Theme Park Project
For CP-3, we will leave CP-2 behind and start fresh. CP-3 is a performance review of a new indoor theme park project. You will utilize the provided project information and data to create a new project schedule, which will represent your project at a specific point during implementation. You will load the information and data into Microsoft Project where the data will serve as the basis for project monitoring and control and earned value analysis. The output of the analysis, combined with a control plan, will be used to support the continuation of your project. �
The CP-3 Project Performance Report will be structured with the following sections. �
�Cover page including assignment, project title, course, and student contact information �
�Executive summary summarizing the content from the entire document with quantifiable highlights, such as overall project cost and schedule performance and estimate to completion, and making the pitch to project stakeholders to continue the project �
�Schedule 1 an MSP Gantt chart schedule (required) that incorporates the provided project data, established baseline, and proper review date representing the anticipated 50% completion date �
�Performance analysis utilizing earned value data to analyze the project cost and schedule performance �
�Estimate at completion including a forward-looking estimate of the project completion date and the final project costs �
�Cost and schedule control plan providing a corrective action plan to bring the project back in line with your project baseline �
�Revised estimate at completion including the corrective actions from the control plan along with the resulting cost impact and schedule impact �
�Schedule 2 including revised MSP Gantt chart schedule (required) that reflects the impact of your corrective actions �
The project is expected to commence on April 14 2008 while the desired date of completion is expected to be on December 17, 3008.The total budgeted costs for the project is $4,449,520 while the initial baseline costs amounted to 4,439,300. The major activities include site layout and grading that is expected to commence on August 14, 2008 and end on 15th October while masonry work is scheduled to take 60 days commencing on July 14, 2008 and it’s scheduled to end on 3rd October 2008. Plumbing and electrical works are expected to commence on September 19 and July 28 respectively. Plumbing works is expected to last for 85 days while electrical works would take 95 days. The installation and training of the Ferris wheel is expected to lasts for 137 days commencing on 14 April, 2008 and ending on October 21 2008.
The reschedule of the project to commence the incomplete work after Oct1 2008, would mean that most of the other tasks would also be deleyed (Lock, 2007).
The Theme Park Project is a project that is scheduled to commence operations on April 14, 2008 and its desired completion date is December 17 2008. The baseline costs are estimated to be $4,449,920.
The Earned value is made up of the Budgeted Cost of Work Schedule, Budgeted Cost of Work Performed and the actual cost of work performed (Ireland, 2006).
The Budgeted Cost of Scheduled Work (BCSW) = Planned Value (PV) (Cleland & Gareis, 2006).
Actual Cost of Project work Performed (ACWP) = Actual cost (AC)
Budgeted Cost of Project Work Performed = Earned Value.
The Budgeted Cost of ScheduledWork shows the project financial plans and the period when the costs would be incurred.
The Theme Park project has scheduled the activities to be completed before the December 17 2008. However, as per the new date for all the incomplete projects to restart in October 2008, the new completion date would be December 11, 2009 at 5pm. This completion date would be feasible only if the projects that had already started would continue from where the activities stalled. The total days taken would amount to 435 days.
The actual cost of work planned (ACWP) amounted to $2,666,960 while the budgeted costs of work scheduled amounted to $4,439,300 and the Budgeted cost of work planned amounted to $4,429,300. The schedule variance amounted to $10,000.
The baseline costs for the project at 40% amounted to 696,300 while the actual costs for the same period amounted to 2,666,960 (Phillips, 2003).
|Year||Quarter||Budget Cost||Baseline Cost||Cost||Actual Cost|
|Year||Quarter||Earned Value||Planned Value||AC|
The earned value amounted to 1,912,680.
|Schedule Variance (SV)||Earned Value (EV) – Planned Value (PV)||0|
|Cost Variance (CV)||Earned Value (EV) – Actual cost (AC)||0|
|Schedule Performance Index (SPI)||Earned Value (EV)/Planned Value||0|
The Gant Chart for the period ending December 12, 2009
The planned value for the project was $4,439,300
To return the project back to its track, all the project activities would be allowed to continue as per the initial schedule. The tasks would commence on April 14 and continue till the scheduled completion date on 17 December 2008.
The actual costs incurred as on October 1st 2008 were 2,666,960 while the total baseline costs for the whole project amounted to $4,429,300. The budgeted costs were $4,449,920 for the whole project. The balance of $20,620 represented a favorable variance (Cleland & Gareis, 2006).
To ensure completion of the project as scheduled the difference of the total costs of resources between the baseline costs and the actual costs have to be provided.
|Cost to completion||1762340|
To conclude, the project would be on a better position if it continued with the original plan to end the project in December 17 2009. Stopping the project and rescheduling the incomplete tasks to commence on October 1 2008 was a bad move as it would result in a lot of crisis. However, costs are also affected by other economic trend that is existing within a particular region or economy. Other factors that may affect the project are the labor costs and pilferage of materials.
To reduce the costs totally, then additional costs spent on slabs on Grade and flooring together with the additional amounts spent on footings foundation can be recovered by encouraging more production over lunch hours and other overtimes payable in the evening.
Ireland, L.R. (2006) Project Management. McGraw-Hill Professional.
Lock, D. (2007) Project Management (9th ed.) Gower Publishing, Ltd.
Phillips, J. (2003). PMP Project Management Professional Study Guide. McGraw-Hill Professional.
Cleland, D.I. & Gareis, R. (2006). Global Project Management Handbook. McGraw-Hill Professional.
Harrison, F.L. & Lock, D. (2004). Advanced project management: a structured approach. Gower Publishing, Ltd.
|Tasks||Tasks 01||Baseline Cost||Cost||Actual Cost|
|Theme Park 2||Theme Park 2||0||0||0|
|Site Layout & Site Grading||4000||9200.11||5200|
|Footings & Foundations||28600||128600.01||28600|
|Masonry 60 days||31200||91200||31200|
|Frames, Columns and Beams||20800||54800||20800|
|Joists & Roof Deck||15600||95599.98||15600|
|Slab on Grade||18200||318199.98||18200|
|Custom Theme Painting||24000||36000||24000|
|Bathroom Compartments / Accessories||1560||7560||1560|
|Hangers & Supports||48000||60000||48000|
|Pipes & Fittings||48000||64000||48000|
|Stacks & Vents||30000||79999.98||30000|
|Hangers & Supports||30000||34000.02||30000|
|Ductwork & Piping||30000||46000.02||30000|
|Attraction Install and Training||0||0||0|
|Ferris Wheel to ship||2400||102400||2400|
|Ferris Wheel Legs & fan install||4800||6400||4800|
|Ferris Wheel gondola install||4800||6000||4800|
|Ferris Wheel MEP install||4800||6800||4800|
|Ferris wheel platform design||1600||2000||1600|
|Ferris Wheel Platform||4000||10000||4000|
|Ferris Wheel Railing||4800||6800||4800|
|Ferris wheel turnstile||2400||3200||2400|
|Ferris wheel Training||800||2800||800|
|Ferris Wheel Certification||800||1200||800|
|Ropes course install & Training||24000||96000||24000|
|Climbing wall install & Training||8000||40000||8000|
|Carousel install & Training||10400||22399.99||10400|
|Bowling install & Training||32000||172000||32000|
|Go Cart install & Training||36000||392000.04||36000|
|Mini Golf install & Training||12000||38000.01||12000|
|Attraction install and training complete||0||0||0|
|System and Security Training||4080||8080||4080|
|Theme Park 2 Total||696300||2666960.15||701760|