This is a well written paper. But you miss the budget aspect of the project, as needed in the cost analysis part of the assignment. Well cited as well.PMG640Un

Due Date: Sunday by 11:59pm

Total Points: 100

Instructions:

• Update your MS Project file based on any feedback given last week. (Points can be lost for not updating previously submitted assignment)

• Break down the Work Packages into the Activities necessary to create the deliverables. (You should have a minimum of approximately 40 activity tasks; also, remember to use the Verb / Adj. / Noun format in naming activities; all activities must begin with an action verb (Examples: create, order, schedule, build, code, etc…)) Activities are the actions you will take to create the deliverables. Please see example below:

o 1.1 Kitchen Cabinets (Deliverable) o 1.1.1 Design Kitchen Cabinets (Activity) (Action verb / adjective / noun) o 1.1.2 Request Kitchen Cabinet Bids o 1.1.3 Approve Kitchen Cabinet Contract o 1.1.4 Install Kitchen Cabinets

• Enter estimated durations for each activity created (keep resources in mind, but do not assign resources)

• If effort and duration differ, adjust the task type and effort to account for difference (see this week’s lecture for a discussion on this issue). Failure to do this will lead to loss of credit.

• Create at least 12 activity notes that contain the following information: o 1) Estimating method used (bottom-up, top-down, etc.), o 2) basis of estimate (past experience, SME, vendor quote, etc.) o 3) one or two reasons why actual duration may vary from estimated duration

• Add at least four milestones to your project (place milestones at key points throughout project; make milestones ‘red’ to show where they are)

Requirements:

• Use MS Project to complete your assignment.

• Save your files using the following filename convention:

o MSProject1 – FirstName_LastName

Be sure to read the criteria, by which your paper/project will be evaluated, before you write, and again after you write.

PMG640 – Project Scheduling and Cost Planning

Unit 2 Assignment: MS Project #1

Evaluation Rubric for Unit 2: MS Project #1 Assignment

CRITERIA Deficient

Needs

Improvement Proficient

Exemplary

0 – 15 Points 16 – 19 Points 20 – 24 Points 25 Points

Work Breakdown Structure

Work Packages are not fully decomposed but less than the 30 Activities necessary to create the deliverables. Some of the correct naming conventions are missing.

Work Packages are

fully decomposed but

less than the 40

Activities necessary to

create the

deliverables. Some of

the correct naming

conventions are

missing.

Work Packages are

fully decomposed

into the 40

Activities necessary

to create the

deliverables. Some

of the correct

naming

conventions are

missing.

Work Packages are fully decomposed into the 40 Activities necessary to create the deliverables. Correct naming conventions are used.

Estimate Durations

Work Packages are fully decomposed and activities are less than 40 Activities necessary to create the deliverables. Some of the activities have an assigned duration but not all activities have contingencies.

Work Packages are fully decomposed into the less than 40 Activities necessary to create the deliverables. Some of the activities have an assigned duration but not all activities have contingencies.

Work Packages are fully decomposed into the 40 Activities necessary to create the deliverables. Each of the activities have an assigned duration but not all activities have contingencies.

Work Packages are fully decomposed into the 40 Activities necessary to create the deliverables. Each of the activities have an assigned duration with contingencies.

Estimate Methods

Between 2 to 5 activity notes that contain the following information: 1) Estimating method used (bottom-up, top-down, etc.), 2) basis of estimate (past experience, SME, vendor quote, etc.), and 3) one or two reasons why actual duration may vary from estimated duration.

Between 6 to 10 activity notes that contain the following information: 1) Estimating method used (bottom-up, top- down, etc.), 2) basis of estimate (past experience, SME, vendor quote, etc.), and 3) one or two reasons why actual duration may vary from estimated duration.

At least 10 activity notes that contain the following information: 1) Estimating method used (bottom-up, top-down, etc.), 2) basis of estimate (past experience, SME, vendor quote, etc.), and 3) one or two reasons why actual duration may vary from estimated duration.

At least 12 activity notes that contain the following information: 1) Estimating method used (bottom-up, top- down, etc.), 2) basis of estimate (past experience, SME, vendor quote, etc.), and 3) one or two reasons why actual duration may vary from estimated duration.

0 – 11 Points 12 – 15 Points 16 – 19 Points 20 Points

Milestones At least 2 milestones to your project are identified and some are not marked red.

At least three milestones to your project are identified and some are not marked red.

At least three milestones to your project are identified and marked red.

At least four milestones to your project are identified and marked red.

0 Points 1 – 2 Points 3 – 4 Points 5 Points

Clear and Professional Writing

Writing assignment contains no sense of organization. Paragraphs lack clear ideas. Contains several errors in grammar, spelling and punctuation which detracts from content of the passage.

Writing assignment contains a sense of organization. Some paragraphs have clear ideas. Contains several minor errors in grammar, spelling and punctuation, but does not detract from content of the passage.

Writing assignment contains good overall organization. Most paragraphs have clear ideas and are supported with some examples. Mostly free of errors in grammar, spelling and punctuation.

Writing assignment is well-planned and well- thought out. All paragraphs have clear ideas, are supported with examples and have smooth transitions. Free of errors in grammar, spelling and punctuation.

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risk dismissal from the university under the Academic Dishonesty policy. Unless otherwise noted, access to

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for information on which resources can be printed.

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Cost and Schedule Plan for Construction Project XYZ

Symeshia Lias

PMG640_30_ Project Scheduling and Cost Planning

Dr. Igoni

May 5, 2024

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Cost and Schedule Plan for Construction Project XYZ

Overview

This study proposes a concise examination of the cost and schedule plan for Construction

Project XYZ, which will be of high value to the industry. It ensures an involvement for efficient

cost and schedule management because the project is about the construction of a commercial

office building in a downtown metropolitan area with a LEED certification (Shah et al., 2023).

Alongside the intricacies of such an undertaking, doing a reasonable cost estimation and tracking

the schedule becomes vital and unconditional. Hence, the section thus focuses on the two base

inputs and tools that make the strategic plan steadfast and foolproof. This article aims to

illuminate the tactics and techniques by which Project Construction XYZ can be done on time

and using the least amount of money (Shah et al., 2023). The paper will also describe step-by-step

instructions on how to do good for clients by managing construction projects.

Clear Identification of Schedule & Cost Inputs

Resource Requirements

Although defining resource availability is a prerequisite for cost and schedule plans, it is

a pivotal input. The idea of resources is a challenging concept to grasp wholly, and they can be

classified by such a wide variety of elements, from materials and equipment to labor and other

necessary assets. Accurately portraying the resource demands allows the project team to adjust

and monitor the cost planning and determine the program and cost resources more precisely,

which becomes a significant factor that interferes with the schedule and cost plans. For example,

labor shortages within the local market may mean that the estimation of project milestones

cannot be fulfilled and raise the labor costs, thus resulting in negative impacts on the budget and

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schedule. Resource limitations from the project reflect the importance of detailed resource

evaluation, as the project depends on its economic and time viability.

Scope Baseline

The baseline range represents how the project scales encompass deliverables, milestones,

and a work breakdown structure (WBS) (Torp et al., 2016). Inventory is an unyielding reference

tool for measuring performance and managing change. Regarding the basis of cost and schedule

plans within the scope of a project, an accurate scope baseline works in building realistic project

timelines and budgets. Variations or preferences beyond the given established scope also induce

the time and cost to react accordingly, nonetheless adding up to the power of influence of the

input (Torp et al., 2016). If this is said to happen, the need to incorporate new functionalities to the

building design midway through the project may require a new schedule and budget, which

highlights the significance of the scope baseline, which is desired to be maintained under these

circumstances, to the process of project management, which demands foresight and precision.

Clear Identification of Schedule & Cost Tools

Critical Path Method (CPM)

Above all stands the Critical Path Method (CPM), a framework that organizes and time-

monitors any project's key steps. On the other hand, CPM approaches the task by carefully

studying the interrelatedness of the jobs and the critical path – the sequence of activities that

should be done first – whose completion will establish the minimum amount of time required by

the project. Through this process, project managers may distinguish those time-critical tasks that

might hinder the project if delayed (Shah et al., 2023). However, through CPM, efficient resource

allocation is achieved because it spotlights the tasks that are mainly the drivers of the project's

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progress. It complies with a schedule and automatically makes it a cog in an institution's expense

control systems (Torp et al., 2016). Project teams can avoid possible bottlenecks by finding out

where they can design resource allocation in such a way that it will accelerate the project's

delivery, sanctioning, and coordinating the dispensed funds. As a result, this will ensure

adherence to the budget constraints.

Earned Value Management (EVM)

The aspect of the method, Earned Value Management (EVM), mythologizes the epitome

of the performance evaluation techniques for any project that incorporates scope, schedule, and

cost metrics. Raw data like planned value, earned value, and actual costs are transformed through

EVM into a comprehensive view of how the project is faring and how its future performance is

predicted (Torp et al., 2016). This integration allows managers to identify deviations in schedule,

cost, or scope as soon as possible instead of incurring unexpected expenses as the project

progresses, allowing them to take the right action at the right time. EVM performs a sentinel

duty, which warns the project teams of potential discrepancies. Thus, those can turn into

significant hurdles in overcoming the challenges. Often, the EVM software helps the teams

monitor the project's health closely; therefore, it becomes possible to react as soon as the project

strays from the path and ensures its completion (Torp et al., 2016). Thus, EVM will be a critical

instrument for observing and limiting costs throughout the project's life. It can help organizations

achieve a nod where they can work effectively.

In conclusion, cost and schedule planning are, thus, essential factors for the completion of

this Construction Project XYZ. Planning phases will be held as solid by evaluating inputs, like a

resource or scope baseline, and employing tools like the critical path method and earned value

management. They will minimize unavoidable risks for maximum efficiency.

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References

Shah, F. H., Bhatti, O. S., & Ahmed, S. (2023). A Review of the Effects of Project Management Practices

on Cost Overrun in Construction Projects. Engineering Proceedings, 2023(44)(1), 1. Presented at

the 5th Conference on Sustainability in Civil Engineering (CSCE), Online, August 3, 2023.

https://doi.org/10.3390/engproc2023044001

Torp, O., Belay, A. M., Thodesen, C., & Klakegg, O. J. (2016). Cost Development Over-time at

Construction Planning Phase: Empirical Evidence from Norwegian Construction Projects.

Procedia Engineering, 145, 1177-1184. https://doi.org/10.1016/j.proeng.2016.04.152