Project Monitoring, Earned Value Management, and Critical Success Factors

Homework Assignment: Week 8

Instructions

Please put your name/date in the header.  Answers should be no longer than six sentences per question.  Please refer to the class syllabus for the grading rubric.  Assignment is worth a total of 10 points.  Questions are located in the Discussion Questions section at the end of each chapter.

Please save the file using the following naming system: Class_Name_Week#_Assignment.  For example, if Rosie Dodson was submitting her week 7 homework, her file would be saved with the following title: MGMT410_RDodson_week7_homework.

Discussion Question 13.4 

What are the benefits and drawbacks of using tracking Gantt charts as a monitoring tool?

Gantt charts are one of the most efficient monitoring tools. They have advantages such as facilitating a clear representation of project tasks and enabling effective time management as the whole project, including all tasks can be viewed and planned for on the go. It also allows for better resource allocation as all elements of the project are first identified and planned for. The project is also easily managed as the progress of all tasks can be easily monitored and analyzed. However, despite these advantages, there are various limitations, such as the tedious process of managing and updating the chart throughout the progress of the project. Additionally, not all tasks are visible in a single chart, which adds another layer of complexity and work while trying to manage the chart and monitor progress. It is also a tiring process to create the chart and calculate the aggregates required in the chart. This leads to many preferring alternative options. However, despite these benefits, it is an effective way of tracking and monitoring the progress of a project.

Discussion Question 13.5:

It has been said that Earned Value Management (EVM) came about because the federal government often used “cost-plus” contractors with project organizations.  Cost-plus contracting allows the contractor to recover full project development costs plus accumulated profit from these contracts.  Why would requiring contractor firms to employ Earned Value Management help the government hold the line against project cost overruns?

EVM is a performance-based methodology the government has established to require a linkage of costs incurred and project performance as well as the time and budget baseline. Using the methodology, whether variances are positive or negative, they do not relate to work completion costs. Instead, the performance and value of the work is given more emphasis and is considered. The knowledge of how these aspects relate and the implementation of the EVM allows project managers to stay on schedule and make value-added decisions (Pinto, 2010).

Communication Question 13.7: 

Consider the major findings of the research on human factors in project implementation.  What common themes seem to emerge from the research on behavioral issues as a critical element in determining project status?

One of the common themes that seem to persist on measurable or quantifiable data are evaluation control techniques such as Earned Value Management (EVM). On the other hand, behavioral factors/issues of team members are an example of qualitative data that are not only common themes but are also highly significant for the success of the project. Some of the important and critical areas in behavioral factors/qualitative measures include leadership, top management opinion, teamwork, communication process, technical skills, motivation, and expertise. Failure to consider these aspects when implementing or evaluating the project may result in the failure of the project. This can be as a result of internal conflicts, lack of proper communication channels, or the presence of communication barriers and inefficient utilization of resources. 

Communication Question 13.8: 

The 10 critical success factors have been applied in a variety of settings and project types.  Consider a project with which you have been involved. Did any of these factors emerge clearly as being the most important for the project’s success?  Why?

I had experience working as a project manager, where I was required to implement the 5S workplace organization methodology. In this particular case, the success of the project was highly dependent on the support from top management. It involved the implementation of various changes to the culture of the organization. Since it is hard to implement any lean initiative in any given organization, support from top management was critical in enabling success as it would reduce any barriers that often occur while trying to change such aspects in an organization. Fortunately, the company president was present and backed the implementation of the changes we had decided to make. As such, my team mates and I felt empowered to make changes as all other employees would be required to implement the changes as it is supported by top leaders. The direction, authority, and support from top management allowed us to make significant strides in the changes we wished to make. It also made the whole process more efficient and ensured the project would have outstanding results as its implementation was almost flawless.