Part 3: Project Time Management
One of your duties as the project manager is to lead your team in developing a schedule. Mike and Sophie are the information technology professionals. The marketing professionals are Carlos and Joanna, and John is the purchasing specialist. Don't forget that you have only six months to complete the project and a budget of $500,000. Dorian, the project sponsor, had told you that it is important to finish on time and within but it is even more important to provide a high-quality service and avoid any potential technical or user problems after implementation. Blue Bank wants to attract new customers with remote deposit capture and avoid losing current customers, so quality and customer service is key. The team decides to focus on key milestones in developing the schedule, being sure that suppliers know their roles on this project and that adequate testing is done.
1. Identify at least eight milestones for this project. Write a one-page paper describing each milestone using the SMART criteria.
2. Using the Gantt chart you created for Task 3 in Part 2 above, and the new activities and milestones you proposed in Tasks 1 and 2 above, estimate the task durations and enter dependencies, as appropriate. Remember that your schedule goal for the project is six months. Print the Gantt chart and network diagram.
3. Assume that your project team starts falling behind schedule. Describe strategies for making up lost time and avoiding schedule slips in the future.
Part 4: Project Cost Management
Harold Johnson is worried about the cost, so he has asked you to review the existing cost estimate to get a solid cost baseline to evaluate performance. Recall that your budget goal is $500,000 for the six-month project. Also, remember from previous projects that even though Code Corp. is a very reliable company, you need to work closely with them to ensure all requirements are being integrated into the software and that the project is kept on track. You need to work with DevAn to define and test scanners to ensure the application will be compatible with the devices. You also need to set up contracts with the selected scanner manufacturers to provide the scanners to customers when the remote capture software is implemented.
1. Assume you have completed three months of the project. The BAC was $500,000 for this six-month project. Also, assume the following:
Using this information, write a one- to two-page report that answers the following questions:
a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project?
b. Use the CPI to calculate the estimate at completion (EAC) for this project. Use the SPI to estimate how long it will take to finish this project. Sketch an earned value chart using the above information, including the EAC point. See Figure 7-5 as a guide. Write a paragraph explaining what this chart shows.
c. How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget? Is it way off track or not? Should you alert your senior management and ask for assistance? Should you talk to your sponsor before the meeting to discuss this data?
Part 5: Project Quality Management
The Remote Deposit Capture Project team is working hard to ensure that the new system meets expectations. Even though you have a detailed scope statement, schedule, and so on, you want to be sure that the project will please key stakeholders, in particular Harold, the project sponsor, and Tricia, the VP of-Marketing Both of these senior managers are very aware of customers' needs; so it is important that the new service is stable, secure, and easy to use. They both want the remote deposit capture capability to be ready as soon as possible so the company can start promoting this new service. You know that you cannot meet the schedule goal and provide a high quality service. You also think you will need additional funds since both suppliers have spent more than planned already, and you are only halfway into the project.
1. Develop a list of quality standards or requirements related to meeting the stakeholder expectations, focusing on both senior management and customer expectations. Provide a brief description of at least four different requirements. For example, a requirement might be that the new feature is available 24 hours a day, 7 days a week, and that the time it takes to properly scan one check is less than ten seconds.
Part 8: Project Risk Management
Since several problems have been occurring on the Remote Deposit Capture Project, you have decided to be more proactive in managing risks. You also want to address positive and negative risks.
1. Create a risk register for the project, using Table 11-5 as a guide. Identify six potential risks, including at least two positive risks.
2. Plot the six risks on a probability/impact matrix, u
Skills: PMP, Project+