5 HOURS TO COMPLETEYour Project Sponsor has approved your project proposal and has asked you to come up with a proposal for the execution, control, and closure for the project.Instructions:For this

Family Estate

Denise Childs

BUS-375

06/16/19

Family Estate

Project Summary

The project I am hired for is building luxury vacation homes and a mansion for a real estate company that are interested in renting luxury vacation homes. The mansion will include ten personalized rooms, six rooms for the living space, thirteen bathrooms and three pools. This house will be located on a lakefront property and the owners want the water source to come from the lake. This property is on one hundred acres of land that has been cleared for construction. This house should operate from solar power and be able to house twenty vehicles. Four guest homes will be built located one mile away from each other and three miles from the main house. Each guest house will have a pool and be able to house two vehicles. All homes should have a fifteen foot iron gate surrounding them. The property will have a spa, two restaurants, and a tennis court. The house will be built from ground up by using the blueprint developed by a professional architect and approved by the shareholders.

Project Challenges and Solutions

The three main challenges that I am likely to encounter while conducting my project include: Risk management, lack of accountability while carrying out the project and changes in pricing and estimating. The first challenge that I will discuss is lack of accountability. Lack of accountability is the state where an individual imagines why a certain project is not working as it was thought. The worst nightmare that I am likely to face as the first challenge is lack of accountability. All projects require much effort so that the results at the end can be good. Lack of accountability in project management is costly but being one of the challenges that I am likely to encounter then the best solution is to put much effort and ensure the project is complete successfully. I am not certain how the project will end or how it will work because of the limited time that is required for the project to end. Dysfunctions from the teams can also result in poor accountability of the project because if each member of the project fails to be responsible, then the whole project is likely to fail. However, a recommendation for this challenge is learning to direct the project team members towards one common goal.

Improper or poor risk management is another challenge that is likely to be encountered while managing the project. Regarding the downfall of the project, operational risks contribute to 40% where on the other hand financial risk contribute to 30% of the project downfall and more important a major turndown in the capitalization of the market contribute to 30%. Therefore, learning to deal with and plan for risk is an essential part of project training. A solution to this challenge involves getting a constant outlook for the risks that are potential and draw an appropriate plan on how to get way with the risks. For instance, the constant outlook of the potential risks should be looked upon by all members who are involved in the project and it is the role of the project manager to plan how the potential risks are to be overcome within a short period of time.

Estimation of the expenses correctly is another challenge that is likely to be encountered while carrying out this project. In a project development, misestimating of the cost can result to staggering issues where numerous entities of the project get unplanned. Pricing of the several expenses of the project usually fails due to lack of collaboration from the team members. A project can easily fail of get terminated if all team members of the project get difficulty in calculating and estimating the expenses that are likely to be encountered in that project. For instance, a solution to this is to adopt a project management tool that can effectively calculate the amount of expenses including the expenses of equipment, human resources and other several unplanned costs that are overhead.

Management of Project Performance via Earned Value Management

Earned Value Management refers to a technique that the project managers use so that the performance of the project can be tracked and this is done against the project baseline. EVM often tracks the progress of the project whether it is ahead or behind as scheduled and whether is over or under the budget. The earned value helps in project performance where a deeper information is provided on the project. However, there are three techniques that area associated with Earned Value Management that help in project performance. Earned Value Analysis is a quantitative technique which evaluates the performance of the project by enabling the project manager and the team to figure out the results or outcome of the project. Earned Value Analysis helps in providing the comparison between the progress of the project and the estimated budget of the planned work to the actual cost. Another essential methodology is Earned Value Management that helps in the project performance by simply providing a budget and a schedule that is integrated. Earned Valued Management Systems is another methodology classified under project performance that encompasses a collection of procedures, processes, tools and templates that are necessary in project performance.

Earned Value Management Metric to Use for the Project

There are three Earned Value Management metrics to use for the project performance so as to execute the Earned Value Management. Therefore, they include: Planned Value (PV), Actual Cost (AC), and Earned Value (EV). The Planned Value is the amount that is budgeted through the current reporting period of time. On the other hand, the Actual Cost is defined as the actual cost to the current date. More important, Earned Value is the total project budget that was planned from the beginning hence multiplied by a percentage when the project at hand is complete.

Planned Value

The Planned Value is the amount that is budgeted through the current reporting period of time. Planned Value provides the baseline that is required for the tracking of the project performance. It involves evaluating the value that a project is expected to deliver in a particular period of time. Therefore, planned value is a representation of the revenue that the project that is being worked on is expected to earn in completion. For instance, planned value can be spread in different period based on weeks or months.

Earned Value

Earned Value is the total project budget that was planned from the beginning hence multiplied by a percentage when the project at hand is complete. The metric is a representation of the revenue that a project gets while it is being performed hence milestones get achieved. In this case, revenue is likely to be earned in a state when the project members charge expenses or even hours to the project. The hours charged is the bill rate schedules and the expense charges involve travel and printing expenses. For instance, revenue can be earned as the project manager assess the complete percent on a monthly basis across the project. Earned value is therefore integrated by the revenue that is planned.

Actual Cost

Actual Cost is defined as the actual cost to the current date. The metric provides the project members with techniques to compare and contrast the required effort that is being used on a project in association with the Planned Value or even the Earned Value. Actual cost is the labor or the expenses that are going to be incurred in the project hence it is more of a direct cost Actual cost therefore represents the market value of the delivery of the services throughout the project

Plan To Properly Close the Project When It Is Over

Closing the project is a stage that is supposed to take place in every project so as to ensure all the aspects of the project have been followed in an effective manner. The first thing that is supposed to be done is reviewing the lessons learned while doing the project and ensure they are corrected. The next step in properly closing the project is obtaining approvals from the people who gave out the project and get legit signatures. It is also important to close contracts, and complete the final cost by making all the payments that were expected to take place according to the estimated budget. Another important aspect in closing the project is finalizing the reports that were written and transitioning much support. The next step is to archive documentation and last celebrate the success for the proper completion of the project.

References

Budd, C. (2013). Practical Guide to Earned Value Project Management (2nd ed., pp. 123-234). New York: Britam Press.

Griffin, J. (2010). Residential construction management. Ft. Lauderdale, FL: J. Ross Pub.

Hermarij, J., & Bruce-Feijen, T. (2014). The better practices of Project Management. Zaltbommel: Van Haren Publishing.

Lambeck, R., & Eschemuller, J. (2008). Urban Construction Project Management (McGraw-Hill Construction Series). New York, USA: McGraw-Hill Professional Publishing.