Please read the examples given in the table carefully and identify the term to which the example belongs to.
GENERAL INSTRUCTIONS
This workbook must be done Individually or in Groups of Two (max).
Any published material you refer to must be properly referenced (Harvard Referencing) and included in a reference list at the end of your workbook.
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NOTE: The first page of each workbook must include the following declaration:
Table of Contents
CHAPTER 1 – Introduction to Project Management 7
Highlight the correct answer in Green. 7
CHAPTER 2: Project Integration Management 11
Highlight the correct answer in Green. 11
CHAPTER 2: Project Integration Management 14
Give 2 examples for each category of organizational strategic needs that could result in project initiation. 14
Guess the correct answer with the help of clues. 18
CHAPTER 3: Project Scope Management 19
Please the case study below and answer the questions that follow. 22
CHAPTER 4: Project Time Management 23
CHAPTER 5: Project Cost Management 27
CHAPTER 5: Project Cost Management 30
Please read the examples given in the table carefully and identify the term to which the example belongs to. 30
CHAPTER 6: Project Human Resource Management 34
Please read the case below and answer the questions that follow. 34
CHAPTER 6: Project Human Resource Management 37
You are the project manager of the JQA project. This project will last for 8 months and you have 12 project team members. Management has requested that you create a resource breakdown structure for the project. 37
CHAPTER 7: Project Risk Management 41
Please fill the following risk register with 5 major risks associated with a school building project. 41
CHAPTER 8: Strategy & Productivity 45
CHAPTER 8: Strategy & Productivity 46
CHAPTER 9: Product Demand Forecasting 50
Exponential Smoothing Forecasting. 50
CHAPTER 10: Strategic Capacity 54
CHAPTER 5: Project Cost Management
Highlight the correct answer in Green.
A. Learning Curve Theory
B. Life Cycle Costing
B. Budget at completion
C. Direct costs
C. Cost estimating
D. Cost variance
D. Indirect cost
5. A document that describes how cost variances will be managed on the project is called
CHAPTER 5: Project Cost Management
Analyze the following situations and answer accordingly.
(3 marks each)
Your project has a budget of $130,000 and is expect to last ten months, with the work and budget spread evenly across all months. The project is now in month three, the work is on schedule, but you have spent $65,000 of the project budget. What is your variance?
As it is a positive variance, it can be considered that project is spending more that it is and the projected budget is lower that it was predicted for the project.
Your company has been hired to install the tile in 1000 hotel rooms. All rooms will be identical in nature and will require the same amount of materials. You calculate the time to install the tile in each hotel room as six hours. The cost for labor for each room is calculated at $700. Your Project Sponsor disagrees with your labor estimate. Why?
CHAPTER 5: Project Cost Management
Payback = Investment / Net Inflow
= 250,000 / 28000
Opportunity Cost = Return on of the option not selected – return of the option chosen
= 17000 – 22000
CHAPTER 5: Project Cost Management
Please read the examples given in the table carefully and identify the term to which the example belongs to.
| Example | Term |
|---|---|
| You are the project manager of a construction project scheduled to last 24 months. You have elected to rent a piece of equipment for the duration of a project, even though you will need the equipment only periodically throughout the project. The costs of the equipment rental per month are $890. | Operating Expense |
| You are the project manager for the CSR Training Project, and 21,000 customer service reps are invited to attend the training session. Attendance is optional. You have calculated the costs of the training facility, but the workbook expense depends on how many students register to the class. For every 5000 workbooks created the cost is reduced a percentage of the original printing cost. The workbook expense is an example of? | Charging |
| You are the project manager of the MNJ Project. Your project is falling behind schedule and you have already spent $130,000 of your $150,000 budget. What do you call the $130,000? | Budget variance |
| You are the project manager for a technical implementation project. The customer has requested that you factor in the after-the-project costs, such as maintenance and service. | Estimate |
| You are the project manager for a construction project to build 17 cabins. All of the cabins will be identical in nature. The contract for the project is set at a fixed cost, the incentive being the faster the project work is completed, the more the profitable the job. Management has requested that you study the work method to determine a faster, less costly, and better method to complete the project. | Cost benefit analysis |
CHAPTER 5: Project Cost Management
Analyze the graph below and comment on the project performance according to the SPI and CPI as represented in the graph.
(5 marks)
CHAPTER 5: Project Cost Management
Practical Question.
Suppose you are managing a software development project. The project is expected to be completed in 8 months at a cost of $10000 per month. After 2 months, you realize that the project is 30% completed at a cost of $40,000.
What is the Earned Value (EV) and the Cost Variance (CV)?
= -$37,000 Based on the negative cost variance value, it can be noticed that the project has gone overbudget within the first 2 months. |
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CHAPTER 7: Project Risk Management
Highlight the correct answer in Green for the following situations.
A. 30 days, plus or minus 5 days
B. 22 to 30 days
B. Contract disputes that generate claims for increased payments
C. Slippage of the planned post‐implementation review meeting
C. 40 percent
D. 20 percent
D. Expected monetary value
CHAPTER 7: Project Risk Management
Please fill the following risk register with 5 major risks associated with a school building project.
(15 marks)
CHAPTER 7: Project Risk Management
Case Study.
There are five steps in risk management for a project includes the following:
Risk identification
While the steps for identifying the risks for a project includes:
Basic identification of risk
This step looks at expanding the list of identified risk that have identified within the team. It is required see if the identified risk has relevant data available outside the project team. This can be done using checklists or categories.
Internal cross checking
Please type your answer here:
The inputs that would be required for the project risk management process for the project are:
Causes, probability and impact of the risk during the project.
Stakeholder’s inputs and requirement for the project.
CHAPTER 9: Product Demand Forecasting
Moving Average Forecasting.
| Year | Sales (Units) |
| 2001 | 100 |
| 2002 | 110 |
| 2003 | 122 |
| 2004 | 130 |
| 2005 | 139 |
| 2006 | 152 |
| 2007 | 164 |
SOLUTION a) Moving Average Forecast: ∑(3 Years)/3 |
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CHAPTER 9: Product Demand Forecasting
Weighted Moving Average Forecasting.
The values that are assumed for the weighted moving average is:
The Calculated Values are: |
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CHAPTER 9: Product Demand Forecasting
Exponential Smoothing Forecasting.
CHAPTER 9: Product Demand Forecasting
Forecasting Accuracy.
| Year | Forecast Demand | Actual Demand |
| 1 | 78 | 71 |
| 2 | 75 | 80 |
| 3 | 83 | 101 |
| 4 | 84 | 84 |
| 5 | 88 | 60 |
| 6 | 85 | 73 |
MAD MAD = ∑( Absolute( Actual Value – Forecasted Value)) / N = -2.18 For a project forecast not to be bias, it should fall between -4 and 4. Since the tracking signal is -2.18, it can be suggested that the forecasted demand is not biased. |
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