Time-cost trade-off, Internal post-project evaluation process
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Read Appendix 1, "Time-Cost Trade-Off", at the end of chapter 7 in your textbook Successful Project Management and answer the on questions page 272.
1. What is the time-cost trade-off methodology, and when is it used?
2. Why do you need both normal and crash times and costs for this procedure?
3. Assume that an activity has a normal time of 20 weeks, a normal cost of $72,000, a crash time of 16 weeks, and a crash cost of $100,000. By how many weeks, at most, can this activity's duration be reduced? What is the cost per week to accelerate this activity?
4. Why is it not appropriate to crash all of the activities in a project to achieve the shortest project schedule?
Answer Questions 1-5 at the end of Chapter 9 in your textbook Successful Project Management
(pp. 310-311).
1. Discuss what needs to be done as part of closing a project. Why are those activities important?
2. Discuss the internal post-project evaluation process and the two types of meetings involved.
3. What are some ways you can obtain feedback from a customer after a project has been completed? How would you use this information?
4. Why are some projects terminated before they are completed? When would it be wise to do so?
5. List the several lessons learned for a project in which you were a project member or project manager. How will these lessons learned inform your future projects?
The textbook used for this class is:
Gido, J., & Clements, J. P. (2012). Successful project management. (5 ed.). Mason, OH: South-Western Pub.
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Solution Summary
The time-cost trade-off methodologies are examined. The expert determines the internal post-project evaluation processes.
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Time cost Trade-Off methodology:
This is an internal post-project evaluation process that is used in the evaluation of the resource allocations in a project and their level of productivity. Through this procedure the project manager can be able to place measures that will improve the productivity rates of the project by adjusting the various structural systems of the project. The considerations that are given to the project through this methodology are: overtime, the second shifts and the alterations that occur in the equipments and the resources to make the project process to be faster. The main objective of this methodology is the determination of the activities in the project process that need to be crashed so that maximum profit levels can be attained at the required time (Time Cost, 2010).
Reasons for use of Normal, Crash times and costs in the Procedure:
The time cost trade off methodology has to incorporate the listed entities so as to ensure that the relationship between the costs and the activities that are to be undertaken. It is paramount to note that the normal duration holds the reflection of the initial cost that were estimated and related to the duration of the activities of the project. The crash duration on the other hand shows the costs that are incurred in the activities when additional resources, diverse measures and overtime are placed in the project operations (Project Termination, 2012).
The presence of these elements in the time cost trade off methodology makes it an important project management tool. This is based on the fact that the two variables are related in that an alteration in one leads to a different change in the other. For instance, when an assumption is made on a case in the project when the linear relations between the number of days and the activities, the cost that will be utilized in the crashing of each specific activity is placed between the normal and the crash duration in the project processes.
Activity Reduction Duration:
As stated that the normal time for the ...
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