PROJ 592 Course Project Week 4 and 7
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PROJ 592 Week 4 and 7 Course Project
In Part 1 (CP-1), you will select a project which requires sufficient tasks and detail to demonstrate your understanding of course concepts.
In Part 2 (CP-2), you will be provided details for a new project. You will not use the work you developed in part one. Both parts of the Course Project require modest use of Microsoft Project software which is available in the Student Software Store or in iLab under Course Home. Use these tutorials and content from the Student Resources tab to help you with the Course Project Assignment. Microsoft Project Training Video Tutorials Are you new to Microsoft Project, or do you need a refresher on how to use the software? Please view the following video tutorials: Up to Speed with Project 2010 Getting Started with Project 2010 Project Help with Project 2010
Course Project, Part 1
Assume you are the project manager for a new business venture. This venture will require financing, but once completed, will generate revenue and, eventually, a profit over cost. For CP-1, you are to write a Project Proposal with enough detail to convince investors to finance your idea. This Project Proposal will require detailed cost and revenue estimates and a credible schedule to win investor support. Select a venture of personal interest. Read the Proposal Requirements below to help you select a suitable idea. For example, select a venture where you can identify realistic cost and scheduling concerns. Opening a small retail storefront or a franchise is one example. Do NOT propose building a house, because investors typically already have financing before beginning such a project. When selecting your project, keep in mind the goal of CP-1 is to apply the techniques introduced during the course. Focus on detailed cost estimating, scheduling, and project justification. Estimating includes specific assumptions made during the estimating process, as well as quantities, unit prices, hourly rates for tasks, and accumulated totals. Justification will include an NPV analysis of costs vs. projected detailed revenue streams over a five year period with cash inflows and outflows over the project life. Start-up and other costs, and revenue streams, should be derived from detailed project cost estimates and sales forecasts. When you establish your financial data you must be reasonable. A product that is developed for a cost of $100,000 will rarely have a net income of $1,000,000 per year, but I have seen students dream that up in the past. The numbers should allow for the possibility of failure if things go wrong.
The CP-1 Project Proposal will be structured with the following sections:
• Cover Page including assignment, project title, course, and student contact information.
• Executive Summary/Proposal which "summarizes" the content from the entire document with quantifiable highlights such as overall cost, duration, revenue, etc., and makes the pitch to investors along with a request for the needed funds.
• Project Description which describes the project and the need for it.
• WBS with proper grouping, indenting, and coding for approximately 25 to 40 tasks.
• Cost Estimate for each task. Capital cost estimates should include building, franchise fees, equipment, etc., if required for your project.
• Advanced Cost Estimating Technique which describes the use of an advanced technique such as three-point or contingency estimating and an example of its use in your project.
• Cost Assumptions including a list of assumptions made when deriving your estimates.
• Financial Analysis including NPV calculations to justify your project.
• Schedule including MSP Gantt chart schedule (required), including WBS codes, tasks, task relationships, task duration, and task resources. NOTE: Each section should include the detail as described above, along with a proper discussion about the included data as well as the project manager's analysis/interpretation of the information. Submission Requirements
Course Project Part 2
For CP-2, we will leave CP-1 behind and start fresh. CP-2 is a financial analysis of a new Indoor theme park project. You will utilize the provided project information/data to create a new project schedule which will represent your project at a specific point during implementation. You will load the information/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-2 Project Performance Report will be structured with the following sections:
Cover Page including assignment, project title, course, and student contact information.
Executive Summary which "summarizes" the content from the entire document with quantifiable highlights such as overall project cost and schedule performance, estimate to completion, and makes the pitch to project stakeholders to continue the project.
Schedule 1 an MSP Gantt chart schedule (required) which incorporates the provided project data, established baseline, and proper review date representing the anticipated 50% completion date.
Performance Analysis utilizes Earned Value data to analyze the project cost and schedule performance.
Estimate at Completion includes a forward-looking estimate of the project completion date and the final project costs.
Control Plan which provides a corrective action plan to bring the project back in line with your project baseline.
Revised Estimate at Completion which includes 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) which reflects the impact of your corrective actions.
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