CP3 Start Data Directions For CP3 you will set your CP2 project and document deliverable aside and start fresh. Your task is to use this document and the data provided to create a project file using Microsoft Project. The data below will establish a project budget and schedule baseline with Budget = $4,449,920.00 and a highly desired completion date of 12/19/08. We are trying to create a scenario for a time that is 'out in the future' here. We are fast forwarding the project and loading some fictional information to create a scenario for you to analyze using Earned Value and then provide course corrections to the project. The project at this future date shows that our project is not performing very well. However, you are given the opportunity to make some changes to the project to still complete it on the desired date of 12/19/08. These directions help you set the Gantt to represent the anticipated 50% completion 'date' of 10/1/08. This is the date where the project 'should be' 50% complete. You do NOT set the project to 50% complete, you set it to 40%. These are two different things and these 2 parameters set up the scenario for you to generate EV data and tell me about how the project is doing. % Complete (The Reality) The 40% should be set by you by setting the top level task (project name) to 40%. This is how 'done' we are saying we actually are with the project at this point in time. % Scheduled (The Plan) The date (i.e. point in time) provided for the review fast forwards the project to the 'anticipated' 50% project scheduled date. This is the date on the calendar when we 'wanted' to be 50% complete. First, change the project start date to Mon 4/14/08. Use the following data to setup your baseline project file. Adjust indenting to match WBS coding provided. In MSP right mouse click the header row and insert a WBS Column as shown. Do not add durations or dates for the Summary Tasks because these will populate for you when you enter the lower task information. WBS Task Name Duration Start 1 Theme Park Project 175 days 4/14/2008 12/19/2008 1.1 Site Layout & Site Grading 10 days 4/14/2008 4/25/2008 1.2 Footings & Foundations 55 days 4/28/2008 7/11/2008 1.3 Masonry 60 days 5/19/2008 8/8/2008 3SS+15 days 1.4 Frames, Columns and Beams 40 days 7/7/2008 8/29/2008 4SS+35 days 1.5 Joists & Roof Deck 30 days 9/1/2008 10/10/2008 5 1.6 Slab on Grade 35 days 7/14/2008 8/29/2008 3 1.7 Rough Carpentry 35 days 9/1/2008 10/17/2008 7 qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Finish Predecessors 2 Page 1 CP3 Start Data 1.8 Interior Studs 20 days 9/1/2008 9/26/2008 1.9 Interior Drywall 30 days 10/13/2008 11/21/2008 9,6 1.10 Painting 35 days 10/27/2008 12/12/2008 10FS-20 days 1.11 Elevator 30 days 9/1/2008 10/10/2008 7 1.12 Doors 5 days 10/20/2008 10/24/2008 8 1.13 Custom Theme Painting 15 days 11/3/2008 11/21/2008 11SS+5 days 1.14 Flooring 15 days 11/17/2008 12/5/2008 10FS-5 days 1.15 Finish Carpentry 15 days 11/17/2008 12/5/2008 10FS-5 days 1.16 3 days 12/8/2008 12/10/2008 1.17 Bathroom Compartments/Accessories Plumbing 85 days 7/28/2008 11/21/2008 1.17.1 Hangers & Supports 40 days 7/28/2008 9/19/2008 1.17.2 Pipes & Fittings 40 days 9/22/2008 11/14/2008 19 1.17.3 Test 5 days 11/17/2008 11/21/2008 20 1.18 HVAC 95 days 7/28/2008 12/5/2008 1.18.1 Stacks & Vents 30 days 7/28/2008 9/5/2008 1.18.2 Hangers & Supports 30 days 9/8/2008 10/17/2008 23 1.18.3 Ductwork & Piping 30 days 10/20/2008 11/28/2008 24 1.18.4 Test 5 days 12/1/2008 12/5/2008 25 1.19 Electrical 95 days 7/28/2008 12/5/2008 1.19.1 Boxes 25 days 7/28/2008 8/29/2008 3FS+10 days 1.19.2 Conduit 25 days 9/1/2008 10/3/2008 28 1.19.3 20 days 10/6/2008 10/31/2008 29 1.19.4 Wiring Devices/Switches/Receptacles Light Fixtures 20 days 11/3/2008 11/28/2008 30 1.19.5 Test 5 days 12/1/2008 12/5/2008 31 1.20 Mechanicals Complete 1 day 12/8/2008 12/8/2008 21,26,32 1.21 Attraction Install and Training 146 days 9/9/2008 12/12/2008 qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx 7 16 3FS+10 days 3FS+10 days Page 2 CP3 Start Data 1.21.1 Ferris Wheel 137 days 9/29/2008 11/21/2008 1.21.1.1 Ferris Wheel to ship 3 days 9/29/2008 10/1/2008 1.21.1.2 Ferris Wheel Legs & fan install 6 days 10/2/2008 10/9/2008 1.21.1.3 Ferris Wheel gondola install 6 days 10/10/2008 10/17/2008 37 1.21.1.4 Ferris Wheel MEP install 6 days 10/20/2008 10/27/2008 38 1.21.1.5 Ferris wheel platform design 2 days 10/28/2008 10/29/2008 39 1.21.1.6 Ferris Wheel Platform 6 days 10/30/2008 11/6/2008 40 1.21.1.7 Ferris Wheel Railing 6 days 11/7/2008 11/14/2008 41 1.21.1.8 Ferris wheel turnstile 3 days 11/17/2008 11/19/2008 42 1.21.1.9 Ferris wheel Training 1 day 11/20/2008 11/20/2008 43 1.21.1.10 Ferris Wheel Certification 1 day 11/21/2008 11/21/2008 44 1.21.2 Ropes course install & Training 30 days 9/9/2008 10/20/2008 7 1.21.3 Climbing wall install & Training 10 days 11/24/2008 12/5/2008 7 1.21.4 Carousel install & Training 13 days 11/6/2008 11/24/2008 7 1.21.5 Bowling install & Training 40 days 10/17/2008 12/11/2008 7 1.21.6 Go Cart install & Training 45 days 10/6/2008 12/5/2008 7 1.21.7 Mini Golf install & Training 15 days 11/17/2008 12/5/2008 7 1.21.8 1 day 12/12/2008 12/12/2008 1.22 Attraction install and training complete Furniture Installation 5 days 12/8/2008 12/12/2008 1.23 System and Security Training 3 days 12/15/2008 12/17/2008 52 1.24 Final Walkthrough 1 day 12/18/2008 12/18/2008 1.25 Grand Opening 1 day 12/19/2008 12/19/2008 12,14,15,16,17, 52,53,54 55 36,7 45,46,47,48,49, 50,51 Next enter the Working Resource data below into the project Resource Sheet [View \\ Resource Sheet]. Resource Name Type Initials Max Units Std. Rate Customer Architect Work Work C A 400% 300% $0.00/hr $125.00/hr qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Accrue At Prorated Prorated Page 3 CP3 Start Data Engineer Electrician Electrician 2 Builder Landscaper Builder 1 Builder 2 Builder 3 Builder 4 Painter Plumber Steamfitter Steamfitter 2 FW Supplier Ride Supplier Work Work Work Work Work Work Work Work Work Work Work Work Work Work Work E E E B L B B B B P P S S F R 500% 200% 100% 600% 100% 100% 100% 100% 100% 300% 100% 100% 100% 100% 600% $125.00/hr $80.00/hr $300.00/hr $65.00/hr $50.00/hr $85.00/hr $85.00/hr $85.00/hr $85.00/hr $200.00/hr $150.00/hr $125.00/hr $200.00/hr $100.00/hr $100.00/hr Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Prorated Now assign the resources to the project tasks as described below. WBS Task Name Resources 1 Theme Park Project 1.1 Site Layout & Site Grading Architect 1.2 Footings & Foundations Builder 1.3 Masonry Builder 1.4 Frames, Columns and Beams Builder 1.5 Joists & Roof Deck Builder 1.6 Slab on Grade Builder 1.7 Rough Carpentry Builder 1.8 Interior Studs Builder qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 4 CP3 Start Data 1.9 Interior Drywall Builder 1.10 Painting Painter 1.11 Elevator Builder 1.12 Doors Builder 1.13 Theme Painting Painter 1.14 Flooring Builder 1 1.15 Finish Carpentry Builder 2 1.16 Bathroom Compartments/Accessories Builder 1.17 Plumbing 1.17.1 Hangers & Supports Plumber 1.17.2 Pipes & Fittings Plumber 1.17.3 Test Plumber 1.18 HVAC 1.18.1 Stacks & Vents Steamfitter 1.18.2 Hangers & Supports Steamfitter 1.18.3 Ductwork & Piping Steamfitter qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 5 CP3 Start Data Steamfitter 1.18.4 Test 1.19 Electrical 1.19.1 Boxes Electrician 1.19.2 Conduit Electrician 1.19.3 Wiring Devices/Switches/Receptacles 1.19.4 Light Fixtures Electrician 1.19.5 Test Electrician 1.20 Mechanicals Complete 1.21 Attraction Install and Training 1.21.1 Ferris Wheel 1.21.1.1 Ferris Wheel to ship FW Supplier 1.21.1.2 Ferris Wheel Legs & fan install FW Supplier 1.21.1.3 Ferris Wheel gondola install FW Supplier 1.21.1.4 Ferris Wheel MEP install FW Supplier Electrician qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 6 CP3 Start Data 1.21.1.5 Ferris wheel platform design FW Supplier 1.21.1.6 Ferris Wheel Platform FW Supplier 1.21.1.7 Ferris Wheel Railing FW Supplier 1.21.1.8 Ferris wheel turnstyle FW Supplier 1.21.1.9 Ferris wheel Training FW Supplier 1.21.1.10 Ferris Wheel Certification FW Supplier 1.21.2 Ropes course install & Training Ride Supplier 1.21.3 Climbing wall install & Training Ride Supplier 1.21.4 Carousel install & Training Ride Supplier 1.21.5 Bowling install & Training Ride Supplier 1.21.6 Go Cart install & Training Ride Supplier 1.21.7 Mini Golf install & Training Ride Supplier 1.21.8 Attraction install and training complete 1.22 Furniture Installation Builder 3 1.23 System and Security Training Builder 4 1.24 Final Walkthrough Builder,Customer qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 7 CP3 Start Data 1.25 Grand Opening Customer Now we have to add the material costs for each task. In MSP we do this by adding a Prorated Fixed Cost in the Detail Gantt View, Table/Cost View. WBS Task Name 1 Theme Park Project Fixed Cost $0.00 1.1 Site Layout & Site Grading $10,000.00 1.2 Footings & Foundations $30,000.00 1.3 Masonry 1.4 Frames, Columns and Beams $150,000.0 0 $85,000.00 1.5 Joists & Roof Deck 1.6 Slab on Grade 1.7 Rough Carpentry 1.8 Interior Studs $200,000.0 0 $250,000.0 0 $175,000.0 0 $20,000.00 1.9 Interior Drywall $30,000.00 1.10 Painting $45,000.00 1.11 Elevator $80,000.00 1.12 Doors $25,000.00 1.13 Theme Painting $30,000.00 1.14 Flooring 1.15 Finish Carpentry $150,000.0 0 $125,000.0 0 $15,000.00 1.16 1.17 Bathroom Compartments/Accessories Plumbing $0.00 1.17.1 Hangers & Supports $30,000.00 1.17.2 Pipes & Fittings $40,000.00 qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 8 CP3 Start Data 1.17.3 1.18 Test $2,000.00 HVAC $0.00 1.18.1 Stacks & Vents $25,000.00 1.18.2 Hangers & Supports $10,000.00 1.18.3 Ductwork & Piping $40,000.00 1.18.4 Test 1.19 Electrical $5,000.00 $0.00 1.19.1 Boxes $35,000.00 1.19.2 Conduit $15,000.00 1.19.3 1.19.4 1.19.5 Wiring Devices/Switches/Receptacles Light Fixtures Test $20,000.00 $40,000.00 $10,000.00 1.20 Mechanicals Complete $0.00 1.21 Attraction Install and Training $0.00 1.21.1 Ferris Wheel $0.00 1.21.1.1 Ferris Wheel to ship $250,000.0 0 $4,000.00 1.21.1.2 Ferris Wheel Legs & fan install 1.21.1.3 Ferris Wheel gondola install $3,000.00 1.21.1.4 Ferris Wheel MEP install $5,000.00 1.21.1.5 Ferris wheel platform design $1,000.00 1.21.1.6 Ferris Wheel Platform 1.21.1.7 Ferris Wheel Railing $5,000.00 1.21.1.8 Ferris wheel turnstyle $2,000.00 1.21.1.9 Ferris wheel Training $5,000.00 1.21.1.10 Ferris Wheel Certification $1,000.00 $15,000.00 1.21.2 Ropes course install & Training 1.21.3 Climbing wall install & Training $180,000.0 0 $80,000.00 1.21.4 Carousel install & Training $30,000.00 qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 9 CP3 Start Data 1.21.5 Bowling install & Training 1.21.6 Go Cart install & Training 1.21.7 Mini Golf install & Training 1.21.8 $350,000.0 0 $890,000.0 0 $65,000.00 1.22 Attraction install and training complete Furniture Installation $0.00 1.23 System and Security Training $110,000.0 0 $10,000.00 1.24 Final Walkthrough $15,000.00 1.25 Grand Opening $30,000.00 CRITICAL STEP!!! Next, start tracking the project by setting the project baseline. Project \\Tools \\ Set Baseline \\ Set Baseline \\ Set Baseline \\ OK. Next, set the project % complete to 40% by adjusting the % complete column for the project header task (Theme Park Project). This will adjust all task completions to a % complete based on the baseline schedule. Next, adjust the Project Current Date to 10/1/08 AND adjust the Project Status Date to 10/1/08. Project \\ Project Information. Now we have to adjust a few task fixed costs because we have spent more on materials than we had estimated. In MSP we do this by adjusting the Prorated Fixed Cost in the Detail Gantt View, Table \\ Cost View. WBS Task Name 1.2 Footings & Foundations 1.6 Slab on Grade 1.14 Flooring 1.18.1 Stacks & Vents Fixed Cost $100,000.0 0 $300,000.0 0 $200,000.0 0 $50,000.00 We now are 'OUT IN THE FUTURE' on the 10/1/08 day. Let's see how the project is doing! CRITICAL STEP!!! Because we are behind, we need to move all the incomplete work into the future to get a true look at the estimated completion date. Select to Reschedule Incomplete Work to start date after: 10/1/08. Project \\ Update Project \\Select \\ OK qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 10 CP3 Start Data What's the new projected completion date? After we look at Earned Value below, we will have to do something about this issue. In the Tracking Gantt - Earned Value view, use the project file to perform your Earned Value Analysis as described on the Project Tab under Course Home. Use the project file and your analysis to complete the Project Status Report which you will be submitting to the CP3 DropBox. View \\ Tables \\ More Views \\ Earned Value As mentioned above, the project at this future date shows that our project is not performing very well. Analyze the project and report on it. Make your changes The good news is you are given the opportunity to make some changes to the project to still complete it on the desired date of 12/19/08. You can do this by analyzing the critical path activities and then making changes to the project to pull the date in. Make your changes, for example to resources. Analyze the result of these changes to the project dates and the project costs (i.e. the date should improve and then cost may increase. Assume you need to do something proactive to catch up and then explain the impact of those changes. Integration into WORD There are two simple formatting tricks to get the MSP data into the WORD document. 1) Change the time scale to shrink down the MSP Gantt chart. Right click on the timeline to open a screen which lists Top, Middle and Bottom tabs. On the Middle tab select Quarters. On the Bottom Tab, select Months. 2) Print the MSP file. For a printer driver select Microsoft Office Document Image Writer (If you have this driver available to you). Save the file somewhere you can find it on your C drive. Insert as a picture file (Tif) into your Word Document. If this doesn't work you may need to use print screen or some other screen capture tool like SnipIt. qattachments_37b6d648317ba74de7a2fc3e935f249caf18a3fa.docx Page 11 Indoor Theme 1 INDOOR THEME NAME INSITUTION JUNE, 2016 Indoor Theme Executive summary: Brief summary: item detail Name of the project Indoor theme Duration of the project 192 days Estimated cost $122,300 The project involves building a new indoor theme park project with regards to the building standards provided by the Engineering Standards of USA. It is expected that this project would be executed with highly quality materials that would cost the company around $80,000. The 2 Indoor Theme 3 company would also get a 20% of the project cost. It's expected to start on June 6 th,2016 and end on February 3rd, 2017. Schedule 1 MSP Gantt chart schedule Score boarding answer project Conclusion Painting of the Interior Procuring Painting personnel Drafting painting costs Structural reviews Light Review arranging lights Pairing seats Dressing room Roof Test Steel installation Pouring concrete excavation Installation of Electricity Filling playing field Surface drainage Site Clearing Project Administration Work Human Resource management Procurement Management Scope Management Cost management Project Communication Plan Initial Planning 1/31/2016 Performance analysis: Duration (days) Start 5/10/2016 8/18/2016 11/26/2016 3/6/2017 Indoor Theme 4 Performance analysis is a special discipline involving chronological observations to enhance the performance of a particular project and to also improve the decision making policies (Martilla, 1977). This project involves indoor theming. Various aspects have been put in place to ensure the best outcome. Its therefore good to test the performance of the whole proceedings based on the above data. The cost of the whole project (theming) has been estimated by the project managers to be $122,300. As a result, the performance is expected to match this considerable cost. For example, the painting of walls is estimated to be $27,910.00. low quality painting would be highly reject. Cost and schedule analysis are widely accepted in many firms as they are measures of the effort made and the success attained (J. Beach,2008) one method to measure the cost and schedule analysis is the earned value analysis (EVA). In our case, the house is expected to be well prepared and applied the indicated theme before approval. Estimate at completion: If I were to talk about forecasting, I would conclude by saying that, it helps us know or predict the future. Similarly, in project management forecasting can be used to come up with the possible future performances of a particular project (Christensen, 1992, p 207-224). However, this prediction is made based on the past performance or the criteria applied in this project as well as the objective data. This is what provides you with the visibility of whether the future of the project is bright or anything wrong might happen. Indoor Theme 5 In a nutshell, things in the real world do not always go as planned. Sometimes unavoidable or uncontrollable circumstances may lead to people getting results they never expected. Now we are going to assume that the project will continue to perform as it is performing now. And now the project is so far a success. ESTIMATE AT COMPLEATION=BUDGET AT COMPLETION / COST PERFOMANCE INDEX This means that if our CPI is a success and is = 1, then Estimate at completion = budget at completion. In this case our estimate at completion would be $122,300. Cost and schedule control plan: This project to get back to the track, needs some control plans. As said before, one cannot be hundred percent sure that the project would be surely a success. As much as the cost performance index is one, this fact cannot guarantee that the end of the project will be a great success, but just gives the project manager some positive hopes that things might go well. For this project to be surely a success then some amount of money need to be added. This would cover for cases of losses and make sure that the estimate at completion is reached. The goal is having a well themed house. In this case we are assuming the project is fifty percent complete. The remaining fifty percent would be allocated some money in each sector to enhance the possibility of meeting the target. Task Name Score boarding and project Conclusion Costs $18,120.00 Painting of walls and interior $30,910.00 Indoor Theme Procuring Painting personnel Drafting painting costs Structural reviews Light Review Arranging lights Pairing seats Dressing room Roof Test 6 $15,395.00 $14,545.00 $10,000.00 $22,500.00 $16,500.00 $10,000.00 $2,000.00 $4,000.00 Revised estimate at completion: On adding the above information, the CPI is bound to change and hence a new Estimate At Completion. Budget at Completion = $184,302.00 Actual Cost= $139, 582.00 Planned Value= 50% of $184,302.00= 92151 Earned Value= $100,000 CPI= 100000/139582= 0.72 Now, ESTIMATE AT COMPLEATION=BUDGET AT COMPLETION / COST PERFOMANCE INDEX EAC= $184,302.00/0.72 = $132038.51, hence $132038.51 exceed $9,2151 by $ 39887.51. This means that at the end of the project $39887 will exceed the targeted amount. This will result to; $224,189.00 Schedule 2 including revised MSP Gantt chart Indoor Theme 7 Duration (days) Start 1/31/2016 8/18/2016 3/6/2017 References: Martilla, J. A., & James, J. C. (1977). Importance-performance analysis. The journal of marketing, 77-79. Christensen, D. S., Antolini, R. C., & McKinney, J. W. (1992). A review of estimate at completion research. In Cost estimating and analysis (pp. 207-224). Springer New York. Indoor Theme 1 INDOOR THEME NAME INSITUTION JUNE, 2016 Indoor Theme Executive summary: Brief summary: item detail Name of the project Indoor theme Duration of the project 192 days Estimated cost $122,300 The project involves building a new indoor theme park project with regards to the building standards provided by the Engineering Standards of USA. It is expected that this project would be executed with highly quality materials that would cost the company around $80,000. The 2 Indoor Theme 3 company would also get a 20% of the project cost. It's expected to start on June 6 th,2016 and end on February 3rd, 2017. Schedule 1 MSP Gantt chart schedule Score boarding answer project Conclusion Painting of the Interior Procuring Painting personnel Drafting painting costs Structural reviews Light Review arranging lights Pairing seats Dressing room Roof Test Steel installation Pouring concrete excavation Installation of Electricity Filling playing field Surface drainage Site Clearing Project Administration Work Human Resource management Procurement Management Scope Management Cost management Project Communication Plan Initial Planning 1/31/2016 Performance analysis: Duration (days) Start 5/10/2016 8/18/2016 11/26/2016 3/6/2017 Indoor Theme 4 Performance analysis is a special discipline involving chronological observations to enhance the performance of a particular project and to also improve the decision making policies (Martilla, 1977). This project involves indoor theming. Various aspects have been put in place to ensure the best outcome. Its therefore good to test the performance of the whole proceedings based on the above data. The cost of the whole project (theming) has been estimated by the project managers to be $122,300. As a result, the performance is expected to match this considerable cost. For example, the painting of walls is estimated to be $27,910.00. low quality painting would be highly reject. Cost and schedule analysis are widely accepted in many firms as they are measures of the effort made and the success attained (J. Beach,2008) one method to measure the cost and schedule analysis is the earned value analysis (EVA). In our case, the house is expected to be well prepared and applied the indicated theme before approval. Estimate at completion: If I were to talk about forecasting, I would conclude by saying that, it helps us know or predict the future. Similarly, in project management forecasting can be used to come up with the possible future performances of a particular project (Christensen, 1992, p 207-224). However, this prediction is made based on the past performance or the criteria applied in this project as well as the objective data. This is what provides you with the visibility of whether the future of the project is bright or anything wrong might happen. Indoor Theme 5 In a nutshell, things in the real world do not always go as planned. Sometimes unavoidable or uncontrollable circumstances may lead to people getting results they never expected. Now we are going to assume that the project will continue to perform as it is performing now. And now the project is so far a success. ESTIMATE AT COMPLEATION=BUDGET AT COMPLETION / COST PERFOMANCE INDEX This means that if our CPI is a success and is = 1, then Estimate at completion = budget at completion. In this case our estimate at completion would be $122,300. Cost and schedule control plan: This project to get back to the track, needs some control plans. As said before, one cannot be hundred percent sure that the project would be surely a success. As much as the cost performance index is one, this fact cannot guarantee that the end of the project will be a great success, but just gives the project manager some positive hopes that things might go well. For this project to be surely a success then some amount of money need to be added. This would cover for cases of losses and make sure that the estimate at completion is reached. The goal is having a well themed house. In this case we are assuming the project is fifty percent complete. The remaining fifty percent would be allocated some money in each sector to enhance the possibility of meeting the target. Task Name Score boarding and project Conclusion Costs $18,120.00 Painting of walls and interior $30,910.00 Indoor Theme Procuring Painting personnel Drafting painting costs Structural reviews Light Review Arranging lights Pairing seats Dressing room Roof Test 6 $15,395.00 $14,545.00 $10,000.00 $22,500.00 $16,500.00 $10,000.00 $2,000.00 $4,000.00 Revised estimate at completion: On adding the above information, the CPI is bound to change and hence a new Estimate At Completion. Budget at Completion = $184,302.00 Actual Cost= $139, 582.00 Planned Value= 50% of $184,302.00= 92151 Earned Value= $100,000 CPI= 100000/139582= 0.72 Now, ESTIMATE AT COMPLEATION=BUDGET AT COMPLETION / COST PERFOMANCE INDEX EAC= $184,302.00/0.72 = $132038.51, hence $132038.51 exceed $9,2151 by $ 39887.51. This means that at the end of the project $39887 will exceed the targeted amount. This will result to; $224,189.00 Schedule 2 including revised MSP Gantt chart Indoor Theme 7 Duration (days) Start 1/31/2016 8/18/2016 3/6/2017 References: Martilla, J. A., & James, J. C. (1977). Importance-performance analysis. The journal of marketing, 77-79. Christensen, D. S., Antolini, R. C., & McKinney, J. W. (1992). A review of estimate at completion research. In Cost estimating and analysis (pp. 207-224). Springer New York. Project Status Report on Theme Park Project Executive Summary This paper presents a methodological evaluation on importance and performance measurement. In project management, performance metrics are utilized to make an assessment of the health of a project. It consists of seven criteria which are: safety, time,cost, resources,scope, quality and actions. A Project Manager introduces project management to a project when changes in the viability of a project needs to be re-assessed. Since time is money, this Theme Park project involves resources such as labor and rented capital that will cost more if the project is extended beyond completion date. A project is defind as \"complex, nonroutine, one-time effort limited by time, budget, resources, and performance specifications designed to meet specific needs'' (Gray & Larson,2008). However, it is important not to lose sight of the initial goals and targets of the projects. When the changes accumulate, the forecasted result may not tally with the original proposed investment in the project. Hence, a successful project management identifies these components, and tracks and monitors progress so as to stay within time and budget frames already outlined at the commencement of the project. s The construction of a project baseline schedule involves the definition of start and finish times for each project activity, using earliest and latest start calculations with or without the presence of limited resources. There is a wide range of techniques available for such activity such as PEST and CPM. Although, it is generally accepted that in everything uncertainity exists and the project may not go according to plan. To know whether a project is behind or ahead of schedule or on time of completion. Project Manager has to conduct critical path analysis (CPM) which is based on the interdependence of the project activities. WBS 1 Task Name Theme Park Project Duration 175 days Start 4/14/2008 Finish 12/19/2008 Predecessors Project Status Report on Theme Park Project 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.17.1 1.17.2 1.17.3 1.18 1.18.1 1.18.2 1.18.3 1.18.4 1.19 1.19.1 1.19.2 1.19.3 1.19.4 1.19.5 1.20 1.21 1.21.1 1.21.1.1 1.21.1.2 1.21.1.3 1.21.1.4 1.21.1.5 1.21.1.6 1.21.1.7 1.21.1.8 1.21.1.9 1.21.1.10 1.21.2 Site Layout & Site Grading Footings & Foundations Masonry Frames, Columns and Beams Joists & Roof Deck Slab on Grade Rough Carpentry Interior Studs Interior Drywall Painting Elevator Doors Custom Theme Painting Flooring Finish Carpentry Bathroom Compartments/Accessories Plumbing Hangers & Supports Pipes & Fittings Test HVAC Stacks & Vents Hangers & Supports Ductwork & Piping Test Electrical Boxes Conduit Wiring Devices/Switches/Receptacles Light Fixtures Test Mechanicals Complete Attraction Install and Training Ferris Wheel Ferris Wheel to ship Ferris Wheel Legs & fan install Ferris Wheel gondola install Ferris Wheel MEP install Ferris wheel platform design Ferris Wheel Platform Ferris Wheel Railing Ferris wheel turnstile Ferris wheel Training Ferris Wheel Certification Ropes course install & Training 10 days 55 days 60 days 40 days 30 days 35 days 35 days 20 days 30 days 35 days 30 days 5 days 15 days 15 days 15 days 3 days 4/14/2008 4/28/2008 5/19/2008 7/7/2008 9/1/2008 7/14/2008 9/1/2008 9/1/2008 10/13/2008 10/27/2008 9/1/2008 10/20/2008 11/3/2008 11/17/2008 11/17/2008 12/8/2008 4/25/2008 7/11/2008 8/8/2008 8/29/2008 10/10/2008 8/29/2008 10/17/2008 9/26/2008 11/21/2008 12/12/2008 10/10/2008 10/24/2008 11/21/2008 12/5/2008 12/5/2008 12/10/2008 85 days 40 days 40 days 5 days 95 days 30 days 30 days 30 days 5 days 95 days 25 days 25 days 20 days 7/28/2008 7/28/2008 9/22/2008 11/17/2008 7/28/2008 7/28/2008 9/8/2008 10/20/2008 12/1/2008 7/28/2008 7/28/2008 9/1/2008 10/6/2008 11/21/2008 9/19/2008 11/14/2008 11/21/2008 12/5/2008 9/5/2008 10/17/2008 11/28/2008 12/5/2008 12/5/2008 8/29/2008 10/3/2008 10/31/2008 20 days 5 days 1 day 146 days 137 days 3 days 6 days 6 days 6 days 2 days 6 days 6 days 3 days 1 day 1 day 30 days 11/3/2008 12/1/2008 12/8/2008 9/9/2008 9/29/2008 9/29/2008 10/2/2008 10/10/2008 10/20/2008 10/28/2008 10/30/2008 11/7/2008 11/17/2008 11/20/2008 11/21/2008 9/9/2008 11/28/2008 12/5/2008 12/8/2008 12/12/2008 11/21/2008 10/1/2008 10/9/2008 10/17/2008 10/27/2008 10/29/2008 11/6/2008 11/14/2008 11/19/2008 11/20/2008 11/21/2008 10/20/2008 2 3SS+15 days 4SS+35 days 5 3 7 7 9,6 10FS-20 days 7 8 11SS+5 days 10FS-5 days 10FS-5 days 16 3FS+10 days 19 20 3FS+10 days 23 24 25 3FS+10 days 28 29 30 31 21,26,32 36,7 37 38 39 40 41 42 43 44 7 Project Status Report on Theme Park Project 1.21.3 1.21.4 1.21.5 1.21.6 1.21.7 1.21.8 1.22 1.23 1.24 1.25 Climbing wall install & Training Carousel install & Training Bowling install & Training Go Cart install & Training Mini Golf install & Training Attraction install and training complete Furniture Installation System and Security Training Final Walkthrough 10 days 13 days 40 days 45 days 15 days 1 day 11/24/2008 11/6/2008 10/17/2008 10/6/2008 11/17/2008 12/12/2008 12/5/2008 11/24/2008 12/11/2008 12/5/2008 12/5/2008 12/12/2008 5 days 3 days 1 day 12/8/2008 12/15/2008 12/18/2008 12/12/2008 12/17/2008 12/18/2008 Grand Opening 1 day 12/19/2008 12/19/2008 7 7 7 7 7 45,46,47,48,49,50 ,51 52 12,14,15,16,17,52 ,53,54 55 Schedule 1 an MSP Grant Chart The Grant chart was created by Henry Gantt in 1910s. It is a structure that breaks a large project into smaller manageable sections that shows the project manager to see the specific activities of work completed. Project Status Report on Theme Park Project 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 1-Jan Duration Task Duration Start Performance Analysis of Theme Park Project The Theme Park Project duration was175 days. Starting date 14/4/08 and at the future completion date 12/19/08. The data analysis shows that the project is not performing very well. The CPI is leass that one and the budget is overrun. The Gantt chart and Expected Value Project Status Report on Theme Park Project shows how healthy the project is by computing the CPI. From the scenario we can extract the following: BAC = $4,449,920.00 In this case, actual cost is the sum of fixed costs. Actual Cost = $3,911,000.00 Earned Value Analysis in project cost management Project Cost Management involves monitoring project performance based on indices pertaining to project cost and schedule. The cost performance index (CPI) by conducting Project Tracking with Earned Value Analysis (EVA) The Earned Value Analysis is part of the control cost. It quantifies the PV and EV. The EVA formula consists of cost performance index (CPI). Represents the amount of work being completed on a project for every unit of cost spent. CPI is computed by Earned Value/Actual Cost. A value of above 1 means that the project is doing well against the budget. A value below one indicates the actual cost exceeds budgeted cost. Theme Park Project budget scheduled is $4,449,920.00. It is planned that the project spends 50% of the approved budget. However, after the start of the project. The completion work is incomplete which means the project is not doing well. EV = Earned value AC= Actual Cost CPI=EV/AC BAC= Budget at Completion Actual completion = 50% EV = Actual Completion (%) * BAC 50% * $4,449,920 = $2,224,960 EV = $2,224,960 Project Status Report on Theme Park Project Earned value variance: Cost Performance Index (CPI) = EV/AC $4,449,920/3,911,000 =1.13 The EV assigns a value to the work completed at any point in time. However, the Cost Performance Index is 1 which indicate the Theme Park Project is a success and the actual costs for the work performed to date is below the budgeted costs. Clearly, in this scenario the situation is not worsening. The cost performance project is greater than one . This means the budget is successful but it is not a guarantee the end product of the project would be a great success. It only gives the project manageer a positive insight into the true progress of the project. In addition, the CPI = 1 means for every $1 spent, the project is producing only $1.13 cents in work. Performance analysis Note the project completion was scheduled to 10/1/08. It is planned that the spend 40% of the approved budget. The performance analysis is calculated utilizing earned value data to analyze the project cost and schedule performance. The project value is estimated at $4,449,920.00 and the performance is expected to match the cost. Estimate at completion including a forward-looking estimate of the project completion date and the final project costs Cost and Schedule providing a corrective action plan to bring the project back in line with your project baseline Revised estimate at completion including the corrective actions from the control plan along with the resulting cost and schedule impact. Schedule 2 including revised MSP Gantt chart schedule (required) that reflects the impact of your corrective actions