Project evaluation and closeout_

Project evaluation and closeout_ - Project Evaluation and...

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Project Evaluation and Closeout Proj 600 Dr. Ziping Wang
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Agenda Project control process Tracking Gantt Chart Earned values Closing the project
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The Project Control Process Control The process of comparing actual performance against plan to identify deviations, evaluate courses of action, and take appropriate corrective action. Project Control Steps 1. Setting a baseline plan. 2. Measuring progress and performance. 3. Comparing plan against actual. 4. Taking actions
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Monitoring Time Performance Tools used to catch negative variances from plan and communicate project schedule status: Tracking and baseline Gantt charts Show expected, actual, and trend data for event duration performance. Control charts Plot the difference in scheduled time on the critical path with the actual point on the critical path.
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Tracking Gantt Chart A B C D E F 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Baseline duration Slack Actual completed Remaining duration Today
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Time-Phased Baseline Plan Example: Actual costs for the first five months are $1.3 million. Planned budget costs for the first five months are 1.0 million. Without time-phasing of costs to match scheduled activities, cost control cannot yield information that is reliable for control purposes. Earned Value Cost/Schedule System An integrated project management system based on the earned value concept that uses a time-phased budget baseline to compare actual and planned schedule and costs.
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Earned Values (Chapter 7) 9
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Aggregate Total Budgeted Cost Establish a TBC for each work package Determine the process Top-down Bottom-up If sum of initial estimates exceeds sponsor budget, then reduce costs and recalculate
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Example : Packaging Machine Project
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Develop Cumulative Budgeted Cost Distribute each total budgeted cost (TBC) over work package duration Create the time-phased budget Calculate cumulative budgeted cost Provides a baseline against which actual cost and work performance are measured
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Example : Packaging Machine Project Determine budgeted cost by period Graph the cumulative budgeted cost curve
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Determine Actual Cost Actual Cost Collect data regularly for funds actually expended
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