There are different tools which can collect the stakeholder needs from which the most common is questionnaire and surveys which tells about the stakeholders’ requirements and what the company really needs to address these problems. The company can also conduct interviews, brainstorming, multi voting, and multi-criteria decision making, autocratic decision making is some of the tools which can be used to collect the stakeholder needs and requirements.
Stakeholder’s competing requirements can be resolved by prioritizing the stakeholder needs and demand of the requirement to be fulfilled by the stakeholders. Stakeholders are of two types which are internal stakeholders and external stakeholders. Internal stakeholders are the shareholders and employees of the organization. External stakeholders include the customers, public, suppliers and pressure groups. Stakeholders have different requirements and sometimes they are conflicting and for this stakeholder’s process needs to be identified.
Identify all stakeholders related to the company
Prioritize the needs of the stakeholders and stakeholders need to be prioritized according to their stakes.
Know all the requirements of the stakeholders and understand those requirements to the fullest.
Define the framework and system to ensure that all requirements are met.
Make any necessary tradeoffs decision to get to the right decision and take action according to the best possible option and communicate all the stakeholders involved in the process.
The primary objective of the Work Breakdown Structure (WBS) is to divide the project into smaller units or elements to focus and complete each unit on time. It is not easy to work and monitor the whole project as a unit. Therefore, WBS helps to divide the work and it helps to provide information regarding dependent and independent, urgent, and non-urgent tasks in the project. Three best practices in developing the WBS include decomposition, control account, and work package. The decomposition strategy aims to divide the project into smaller tasks and assign those resources and costs. The control account technique helps to integrate the schedule, budget, actual cost, and scope of the project and compare these with the earned value of the project. The work package techniques help to determine the lowest level of the work to make sure resources and costs and assigned easily.
The method of compass is the analogous component of the current project with the analogue’s component of the previous or similar project of the company. The components like material, labor cost, equipment, risk of the project and inflation to compare it with the similar and previous project. The complexity in this method is that it compared with the previous and old project which sometimes can be difficult to compare and updating the old and past data the more old the data, more complex the comparison will be.
In this estimating method the project is breakdown in to the work packages and the cost of each work package is estimated and then summarized to estimate the cost of the project.
In this method the statistical relationship between the previous and current project is developed. In which all the components of the given project cost and other components using the statistics the more accurate the statistic analysis the more accurate the estimate will be.
In the following method, the three different estimates are established
In which they gave the probability of most likely, optimistic and pessimistic and some firms are average out the results to take the best estimate.
The critical path is the longest distance between the start and finish of a project and it includes all the project tasks and their respective duration. It is beneficial to the project manager to know the critical path of the project as it helps to provide a clear picture of the actual schedule of the project. It provides information regarding the big and small tasks and the time needed to complete these tasks. The project manager can plan these tasks to ensure the project completes on time and within the allocated resources. Moreover, it provides information regarding the dependent and independent tasks and their influence on the project’s outcome and completion.
WEEKS A= 4, B = 6, C= 4, D = 12, E=7, F = 9, G = 5, Total Duration = 47 weeks
The critical path is D, F, E, C has a longer duration and is the critical path
Draw a network diagram.
Determine the critical path using PERT estimates.
What is the expected project duration?
Critical path A = 5, B=12, C=5, E = 15 , F = 8, G = 3, H = 6, I = 5.
According to the most probable duration, the project will take 59 days.
Critical Path B, E, F, H as they have the longest duration in the project cycle.
SV = Earned Value – Planned Value
SV = 6-8 = -2
SPI = 6/8 = 0.75
Answer (on p. 632) the following questions: 1, 4, 7, 8, 10
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