Scope, Time And Cost Management Research Assignment (Essay Sample)

Scope, Time and Cost management:
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Introduction:
ABC is a small construction company that set up Gated Community in New South Wales Australia. The company has been working on the project for making 200 houses at present with all the other facilities available in the four walled project. The other facilities include day care center, playground for children, Gym, Swimming pool and Club house.
Project Management:
* Scope:
The scope management includes management of features, functionality, performance and quality of the project. That is the project is reviewed and its features are evaluated. Furthermore the functionality of the project and its performance estimation are evaluated so that the outcome can be later compared with the estimated. This will help in finding out that if the project is meeting up the expectations related to quality.
The scope constraint refers to what must be done to achieve the desired outcome from the project. The scope of the project of ABC company is to create 200 houses within the Gated Community premises so that the new age people can be offered with a new experience of living. The target population set by the company is the people of 30-50 years of age who are interested in buying new houses in the Gated Community.
* Time:
The time management of the project includes scheduling and production rate. The scheduling is done with the objective that the project will follow certain guidelines and hence achieve the desired outcome in the stipulated time.
The time constraint refers to the time that is available to complete project. The time constraint therefore helps in poetizing the work and then breaking it down in different deliverables. This way time required to produce the required deliverable is estimated using the WBS or Work Breakdown Structure technique. This way a proper project schedule is prepared that helps in placing the deliverable such that the prioritized are achieve earlier than others. The dependencies between different tasks are documented in the form of project schedule. These dependencies could result in affecting the length of the overall project as well as the availability of resources.
ABC Company has estimated time of two years to complete construction. The time for purchase is however left for the customers so that they can come, have a look and make their decision of making purchase. Thus there is no final date of purchase. However the buyers are facilitated with the loan facility that could help in making purchase as of now and taking complete possession when the premiums are paid completely.
* Cost:
The cost management includes review of resources and budget related to the project. This way the project needs to review the cost factors deployed with the project.
The cost constraints refer to the budgeted amount that the project has been allocated with. Efforts are made to develop an estimate of project cost that depends on several variables including labor rate and work packages. The tools uses for cost estimation are risk management, cost escalation, indirect cost calculation and cost contingency.
ABC Company has tried to keep cost of operation so low that it remains under budgetary constraints of the buyers. Efforts are made to reduce cost and achieve cost effectiveness so that the buyers do not have to pay extra.
The combined efforts made through consideration of cost, scope and time has helped the company in creating quality for the buyers.
PMBOK:
The PMBOK or Project Management Body of Knowledge further applies the project time management process includes the followings.
* Plan schedule management:
The first step in PMBOK is planning for schedule management. This planning can help in prioritizing and placing different functions of production or business process so that the desired outcome can be achieved in the end.
* Defining activities:
The first process includes defining activities. These activities can be defined as inputs, tools and outputs. The inputs consist of project management plan. The tools consist of expert judgment. The output consists of activity list and attributes. Hence the defining of activities is done at three different stages wherein the inputs are defined and tools used for processing are also recognized. The outcome is the activity list which helps in prioritizing and placing in the form of output.
* Sequencing activities:
Through sequencing of activities the different deliverables and attributes are placed under different stage. The inputs in this case includes activity list and attributes. The tools used in this process are arrow diagram method, schedule network template etc. The output from activity sequencing can be activity list and attributes update.
* Estimating activity resources:
The estimation of different activities that are required to be involved in the project are defined at this stage. Thus the different activities that are forms part of the production process and requires to be installed for achieving desired outcome forms part of this process. There can be different activities that needs to be followed.
* Estimating activity durations:
The estimation of activities duration is done at this stage. That is the time consumed by each activity just before the start of other activity is estimated. The estimating activity therefore helps in estimating the time frame that is required in total to complete the project.
* Developing schedule:
The developing of schedule is done at this stage in which the most ideal course of action is selected which is called critical path. Thus the critical path is ascertained at this stage which helps in defining the process that needs to be followed for completing the project in time and within the cost constraints. The efforts are made to achieve quality outcome as the final output.
* Controlling schedule:
The controlling of schedule is done at this stage so that the each activity starts at particular time and ends within the allocated time. The control therefore helps in completing project in time and achieving the most desired outcome. The controlling of schedule ensures that all the requirements are fulfilled and the most effective course of action is deployed.
Best practice:
The best practice that will be followed in the project by ABC Company will be the following of the project management archives.
Step 1: Definition:
This is the first step at which the project’s output is defined. At this stage the stakeholders are identified which are engaged with the project. The project initiation document is made at this stage so that the details about the project could be pen down. ABC Company will define the project outputs that are required to be achievement at the end of the project completion.
Step 2: Planning:
Planning is the second step in best practice of project management. At this stage the activities are defined that are needed to complete the work in time. The assignment of timeframes and resource allocation is made at this level. These way efforts are made to recognize the dependencies on project. ABC Company can therefore create plans that are supports the project completion on time. Efforts are made to allocate available resources such that they can help in achievement of the target outcome.
Step 3: Execution:
The third stage is the execution stage at which the integration between teams is sought. These way efforts are made to bring together the most efficient human resource on one platform. ABC Company can follow the execution stage in an effective manner by deploying the most deserving candidates for the job. The company can either deploy new employee or place existing employees so that the project of Gated Community gets completed on time.
Step 4: Control
The fourth step is control which could be achieved by taking into consideration the time, scope and cost factors. The adjustment in these factors are made with the motive that the organization objective is achieved within the given time frame. ABC Company can apply controls during the different stages of project. These controls include review of the progress of the project, evaluating the performance of the individuals deployed at work, looking at the project cost and comparing it with the estimates. This way different controls could help applied at regular intervals to keep the project under control and fulfill the constraints requirements.
Step 5: Closure
The fifth and last stage is closure. At this...