At this point, most communication issues have stabilized, and the execution process is producing deliverables. The sponsor, as we

PROJECT MANAGEMENT 2

Week Nine Activity

Jeremy Taylor

Strayer University

3 March 2022

Schedule variance = earned value – planned value.

SV = $600 – $540

SV = $60

Cost variance = earned value- actual value

CV = $600 – $650

CV = -$50

Cost performance index = Earned value/ actual cost

CPI = $600/$650

CPI = 0.923

Schedule variance is an indicator that tells how ahead or behind a project schedule is. According to our SV of $60. It means that more work has been done than the scheduled, so our project is ahead of the schedule.

Cost variance is a performance measure that assesses a project's financial performance. It compares the budget specified before the project started with what was actually spent. From our CV above which is negative $50. It means that our project is overspending and the project does not have enough excess funds to cover its overspending. It means that our project is over the budget by $50.

A cost performance indicator is a mechanism for measuring a project's cost effectiveness and financial efficiency. It can also be used to tell whether a project is over or under the expected budget. This method is used to show that for every money spent on the project, it determines how much one earns and therefore tells how well the project sticks to the budget. From our CPI of 0.93, it tells us that our project is over the budget. It means that the cost requirements for our project are deemed to be less than favorable. From our CPI it means that for every $1 spent, we receive $0.93.

Project management body of knowledge argues that the project was successfully finished once the specified objectives were met and all associated activities were performed. It also argues that When compared to other kinds of management, project management is distinguished by the fact that projects are time or milestone constrained. Closing duties include obtaining client acceptance, archiving documents, terminating contracts, analyzing lessons learned, and celebrating accomplishment with colleagues. Closing a project entails a mix of assurances that all work has been finished. All agreed-upon project management steps have been carried out, and official acknowledgement of a project's completion has been given, with everyone agreeing that it has been done.

References

Larson, E. W. (2020). Project Management: The Managerial Process (8th Edition). McGraw-Hill Higher Education (US)

Guide, A. (2001). Project management body of knowledge (pmbok® guide). In Project Management Institute (Vol. 11, pp. 7-8).

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6

Revised Project

Jeremy Taylor

Strayer University

Dr. Kimble

Project Management

27 February 2022

Project Management Process

Step One

The project is about a house construction because the present living condition did not meet the anticipated expectations. The first strategy taken to kick start the project is budgeting and listing all the materials needed for construction (Hickel, 2019). However, construction needs a huge financial investment and basing on the budget, the ultimate objective of moving to a completed house would not be accomplished. Construction needs significant planning and careful selection of material and due to the busy school schedule that would be quite a tussle. When selecting a communication plan, the major focus is its effectiveness and whether it would create a better understanding. An organization experiences significant challenges especially if they have failed to select a desirable mode which guarantees consistent results. Therefore, matrix communication should be selected and to ensure communication between the team members selected for the construction project.

Step Two

A mile stone project is a more useful report because it indicates some of the basic achievements that have been accomplished. A milestone reports showcases the efforts incorporated to ensure that the ultimate goal has been achieved or the necessary plans are being made. The first milestone project which should be recognized is identifying the need for the construction. The milestone is significant since it helps in planning and decision making. The milestone will help one develop specific objectives which should be accomplished. It is a proof that the necessary plans are underway (Drobetz et al., 2018). Construction needs an excellent planning strategy to allocate some of the requirements which will be essential for completing the project. Another milestone for the project is creating a budget on the exact financial boost required. The sponsor depends on the financial breakdown to understand the financial support needed for the entire project.

Step Three

The communication matrix is incorporated to ensure that information has been duly exchanged between the stakeholders and the project team members. The communication matrix summarizes some of the modes selected and the recipients for the information. The primary objective for using communication matrix is ensuring that all shareholders and relevant parties have been adequately informed of the ongoing construction processes. For instance, teleconference has been selected as a communication mode which would be used to disseminate messages to the stakeholders and the constructors on a weekly basis and the major focus is informing them about the project progress (Hickel, 2019). Teleconference has been selected to serve weekly because it does not transmit urgent information. It covers a follow up on the projects and its proceedings to the stakeholders. The communication matrix has been designed to categorize information according to the urgency of the presented information. Email distribution is selected as an everyday mode since it provides basic information needed by the team members.

Step Four

Both functional and dysfunctional conflicts can be witnessed in an organization especially among the stakeholders. Conflicts are inevitable majorly because most people have different perspectives that might not align with the present discussion concept. Functional conflicts are accepted within the organization because it is aligned with the major goals and objectives. It is a healthy type of conflicts on which people disagree on matters aimed at improving the organization’s state (Borkovskaya, 2018). Functional conflicts ensure that employees are motivated and push them towards finding a meaningful solution. The most interesting factor about functional conflicts is that they maintain a meaningful boundary between personal and work feuds. Employees only relate about work and collaborate to solve the conflict through identify a best possible solution. However, dysfunctional conflict has a negative impact on the organization and it negatively strains relationships between the conflicting members. They root problems might be non-work related concepts. It is pretty challenging to solve personal issues and straining relationship will affect overall performance and achievement of the set objectives. The conflicting party’s motivation and morale is depleted under dysfunctional feud circumstances.

Step Five

The sponsor should be assured that the communication challenge would be resolved. The first solution strategy adopted by the project manager was separating the team members and adopting the virtual communication technique. However, it has not been an effective strategy because the same challenges have been witnessed. The best alleviation technique is ensuring that the root causes have been identified. The manager should seek to comprehend the primary reason why communication has been a constant challenge despite the first intervention. The central focus is ensuring that the situation will be avoided. Lack of consistency especially in communication is a negative factor because the team members rely on it to receive information regarding the project continuity (Drobetz et al., 2018). The sponsors will be skeptical to offer their financial help to a project whose major conflicts cannot be solved. Therefore, the major solution is adopting the communication matrix because it includes different modes to be used in transmitting the information. The major objective is ensuring that the team members have a reliable communication technique which facilitates exchange of the project proceedings. Every team member is responsible for ensuring that the selected technique is the best possible solution.

References

Drobetz, W., El Ghoul, S., Guedhami, O., & Janzen, M. (2018). Policy uncertainty,

investment, and the cost of capital. Journal of Financial Stability, 39, 28-45.

Borkovskaya, V. (2018). Project management risks in the sphere of housing and communal

services. In MATEC Web of Conferences (Vol. 251, p. 06025). EDP Sciences.

Hickel, J. (2019). The contradiction of the sustainable development goals: Growth versus

ecology on a finite planet. Sustainable Development, 27(5), 873-884.

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