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PROJECT SCHEDULING

PROJECT SCHEDULING. PERT - Cost. PERT / COST. PERT/Cost is an accounting information system that helps management gauge progress against scheduled time and cost estimates. When discrepancies are found between the actual progress and the expected progress, corrective actions can be taken.

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PROJECT SCHEDULING

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  1. PROJECT SCHEDULING PERT - Cost

  2. PERT / COST • PERT/Cost is an accounting information system that helps management gauge progress against scheduled time and cost estimates. • When discrepancies are found between the actual progress and the expected progress, corrective actions can be taken. • PERT/Cost is a project oriented system that is based on analyzing a segmented project. • Each segment is a collection of work packages.

  3. Work Package - Assumptions • Once started, a work package is performed continuously until it is finished. • The costs associated with a work package are spread evenly throughout its duration.

  4. Work Package Forecasted Cost per Time Unit Budgeted Total Cost for Work Package Expected Completion Time for Work Package = • Current Status of a Work Package includes • Value of work done to date. • Expected time remaining to complete the work package. • The value of work and the remaining time are calculated using the following data: • Work package cost per time unit. • Activity schedule obtained by PERT/CPM • Actual expenditures. • % of work package completed, p.

  5. Value of Work to Date p x [Work Package Budget] = • Expected Remaining Completion Time = • (1-p) x Original Expected Completion Time

  6. Cost Overrun/Underrun Analysis • For each work package (completed or in progress) we • calculate Cost Overrun = [Actual Expenditures to Date] - [Value of Work to Date] • Completion Time Analysis • Using the expected remaining completion time estimates, • project completion time can be revised.

  7. Corrective Actions • If a project is found to be • Behind schedule and or • Experiencing cost overruns, • Management seeks out the causes for these problems. • Correct the project completion time or cost estimates. • Reassess work package completion times and cost estimates. • Identify departments or contractors that cause delays.

  8. Possible Corrective actions, to be taken whenever needed. • Focus on uncompleted activities. • Determine whether crashing activities is desirable. • In the case of cost underrun, channel more resources to problem activities. • Reduce resource allocation to noncritical activities

  9. TOM LARKIN - Revision • Normal completion time = 36 weeks. • At the end of week 20 a progress assessment is made. • If the campaign is not on target or not within budget recommendations for corrective actions are required.

  10. Mayoral Campaign status report Work packages to focus on

  11. (1-p)(original expected completion time)=(1-0.25)(20)=15 • Completion Time Analysis • The remaining network at the end of week 20 H 20+15=35 15 FINISH .8 27.8+9=36. 8 I F 9 7.8 20+7.8=27.8 The remaining activities are expected to take 0.8 weeks longer than the deadline of 36 weeks.

  12. Estimated work value to date=(13,000)(0.40)=$5,200 Cost Overrun = 5600 - 5200 = 400 Project cost Control • Cost Analysis

  13. Latest start time / Latest finish time • Make a backward pass through the network as follows: • Evaluate all the activities that immediately precede the finish node. • The latest finish for such an activity is LF = minimal project completion time. • The latest start for such an activity is LS = LF - activity duration. • Evaluate the LF of all the nodes for which LS of all the immediate successor has been determined. • LF = Min LS of all its immediate successors. • LS = LF - Activity duration. • Repeat this process backward until all nodes have been evaluated.

  14. FINISH 105,110 149,170 90,105 Latest Start / Latest finish E 21 E B B 15 C C 5 110,115 173,194 95,110 129,149 149,177 90,115 115,129 129,149 90, 115 115,129 153,173 166,194 5,95 129,149 0,90 129,149 146,166 F F 25 D D 20 H 28 H G G 14 129,149 0,90 A 90 A FINISH 129,149 129,149 129,149 129,149 129,149 29,119 194 149,194 90,120 149,194 119,149 J 45 J I I 30

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