Business Finance Homework Help. University of Maryland Week 11 Chapter 12 Organizations without Control Systems Discussion
Reading Reflection Assignment for Week 11
Week 11 marked the reading for chapter 12, project control. Project control utilizes performance measures usually in terms of cost and schedules to evaluate project execution and its variation with respect to the project planning. Organizational breakdown and work breakdown structure along with the technological nature of the project, allocated budget schedule can help figure out the best approach suited for a given project control requirement. In section 12.3 Shtub and Rosenwein (2017) suggest that project control measures can range from simplistic methods like group meeting discussions sharing status updates to more analytical ones as discussed in the later sections of this paper. Project lifecycle milestone control point-based approaches like the line of balance and overhead control have been discussed during the last sections of the chapter.
Organizations without Control Systems: Local- Daily Newspaper printing press
As per Shtub and Rosenwein 2017, Small, technically simple, short-range projects, performed by collaborative, highly motivated teams that are physically co-located under a single organizational unit, may not need a formal control system. Consider an example of a local daily newspaper printing press, it operates on a short-range turnaround for each of its projects. The process is frequently repeated so over the years the technical challenges are already resolved and all the stakeholders from reporters to editors end printing press operator art physically located under a short commercial setup. search up business will not rely on active project control since the feedback from the short-range project activity is relatively quick. Control systems can be very simple, taking the form of weekly team meetings to discuss status, or can be very sophisticated, comprising a battery of hardware, software, and personnel.
Project Control Measures for a House Construction
Planning and overseeing the construction of a house is a mega personal project. It is one of the biggest personal projects that one undertakes throughout their life. With prior accommodation lease agreements, fixed dates to move in often subject the project to a definite time constraint. Also because of the resources utilized the box comes out of a person’s personal savings directly, therefore search up projects can students by deploying project control. Chapter 12 point 3.2 Shtub and Rosenwein (2017), discuss in detail the earned value approach which scenes quite a useful tool do analyze expenditure and schedule after house building. I will ensure to include budgeted cost for work scheduled (BCWS) during the planning phase while lookout for the actual cost for work performed (ACWP) and budgeted cost for the work performed (BCWP). I would be mainly interested in comparing the BCWS and ACWP for estimating the cost variance (CV). These earned value approaches are useful to control budget overrun by finally taking Budget at completion (BAC) and the ratios between projected and actual spending known as cost index (CI) into account. Verifying that the former is greater than 0 and the latter is greater than unity is a direct cost measure to validate that the project deviations are within the control limits and are not incurring losses due to delays.
References:
1.) Shtub and Rosenwein, Project Management Processes, 2017, 3rd edn, Pearson 2017
