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Q#1:
Earned Value Analysis
An industry standard way to: “measure a project’s progress,forecast its completion date and final cost, and provide schedule and budget variances along the way”.
Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results.
A better method is earned value because it integrates cost, schedule and scope and can be used to forecast future performance and project completion dates. It is an “early warning” program/project management tool that enables managers to identify and control problems before they become insurmountable.
Earned Value needed because
-Different measures of progress for different types of tasks
- Need to “roll up” progress of many tasks into an overall project status
-Need for a uniform unit of measure (dollars or work-hours).
- Provides an “Early Warning” signal for prompt corrective action.
-Bad news does not age well.
-Still time to recover
Conclusion
Earned Value Analysis is a better method of program/project management because it integrates cost, schedule and scope and can be used to forecast future performance and project completion dates. It is an “early warning” program/project management tool that enables managers to identify and control problems before they become insurmountable. It allows projects to be managed better – on time, on budget.
Q#2:
Organizational Process Assets
Core activities of project needs executional support from previously learnt lessons, risk/issue management or other specific ways/standards ,we say them as Organizational Process Assets (OPA)
Examples
- Organizational process standards and policies, including health, safety, ethics, and project management standards and policies.
- Standardized work and instructions guidelines, proposals, evaluations, criteria for proposals and evaluations.
- Templates, work breakdown structures, project schedules, schedule network diagrams, standardized forms, and reports.
- Criteria for the organizations standard processes.
- Communications requirements, including standards for technology, media, data retention and security.
- Guidelines for project closure, audits, evaluations, acceptance criteria, etc.
- Financial controls, reporting times, expenditure and disbursement information, accounting codes, contract provisions.
- Issue and defect management processes.
- Change control procedures.
- Risk management procedures, including risk analysis and impact reports.
- Process measurement databases and measurement data.
- Project files, scope, cost, schedule, performance, project plans, reports, calendars, risk registers, risk response planning, etc.
- Historical information, lessons learned, documentation, decision criteria.
- Configuration management databases, data, and resources.
Q#5:
Cost of Quality
Sum of costs incurred in maintaining acceptable quality levels plus the cost of failure to maintain that level (cost of poor quality).
Q#6:
PERT Advantages:
PERT encourages the identification of the project’s critical path.
PERT encourages the identification of early and late start, and slack for each activity.
Gantt Advantages:
Time is explicit.
All tasks are visible in relationship to other tasks
Deadlines are shown, project status is shown and progress is shown by filling in the task boxes.
The Gantt chart provides optimum opportunity to present each stage of your project. It has everything from listing goals to resource allotment.
When using a PERT chart, the relationship between the task at hand and the time allotted for said task may not be as immediately obvious as say with a Gantt chart. For this reason, above all, the PERT chart can be a real pain in the neck for someone who is not familiar with the PERT chart. PERT charts also tend to underestimate actual risks inherent to your project.
Q#4: Budget of FYP.
Project Equipment Unit Price Rquired (in semester)
Total Price
Xbee Module $26 Current $
Xbee explorer vsb $25 Current $
Xbee explorer regulated $10 Current $
Camera $59 Current $
Microcontroller $6.52 Current $
Microdrive $29 Current $
Balloons $20 Next $
Miscellaneous:
Project Equipment Unit Price Rquired (in semester)
Total Price
Import Duty Fixed rate Current $
Gas for Balloons Fixed rate Next $
Travelling Fixed rate both $
Grand Total $
Suppliers Alternative Suppliers
Digikey Robotshop
701 Brooks Avenue, south thief rivers falls MN 56701. USA
555 VT route, 78 suite 367 vermont USA, 05488.
