 0.86

From the value of Cost Performance Index, it can be said that the project is over-budget as amount being spent is greater than the estimated cost.

Schedule performance Index (SPI) for the project is formulated as below:

= Earned Value (EV) / Planned Value (PV)

= $213,760 / $200,000

= 1.07

From the value of Schedule Performance Index, it can be said that more work has been completed than the planned completion percentage.

EAC (Estimate at Completion)

The value of EAC is formulated as below:

AC + [(BAC-EV) / (CPI*SPI)]

= $250,000 + [($427520 - $213760) / (0.86 * 1.07)]

= $517,200

Hence, it has been identified that the estimate at completion for the project is $517,200 which means that additional cost of $89,680.00 will be required to complete the project.

Proposal of corrective actions

Based on the performance analysis, it can be said that the project is over budget and hence the corrective actions that could be applied to put the project back on track are mentioned as below:

Reallocation of resource: This action will help to identify the possible reasons behind the over budgeting of project. The over allocation of the resources can also be resolved so that the project can be completed as per the estimated budget.
Checking of dependencies: The proper application of dependencies can be used to resolve the issue of over budget as some tasks can be carried out simultaneously with other task. So, eventually it will help to reduce the cost overhead as per the progress of project.
Checking of activities that are time constrained: The time constrained activities have to be checked properly such that the task could be completed with different approach.
Crashing the schedule: The budget of the project could be reduced with the application of additional resources in critical path. The activities to be completed as per estimated schedule for the entire project.

Revised EAC

The revised Estimate at Completion (EAC) value for the project after implementing corrective actions is presented as below:

AC + [(BAC-EV) / (CPI*SPI)]

= $250,000 + [($428,240 - $256,944) / (1.02*1.28)]

= $250,000 + [$171,296 / 1.3] = $ (250,000 + 131,766.15) = $381,766.15

Hence, it has been identified that the EAC for revised project schedule is $381,766.15 which means that the project could be completed within the estimated budget.

Schedule 2

WBS	Task Name	Duration	Start	Finish	Resource Names
0	Family reunion project	43 days	Tue 01-05-18	Thu 28-06-18
1	Initiation phase	3 days	Tue 01-05-18	Thu 03-05-18
1.1	Arrangement of meetings with the family for initializing the plan of the trip for reunion	1 day	Tue 01-05-18	Tue 01-05-18	Event coordinator
1.2	Taking approval on the date of the trip which is suitable for 150 families together	1 day	Wed 02-05-18	Wed 02-05-18	Event manager
1.3	Approaching an Event Manager for developing a complete breakdown of trip plan for the reunion of the families	1 day	Thu 03-05-18	Thu 03-05-18	Event manager
2	Planning phase	20 days	Fri 04-05-18	Thu 31-05-18
2.1	Selection of destination for the planned trip	2 days	Fri 04-05-18	Mon 07-05-18	Event planner
2.2	Taking approval of selected destination from the families	1 day	Thu 10-05-18	Thu 10-05-18	Event planner
2.3	Allocating cost to the resources required	3 days	Tue 08-05-18	Thu 10-05-18	Event planner
2.4	Developing the overall budget for the approved project	1 day	Thu 10-05-18	Thu 10-05-18	Event planner
2.5	Minimizing the budget according to the suitability of the families by	1 day	Thu 10-05-18	Thu 10-05-18	Event planner
2.6	Finalization of date of the trip	3 days	Fri 11-05-18	Tue 15-05-18	Event planner
2.7	Booking of the to and fro flight ticket	2 days	Wed 16-05-18	Thu 17-05-18	Event organizer, Event planner
2.8	Booking of the hotel accommodation for 150 families	2 days	Fri 18-05-18	Mon 21-05-18	Event planner, Expenditure for travelling[1]
2.9	Synchronization of the activities for arranging family adventures program	2 days	Tue 22-05-18	Wed 23-05-18	Event planner, Expenditure for travelling[1]
2.10	Provision of activities for all age groups such as Kids, Women, and Men	2 days	Thu 24-05-18	Fri 25-05-18	Event planner, Expenditure for travelling[1]
2.11	Taking approval from the family members	2 days	Mon 28-05-18	Tue 29-05-18	Event planner, Expenditure for travelling[1]
2.12	Signing Off from the head off the family for clearance	2 days	Wed 30-05-18	Thu 31-05-18	Event planner, Expenditure for travelling[1]
3	Execution phase	18 days	Fri 01-06-18	Tue 26-06-18
3.1	Family adventure	3 days	Fri 01-06-18	Tue 05-06-18	Event coordinator, Event planner
3.2	Ski resort	3 days	Wed 06-06-18	Fri 08-06-18	Event organizer, Accommodation cost[1]
3.3	Charlotte Harbour tours	3 days	Mon 11-06-18	Wed 13-06-18	Event coordinator
3.4	Hooked on SUP	1 day	Thu 14-06-18	Thu 14-06-18	Event organizer
3.5	Arranging of trip to stump pass beach and the state park	3 days	Fri 15-06-18	Tue 19-06-18	Event manager, Expenditure for travelling[1]
3.6	Arranging trip to the gulf Island	1 day	Wed 20-06-18	Wed 20-06-18	Event coordinator
3.7	Ordering of Food according to the personal requirement of the family	1 day	Thu 21-06-18	Thu 21-06-18	Event organizer, Other additional cost[1]
3.8	Arranging group photo session	1 day	Fri 22-06-18	Fri 22-06-18	Event coordinator
3.9	Taking group photos for all time memories	1 day	Mon 25-06-18	Mon 25-06-18	Event coordinator
3.10	Deployment of musical show for the entertainment	1 day	Tue 26-06-18	Tue 26-06-18	Event manager
3.11	Analysis of the requirement placed by the family members	1 day	Tue 26-06-18	Tue 26-06-18	Event manager
3.12	Recommendation of the trip activities should be included for the success of the reunion family program	1 day	Tue 26-06-18	Tue 26-06-18	Event manager
4	Closure phase	2 days	Wed 27-06-18	Thu 28-06-18
4.1	Feedback from the family members	1 day	Wed 27-06-18	Wed 27-06-18	Event manager
4.2	Returning to home	1 day	Thu 28-06-18	Thu 28-06-18	Event manager

Bibliography

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Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.

Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.

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Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.

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