Create a budget analysis report of the current failed project and a project estimation report for the turnaround project.
This portfolio work project, a budget analysis and cost estimating artifact, is based on your selected business or IT project. You may choose to base your assessment on the Revive LLC case study for the development of a new online employee orientation module, or you may select a company/scenario of your own choosing. Both human resources (HR) and information technology (IT) employees, as well as contractors, will be used in this project.
Cost management is defined as “primarily concerned with the cost of the resources needed to complete the project activities” (Project Management Institute, 2017, p. 233.). Also, consideration needs to be taken with respect to project costs and stakeholder differences. Financial performance techniques provide both internal and external measurement capabilities that allow for decision making, financial analysis, and mitigation strategies.
Effective cost management involves establishing a cost baseline for measuring project performance. Establishing the project baseline is like establishing a point of reference. Whatever that point of reference, it will become the baseline against which project performance will be measured. This cost baseline becomes the basis for more advanced techniques, such as earned value management (EVM).
Project cost management includes planning for the resources needed: the people, equipment, and materials. With the use of proven estimating techniques, an estimate is presented to the project sponsor and management for approval. Upon approval, the cost estimate becomes the official budget for the project. As the project goes through the normal project lifecycle, cost control techniques track and monitor the budget, which allow you to make sure you will not incur a budget overrun.
Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
You will do what is necessary to have the project succeed this time around. Using the Project Revive LLC Scenario or a project of your choosing, you will:
Using the original WBS:
YouTube has many excellent project management videos that may be helpful to review before completing this assessment.
For this assessment, choose either Option A or Option B. You do not need to do both. Both options will be graded using the same scoring guide.
Option A: Project Revive LLC is a consulting firm of highly charged and accomplished project managers whose main stream of revenue comes from managing the turnaround of failing projects. As a consultant with Project Revive LLC, you will study, analyze, and manage a failed project from NearlyFree.com. NearlyFree.com is a fictitious company and the project documents for this project scenario are located below. The NearlyFree.com project was originally scoped to develop and deploy an automated web-based training system for new employees to reduce the workload and cut down personnel resources required to complete the new employee orientation (NEO) training.
Use the NearlyFree.com project work breakdown structure to help identify deliverables and processes that need resources. It is important to know historical information regarding what types of resources were required for similar work. You can do research using the Internet to find similar projects. You will find the project justification and objectives in the project scope statement, which is listed among the resources below.
Option A Resources (use these artifacts for completing the activities in this course):
Option B: You may choose a business of your own. It must include (but is not limited to) the following criteria:
For both Option A or B, you are the project manager.
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. To make this easier, you have the ability to download and install your own version of MS Project for use in this course. See the Software Preparation and Technology Access activity for more information.
Practice using MS Project in this course will prepare you for future professional PM roles and responsibilities; please use MS Project for those tasks supported by MS Project. If you have access to other tools such as MS Visio, MS PowerPoint, MS Word, or other project management software that you believe may still meet the requirements of this course, please discuss your selected alternative with faculty.
Use the PMBOK® Guide as the model for developing the deliverables.
Deliverable: Create a budget analysis report of the current failed project.
Use the MS Project functionality (or other, approved software of your choice) to:
Deliverable: Create a project estimation report for the turnaround project.
At this point in the process you have been asked to report back to NearlyFree.com on your findings and recommendations with respect to project costs. Review the information you gathered and prepare a report for your client. This will be a what-if scenario or plan that you will propose to NearlyFree.com management for the project turnaround to succeed. In the report, do the following:
As part of this report, address the following topics or questions, and where necessary, define assumptions you made:
Use the software of your choice to develop the deliverables for this assessment.
This assessment has two parts and two deliverables:
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria.
Faculty will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assessment.
This portfolio work project demonstrates your competency in applying knowledge and skills required in the workplace. Include this in your personal ePortfolio.