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IIMT3603 PROJECT MANAGEMENT Homework 3 Sample Solution (Due - November 24, 2016, 11:55 PM) Electronic Submission (Moodle Course Web page) (i) MS Word...

Question 1 (a), (b)

  1. (15%) As of today (beginning of week 6), what is the cost variance of the project? What is the schedule variance of the project?
  2. (10%) Based on information provided to date, what is your assessment of the current status of the project?

IIMT3603 PROJECT MANAGEMENT Homework #3 Dr. Benjamin Yen 1 Homework 3 Sample Solution (Due – November 24, 2016, 11:55 PM) Electronic Submission ( Moodle Course Web page ) (i) MS Word (ii) File name: IIMT3603_hw3_HKUID (e.g. IIMT3603_hw3_1234567 ) No Late Submission. 1. (40%) Sandy Point is the project manager of a small project that consists of seven tasks. After careful and extensive planning, Sandy and her project staff agreed on a proposed project schedule that is indicated by the following Gann chart: As indicated in their original project plan, Sandy and her staff had estimated the following durations and (total) direct costs for each task: Task Duration (weeks) Planned Value A 4 $2,000 B 7 $2,800 C 3 $1,150 D 5 $ $ 625 E 5 $1,350 F 3 $1.050 G 3 $ $ 270 This morning (beginning of week 6), Sandy received a progress report; as indicated in the Gantt chart, task C could not be started until this week due to the unexpected delay in completing task A. The report also indicates that task B has been completed two weeks earlier than expected. Information from the progress report is summarized in the following table. Scheduled critical task Scheduled non-critical task Used but not planned Planned but not used 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 E A F B G C D Time Today
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IIMT3603 PROJECT MANAGEMENT Homework #3 Dr. Benjamin Yen 2 Task Current Status Actual Expenditures to Date Percent of Work Completed A Completed $2,000 100% B Completed $2,800 100% C Just started $0 0% D In progress $330 55% E Not started $0 0% F Not started $0 0% G Not started $0 0% a. (15%) As of today (beginning of week 6), what is the cost variance of the project? What is the schedule variance of the project? b. (10%) Based on information provided to date, what is your assessment of the current status of the project? c. (15%) If you use a fixed 30/70 formula to compute the value of the work completed (BCWP) instead of relying on progress reports to estimate the percent of work completed, what is the value of the cost index for the project at the beginning of week 6? What is the schedule index for the project? Does this change your view of the project progress to date? 2. (20%) Discuss the effects of the various organizational forms on coordination and interaction, both within the project team and between the team and the rest of the firm. 3. (40%) The Van Al l en Construction Company is hoping to sign a contract in the next few months to build a new soccer stadium where the Louisiana Superdome now stands. Hopeful of getting this contract, managers at Van Alien have started planning the first phase of the project (i.e., demolition of the Superdome). The demolition project consists of nine tasks, which are indicated in the following table. Also indicated are the normal times (in weeks) and normal costs (in hundreds of dollars), as well as the crash times and crash costs. Indirect charges (e.g., security fencing around the perimeter site) and overhead charges will cost approximately $12 (hundred) per week. Crash Normal Task Predecessors Time Cost Time Cost A 3 $60 5 $40 B 1 $50 5 $30 C B 5 $70 10 $40 D A 2 $60 7 $40 E A 2 $50 6 $30 F C,D 5 $90 11 $60 G C,D 4 $60 6 $30 H G 1 $40 5 $20 I E,G 1 $50 4 $20
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