Project Resource Management – Applying Project Management Software for Optimization

QUESTION

Project 3 (15%)

This assignment relates to the following Course Learning Requirements:

CLR 3 – Construct project documentation and reports utilizing the tools and techniques used in the delivery of a Project, using Project Management Software.

Objective of this Assignment

Demonstrate the application of Project Resource Management.

Pre-Assignment Instructions: To prepare you for this assignment, read Module 7 and Module 8 and follow the embedded learning activities.

Assignment Tasks

1. Question 1 – Read Exercise 1 in Chapter 6 from the textbook.  Bases on the exercise, answer the following questions:

• Draw a Gantt chart using MS Project.
• Assuming a 5-day week, find the critical path and project duration in days.
• Given that each resource is aligned 100% to each task, identify the resource constraints.
• Using the MS project default, level the resources and determine the new project duration and Critical path.

Identify what alternative solutions (minimum 2) can be used to shorten the project duration without over allocating the resources.

1. Question 2 – Read Exercise 3 of Chapter 7 from the textbook. Based on the exercise, answer the following questions:

• Determine cost and schedule variance.
• Find the value of the cost performance index (CPI) and schedule performance index (SPI).
• Find the Critical ratio of the project using Earned Value calculations.
• Calculate Estimated (remaining cost) to completion (ETC) and Projected (total cost) estimated at completion (EAC).

Assignment Grading Rubric (15%) 

Question 1 (10%)

Question 2 (5%)

ANSWER

 Project Resource Management – Applying Project Management Software for Optimization

Introduction

Project Resource Management is a critical aspect of project planning and execution. This assignment aims to demonstrate the application of Project Resource Management principles using Microsoft Project software. In this assignment, we will address two questions based on exercises from the course textbook. The first question involves creating a Gantt chart, identifying the critical path, and analyzing resource constraints. Additionally, we will explore alternatives to shorten the project duration without overallocating resources. The second question pertains to determining cost and schedule variances, calculating performance indices, and using Earned Value calculations to assess project progress.

Question 1: Project Scheduling and Resource Leveling

Exercise 1 in Chapter 6 involves a project with multiple tasks that need to be scheduled and managed efficiently.

Gantt Chart Creation:
Using Microsoft Project, we will create a Gantt chart to visually represent the project tasks, their durations, and dependencies.

Critical Path and Project Duration:
After constructing the Gantt chart, we will identify the critical path, which comprises the longest sequence of dependent tasks. This path determines the project’s minimum duration.

Resource Constraints:
Given that each resource is aligned 100% with each task, we will identify any potential resource constraints, where resources might be overallocated or underutilized.

Resource Leveling and New Project Duration:
Using the default resource leveling feature in MS Project, we will optimize resource allocation to avoid overallocation. This may lead to changes in task scheduling, affecting the critical path and project duration.

Alternative Solutions:
To shorten the project duration without overallocating resources, we will explore at least two alternative solutions. These may include outsourcing specific tasks, reassigning resources between tasks, or identifying tasks that can be fast-tracked.

Question 2: Cost and Schedule Performance Analysis

Exercise 3 in Chapter 7 involves evaluating the cost and schedule performance of an ongoing project.

Cost and Schedule Variance:
We will determine the cost and schedule variances by comparing the actual costs and schedule progress against the planned values.

Cost Performance Index (CPI) and Schedule Performance Index (SPI):
Using the calculated variances, we will find the CPI and SPI, which indicate the project’s cost and schedule efficiency, respectively.

Critical Ratio and Earned Value:
The Critical Ratio will be determined using Earned Value calculations, providing insight into the project’s overall health and progress.

Estimated (Remaining Cost) to Completion (ETC) and Projected (Total Cost) Estimated at Completion (EAC):
Based on the project’s performance, we will calculate the Estimated Cost to Completion and the Projected Total Cost at Completion.

Conclusion

In conclusion, this assignment has allowed us to apply Project Resource Management principles using Microsoft Project software. By creating Gantt charts, identifying critical paths, and analyzing resource constraints, we gained valuable insights into project scheduling and optimization. Additionally, by assessing cost and schedule variances, calculating performance indices, and utilizing Earned Value calculations, we could effectively monitor the project’s progress and make informed decisions to achieve successful project outcomes. Project managers play a crucial role in employing these tools and techniques to drive project success, and Project Management Software proves to be an indispensable asset in this endeavor.