Individual project

Introduction

When undertaking a project, the project manger lays down the procedure and process that will be followed to ensure that the project succeeds. The main processes of project development are project scheduling and controlling. Those processes are affected by project management elements such as PERT estimating, risk matrices, and earned value management (Kerzner, 2003). This assignment wills discuss how the above project management elements affect project scheduling and controlling. Further, it shall touch on how the project managers ability to make project and segment trade-offs can be affected by the three elements.

Explain how each of the following 3 project management elements affects the scheduling and controlling of a project

1). The value of PERT estimating

The acronym PERT stands for “Performance Evaluation Review Technique”. As the term denotes, PERT evaluates the performance of the project and reviews its progress weather is in line with the plan. This technique helps the project name to align the project according to the schedule. if the project is moving faster or slower than the planned schedule, the project manger then controls the progress by taking relevant steps (Kerzner, 2003).

PERT provides a focus around which mangers brain storm and bring their ideas together. it provides a great communication medium through which great project thinkers and planners at one level share their ideas, doubts, and fears with another level. Most importantly it is an important tool for evaluating the performance of individuals and teams. PERT enhances decision making which affects how the project should be controlled and scheduled (Kerzner, 2003).

Risk matrices

A risk matrix helps the project manger to compare processes within the project so that to make improvements on the progress and schedule plan. It helps the project manger to quantify project risk so that he can evaluate them basing on the risk impact and probability. Risk matrices affect the scheduling and controlling of the project to avoid risk occurrence (Kerzner, 2003).

Earned value management

Earned value management EVM refers to the way a project manger uses his intellect to measure the progress of the project in an objective manner. it helps the project manager to calculate what was earned from the project. This will help in changing or perfecting the project processes to improve the earnings for the money invested in the project. It helps in generation of productivity analysis, reduces the risk and forecasting, improves communication with stake holders and helps break down the project into smaller units for better understanding. All the above benefits affect project controlling and scheduling positively (Hugg, Bob 1996). 

Explain how each of the above 3 project management elements affects a project manager’s ability to make project and segment trade-offs.

Both the value of PERT estimating, risk matrices and earned value management work together to enhance the project mangers ability to make decision while still following a rational structure based on project achievement and performance. The techniques help the project manager to study past history and performance in contrast with clearly defined measurable metrics and use the knowledge to forecast the upcoming project outcome (Fleming, Quentin & Koppelman, Joel 2005).

They affect the project mangers ability to look in advance and recognize and evaluate the uncertainties which may probably affect the project performance positively or negatively and devise a response to focus on the risk proactively (Godfrey, 2010). The elements help the project manger to calculate the cost of the project and pursue all the segments which are profitable. Earned value management helps the manager to plan on new ventures or techniques to help the project gain value for its investment. Both time and cost is put into consideration under segment trade-offs controlling and scheduling.

Reference

Fleming, Quentin W. & Koppelman, Joel M. (2005). Earned value project management, thirdedition. [Books24x7 version]

Godfrey, J., (2010). PMP5 Things Project Management is not. 

Hugg, Bob (1996).  Thinking in Project Management Terms – Basic Methods and Calculations. 

Kerzner, H., (2003), Project management, a system approach to planning,scheduling and control, Apprentice Hall.

Stutzke, R. D. (2005).  Estimating Software-Intensive Systems: Projects, Products, andProcesses.  Addison-Wesley Professional