INF 337 Final Assignment

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[Date Submitted]INF 337 Final Assignment

Introduction

Project management is the planning, controlling and directing of resources in order to meet the time constraints and cost of the project. The resources that are required to be managed include people, material, and equipments. Various techniques and methods are used to carry out tasks at various levels of project execution. Appropriate utilization of these techniques prove to be extremely helpful in management of resources, costs and time periods. Creation of work break down structure, performance measurement baseline, earned value management, project control charts, and change management process provide sufficient assistance to the project managers in monitoring and executing various tasks related to the project. Their proper and timely utilization eventually prove to be successful factors in the success of project.

Thesis Statement

Novel project management techniques ensure success of the project by providing enormous assistance to the project managers.

Discussion

Importance of Work Packages for creation of WBS

The Work Break Down Structure (WBS) arranges and defines the complete scope of the work of project that is to be carried out. It represents it in a manner that related the elements of work to each other and to the goals of the project (Haugan, 2022). It offers an efficient format for work definition and tracking and planning of the success of a project. It manages the important work elements by breaking them up into manageable and smaller pieces that can be cost estimated, scheduled, controlled and monitored. Each descending level of the hierarchy of WBS displays an ascending detailed project work definition.

Work Package holds crucial importance in supporting the creation and utilization of WBS. This is due to the reason that it is the lowest and the most important level of the WBS. It offers a logical basis for assigning responsibilities and defining activities to a particular organization or individual. A work package is the assortment of activities that are performed by a particular organization, typically with a particular cost account number for a specific WBS element. It can be an enormous subcontracted work package. An authorization form for work or some other equivalent document that defines the level of budget, beginning and ending dates, the organizations that are responsible, and brief work statement to be accomplished typically authorizes the work carried out in a work package. In this way, work packages hold crucial importance in the formation of WBS (Haugan, 2002).

Establishment of Cost and Schedule performance measurement baseline

The Performance Measurement Baseline (PMB) is a significant concept in project management and earned value management (EVM). It is designed to evaluate the plan of work objectively and the step by step progress of a particular business program and project. It lays the basis for the budget and timetable allotted in order to complete a project. Project managers use PMB to determine schedule and cost variances. It is established in the initial planning phase of the project.

PMB can be viewed as a spreadsheet or a graph (Kerzner, 2013). Cost and schedule performance baseline can be established by ...