Experts in this subject field are ready to write an original essay following your instructions to the dot!Hire a Writer
A project network is a graphical depiction of the logical sequences and interdependencies used in project identification and execution. The essential path of the project network assists the project in the commencement of labor and equipment. As a result, a project network rejects completion without sufficient planning and analysis. Project management is complex, which encourages risk management with positive benefits. Project networks tend to aid project flow by assisting in the selection of a suitable plan during project development. It helps the managers to know how long a project would take. It is, therefore, necessary to have a well-established project network that would help in the administration of your project. During the implementation of projects, risks develop immensely making project completion sometimes very difficult. It is therefore important for project managers to ensure categorical risk analysis, which will ensure risk management and project recovery during such events (Moore, 1998). This would, therefore, call for resource schedule, which entails the creation of a plan in which project managers issue a creative supply and demand plan for resource allocation to various components of a project. The project is also monitored at different phases to ensure adequate process modification whenever it is necessary (Li,2013). Sometimes the project is forced to reduce duration depending on the circumstances, which means it would allow the consideration of delays, failures, and successes of a project. Projects would finally involve the adoption of project reassessment to ensure that project goals are achieved.
A project network is a chart that shows graphically the logical sequences and interdependencies and its longest path through the same network, which is called critical path. The critical path has several advantages including the provision of the basis for scheduling labor and equipment. It also enhances communication among project participants and provides an estimation of the duration of the project. The project network also helps managers get and stay on plan. Before constructing a project network activities, merge activities and parallel activities must be considered. A bus activity is an activity that has more than one activity following it at the same time and has two approaches activity-on-Node, which uses a node to show and depict the need for an activity (Quesnel, 2014). The other approach is the activity on the arrow, which uses a definite arrow to show an activity. Before the developing, a project network certain rules are followed which include a networks typical flow from left to right. Secondly, an activity should not be made to begin until all the activities are complete. Looping and conditional statements are not allowed. Finally, there must be the use of common stop nodes. The network computation process involves a forward pass test, which answers the questions like how soon can the activity start, and how soon can it be finished. The forward test also understands how soon the whole project will be finished. Backward pass analyses how late the activity can start and finish and finally what activities can represent the critical path. The forwarded pass computation adds activities along each path on the network and subsequently carries the early finish to the next activity whereas backward computation subtracts activity times along each path starting with the project and activity. Total slack (TS) shows the amount of time an activity that can be delayed and is usually simply the difference between the LS and ES (LS-ES).The critical path is the longest path through the activity network and helps in the realization of timely completion. Network sensitivity always changes whenever the project is initiated in which an insensitive network has only one critical path and noncritical activities. Some of the extended network techniques to come close to reality include laddering which is activity broken into segments so that another activity can begin sooner. Lags are the minimum amount of time that a dependent activity can be delayed in order to begin or end. Lengthy activities are broken in order to reduce the delay activities in the start of successor activities. Lags can also be used to constrain finish to start-start to start and finish or even combination of relationships. Hammock activities during the development of project networks are viewed to span over a segment of a project. The hammock activity also tends to have a duration that is determined after the network is normally drawn and becomes very useful in assigning and controlling indirect project costs. The hammock is finally used in the aggregation of sections to facilitate getting the right level of details for specific sections of a project.
The risk is the uncertain or events that planning cannot regulate and, therefore, is the move that is made to recognize and interpret potential and unforeseen trouble spots that may have occurred during the implementation of a project. The risk management criteria have numerous benefits within the approach of its advantages. Risk management is a proactive rather than a reactive approach and reduces the surprises and negative consequences. It provides better intro of the future and allows the manager to control the risks. Finally, risk management allows improvements and chances of reaching the project and initiates the need for a budget on time. The risk management process involves the risk identification in which there is a generation of possible risks through brainstorming, problem identification, and risking profiling. Immediately the risk breakdown structure and work breakdown structure are used to identify the risk. The risk profile is a list of questions addressing additional areas of uncertainty on a project. The risk assessment will then involve the scenario analysis for the probability of an event of a risk in relation to the impact. It also considers risk assessment form and risk severity matrix. Finally, it comprehends probability analysis. A risk severity matrix is then included and involves a failure mode and effects analysis which relates the impact probability and detection in order to engage the risk value in the following criteria: impact ×probability× detection=Risk value. The risk management development includes the mitigation of the risk that automatically reduces the likelihood of the risk to initiate an adverse event. Avoidance of the risk is another risk response development that changes the plan and initiates the development of the risk or condition. Risk transfer pays a premium that helps pass the risk to another party and requires building own operate transfer provisions, and finally risk acceptance makes a valid decision to accept the risk after analysis. Afterwards, a contingency planning analysis creates an alternative plan that oversees possible event of risk whenever it happens and gives a plan of actions that will cut off the negative impact of the event. Lack of a contingency plan exposes the management to a slow response and dangerously managed decisions, which could be costly. Technical risk planning involves backup strategies in case technology fails and an assessment formula for technology validation. Schedule risks are caused by the use of slack which exposes the the-the project to a late finish situation. It also exposes the project to imposed duration dates and further compression of the project schedules due to a shortened project duration. Cost risks develop because of time cost dependency, which causes the costs and links to increase whenever situations of problems take longer to be solved than normal. It also involves price protection risks that are an increase in input and increase if the duration of the project grows. Funding risks, changes in the face of dramatically avert in the supply of funds automatically affect the ability of successful implementation and completion of the project. Sharing of the ownership with another party also reduces the risk and includes enhancement of actions, and, finally, acceptance of the situation helps in taking action before it occurs. Risk response control includes execution of risk response strategy, monitoring events, and watching new risks. In this view, it is important for the company to view the fact that company satisfaction is two-way traffic (Wright, 2014).
The process of outsourcing allows the transfer of business functions to companies that are foreign and can do chunks of foreign work. Some of the advantages of outsourcing help in cost reduction and advance faster project completion. Attempting to outsource some of the best practices to be observed includes well-tabulated requirements and practices, frequent review of status, and long-term outstanding relationships. During this time the company must also learn company negotiation processes which go hand in hand with customer satisfaction. For one to set the stage for successful collaborating, however, he must consider the viability of selecting a partner who is a voluntary and committed, and a team builder. Sustenance of the relationships then becomes the second most important thing, involves an accurate attitude, and finally establishes mechanisms that will ensure relationship that withstands problems and setbacks in terms of problem resolution and continuous improvement.
Project network scheduling depends on the resources, priorities, and only kicks off when resources are deployed. Then the assumption follows that resources will only be available when necessary. It also assumes that estimates are only a budget until they have been time-phased. Resource smoothing or leveling involves the original attempt to equal out different demands on resources by using the slack that manages utilization especially when the resources are adequate.
Relies on the fact that a project may be increased by delaying of the late start of certain activities within the availability of resources in order to meet peak demands. There are several types of project constraints, which include technical or logical constraints, which are related to a networked sequence in which project activities occur. Secondly, physical constraints are activities that may occur in parallel and \/ or affected by contractual and sometimes environmental conditions within the business. Finally, resource constraints are the lack of communication in terms of the relationship of characteristics of the particular sequencing of project activities. Scheduling of problems is classified using a matric that depends on the priority that aids in the realization if the project. In this manner, therefore, a time-constrained project must be completed by a date imposed to date, which involves a time fixed and resources that are available. Resource Constrained project is the ones in which the resources available are not overused (Harris, 2005). Resource allocation, therefore, has to limit assumptions in which splitting activities are not allowed stop; once they are started they are expected to go till completion, whereas risk assumptions include activities that would most pose risk to the completion of a project. Impacts of resource constrained scheduling include the reduction of flexibility because of slack reduction and subsequent increase in schedule complexity. Benefits of scheduling resources include the fact that it leaves time for consideration of reasonable alternatives and provides information for time-phased work package budgets to assess the impact of unseen events.
Since time is money reducing the time of a critical activity usually incurs additional direct costs. Some of the reasons for imposing duration dates are unforeseen delays and overhead public goods, and imposed deadlines and contract commitments. This makes the following options for accelerating project completion, improving team efficiency, and compromising quality when there are resource constraints whereas one should resource and schedule overtime when there are no resource constraints(Martin,2006). When creating project cost graphs, the two project costs are taken into consideration, that include project indirect costs that cannot be associated with any particular project activity or work package whereas project direct costs can be directly designated to a particular project activity. One then should find the total direct cost for the duration of the project and the indirect costs. The total amount should then be summed up and compared with additional cost and benefits. However, sometimes it is the cost, not the time that is at issue, and certain options are considered for cutting the costs. One option is reducing project scope and then outsourcing the project activities including the entire.
Monitoring of a system is made up of determination of what kind of data is to be collected, how, and when the data will be collected, and finally ways of reporting various progress to the management. In order to analyze successfully the kind of data collected one needs to understand the kind of data collected in terms of status, remaining cost, date, and forecast of the project. One also needs to study collecting data analysis. The control process includes control steps, which has a setting base plan, and a comparison guide, which shows how to take action. The development of baseline earned value cost which corrects the failure of most monitoring systems that actualize performance schedule and forecast budget. In addition to earned value, cost shows an integration of system, based on the earned value concept that introduces an earned value concept which uses a time-phased budget baseline in the comparison of schedules and costs (Fisher,2015). Methods of variance analysis include cost variance which normally indicates if the work is costing more or less after the accomplishment whereas schedule variance presents an overall assessment in dollar terms of the progress of all the work packages that are in need up to date (Martino,2005). In addition, the performance indexes are mainly cost performance index (CPI)=EV/AC and scheduling performance index (SPI)=EV/PV which measures scheduling efficiency to date. Percent complete indexes indicate how much of the work accomplished represents the total budgeted (BAC) and actual (AC) dollars to date (Ramsey,2008). Forecasting Final Project costs are among others revised estimated costs at completion (EAC) and Forecasting costs at completion (EACf).
Project closures include normal, premature, perpetual failed project, and changed priority. Before the closure of the audit examination of project, success and review why the project was selected, and an inclusion of reassessment of the projects duty in the organization priorities are analysed (Pritsker, 2008). Performance of project audits can take place in process project audits, which concentrate on project progress and performance. Post-project audits emphasize on improving the management of the future projects and include a more detailed in-process project audits. Before the project closure, an audit process is done which involves initiating and staffing which primarily depend on the project size. Data collection and analysis help in gathering information during the auditing process. Reasons for poor quality project performance and evaluation of individuals are left to supervisors of the team member’s home department (Pennypacker, 2002).
Pennypacker, J. S., & Dye, L. D. (2002). Managing multiple projects: Planning, scheduling, and allocating resources for competitive advantage. New York: Marcel Dekker
Pritsker, A. A. B., Watters, L. J., & Wolfe, P. (2008). Multiproject scheduling with limited resources: A zero-one programming approach. Santa Monica, Calif.: Rand Corp..
Ramsey, D., Matzen, S., & Mahoney, W. D. P. E. (2008). Easy scheduling: A construction scheduling resources handbook. Vista, CA: BNi Building News.
Martino, R. L., & American Management Association. (2005). Allocating and scheduling resources. New York: American Management Association.
Fisher, J. A. (2015). The optimization of horizontal microcode within and beyond basic blocks: An application of processor scheduling with resources.
Martin, V. (2006). Managing projects in human resources, training and development. London: Kogan Page
Harris, P. E. (2005). Planning & scheduling using Primavera 5.0 for IT project office: Planning and progressing a single project schedule with and without resources in an established project environment. Victoria, Australia: Eastwood Harris Pty. Ltd.
Wright, T. W. (2014). A genetic algorithm approach to scheduling resources for a space power system.
Moore, D. E. (1998). The librarian's genealogy notebook: A guide to resources. Chicago: American Library Association.
Quesnel, F. (2014). Scheduling of large-scale virtualized infrastructures: Toward cooperative management. London: Iste.
Li, D., & Wu, J. (2013). Energy-aware scheduling on multiprocessor platforms. New York: Springe
In Schwindt, C., & In Zimmermann, J. (2015). Handbook on project management and scheduling: Vol. 2.
This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.
Hire one of our experts to create a completely original paper even in 3 hours!