Park University Business Discussion

Please respond to each student 200-300 words use references

First one is responding to teacher

This is what the teacher asked me

Time Management can definitely impact the WBS. For example, if the estimated time of activity A was 10 days yet it took 15 days you would need to update the WBS to show the overall impact to the project. Can you give an example of how cost management might impact the WBS?

Student 1 is Belinda

After reading and watching this week’s material, engage in an active discussion regarding how cost and time management impact the WBS. Review the following information and answer the following questions:Cost and time management can impact many aspects of the project. One of the major deliverables that cost, and time can impact is the WBS. In this week’s teamwork, your team will be reviewing the current cost and time estimates and updating the WBS with more realistic information based on feedback and comments from the professor and the other various team members. Discuss the potential items to review and if you think there are any major updates to the WBS after reviewing the time and cost management chapters. Do your thoughts differ from your teammates? Why and what will you do to resolve?

A work breakdown structure (WBS) is a description of the work that will be completed for a project. It is a hierarchy of tasks that represents the project team’s understanding of the composition of work, and of the size, cost, and duration of each component or task. A WBS has three major purposes:

• Describe the breakdown or composition of work in tasks.
• Schedule the project work.
• Estimate the cost of each task (Yowelle et al, 2022).

The items to review to establish if there are any needed changes on the current WBS are your cost and time management estimates. There are several methods to cost estimation and we chose to use the bottom-up approach. More specifically we will use parametric estimation which compares past projects costs and times with our current project. After reviewing estimates of each it is important to realize if you choose to change the WBS in any way it can change the scope of the project. There are other considerations such as resource allocation, budgeting, and risk management all ride on a properly broken-down project. If you change something, no matter how small it seems, you could wind up creating greater costs, needing a different resource, or worse—project failure due to a risk associated with the change (Mathis, 2019). The last reason to be cautious when changing the WBS is that it serves as a part of your change control and changes may cause the deliverables that follow to fail and cause scope creep. When considering changing the WBS the Project team needs to consider the scope, schedule and budget. If it is determined that there needs to be a change in the WBS it needs to go through the formal approval process. If the change is going to cause problems with any of the three considerations, then the request should be denied.

Fortunately, all team members are on the same page for the WBS update. Our project’s estimates for the time and cost management are on point and we feel there are no needed changes.

Mathis, Micah. (2019). Work breakdown structure (WBS) purpose, process, and pitfalls. Retrieved April 20,2022 from https://www.projectsmart.co.uk/work-breakdown-stru…

Yowelle et al., (04/13/2022) Work breakdown structures overview, https://docs.microsoft.com/en-us/dynamics365/proje…

Student 2 is Will

Hello,

After considering the impacts costs and time management has on the WBS, my team felt it was important that we reviewed the project’s schedule, critical and non-critical paths, and the budget. Every project has its own unique attributes. These attributes create variances in projects that are similar to one another. “Project teams can also factor in the time and cost of project management processes. Processes that are not tailored may add little value to the project or its outcomes while increasing cost and lengthening schedule. Tailoring their approach along with appropriate processes, methods, and artifacts can help project teams make decisions about process related costs and the related value contribution to project outcomes.” (Project Management Institute, 2021, p. 45) Time and cost management is the act of planning for the variables that feed these variances and budgeting both time and money so that the project meets it required goals. With this information in mind, our team discussed how scheduling work to be completed during weekends and holidays would impact the schedule and the budget. To do this we needed to modify our WBS to act as both a WBS and a project calendar. This allowed us to identify what days and shift were available for scheduled activities.

After identifying the weekends and holidays over the course of our project, we accepted the fact that working holidays and weekends would increase costs. This trade off seemed to be acceptable to many members of our team because it ensured that we would meet the project deadline, while also remaining on budget. PMBOK describes the project schedule as, “An output of a schedule model that present linked activities with planned dates, durations, milestones, and resources.” (Project Management Institute, 2021, p. 246) This schedule is vital to project management because it allows the project manager to control the project schedule and predict the expenditure of funds.

A group of students at Franklin University found that by applying project management time and cost principles they were able to improve the value of course instruction. “In many cases, we also used a course manuscript…that provides consistency among all courses. Essentially, the template provides a structure for all instructional designers…By implementing the manuscript, the content editors were able to significantly decrease their build time, which decreases the overall budget for the project.” (Gardner, Bennett, Hyatt, & Stoker, 2017) Failure to meet a project’s deployment date can result in significant revenue loss and costs related to the extension of the project. At the start of every project, management must conduct a critical analysis of all activities to identify their associated risks. From there management can use a decision tree analysis to determine whether the schedule or the budget is of a higher value/importance to the success of the project. Knowing this helps the project team build the WBS and shapes actions at decision points. This shaping helps project managers to establish contingency reserves for both time and money.

Student 3 Marjan

Marjan Kia

Department of Business, Park university

PM691DLS2P2022 Time and Cost Management

Professor Lashawn Johnson

Apr 20, 2022

Week 6 Discussion

WBS provides a framework as a basis for other planning processes, including the process of defining activities in the field of scheduling management knowledge, the process of estimating costs in the field of project cost management knowledge, the process of estimating resources in the field of resource management knowledge? The risk identification process should be in the field of project risk knowledge. The last level of the work breakdown structure is called work packages, in which a work package can be timed, cost, and monitored. If you cannot define the scope of the project, then you will certainly not be able to define the schedule, resource planning, or budgeting for your project. WBS first helps you define the scope of the project and then acts as a framework for defining project details in planning, scheduling, estimating, budgeting, outsourcing, cost aggregation, and more. This framework is developed by the project manager and team in the operations necessary to achieve the project objectives. Allows the project manager to interpret the project plan.

Cost estimation is an approximate estimate of the financial resources needed to complete project activities based on available information and assumptions at a point in time. Usually, the accuracy of estimates at the beginning of the project is not good during the project implementation because more detailed information will be available during the project implementation, so in many projects, re-estimation is inevitable.

If the general deviation from the budget is clear, the detail of this issue means what parts of the project the deviation from the budget is related to and what are the reasons for this deviation, and therefore it is not possible for the managers of the organization and the project to make correct and effective decisions. More accurate results in the project can be achieved with precise cost and time control and using WBS. Team-building techniques are interesting and special. Just as building a sports or art team requires practice, we must use the normal activities of the project as team-building events. Our team did well in creating the WBS structure. People who do the work are allowed to do the job definition work. This is a great opportunity to build trust and relationships through teamwork.

Our team took the time to review the WBS again. We reviewed it again and made sure it made sense. We asked team members to submit their scenarios to the rest of the team for review and discussion. In this way, we were able to understand the whole effort of the team. We worked on re-examining the time and correcting it. We re-examined the costs according to our budget and tried to eliminate the extra costs. There is no disagreement in our team. We review the cost, time, quality, and scope of the project together and finally make a summary of each other’s opinions and continue the project. I think if my teammates’ thoughts were different, we would still be able to continue our work by talking in business meetings and getting ideas from each other, and using it as a challenge.

References

Larson, E. W., & Gray, C. F. (2021). Project Management: The Managerial Process. New York: McGraw-Hill.

Practice Standard for Work Breakdown Structures (2001). Newtown Square, Pennsylvania: Project Management Institute Inc.

Globerson, Shlomo, Cohen, Izack, Vardi, Sivan. (2016). Identifying the Criteria Used for ESTABLISHING WORK PACKAGE SIZE FOR PROJECT WBS. (Park University).

Buchtik, Liliana. (2013). Secrets to Mastering the WBS. (Park University).

Here is the original directions for reference you DO NOT have to do this it is to help you.

Directions

After reading and watching this week’s material, engage in an active discussion regarding how cost and time management impact the WBS. Review the following information and answer the following questions:

Cost and time management can impact many aspects of the project. One of the major deliverables that cost and time can impact is the WBS. In this week’s team work, your team will be reviewing the current cost and time estimates and updating the WBS with more realistic information based on feedback and comments from the professor and the other various team members. Discuss the potential items to review and if you think there are any major updates to the WBS after reviewing the time and cost management chapters. Do your thoughts differ from your teammates? Why and what will you do to resolve?

Please find an additional reference source and cite the source in your discussion post. Sources must be used to enhance the learning experience. By finding a referenced source, you are enhancing the learning experience by searching for another source of information on the topic. Also, please ensure you are using a source that is peer reviewed to ensure accuracy of information (select peer-reviewed journal articles in the Park Library search engine)

Your original post should be in the format of an executive summary (must contain verbiage and bullet points to name the key points). Use APA formatting.