MODULE 3: ASSIGNMENT

For our last module for the preliminary period, we have tackled about project estimates,

its stakeholders, and its scope. Hence, what I learned in this chapter covers the following:

 Firstly, I have learned that an initial cost estimate can help an organization decide whether

or not to approve a project, and if it does, the estimate can help define the project's scope.

The practice of projecting the financial and other resources required to accomplish a project

within a stated scope is known as cost estimation in project management. A project can

only be completed with all of the necessary supplies and labor, both of which are costly. It

might be difficult to create a budget that keeps costs low while optimizing the project's

quality and scope. This is why accurate cost estimation is critical. Additionally, Rough

Order of Magnitude (ROM) can be used in estimating the cost of a project.

 Secondly, I learned about project schedule, it is a timetable that organizes tasks, resources,

and due dates in the most efficient order possible to ensure that a project is completed on

time. Project schedules are developed during the project planning phase and are essential for

the development of a project plan, which includes the schedule plan, schedule baseline,

deliverables, and requirements. The project schedule is intended to lead the project team

through the project's execution phase.

 Furthermore, we also discussed about project scope. I learned that it is the process of

identifying and recording a list of specified project goals, deliverables, tasks, costs, and

deadlines. Hence, the scope of a project's documentation outlines the project's boundaries,

assigns tasks to each team member, and establishes methods for verifying and approving

completed work.
 In relation to the preceding bullet, I learned also about the role of a project charter in

project management. A project charter is a formal, usually short document that explains your

project in detail, including the goals, how it will be carried out, and who will be involved. It

is an essential component of project planning because it is employed throughout the project

lifecycle.

 As we move beyond, our professor, Ma’am Lao, emphasized that a project scope should

not be confused with a project charter. In essence, the charter provides an overview of the

project scope, whereas the project scope statement delves further. The scope should be

concise and clear. There should be no doubt about what the project's outcome will be. In the

early stages of a project, the project charter and scope statement are produced. The value of

a project charter and project scope statement cannot be undervalued, since they are used

throughout the project to ensure that we are on the right direction.

 Also, it is important as well to analyze your stakeholders as they hold significant interest

and concern towards the execution and completion of your project. Hence, I learned that the

stakeholder analysis process has two practical outcomes. First, the stakeholder register is a

list of stakeholders organized by importance and accompanied by relevant details for the

project team. Secondly, The stakeholder "Power or Interest" grid is the second result of the

stakeholder analysis process that is extremely beneficial to the project manager.

 Moreover, we discussed the significance of learning curve in project management.

Although we have already studied this topic in Management Accounting last semester, I

never thought I would encounter it again in this subject and I’m amazed how it applies to

various fields most especially in project management. According to my additional research,

a learning curve is a graphical representation of repetitive actions that result in a reduction in

 activity length, resources, and costs when performed on a regular basis

(ProjectManagement.com, n.d.). If you go behind on your learning curve, it's possible that

you'll fall behind on your project as well. Hence, I learned the value of learning curves and

how they may assist project managers in managing their team and project endeavors.

 Lastly, I have learned about Work Breakdown Structure (WBS). A typical productivity tip

for making work more manageable and approachable is to break it down into smaller tasks.

The Work Breakdown Structure (WBS), which is one of the most essential project

management papers, is the tool that employs this technique for projects. It integrates scope,

cost, and schedule baselines on its own, ensuring that project plans are in sync. This topic is

quite unfamiliar for me, but I think it is an effective way in breaking down project parts in

order to avoid confusions and conflicts. I could use this system as well in my studies most

especially when we are having exams so that I could narrow down the subjects that I need to

prioritize and focus on.

References:

Aside from our module ppt and e-book, I have used the following sources as well in making this

assignment.

Harrin, E. (2021, March 14). Rough Order of Magnitude (ROM) Estimate and How to

Calculate It (with example). Retrieved from GirlsGuideToPM.com:

https://www.girlsguidetopm.com/rom-estimate/

Pratt, M. K. (n.d.). Project Scope. Retrieved from TechTarget Network:

https://searchcio.techtarget.com/definition/project-scope
 Project Manager. (n.d.). What Is a Project Schedule? Retrieved from Project Manager:

https://www.projectmanager.com/project-scheduling

ProjectManagement.com. (n.d.). Learning Curve Analysis. Retrieved from

ProjectManagement.com:https://www.projectmanagement.com/contentPages/presentation.cfm?

ID=17210&thisPageURL=/presentations/17210/Learning-Curve-Analysis#_=_

Wrike. (n.d.). What Is Cost Estimation in Project Management? Retrieved from Wrike:

https://www.wrike.com/project-management-guide/faq/what-is-cost-estimation-in-project-

management/