Pm610 1003b 02 Project Time, Cost And Scope Management

1031 words - 5 pages

PM610-1003B-02 Project Time, Cost and Scope Management

As the assigned Project Manager IRTC has asked me to evaluate the

customer service add on package the vendor offered while still in project

negotiations. The price tag for the add-on is $25,000 and will take an

additional 4 weeks to complete. I have been asked to provide my opinion.

Over the next few pages I shall discuss What one should consider before

accepting or denying the vendors proposal, how my decision could affect the

overall project, what parties would need to be involved in the decision

making process, and the factors that need to be discussed and agreed upon

by the ...view middle of the document...

Overall I would
say that if the customer service system is implemented we need to
determine the complexity of it, along with the customer databases. If these
systems are relatively complex then we should look more closely at the
vendors add on package if it will simplify and bring an return on investment
in a relatively reasonable time frame.

How my decision may affect the overall project:
To date the project is within scope, time frame, and budget however, we
have planned up front to set aside $10k for emergencies or unforeseen
circumstances. At this time we do not want to consider the set aside funds
available for the additional funding of $25K. Therefore we would have to
request additional funding to cover the add on cost, which would increase
the overall budget. The schedule would be affected because we would have
to extend the schedule by extending the completion date out an additional 4
weeks. As far as resources, a majority of the responsibility would rest on the
shoulders of the vendor as they would have to provide their own internal
organizational personnel, as well as any parts, supplies and materials,
overall this would affect internal project management team members as
they may have already been scheduled to participate on another project (s).
Additional considerations for the project team resources could be
interference with already planned and approved employee vacation
schedules, training, holidays, business trips, team building exercises, family
member graduation schedules, planned family member medical and dental
appointments and operations. In addition to these changes the scope of the
contract would also change which would require approval from the change
control panel.

Parties that would be involved in the decision making process:
The parties that would be involved in the change request process would
and could include: The project manager, project team, project sponsor,
steering committee, change control board/panel and executives. Control
boards and their procedures and processes will change dependent on the
organization and stakeholders (PMBOK Guide 2008). An EXAMPLE of a
Change request process could be as follows:

Identify Change Request
Action | Responsibility |

● Identify and record the issue | Project Manager or Team Lead |

Validate Change Request
● Identify member of the management team as the issue owner● Validate change...

Other Papers Like Pm610-1003b-02 Project Time, Cost and Scope Management

Importanceof Cost and Value Management Essay

679 words - 3 pages (Venkataraman, 2008, p. 6-7). Essentially, value management focuses on enhancing project value, given cost and time constraints, without any negative impact on the project’s facilities functionality, reliability, or quality. The key features of effective project value management are: • Careful analysis of project needs and scope • Thorough planning of the project and subsequent work • Identification of key areas of

Cost Accounting and Management Decisions Essay

777 words - 4 pages Assignment 1: Cost Accounting and Management Decisions For this assignment I have chosen to discuss the company Gerber. They have a brand that stands out across the nation. Their most popular product is their baby food. Even in this category they have three products that are known across the nation. They make formula (for infants), baby food (for babies that are past infants but not quite a toddler), cookie crackers (for children getting

Project Priority Matrix, Wbs, and Cost Estimation

1782 words - 8 pages matrix that must be look up into: constrain (limiting quantity), enhance (optimizing quantity), or accept. On the progressing of the project, we project manager will encounter this and and choose which is best for organization and the outcome itself. Below is the matrix table and what we think is the requisite trade-offs. | Time | Scope | Cost | Constrain | ✓ | | | Enhance | | ✓ | | Accept | ✓ | | ✓ | The reason why this project

Project Management and Project Success

1352 words - 6 pages based on the concept of iterative development by small self-organised groups. The Agile Methodology promotes continues review and adaptation. Agile approach is the fastest project management methods currently in industries because in the project each iteration is scheduled to be done within a time frame(Cervone, 2011). Agile Project management methods have different methodologies and this can be applied in many ways. The methods are adaptive

Time Management and Responsibility

1028 words - 5 pages time effectively is to plan when you will do specific study tasks”. (Guide To Management For Graduate School Students, 2011) Referencing a copy of the syllabus and setting aside a few hours to complete each project could help keep the student on task. Another educational duty for a student is to maintain a good grade point average. What a shame it would be to be placed on academic probation or kicked out of the university, as it would be a waste

Time Management and Importance

868 words - 4 pages What is time management? It is a set of principles, practices, skills, tools and systems that help you use your time to accomplish what you want. Why is time management important? Time management is important for your personal life and career success. It teaches you how to manage your time effectively and make the most of it. Here are a few of the reasons why it is so important, and how it can help you use and manage your time more

strategic cost management and strategic business analysis

3696 words - 15 pages Introduction The purpose of this assignment is discuss the tools and techniques that were covered in the strategic cost management and strategic business analysis and how both tools and techniques to help the senior management in my organization to enhance its corporate value. ABC oil company was my previous employer since when I was in UK but in order to preserve confidentiality, the chosen organization and related brand names will be

Time Management and Stress 2

565 words - 3 pages Time Management and Stress I knew that keeping track of my time would reveal that I spend my time on things that in the long run are really unimportant to my future and the goals that I would like to attain. I discovered that I spend a lot of time worrying about unnecessary things such as what other people think about me and that I spend a lot of time doing things such as surfing the internet that are not going to positively affect my future

Mcdonald's Influences And Project Management

2340 words - 10 pages refurbishments to make them more comfortable. This requires investment at a time when there is a credit crunch, however, with low interest rates this is a boon to the borrowing that does exist, reducing its overall cost. Operational issues are always important and may also impact on project management, many projects that take place will directly impact on operations. The firm has developed new systems to forecast supplies and sales, to work with

Project Management and Operational Research

2094 words - 9 pages University of Wales & Management Development Institute of Singapore (MDIS) Subject : Project Management and Operational Research Type of assignment : Individual Assignment Lecturer : Siew Ngung Chia Course : Master of Science in Management Assignment Cover Sheet Number Name of Student ID Number Signature 1 Musamukhamedov Farrukh M1100082 Submitted on Due Date? NO (Date Submitted: 19/03/2012) Words Limit Observed

Automation of Risk Management to Reduce Cost and Improve Accuracy

1006 words - 5 pages trusted data on demand that’s immediately digestible. Why the rush to real-time data warehousing? Some of these practices are purely a matter of timely decision making, such as operational business intelligence and frequently refreshed management dashboards. The Hidden PxQ Cost of Risk Management by Spreadsheet Currently, NTEC-IT is utilizing spreadsheets to manage clearance, access and SOX compliance. While spreadsheets are easy to

Related Essays

Project And Scope Presentation Essay

1923 words - 8 pages Project Management Plan 4 2 Executive Summary of Project Charter 4 2.1 Assumptions/Constraints 4 3 Scope Management 4 3.1 Work Breakdown Structure 4 3.2 Deployment Plan 4 3.3 Change Control Management 4 4 Schedule/Time Management 4 4.1 Milestones 5 4.2 Project Schedule 5 4.2.1 Dependencies 5 5 Cost/Budget Management 5 6 Quality Management 5 7 Human Resource Management 5 8 Communications Management 5 8.1 Communication Matrix 5 9

Time Management Skills And Project Management Skillls

1490 words - 6 pages budget specified for them to work within, the range or scope that has been directed for a manager to work with and the time budget that has been set for the task to be completed. It has been known and understood that if it is found that one of these things are slacking or not kept and adhered to, the whole project or task set will become dispirited and defeated. Within the academic enviroment, these three skills are nurtured within students, and

Project Cost Management Essay

2234 words - 9 pages to cost budgeting is the WBS since it defines the work items.Other inputs include project scope statement, WBS dictionary, activity cost estimates, contracts and cost management plan. The cost budgeting process’ main objective is to generate a cost baseline that will measuretheproject’sperformanceandfunding requirements. The main output of cost budgeting process is the cost baseline—a time-phased budget that project managers use to measure

Cost And Management Accounting Essay

1847 words - 8 pages techniques, such as robot arms hold the tennis rackets in place while the glue dries, and machine vision systems check for defects. The engineering and design team uses computerised drafting and testing of new products. The following managers work in the tennis rackets division: Jason Dennis, Sales Manager (supervises all sales representatives) Dave Marley, Cost Accounting Manager (supervises cost accountants) Kevin Carson, Production Supervisor