PJM 580 Project Management

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PJM 580 Project Management

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PJM 580 Project Management

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Course Code: PJM580
University: Colorado State University

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Country: United States

Question:
Describe the Project Management For Management and Execution.

Answer:
Introduction
Cost baseline is estimated range of budget that is to be spent over the course of the project. Before the initiation of project, a suitable budget is estimated and the funds from the budget are spent at different rates throughout the course of the project. This rate of spending of the budget is defined by the cost baseline curve plotted graphically. For cost and performance management, a separate project plan is required (Abdelal, Blyth & Parsons, 2015). In this plan, based on the overall budget, the cost management plan is prepared where the expenses estimations are allocated. These factors must be accurate in nature in order to ensure the success of the Tanzania Healthcare Project. This project is an international project and will involve huge amount of costing. Hence, cost estimation and budgeting are two important aspects of this project.
In this assignment, the costing and other important details of Tanzania Health Project are discussed.
Project Budget and Costing
Rules for Cost and Performance Management
For cost and performance management of Tanzania Healthcare Project, a separate project plan is required. In this plan, based on the overall budget, the cost management plan for this project is prepared where the expenses estimations are allocated.
For performance management, several important factors are considered. However, the main factor for the performance is earning the maximum benefits from the project (Burke, 2013). Hence, for the most optimized performance, the project must be able to produce maximum cost benefit.
Earned Value Management
Earned Value Management (EVM) is a project management technique that is used to determine the scope, cost and time of this Tanzania Healthcare Project. These three factors are decisive for the success of the project and hence, these factors are used as tools for determination of the earned value management (EVM).
Scheduled Forecasts
Purpose of Controlling and Monitoring
Controlling and monitoring of a project is necessary in order to maintain the progress of the project at the standard rate (Cavusgil et al., 2014). Controlling and monitoring in Tanzania Healthcare Project will also ensure there are no scope creep or unethical activities done during the course of the project.
Measurement during Controlling and Monitoring
During controlling a project, measurement is done based on the project plan and the actual progress of the project.
Cost Estimates
Basis of Estimates
The basis of the cost estimates are the requirements of the project and their current market prices. These factors are considered during cost estimation of a project.
Vendor Bid Analysis
For procurement of medicines and medical equipments in large quantities for this particular project, a number of similar vendors are chosen. The vendors are asked to bid for material supply (best quality and lowest possible price) (Chaves et al., 2016). The organization has to analyze the bids of the vendors and select one that will be most beneficial for the project.
Cost Benefit Analysis
This is done by comparing the estimated project costs with the estimated project benefits. The cost benefit must be significantly high before the project is approved and executed.
Cost of Quality
Best quality resources will always demand extra costs. Hence, the company has to compromise quality and quantity in order to gain best possible cost benefit from the procurement deal.
Budget
Cost Baseline
Cost baseline is estimated range of budget that is to be spent over the course of the project. Before the initiation of project, a suitable budget is estimated and the funds from the budget are spent at different rates throughout the course of the project (Eastham et al., 2014). This rate of spending of the budget is defined by the cost baseline curve plotted graphically.
Management Reserve
During allocation of budget, the project management team keeps a part of the budget in a separate account. This budget is called management reserve and it is kept so that it can be used later to clear management costs and other pending debts for the project.
Control Accounts
During allocation of funds, the full amount is not stored in one account. Rather, different accounts are created for different departments of the project. These accounts are controlled by the financial manager as he allocates suitable funds for different department of the project.
Contingency Reserve
Some amounts of the fund are kept separately as contingency reserve. It has been seen many times that during the course of the project, due to some unforeseen and unavoidable circumstances, there are requirements for further large amounts of funds (Gronwald, 2017). In order to fill this, the contingency reserve is now kept for any project.
Activity Contingency Reserve
This is directly connected to change management planning. During the course of the project, there may be need for some changes in the project that also demand further injection of significant funds. For this purpose, the activity contingency reserve is kept for the projects.
Project Funding Requirements
Project funding requirements vary from project to project depending on requirements. These requirements include construction material requirements, software requirements and others (Mesquida & Mas, 2014). According to the requirements, the estimations must be made so that the entire costs are covered by the estimated funds for the project.
Procurement
Bidder Conferences
Before starting an auction regarding the granting of ownership of certain rights, a bidder conference is generally called. In this conference, the auctioning party discusses the probable bidding prices that might be thrown during the auction to buy the rights (Rose, 2013). In this conference, the bidders are also let known the base price for each right and that they have to bid in excess of that amount in order to be considered for the right ownership.
Proposal Evaluation
Proposal evaluation is the final evaluation of a contract proposal before it is signed for approval. After the bidding for rights is complete, the project group meets with the bid winners to discuss the terms and conditions of contract and the bid winner presents a contract proposal. When all the terms are agreed after evaluation of the proposal, both the parties sign and approve the proposal.
Advertising
Advertising is an essential part of a project. Advertising is required in two stages – before project and after project. Before the project, the organization calls tender for different other contractors to bid and win contracts that are necessary for the project (Rui et al., 2016). After the project, the advertisements are necessary to raise awareness among the customers about the project outcome and delivery of new products or services.
Seller Selection
Seller selection is necessary in case of manufacturing projects. When the organization manufactures some goods, they need to find suitable sellers who will sell their products to the customers (Snyder, 2014). However, during selection of seller, the company must ensure that the seller is popular in its area and the annual sales of the seller are high enough to gain significant profits.
Agreements
Agreements are the terms of contracts that are mutually accepted by both the organizations involved in the project – the parent organization and the contractor organization. The project is only proceeded with once the agreements are approved and finalized.
Conclusion
In this assignment, the costing and other important details of Tanzania Healthcare Project are discussed. Project funding requirements vary from project to project depending on requirements. These requirements include construction material requirements, software requirements and others. According to the requirements, the estimations must be made so that the entire costs are covered by the estimated funds for the project. For procurement of resources in large quantities, a number of similar vendors are chosen. The vendors are asked to bid for material supply (best quality and lowest possible price). The organization has to analyze the bids of the vendors and select one that will be most beneficial for the project.
Bibliography
Abdelal, R., Blyth, M., & Parsons, C. (Eds.). (2015). Constructing the international economy. Cornell University Press.
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.
Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.
Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, I., & Nogueira, C. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model. International Journal of Information Systems and Project Management, 4(1), 27-45.
Eastham, J., Tucker, D. J., Varma, S., & Sutton, S. M. (2014). PLM software selection model for project management using hierarchical decision modeling with criteria from PMBOK® knowledge areas. Engineering Management Journal, 26(3), 13-24.
Gronwald, K. D. (2017). International Project Management. In Global Communication and Collaboration (pp. 67-78). Springer Berlin Heidelberg.
Mesquida, A. L., & Mas, A. (2014). A project management improvement program according to ISO/IEC 29110 and PMBOK®. Journal of Software: Evolution and Process, 26(9), 846-854.
Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fifth Edition. Project management journal, 44(3), e1-e1.
Rui, X. U. E., Baron, C., Esteban, P., & Zheng, L. (2016). Integrating the ISO/IEC 15288 Systems Engineering Standard with the PMBoK Project Management Guide to Optimize the Management of Engineering Projects. In Complex Systems Design & Management (pp. 291-291). Springer International Publishing.
Snyder, C. S. (2014). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. Project Management Institute.

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