Value management coursework

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Schedule activities over time. Reconfirm the plan is acceptable by analyzing data. Wilkens advises the following 4 steps for using EVM: 1. Update the schedule by reporting activity progress.

Enter actual costs on activities. Execute EVM calculations, produce reports and charts. Analyze the data and write narrative report. The Westbahn project is labor-intensive. Looking at the resources planned in WBS and Gantt chart, there are no materials, supplies or other inputs than work. Thus, though EVM is a usual method for project control, it is concluded unnecessary for this project.

Instead, following Wilkens, controlling working hours provides sufficient control over project costs in this particular case.

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Concluding project monitoring and control, the project management techniques depicted above reduce diversions from the project plan and impose necessary corrective actions. However, remembering that reality always differs from plans, certain risk and uncertainty still remain in the project. Therefore, next section discusses how to cope with them. Managers spend less time analyzing and preparing, which results in longer and more problematic implementation caused by surprises, unexpected events, troubles, looking for their solutions and resolving them.

In combination with solid project management practices, … , a good risk management process is critical in cutting down on surprises, or unexpected project risks. Such a process can also help with problem resolution when changes occur, because now those changes are anticipated and actions have already been reviews and approved, avoiding knee jerk reactions.

In her practical and effective approach, Wrona defines project risks as unknown events embodying threats. She encourages companies to identify more than just some project risks that are usually identified on fairly typical multi-month projects. The more project risks are identified as early as possible, the more Wrona recommends that the following 7 steps be embedded into each project noting that modifications are possible: 1.

Every person involved in the project pencils at least 10 potential risk items. All inputs are collected and piled up onto one single list removing duplicates. Assessment of probability, impact and detectability of each risk item, for example, using a scale from 1 to 4 or a subjective term as high, medium, or low. Project team divided into sub-groups.

Each sub-group gets a portion of the master list. Each sub-group identifies and notes triggers warning signs. Same sub-groups continue on identifying possible preventive actions for the threats and enhancement actions for the opportunities.

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Creating a contingency plan with actions to take if a trigger or a risk to occur. It is sufficient to cover only the risks scoring above a certain threshold determined by the total risk scores. Determination of the owner for each risk on the list. Wrona advises not to start this risk management process from scratch every time. It is rather efficient to have a ready-to use list of generic project risks and triggers. A project team then simply compiles the list by adjusting generic risks and by adding the project-specific project risks. Risk management process of this kind shall lead to a Risk Register Risk Matrix in the form of a clearly table.

Such a risk register is easy to maintain and review, for example, during periodical status meetings. In the end, Wrona points out that identification of triggers and preventive actions is vital, though too often ignored in practice. In such a case, project teams may end up in constant reaction mode responding to unexpected events threatening the project implementation and its deliverables. Westbahn project team members are encouraged to generate dozens of risk items in the first step. The second step refines them by cutting duplicates and by listing particular risks in one single structured list.

The third step makes sure that each risk is assessed on all its attributes, that is, likelihood, impact and detectability, by assigning the values from 1 to 4. These three attributes are consolidated in the risk score helping rank the risks in the table.

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Steps four, five and six deliver triggers, preventive actions and contingency plans. Step seven makes sure that each risk item receives a particular risk owner from the project team. All this results in a single well-arranged risk register table. It is advantageous for its ease, brevity and speed. It can be easily introduced and followed without much effort.

The risk register is complete, short and accessible to each project team member. It can be easily maintained and kept relevant by quickly going through as a part of every project status team meeting so that risk is constantly monitored during the entire project work. Fishbone Analysis was identified as an appropriate supporting analytical technique and its use demonstrated on project scope definition. Regarding cost control, Earned Value Management was scrutinized and concluded excessive for this project.

Instead, working hours as a project cost indicator was found sufficient. Careful and thorough project definition and diagnosis with strategy and planning combined with project risk management was concluded to reduce problems and uncertainty in this project.

In conclusion, theoretical preparation of a project for railway distribution in airline GDS is successfully accomplished. The selected project management procedure and techniques will facilitate and accelerate groundwork and execution of the actual Westbahn project. Corporate Strategy. New York: McGraw-Hill. Chapman, A.

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Project management, tools, process, plans and project planning tips. Earned Value Management Explained. Aviation Project Management. Grundy, A. Thomson Learning.

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    10 Great Value Colleges for an Online Associate’s in Organizational Leadership

    Grid Publishing. Singh, M. Project Smart. Retrieved 05 01, , from www. Earned Value, Clear and Simple. Market situation in GDS: There are just a few scattered railways.