Project Management Task Case Study Solution
Parametric estimating
In this method,the statistical relationship is used between historical data as well as other variables so that the duration, size, scope and cost could be calculated. The technique could produce higher level of accuracy in case of correct usage of this technique.
Bottom-up estimating
In bottom up estimating technique, each and every work activity or package is estimated with the greatest detail level, hence briefing higher level anticipations with the combination of individual estimate. An accuracy of bottom-up estimating technique could be optimized when each work activity or package is defined in detail.
Three-point estimate
In three point estimate, three estimates are used to determine the range for the activities ‘cost, which are: the best case estimate, worst case estimate and most likely estimate.
Earned Value Analysis
It is one of the widely used methods for high and medium complexity projects. It compares the cost of budget on periodic basis, with the actual cost during the project. It also combines the schedule activities with detailed estimation of each activity’s cost.
Project Management Estimating Software
In this method, the cost estimating software application, statistical tools, simulation tools and computerized spreadsheets are used. These tools allow the quick consideration of multiple alternatives of the cost’s estimates.
Vendor Bid Analysis
In this method, the cost is determined on the basis of the review of vendor proposals or bids. The vendor bid analysis could be used in conjunction with other techniques of cost estimates, in order to ensure the comprehensiveness of cost estimation.
Steps taken to improve the financial performance of future projects at The NOVA Company
Fashion has always been a hotbed for creativity & innovation. The financial sustainability is the ability of an organization to realize the value that could be obtained from the project’s delivery at minimum or acceptable cost. With the consideration of maximizing the financial performance of the organization, Nova Company should integrate time, resource and project management solutions with financial management system, disconnected teams, eliminate manual processes, fragile standalone system and spreadsheets. The company should understand the significance of product innovation and product development. The company should concert its efforts to improve the identity of brand, and support it with communication and marketing plan.
To devise the strategies with long term and short term targets is considered to be the keystone of the business endeavor, which includes lowering the social & environmental footprints of the company. While the target adoption is one of the valuable steps that the fashion brands should combine such efforts with the overall business strategy, hence embedding the sustainability into their central business.(Javier Se ara, 2018).
For putting fashion on the road to the long term environmental, financial and social prosperity Nova Company would need to realize the incremental improvements. The company should collaborate actively and clearly commit to prioritize a responsible growth strategy. The company should find more innovative as well as creative solutions,and explore different business models. To deliver profitable and lucrative projects in the near future; it is important for the company to accurately forecast the amount of work that would be required for the project completion. The company could assure the projects’ profitability through staying alerted for schedule & estimate to complete (ETC), keeping the track of scope, budget and work progress. Also, the company should track over and under provisions of resources. The company should be the hub of communication for its project, cast a vision & managing ofan effective implementation of streamline activities. Monitoring and tracking record of teams are essential to ensure that the team members of project are working efficiently. Additionally, the financial performance could be improved by ensuring that all the work outlines in statement of the project’s work are completed on time, thus meeting the expectation of the clients.(Moore, 2007).
Gantt chart Report
Gantt chart – a timeline illustrates the progress of the project during the process of project management. It is quite helpful in scheduling and planning projects, and assessing how long the project would take as well as determines the required resources. The Gantt chart is used to organize all the activities or necessary tasks,and calculates the overall delivery timescale. Since, the Gantt chart represents the milestones, tasks and schedules, it helps in efficient management of time and team. Also, the project manager can easily observe the project’s status, its progress and completed percentage of tasks.
The duration of the cost control practices and detailing the description of cost control measures is 5 days for each task.Whereas the duration of proposal of cost control changes and cost control software solution’s selection is 10 days for each task.The Gantt chart demonstrates the start date of the project to be 2nd March, 2020 and the finish date of the project to be 22nd May, 2020. The total time required to complete all the tasks is 82 days, including the weekends.
Budget Creation
The total cost of the budget is calculated by using the budget planning tool in the project management software. The estimated budget of the project is amounted $3000000, while the actual budget required to complete the project is amounted $139450.Hence resulting in an under budget of $ 2860550. The salary of two secretaries for 3 months is amounted $7500, while the salary of two consultants for 60 days or 3 months is amounted $96000. The senior project officer’s salary for 3 months is $9750, while the accommodation cost is $7200. In addition to this, the fixed cost is $4000 and the cost of project’s cost control software is $5000 plus the total miscellaneous fixed cost,which is $10000. Using a realistic budget for estimating the total expenditure on the project helps the company in long term financial planning. Through budget planning; the company could easily prevent the unnecessary or unwanted cost and allocate the right amount of budget to each corresponding task and necessity.
Appendix A – Gantt Chart
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