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Week 6: Cost and Schedule Management - Discussion

Forecasting Project Com pletion Cost (graded)

We have introduced concepts in the earned value management system that allow us to forecast what it will cost to complete our project (Estimate To Completion, or ETC). We then use ETC to calculate the total actual project cost (Estimate At Completion, or EAC). In your own words, explain what ETC and EAC are and how the project team uses this information to ensure project success.

Responses Response Preparing Proactive Forecasts Author Professor Orr Date/Time 6/8/2013 12:31:22 PM

My manager alw ays likes to see the forecast and is impressed w hen w e have it before she asks. Have you experienced this? Regards, Susan

RE: Preparing Proactive Forecasts

Chukie Okunzua

6/10/2013 5:43:38 AM

The final cost of a project when completed and the amount required to complete the project are very important tool for determining if the project should proceed or be stopped. This is a vital information that a manager is always eager to know as funding is at the heart of deciding what to do with a project. If a project is already over running its budget which is the case most of the time, the additional cost expected to be incurred if the project is to be completed becomes very important to top management to decide what to do with the project.So every manager is happy to have this information at her table if before requested.

RE: Preparing Proactive Forecasts

Cauretta Bell

6/15/2013 12:19:16 PM

I am w orking on a project currently at w ork and I w as given a budgetof 600. I am creating a new training schedule for servers to lear there menu items. He w ould like me to forecast the amount of labor hours that w ill be spent and forecast the amount of food that w e w ill use. he gave me the project and w hen he asked me how I w as coming along on the project I w as able to present him w it a schedule that forecast my labor hours and the date that the training w oukd be held

RE: Preparing Proactive Forecasts

Philip Effiong

6/10/2013 7:38:29 AM

Forecasting the final duration of the project is key to the success or failure of a project since it allows taking corrective actions when the predicted EAC (t) exceeds a certain threshold. This forecast is based on the actual time already spent on the work done and a prediction of the duration of the remaining portion of work to be done. Earned Value Management (EVM) is a well-known technique to control the time and cost performance of a project and to predict the final project duration and cost. It is an easy tool to
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generate early warning signals to timely detect problems or to exploit project opportunities.

RE: Preparing Proactive Forecasts

Varune Ram outar

6/10/2013 8:04:39 AM

What I have experienced is that my management always requires me to justify my forecast as well. So in addition to giving a forecast for schedule and budget completion I must also give a detailed breakdown on how I arrived at those figures e.g. when creating pressure testing packages for piping systems I had a total of 8,000 packages to prepare. It took 5 hours to prepare each package => 8,000 x 5 = 40,000 man hours. I had a staff of 10 persons working 40 hrs per week = 400 hrs total per week. Thus the entire task should take 40,000 / 400 = 100 weeks. Also the average cost per man hour = $100 and materials for each test pack was $50 thus the total cost per test pack was (40,000 x $100) + (8000 X $50) = $4,400,000. Thus my forecast to complete 8000 test packs was 100 weeks, $4,400,000 using a staff of 10.

RE: Preparing Proactive Forecasts

Maria Ventura

6/10/2013 11:13:13 PM

Hello class, Since estimating is considered the process of forecasting a future result in terms of cost, based upon information available at the time. Forecasting only helps the manager to approximately know where the project is heading. So, you can ask before estimating, what is the budget or ask if there is a budget proposal that is being consider. This will determine the proposed EAC. If there is no budget proposal you can ask for the restraints, like the estimated project cost. Thank you//

RE: Preparing Proactive Forecasts

Nishan Ragoonanan

6/10/2013 2:46:30 PM

My manager is alw ays excited as w ell to see a forecast for the schedule for a project, as w e are alw ays very interested in the completion date for a project. Since w e're in the softw are development division, a lot of this is highly subjective as far as estimates go, how ever w e are held to the schedule and w e are throughout the project expected to continue to update our estimate to complete the project. We base this upon experience rather than metrics, using seasoned developers to estimate the time required to complete certain w ork packages as w e gain more insight into the project. The cost to complete is directly based upon labor hours of softw are developers and so its simple to calculate the cost once w e have the time estimates.

RE: Preparing Proactive Forecasts Modified:6/11/2013 7:47 PM

Herm inio Dionisio

6/11/2013 7:35:10 PM

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Forecasting is the process of predicting future project performance based on the actual performance to date. As the project progresses, there are w ays on how w e w ill be able to analyze how the project perform. Forecast information is about the project's past performance that could impact the project in the future and is popularly generated using earned value methods w hich is so valuable if needed as early as possible in crucial decision making purposes. Through accurate forecasting, project failure can be totally avoided. Corrective and preventive actions can be effectively perform to minimized the overall impact on project cost and project schedule if detected early through the use of other methods in forecasting aside from earned value analysis like time series analysis, and the linear regression analysis to name a few .

RE: Preparing Proactive Forecasts

Bruce Foley

6/12/2013 11:20:15 PM

We use forecasting in our projects to estimate the profit of even doing a job. If w e forecast that the cost of the job is not of value to us due to time or cost constraints, w e either w ork to figure out a more time or cost-conscious solution to the benefit of our organization.

EAC and AETC

Serge Ndongo

6/9/2013 6:09:03 PM

The Estimate At Completion (EAC) is simply the current costs of the project so far plus the costs related to the completion of the project. The Estimate To Completion (ETC) is a projection of the time and or effort required to complete a project. Project teams use the w ork breakdow n structure to facilitate estimation. They can review the tasks at the bottom of the w ork breakdow n structure and look for the longest path through the sequence diagram. They can then use experience from previous projects to estimate the time it w ill take to complete those tasks.

RE: EAC and AETC

Esperanca Rosa

6/9/2013 11:59:54 PM

Hi class, Yes, I have experienced this before. For instance, my manager asked me to handle a small project from the beginning. Nothing was settled down or ready for that project, and it was a big challenge for me. It was my first time to be in charge of a project. My boss traveled for a week, and I started working right he left. I created my project schedule, costs, and forecast. The most interesting thing was that I didn’t have room available with conditions. So this was my priority on that time (focus). We had a small room that was full of foolish material, and my first decision was to take out that material and start refurbish that room for my project. I made an inventory of the resources I would need to prepare the room such as painting, lamps, hard floor, etc. I had six workers that needed conditions to work. The room didn’t even have chairs, tables, computers, phone, and other important things that people needs to be to work. So I prepared everything in one week. When my boss went back, he was delighted with what I have done. He was so surprised and satisfied with the results I’ve made in one week. He praised me saying that it was a proactive attitude. This was a great experience for me and gave me confidence to continue working on that project. To conclude, the estimate for completion of our project was in a great way because we were in a good path to complete our project on time. Thanks, Esperanca

Credibility of your Forecast

Professor Orr

6/10/2013 10:18:37 AM
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What in the processes w e are using makes you believe the numbers in your forecast? Regards, Susan

RE: Credibility of your Forecast Modified:6/10/2013 10:54 PM

Esperanca Rosa

6/10/2013 10:53:42 PM

Hi class, According to our lecture, in the process we are using makes believe the numbers in our forecast is related to three possible process options or methods. 1- The variances used and monitored, the actual costs to date which can include any variance, and the budgeted cost. 2- The experience with the project makes team to believe that it will continue to perform well. The CPI is used to define how money has been used (efficiently or inefficiently). This is called trend adjustment. 3- The remainder uncertainty is an issue as soon as it doesn’t have a great control. The team should re-estimate the remainder of the project to forecast the estimate to complete it. After seeing the new estimates, the team should decide whether they stop or continue the project for the EAC for the project. Thanks, Esperanca

RE: Credibility of your Forecast

Serge Ndongo

6/11/2013 12:55:44 AM

Good post Esperanca, the variances, the experience w ith the project and the constant re-estimation of the remainder of the project are methods that make us feel confident about the numbers in our forecast A forecast is: “We expect to get and order for this amount by this date.” It has to have specificity in time and value. Therefore w e measure our forecasting accuracy, based on our ability to accurately predict the time and value. So even if w e get the $1 M order, if w e get it 2 days after it w as originally forecast, w e have a business management and forecast integrity problem.

RE: Credibility Chukie Okunzua of your Forecast

6/11/2013 4:38:03 AM

The cummulative CPI has been shown by scientific analysis of data from US department of defence completed contracts to be a stable early indicator of cost performance in projects. The CPI can be used to statistically forecast the "low-end" range of the finally cost to complete a project. The cummulative CPI and cummulative SPI can be combined to forecast the most likely final cost or "high end" cost of the project. The fact that cummulative CPI and cummulative SPI have been scientifical proven by statistical analysis of project data over a long range of time to be reliable tool for estimating final cost provide a strong measure of confidence in the final cost estimated.

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RE: Credibility Nishan Ragoonanan of your Forecast

6/11/2013 12:14:38 PM

I think the cumulative CPI and SPI are good indicators of project performance and can be utilized to predict the final cost and schedule of a project reliably how ever I w ould first w ant to view the CPI and SPI trends throughout the project to determine if things are truly linear and the CPI and SPI cumulatively w ill give a good forecast. If the CPI and SPI are quite spikey w ith a lot of fluctuation at milestones in the project then I'd be reluctant to use them as indicators as there's something else fundamentally w rong and w e may need to re estimate the remainder of the project tasks as our original estimates are off in a non linear sense.

RE: Credibility Tanika Thom as of your Forecast

6/11/2013 9:05:10 PM

In addition to what Serge stated, forecasting is also based on history for existing companies. If using prior history one has to be in-tune with other events going on; for example in New Orleans, Mardi Gras would be a major event that happens 40 days before Lent/Easter, but because it falls on different dates, restaurants have to be careful in using historical information if it does not pay attention to other activities or events going on during the same time frame.

RE: Credibility Cauretta Bell of your Forecast

6/16/2013 10:30:17 AM

Great example! The manager needs to have a great undersranding of the budget, actual cost and potential variance. the manager w ith experience w ith the project w ill tend to have a better understanding at re-estimating the firecast if it is off slightly based on the experience.

RE: Credibility of your Forecast

Dw ayne Grant

6/11/2013 7:24:52 PM

The process of using earned value, because it measures the actual costs with the authorized project budget. The earned value must be linked to the actual cost to determine what is called the cost efficiency factor, also called the Cost Performance index. Most of information on earned value talks about CPI being the most important factor in measuring project performance.

RE: Credibility of your Forecast

Mary Hart

6/11/2013 10:58:38 PM
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Modified:6/11/2013 11:16 PM Well said Dw ayne, I w ould add that the use of budget and cost metrics from the planning stage of the project w ill also contribute to the credibility of the project forecast. As w e have established the necesary baseline for using the earned value method.

RE: Credibility of your Forecast

Herm inio Dionisio

6/11/2013 7:46:23 PM

Earned value management's effectiveness as a performance metric depends on some important factors. The first, and most important is the availability of highly accurate , and up-to-date information on the percentage of w ork packages completed, w hich is vital for determining the earned value at any point in time. The accuracy of the of the calculated earned value hinges on an honest reporting system, as w ell as the integrity of the project team members and managers. The second issue w hen establishing accurate or meaningful EVA results is human factor that comes into play w hen projecting project activity completion. Managers and project team must gain a better understanding of the true nature of project status specially in the aspect of cost control that may lead to a serious cost problem.

RE: Credibility of your Forecast

Bruce Foley

6/13/2013 10:58:42 PM

In our business w e try to alw ays utilize the CPI to measure our forecast after the project is completed. This has show n to be the most accurate measure for our organization.

RE: Credibility of your Forecast

Maria Ventura

6/14/2013 11:21:23 AM

Hello class, The facts of the processes that make the forecast more believable is past trends that currently apply to the criteria. Whether those trends are the same as they were at last use or the changes that have occurred since last use. Based on those number of costs and the amount of inflation incurred by the economics of the material development and or demand, the forecast is usually developed by those and if understood and used properly the forecast can be as accurate as humanly possible. In addition, maintain an ongoing "actual hours" database of the recorded time spent on each aspect of your projects. Use the data to help estimate future projects and identify the historically accurate buffer time needed to realistically perform the work. Thank you//

Drivers for Selecting the Forecasting Method

Professor Orr

6/11/2013 9:26:36 AM

Good comments. Class, w hat are the drivers for selecting the forecasting method? Regards, Susan

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RE: Drivers for Selecting the Forecasting Method

Varune Ram outar

6/11/2013 1:53:03 PM

Per our lecture forecasting requires application of mathematical formulas, management decisions and judgement. Usually when a project is under budget or performing as we think it should even though there may have been set backs we forecast by using the budgeted cost for the future tasks i.e. EAC = ACWP (if task is complete) + Budgeted cost (if task is not started) + Task Budget / CPI (if task is underway) If experience on the project leads management to believe that it will continue to perform in the same way then we utilize trend adjustment as mentioned by Nishan above. Where EAC = (BAC/CPI) If management believes that the remaining budget is completely inaccurate and they are totally uncertain about the future then they will have to stop and re-estimate the remainder of the project.In this case: EAC = + ACWP (if task is complete) + re-estimate the reminder of the project (if task is not started) + Task Budget / CPI (if task is underway). Thus the drivers would be the current status of the project, and the judgement of management on how it will behave in the future.

RE: Drivers for Selecting the Forecasting Method

Dw ayne Grant

6/12/2013 3:49:04 PM

We all know that you need to select the right earned value formula for the project metric you are trying to evaluate. So, I decided to take a look at forecasting methods from a macro view in lieu of a micro view. Planning is the future of any business and forecasting is an estimate of some future value. One articles talks about managers staying abreast of different forecasting techniques, and it does not matter if they have a forecasting system. The goal is to choose the most relevant situation every time.

RE: Drivers for Selecting the Forecasting Method

Joel Khan

6/13/2013 8:31:02 AM

To handle the increasing variety and complexity of managerial forecasting problems, many forecasting techniques have been developed in recent years. Each has its special use, and care must be taken to select the correct technique for a particular application. The manager as w ell as the forecaster has a role to play in technique selection; and the better they understand the range of forecasting possibilities, the more likely it is that a company’s forecasting efforts w ill bear fruit. The selection of a method depends on many factors—the context of the forecast, the relevance and availability of historical data, the degree of accuracy desirable, the time period to be forecast, the cost/ benefit (or value) of the forecast to the company, and the time available for making the analysis. These factors must be w eighed constantly, and on a variety of levels. In general, for example, the forecaster should choose a technique that makes the best use of available data. If the forecaster can readily apply one technique of acceptable accuracy, he or she should not try to “gold plate” by using a more advanced technique that offers potentially greater accuracy but that requires nonexistent information or information that is costly to obtain. This kind of trade-off is relatively easy to make, but others, as w e shall see, require considerably more thought.

http://hbr.org/1971/07/how -to-choose-the-right-forecasting-technique/ar/1

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RE: Drivers for Selecting the Forecasting Method

Herm inio Dionisio

6/13/2013 11:26:52 PM

Forecasting takes place at the front end of the project environment. It is a critical, fundamental process for any business, and project organizations are no exceptions. Forecasting demand, time required for activities, and cost associated w ith those activities creates critical inputs for project planning and for controlling project progress. Forecasting is also one of the primary means of tracking progress or for changing direction if changes in the project environment w arrant it. The main theme underlying in forecasting analysis is that past behavior of data can be used to predict future behavior. It is a sequence of observations taken at regular intervals over a period time w hich is w hat w e called trend. It is the movement and behavior of data over time.

RE: Drivers for Selecting the Forecasting Method

Philip Effiong

6/14/2013 6:38:48 AM

The choice of a forecasting technique is significantly influenced by the stage of the product life cycle and sometimes by the type of firm or the industry for which a decision is being made. In the beginning of a product life cycle, relatively small expenditures are made for research and market investigation. During the product introduction phase, these expenditures start to increase. Whereas, In the rapid growth stage, because decisions involve considerable amounts of money, a high level of accuracy is desirable. And after the product has entered the maturity stage, decisions are much more routine, involving marketing and manufacturing. These are important considerations in choosing a sales forecast technique. After evaluating the particular stages of the product along with firm and industry life cycles, a further probe is necessary. Instead of selecting a forecasting technique by using whatever seems applicable, decision-makers should determine what is most appropriate. Some techniques are quite simple and inexpensive; others are extremely complex, require significant amounts of time to develop, and may be quite expensive. Some are best suited for short-term projections; others are better prepared for inter-mediate or long-term forecasts. http://blog.lokad.com/journal/2007/10/10/selecting-a-forecasting

Project Control

Professor Orr

6/12/2013 8:33:53 AM

Class, w hat information w ould you include in a w eekly report? Regards, Susan

RE: Project Control

Joel Khan

6/12/2013 2:19:02 PM

The need to inform the project team and stakeholders on the progress of the project to date is usually fulfilled, in part, by some form of status report w hich is usually circulated w eekly. The w eekly status report forms the public portion of your project communication. This should be supplemented by reports, presentations, and status review meetings w hich are tailored for the audience. The w eekly status report should include information on the follow ing key areas of project progress: Overall indicator (e.g. green, yellow , red) Things that w ent w ell and Things that w ent w rong Project phase
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Performance to schedule (e.g. SPI index) Performance to budget Project risk Project issues Project changes Quality performance Vendor performance This list is not meant to be a comprehensive list of every aspect of project performance you could be asked to report on. It is meant to be a list of the project areas that are the most likely to attract interest from your audience. Use this list as a starting point and add or remove from it as you feel appropriate, then use it as an order list so that your team and stakeholders can select the items they are interested in. The combination of several of these items is often referred to as a "dashboard” or "scorecard”. Organizations w hich have Project Management Offices (PMOs), or Project Management Centers (PMCs) may have a standardized scorecard or dashboard in w hich case this article w on’t be of any help. If not, this article offers some suggestions on how to gather and report information for each of the menu items.

Reference: http://threeo.ca/w eeklystatusreportsc754.php

RE: Project Control

Varune Ramoutar

6/12/2013 2:29:15 PM

Here are some items I have seen in weekly progress reports in Oil and Gas construction projects: - Overall actual % complete vs overall planned %complete - Weekly actual % complete vs weekly planned %complete - Actual work packages complete vs planned work packages complete - WBS actual % complete vs planned %complete - Weekly Direct labor vs planned weekly direct labor - Weekly indirect labor vs planned weekly indirect labor - Staffing Forecast vs Actual Staffing to date - Critical items complete - New identified critical items - Active Risks and risks no longer valid - Milestones Actual complete vs Milestones Planned complete - Actual Costs vs Planned Costs - Cost Risks

RE: Project Control

Esperanca Rosa

6/12/2013 10:25:49 PM

Hi Varune, I agree with your comment. Adding to that, I would say that a weekly report depends on the type of activity or job that has to be performed. In other words, every weekly report can change depending on the objectives of the project or work to be done. As a geologist, we have weekly drilling reports that are based on ongoing well operations’
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activities. There is several information to be taken during operations or drilling activities. For example, the weekly schedule which includes the type of rig, well drilling actual depth, rig daily rates, mud type and daily costs, individual work hours/day, cement cost, and other important information that has to be monitored and documented for future use. If you are interested to take a look and see an example, go please to the website: http://wellreports.com/member-features/ Best Regards, Esperanca

RE: Project Control Modified:6/12/2013 11:08 PM

Mary Hart

6/12/2013 10:42:51 PM

I would inculude: Summary of important events since last report MS Project reports as: Actual cumulative cost Cost variances Actual cumulative Budet Budget variance. Earned value of work completed.(as needed) Analysis of variances. Forcast of next week tasks with resourse allocation. Identify changes and overallocations. Recommendations.

RE: Project Control

Nishan Ragoonanan

6/13/2013 1:43:48 PM

One thing not mentioned here that w e include in our w eekly status report are 1. The w ork items planned for the coming w eek 2. Unresolved action items 3. Change requests that came up and are being managed through management of change either through change in requirements or necessary design changes

RE: Project Control

Huyen Bui

6/14/2013 7:14:46 PM

The weekly report should include these key points: Project Status Reports Criteria Project Report Timing Project Status Report Focus Reporting against Schedule
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Reporting against Budget Reporting Risks Reporting Issues Other Reporting Project Information Repository Typical Report Conclusion These information can be extract under graph form from the MS Project

RE: Project Control

Philip Effiong

6/15/2013 9:59:45 AM

The Weekly Progress Report describes projects and research. Progress report for week just ended - Short description in which you devote at least one paragraph to each of the following subtopics · · · · · · · - Current activity or goal - Difficulties and failures in meeting current and previous goal(s) related to the week's work - Analysis of the failure causes or modes - Impact on current schedules and deadlines - Impact on current interface specifications - Additional resources wanted or needed - Surplus resources no longer used - Goals achieved and unexpected results

RE: Project Control

Herm inio Dionisio

6/15/2013 4:53:12 PM

While the project w ork is under w ay, it is important to make sure that it proceeds according to plan, and the only possible w ay to do this is by establishing a reporting system that w ill keep all the project team members and even the stakeholders informed of the many variables that w ill describe how the project is proceeding as compared to the plan. A w eekly report must contains all vital information that is easy to understand that even w ithout seeing the project physically, the reader w ill have a clear picture on how the project progresses. Some of the information that a w eekly report must contain are; the tw o w eeks look ahead, the pending and uncompleted w orks, the actual w ork accomplished during that period and most importantly, the variance reports w hich is the differences betw een w hat w as planned and w hat actually happened. This variance report must be presented both in a numeric form and in a graphical format for all the variables that are being tracked, and reporting must be in one consistent format from the beginning of the project for the upper management to become comfortable and familiar as the meeting progresses along w ith the project.

RE: Project Control

Bruce Foley

6/16/2013 6:58:39 PM
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Some of the necessary reports inclede: Overall indicator (e.g. green, yellow , red),Things that w ent w ell and Things that w ent w rong,Project phasePerformance to schedule (e.g. SPI index),Performance to budget,Project risk,Project issues,Project changes,Quality performance,and Vendor performance

Lessons Learned Report

Professor Orr

6/13/2013 9:06:21 AM

Good points. We are now getting into lessons learned – w hat w ould you include in the postmortem report at the end of the project? Regards, Susan

RE: Lessons Learned Report

Nishan Ragoonanan

6/13/2013 1:40:14 PM

One thing to start off a postmortem report w ith are our 'w ins' i.e. challenges w e had and how w e overcame them along w ith the lessons learned from the challenge and how them can be better planned for in future projects.

RE: Lessons Learned Report

Tanika Thomas

6/13/2013 8:39:16 PM

Another thing to include is obstacles that were challenges and things that did not work, certain techniques that worked better than others.

RE: Lessons Learned Serge Ndongo Report

6/13/2013 9:02:05 PM

Other that "the wins" and the "obstacles" as mentioned by Nishan and Tanika to include in the postmortem report, the way the project's steps were decided, the way the team(s) were set up, and the references lists, including any research or outside help that was received can be included as well.

RE: Lessons Learned Chukie Okunzua Report

6/14/2013 1:12:42 AM

The lessons learned should contain the things that contributed most to the success or failure of the project and the things that could have been done better.

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RE: Lessons Learned Esperanca Rosa Report

6/15/2013 12:11:04 AM

I agree with my classmates, and beside the lessons learned that we all agree, I would say that documentation (keep all the information needed for future projects) is another aspect that have to taken into consideration. Thanks, Esperanca

RE: Lessons Learned Report

Dw ayne Grant

6/14/2013 2:50:57 PM

The post completion project review is also called postmortem, and we all know postmortem means the death of a project. Post completion reviews are part of the process to continuously improve future project through gaining valuable experience. Some of the things that should be included in the report are technical performance, schedule and cost. It should also include changes in objects and the reason for those changes. It should also include a list of lesson learned from the project and recommendations that should be included in future projects.

RE: Lessons Learned Report

Huyen Bui

6/14/2013 5:35:17 PM

Depends on w ho w e w rite the report to, if it's an upper management report, I don't think that enclose the problem w ithout solution is a good idea. The report should have the condition of the project, any raising ad-hocs along the project, if yes, the lesson learnt should have answ ered of w hy w here how w ho and w hat is the solution?

RE: Lessons Learned Report Modified:6/15/2013 12:31 PM

Mary Hart

6/15/2013 12:31:12 PM

I w ould include a brief summary of initial plan and "as built" plan. Within Lessons learned I w ould include final results of the deliverables: -Cost . -Schedule. -Resources used. -Completion time. -Variances reports and explanation of variances. Items that contributed to to success or failure of the project. Information that could be valuable in executing as w ell developing proposals for other projects. Analysis and recommendations .

Escalation Procedures and Change Control

Professor Orr

6/14/2013 9:39:35 AM

Excellent comments. How do escalation procedures fit into change control?

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Regards, Susan

RE: Escalation Procedures and Change Control

Herm inio Dionisio

6/15/2013 5:38:09 PM

I have tw o of the best example that must alw ays be stipulated in the contract before it get signed and finalized. Good examples of escalation procedures is the price escalation, and the other w hich I considered to be a major risk that any organization must never forget to include and mention in the contract is about force majeure. If w e are not very cautious about the contract scope, terms and conditions, w e may end up in a court litigation. Contracts typically include provisions for price escalation based on predetermined levels of fluctuation in materials or labor, as a w ay of sharing the risk of uncertain pricing structure in a dynamic market w ith the ow ner. Force majeure is also one big concern because those are acts or events that are outside the control of human beings. Typically, either or both parties to a contract are relieved and are not held liable for damages if such action or event occur. Both of these uncertainties can be managed by the change control board.

RE: Escalation Procedures and Change Control

Tanika Thom as

6/16/2013 12:45:12 PM

Great explanation. I would have only thought of the price, but not the force majeure. Being from New Orleans where many things of such have occurred I didn't know that existed. Of course this is a great lesson/course, not just because of project management but personal life experiences can also be managed with this information acquired. Thanks Hemie

RE: Escalation Procedures Maria Ventura and Change Control

6/16/2013 5:43:45 PM

Hello class, According to my research, Escalation procedures help a PM to monitor and control the project by; 1) Assigning team responsibility; the team member will inform as soon as a risk or problem area is discovered. 2) Managing the Plan; Never ignore the risk or problem encountered, instead handle it by using a set of guidelines previously prepared by you. 3) Documenting; the escalation plan should include a log to keep track of the problems, how they were handled and in what priority. 4) Be Time Aware; Work with the team and stakeholders on a timely basis to be able to control and mitigate any risk/problems encountered. 5) Communication; Communicating effectively with the entire team is a key within the escalation process throughout the duration of the project. Source: http://www.brighthubpm.com/monitoring-projects/107352-why-doproject-managers-need-escalation-procedures/ Thank you//
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7/11/13

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Lessons Learned

Professor Orr

6/15/2013 1:58:48 PM

What are your most important/valuable Lessons Learned in Week 6? Regards, Susan

RE: Lessons Learned

Herminio Dionisio

6/15/2013 5:55:10 PM

This is a very interesting w eek for this is w hen w e learned the more detailed uses and applications of Earned Value Analysis. Project performance reports in variances, performance index, and estimated to completion are very important to an organization. This is how w e track the progress and performance of the project. As early as 20% complete, w e can start to perform our analysis on w here the project is heading. This w ill give us the early w arning signs that w ill enable us to make the necessary corrective and preventive actions needed to put the project back on its planned track. If w e w ill perform the performance analysis at the middle or late part of the project, that may be too late for any preventive but most w ill only be corrective actions. As w e all know , a negative cost variance is surely unrecoverable but can be minimized and controlled, and a negative schedule variance may not be the case that may only need a more rigid analysis and evaluation.

RE: Lessons Learned

Nishan Ragoonanan

6/16/2013 8:47:37 AM

Hermi, I have to agree, the biggest take aw ay for me this w eek had to be that 20% figure based on extensive research. Being able to predict at the 20% mark of a project the estimated cost at completion and the estimated completion schedule is mind opening for me. Of course this all depends on the accuracy of your initial estimates, how ever w ith a good project team and access to historical data these estimates can be quite accurate.

RE: Lessons Varune Ram outar Learned

6/16/2013 7:28:45 PM

For me the biggest lesson is the different w ays w e can forecast a project completion cost based on the various different factors concerning the project. Not all projects are the same and thus w e cannot forecast a completion cost for them based on one method.

RE: Lessons Learned

Huyen Bui

6/16/2013 8:01:12 PM

I think in this w eek, it's an eye opened for me w ith those to be completed calculation. Nishan and Varun really did a great job of explaining them. Those are great tools for EVM analysis. Because PM needs to be w ell-planned for the project as w ell as budget. Not only the SPI and CPI show s us how the project condition in term of schedule and cost, but it also give PM a sense of preparation if it's behind schedule or over budget

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