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INF 337

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Importance of Cost Management. The entire content of this course is to understand and be aware of costs and value in a project. Express one particular cost issue that you have seen as a project manager or team member that affected the project either positively or negatively. Clearly identify what.....
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Scope Management and Changes. A fundamental topic for the success of a project is the management of scope. The original scope of a project has cost assumptions to ensure project success. Provide a specific example from your experience or from examples in the text where a change in scope can impac.....
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1.The creation of a WBS can be done by the top down approach or bottoms up approach 2. Because they consume resources, costs are often reported at which level of the WBS? 3. The creation of a WBS can be done only by the bottoms up approach 4. The SOW is a detailed narra.....
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Work Breakdown Structure. See page 33 of the text for a graphic example of a work breakdown structure (WBS) hierarchy. Create a three level product-based WBS from a project you have managed or have experience with as a team member and present a graphic representation of your WBS hierarchy. A desc.....
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Problems with Cost Estimation. The text provides five specific areas or reasons that cost estimation seems to occur. Describe a project that you have been involved with where at least one of these factors occurred. How would you improve the cost estimation method with the knowledge you have gaine.....
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Cost Baseline and Time Phased Budgets. The ability to plan an effective budget is critical to the understanding of planned and actual costs in a project. The only way to understand both schedule performance and the accuracy of the budget is to create a baseline. Use your text reading and the ProQ.....
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1. Tops down budgeting utilize the judgment and experience of a top management team 2. The relationship between cost and time are linear. 3. In which phase of the project has the highest potential for errors in estimates? 4. A recent study shows that more than 83 p.....
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Earned Value Fundamentals. Describe the linkages of the work breakdown structure and the time-phased budget to arrive at an earned value analysis. What is the impact on earned value if the cost estimation is significantly lower because of low estimates or specification changes in the project? Pro.....
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Earned Value Problems. Of the three problems below, choose and solve one problem. Show your work. Along with your answer define each term and explain the significance (meaning) of the solution. 1.    During a project, Earned Value Analysis is performed and gives the following n.....
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1. Project evaluation and control measures project progress and performance against a project plan to ensure that the project is completed on time, within budget and: 2. The 0/100 rule can have an activity that is 50% complete. 3. The 50/50 rule is used for packages with a very .....
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Concept of Value. Read the Forbes article, “Why Value Propositions Are Important (And How to Create Them).” Based on the content presented in the article, describe a project that you have been involved with, or read about in a business article, that had a clear value proposition for the strategic.....
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Value Management. The text describes the key attributes of Value Management as management style, positive human dynamics, and consideration of external and internal environment. Provide an example of each of these attributes of VM for a successful project you have been involved with. Which of the.....
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1. A key factor when making decisions about risk is probability 2. Which of these attributes is part of the group “positive human dynamics”? 3. The optimum solution for stakeholders and sponsors includes a balance between cost and functional performance 4. Customer.....
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Causes of Change. Choose any four ‘causes’ of change within a project in table 9.1 in the text. Provide a project example and scenario, and describe the impact of each change. Was there a level of change control in the project examples that tracked ownership, documentation and approval of th.....
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Change Control System. The identification of all changes to a project is only the first step for ensuring a control system is in place. Describe the detailed steps you would implement for your project to ensure an entire change control process is in place. Consider the following topics in your an.....
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