I’m working on a management multi-part question and need an explanation and answer to help me learn.
ANALYZE FRANKLIN ELECTRONICS USING ESTIMATION TECHNIQUES
Throughout the history of project management, project managers experienced difficulties in determining and communicating the financial status of their projects. To provide a review and practice of the various cost budgeting estimation techniques, please review the “Franklin Electronics” case study:
- Kerzner, H. R. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: Wiley.
- Case Study: “Franklin Electronics,” pages 545–547.
Create discussion post that addresses the following questions.
- Are the vice president’s comments about cost and schedule variance correct? What information did the VP fail to analyze?
- What additional information should have been included in the status report?
- Does Franklin Elections understand earned value measurement? If not, then what went wrong?
- Does Spokane Industries understand project management?
- Does proper earned value measurement serve as a replacement for interchange meetings?
- What should the PM from Franklin say in his defense?
This portfolio work project, an earned value management analysis, 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 continue to use a company of your choice. Both human resources (HR) and information technology (IT) employees, as well as contractors, will be utilized in this project.
Earned Value Management is defined “as a methodology that combines scope, schedule and resource management to assess project performance and progress” (Project Management Institute, 2017, p. 705).
Project managers examine cost control, tools, and techniques that define the procedures by which the cost baseline may be changed. They engage in performance measurement to assess the magnitude of variations that occur during project execution. Earned value management (EVM) is used to measure project performance by comparing certain predefined variables. Microsoft Project is a tool used to track planned cost versus actual cost, calculate the earned value, and forecast the effects of some cost changes.
Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
For this assignment, 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 NearlyFree.com project scenario are located in course resources for this assignment. 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.
As a veteran member of the Project Revive team, you already know the value of continually examining performance throughout a project to further define and update project data. Special attention to documenting and identifying problems is required in time to make appropriate adjustments. The earned value management (EVM) technique is often used in this type of analysis. Continue your analysis of the failed project by applying the EVM technique to examine performance based on what was accomplished.
Option B: You may choose a business of your own. It must include (but is not limited to) the following criteria:
- Clearly indicate the title of the project in every assignment.
- You must have access to the following documentation:
- Scope statement.
- Final deliverable and product definition.
- Project work-breakdown structure.
- Project schedule.
- Quality plan.
- Project costs (estimates and actuals).
For both Option A or B, you are the project manager.
Microsoft Project is the required 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 from the Microsoft Imagine WebStore using the instructions provided in the MS Imagine section of the course syllabus. See the Software Preparation and Technology Access activity for more information.
Practice using MS Project in this course helps 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, and MS Word that you believe may still meet the requirements of this course, please discuss your selected alternative with your instructor.
Use the PMBOK® Guide as the model for developing the deliverables.
Earned Value Analysis
Deliverable: Develop an Earned Value Analysis report of the current failed project.
Complete the following:
- Use Microsoft Project to show earned value in a list of tasks that measure of the cost of the work performed up to a certain date (the current date) based on the Project Schedule [MPP].
- Consider how you can apply this analysis of the failed project to a successful project turnaround.
Address the following topics. Where necessary, define assumptions you made.
- Apply an earned value technique.
- Explain the value of the information provided through the EVM technique.
- Analyze project success based on earned value calculations.
- Explain project decisions based on earned value calculations.
- Explain how you will apply earned value calculations to a successful project turnaround.
Use the MS Project functionality to:
- Display project summary information and report.
- Create Project reports.
- Export project plan cost data into Excel.
Use the software of your choice to develop the deliverables for this assessment.
This assignment has one deliverable:
- Develop a comprehensive Earned Value Analysis report.
- References: There is no set number of references required for this assignment. Use scholarly or academic sources where applicable.
- Use the Microsoft Project to obtain project costs information.
- Use your choice of MS Word, MS Visio, or MS PowerPoint to develop the comprehensive analyses.
- These analyses are professional documents and should therefore follow the corresponding Academic and Professional Document Guidelines PDF, including single-spaced paragraphs.
- Use APA style and format for references and in-text citations.
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
- Competency 1: Apply project cost tools and techniques to ensure project success.
- Apply an earned value technique.
- Analyze project success based on earned value calculations.
- Explain project decisions based on value calculations.
- Competency 4: Communicate effectively in a professional manner consistent with the standards of project management.
- Explain how earned value calculations apply to a successful project turnaround.
Your course instructor 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 assignment.
This portfolio work project demonstrates your competency in applying knowledge and skills required in the workplace. Include this in your personal ePortfolio.
DISCUSSION PARTICIPATION SCORING GUIDE
|Apply relevant course concepts, theories, or materials correctly.
|Does not explain relevant course concepts, theories, or materials.||Explains relevant course concepts, theories, or materials.||Applies relevant course concepts, theories, or materials correctly.||Analyzes course concepts, theories, or materials correctly, using examples or supporting evidence.|
|Collaborate with fellow learners, relating the discussion to relevant course concepts.
|Does not collaborate with fellow learners.||Collaborates with fellow learners without relating the discussion to the relevant course concepts.||Collaborates with fellow learners, relating the discussion to relevant course concepts.||Collaborates with fellow learners, relating the discussion to relevant course concepts and extending the dialogue.|
|Apply relevant professional, personal, or other real-world experiences.
|Does not contribute professional, personal, or other real-world experiences.||Contributes professional, personal, or other real-world experiences, but contributions lack relevance.||Applies relevant professional, personal, or other real-world experiences.||Applies relevant professional, personal, or other real-world experiences to extend the dialogue.|
|Support position with applicable knowledge.
|Does not establish relevant position.||Establishes relevant position.||Supports position with applicable knowledge.||Validates position with applicable knowledge.|
Earned Value Scoring Guide
|Apply an earned value technique.
|Does not apply an earned value technique to calculate earned value.||Applies an earned value technique to calculate earned value, but uses some data that is not appropriate to the calculation.||Applies an earned value technique.||Applies an earned value technique, selects an appropriate technique, uses appropriate data to accurately calculate earned value, and explains how the technique was selected and used.|
|Analyze project success based on earned value calculations.
|Does not describe the relationship between earned value calculations and project success.||Explains the relationship between earned value calculations and project success, but does not apply information to a particular project.||Analyzes project success based on earned value calculations.||Analyzes project success based on earned value calculations, and explains the significance of the relationship; analyzes the failed project based on earned value calculations, and explains the significance between earned value calculations and project success; and supports analysis with relevant evidence.|
|Explain project decisions based on value calculations.
|Does not describe how knowledge of earned value calculations can be applied to improve project success.||Describes in general terms how knowledge of earned value calculations can be applied to improve project success, but does not apply information to a particular project.||Explains project decisions based on value calculations.||Recommends changes to project decisions based on earned value calculations; justifies recommendations with specific strategies for improving project success based on earned value calculations; supports recommendations with evidence.|
|Explain how earned value calculations apply to a successful project turnaround.
|Does not explain how earned value calculations apply to a successful project turnaround.||Explains how earned value calculations apply to a successful project turnaround, but does not apply information to a particular project.||Explains how earned value calculations apply to a successful project turnaround.||Explains how earned value calculations apply to a successful project turnaround, and explains that earned value objectively measures the progress and performance of the project.|