Keller Graduate School of Management
PM592, Professor Marcus Williams, 20 February 2012
TABLE OF CONTENTS
3.estimate at completion7
5.revised estimate at completion12
APPENDIX A – Schedule 1
APPENDIX B – Schedule 2
We are here to discuss the “Theme Park” project that we were set to complete. To date we are 40% complete with the project. We currently do not have any actual costs associated with the project so we can assume that they are in order. However, I think that we should still look into the matter since we were given a budget guideline to follow.
The schedule on the other hand is an area that I am greatly concerned with. We have several tasks that are behind schedule. The entirety of the project is behind schedule and this is apparent with a PI (Performance Index) of 0.65. What this means is, for every $1 that we spend, we are running at an efficiency of $0.65. This is unacceptable. We must take action on these areas to increase our PI and make sure that our project meets all its deadlines. SCHEDULE #1
Given the scope of the project by the customer, we took the information and formatted it into a WBS (Work Breakdown Structure) and presented it back for customer buy-in. We developed the WBS using Microsoft Project, breaking it down into more manageable packages and into separate activities to better manage.
Attached is a copy of the Gantt Chart showing the progress that we have made on the project as of 1 October 2008.
SEE APPENDIX A
After entering the data and setting the project to 40% completion, we noticed that the project is behind schedule. This was apparent by the Schedule Variance and the SPI (Schedule Performance Index). The Schedule Variance for the project is ($570,977.84) with a Schedule Variance Percentage of -35%. We also noticed that the SPI is at 0.65; which was explained earlier. ESTIMATE AT COMPLETION
Like I said above, we currently do not have current actual costs but I am still considering it a liability seeing how our budget is going. As of now our EAC (Estimate at Completion) is $5,037,201.92. This means that with our current scheduling issues, we are going to be over budget if we do not get our schedule in line. CONTROL PLAN
The control plan that I have in mind necessitates the use of resource allocation. My plan is to assign additional resources to the tasks that have not yet started or that have quite a few days of slack time. I think that this will allow us the necessary time that we need to reduce our EAC and increase our Performance Index.
I also feel that the next step in managing for task(s) slippage is getting updated reports on a weekly basis. It may seem like a tedious task; and it is, but it is something that we must do in order to have 100% success with our project.
REVISED ESTIMATE AT COMPLETION
After implementing the control plan as discussed, we came up with a new EAC of $4,358,820.76. If we can stick to the control plan and follow through with the actions that we have visited, I have a strong feeling that we will be able to meet our criteria. SCHEDULE #2
After revising the schedule, it appears that the critical path looks similar to the original. This was possible because we made the corrections to the non-critical tasks of the project. These actions are taken to make sure that the schedule does not slip further. However, we will still continue to monitor the tasks that we have scheduled to not deviate or have the critical path affected. SEE APPENDIX B| | | | | |
WBS| Task Mode| Task Name| Duration| Start| Finish| Predecessors| Resource Names| Fixed Cost| % Complete| 1| Auto Scheduled| Theme Park Project| 186.18 days| Mon 4/14/08| Tue 12/30/08| | | $0.00| 40%| 1.1| Auto Scheduled|...