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.
· Schedule including MSP Gantt chart schedule (required), including 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
· CP-1 must be submitted as a single document in MS Word. Information or details created with other tools like Excel or MS Project such as tables, charts, or graphs must be incorporated into the MS Word submittal as an inserted object, such as a JPEG. (For help with MS Project, see the Video Tutorial link in the Overview section above.) Failure to follow this requirement will result in the return of the proposal for re-formatting to the requested MS Word format.
· You may insert objects into the body of your paper to support your discussion if they are half a page or less. Larger items should be included in an appendix with appropriate references to this information.
· CP-1 must include a cover page.
· As a guide, the body of CP-1 should be between five and ten pages in length (i.e., not including cover page, appendix, etc.).
C
P
2
S
tart
Data
F
or 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
E
arned Value
A
nalysis. 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
R
eport 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
5
0% 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.
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.
USE DIRECTIONS/ DATA
B
E
L
OW!!!!!
For CP2 you will set your CP1 project and document deliverable aside and start fresh. Your task is to use this document and the data provided to create a project file using Microsoft Project. The data below will establish a project budget and schedule baseline with Budget = $4,
44
9,9
20
.00 and a highly desired completion date of 12/
19
/0
8
.
We are trying to create a scenario for a time that is ‘out in the future’ here. We are fast forwarding the project and loading some fictional information to create a scenario for you to analyze using Earned Value and then provide course corrections to the project.
The project at this future date shows that our project is not performing very well. However, you are given the opportunity to make some changes to the project to still complete it on the desired date of 12/19/08.
These directions help you set the Gantt to represent the anticipated 50% completion ‘date’ of 10/1/08. This is the date where the project ‘should be’ 50% complete. You do NOT set the project to 50% complete, you set it to
40
%. These are two different things and these 2 parameters set up the scenario for you to generate EV data and tell me about how the project is doing.
% Complete (The Reality)
The 40% should be set by you by setting the top level task (project name) to 40%. This is how ‘done’ we are saying we actually are with the project at this point in time.
% Scheduled (The Plan)
The date (i.e. point in time) provided for the review fast forwards the project to the ‘anticipated’ 50% project scheduled date. This is the date on the calendar when we ‘wanted’ to be 50% complete.
First, change the project start date to Mon 4/14/08.
Use the following data to setup your baseline project file. Adjust indenting to match
WBS
coding provided. In MSP right mouse click the header row and insert a WBS Column as shown. Do not add durations or dates for the Summary Tasks because these will populate for you when you enter the lower task information.
|
WBS |
Task Name |
Duration |
Start |
Finish |
Predecessors |
|||||||||||||
|
1 |
Theme Park Project |
180 days |
4/14/2008 |
12/19/2008 |
||||||||||||||
|
1.1 |
Site Layout & Site Grading |
10 days |
4/ 25 /2008 |
|||||||||||||||
|
1.2 |
Footings & Foundations |
5 5 days |
4/ 28 /2008 |
7 /11/2008 |
2 | |||||||||||||
|
1. 3 |
Masonry |
60 days |
5/19/2008 |
8/8/2008 |
3SS+ 15 days |
|||||||||||||
|
1.4 |
Frames, Columns and Beams |
40 days |
7/7/2008 |
8/ 29 /2008 |
4SS+ 35 days |
|||||||||||||
|
1.5 |
Joists & Roof Deck |
30 days |
9/1/2008 |
10/10/2008 |
5 | |||||||||||||
|
1.6 |
Slab on Grade |
35 days |
7/14/2008 |
3 | ||||||||||||||
|
1.7 |
Rough Carpentry |
10/17/2008 |
7 | |||||||||||||||
|
1.8 |
Interior Studs |
20 days |
9/26/2008 |
|||||||||||||||
|
1.9 |
Interior Drywall |
10/13/2008 |
11/21/2008 |
9,6 |
||||||||||||||
|
1.10 |
Painting |
10/27/2008 |
12/12/2008 |
10FS-20 days |
||||||||||||||
|
1.11 |
Elevator |
|||||||||||||||||
|
1.12 |
Doors |
5 days |
10/20/2008 |
10/ 24 /2008 |
8 | |||||||||||||
|
1.13 |
Custom Theme Painting |
15 days |
11/3/2008 |
11SS+5 days |
||||||||||||||
|
1.14 |
Flooring |
11/17/2008 |
12/5/2008 |
10FS-5 days |
||||||||||||||
|
1.15 |
Finish Carpentry |
|||||||||||||||||
|
1. 16 |
Bathroom Compartments/Accessories |
3 days |
12/8/2008 |
12/10/2008 |
16 | |||||||||||||
|
1.17 |
Plumbing |
85 days |
7/28/2008 |
|||||||||||||||
|
1.17.1 |
Hangers & Supports |
9/19/2008 |
3FS+10 days |
|||||||||||||||
|
1.17.2 |
Pipes & Fittings |
9/22/2008 |
11/14/2008 |
19 | ||||||||||||||
|
1.17.3 |
Test |
20 | ||||||||||||||||
|
1.18 |
HVAC |
95 days |
||||||||||||||||
|
1.18.1 |
Stacks & Vents |
9/5/2008 |
||||||||||||||||
|
1.18.2 |
9/8/2008 |
23 |
||||||||||||||||
|
1.18.3 |
Ductwork & Piping |
11/28/2008 |
24 | |||||||||||||||
|
1.18.4 |
12/1/2008 |
25 | ||||||||||||||||
|
1.19 |
Electrical |
|||||||||||||||||
|
1.19.1 |
Boxes |
25 days |
||||||||||||||||
|
1.19.2 |
Conduit |
10/3/2008 |
28 | |||||||||||||||
|
1.19.3 |
Wiring Devices/Switches/Receptacles |
10/6/2008 |
10/ 31 /2008 |
29 | ||||||||||||||
|
1.19.4 |
Light Fixtures |
30 | ||||||||||||||||
|
1.19.5 |
31 | |||||||||||||||||
|
1.20 |
Mechanicals Complete |
1 day ? |
21,26,32 |
|||||||||||||||
|
1.21 |
Attraction Install and Training |
69 days |
9/9/2008 |
|||||||||||||||
|
1.21.1 |
Ferris Wheel |
9/29/2008 |
||||||||||||||||
|
1.21.1.1 |
Ferris Wheel to ship |
10/1/2008 |
||||||||||||||||
|
1.21.1.2 |
Ferris Wheel Legs & fan install |
6 days |
10/2/2008 |
10/9/2008 |
36,7 |
|||||||||||||
|
1.21.1.3 |
Ferris Wheel gondola install |
37 |
||||||||||||||||
|
1.21.1.4 |
Ferris Wheel MEP install |
38 |
||||||||||||||||
|
1.21.1.5 |
Ferris wheel platform design |
2 days |
10/28/2008 |
10/29/2008 |
39 |
|||||||||||||
|
1.21.1.6 |
Ferris Wheel Platform |
10/30/2008 |
11/6/2008 |
40 | ||||||||||||||
|
1.21.1.7 |
Ferris Wheel Railing |
11/7/2008 |
41 |
|||||||||||||||
|
1.21.1.8 |
Ferris wheel turnstile |
11/19/2008 |
42 |
|||||||||||||||
|
1.21.1.9 |
Ferris wheel Training |
1 day |
11/20/2008 |
43 |
||||||||||||||
|
1.21.1.10 |
Ferris Wheel Certification |
44 | ||||||||||||||||
|
1.21.2 |
Ropes course install & Training |
|||||||||||||||||
|
1.21.3 |
Climbing wall install & Training |
11/24/2008 |
||||||||||||||||
|
1.21.4 |
Carousel install & Training |
13 days |
||||||||||||||||
|
1.21.5 |
Bowling install & Training |
12/11/2008 |
||||||||||||||||
|
1.21.6 |
Go Cart install & Training |
45 days |
||||||||||||||||
|
1.21.7 |
Mini Golf install & Training |
|||||||||||||||||
|
1.21.8 |
Attraction install and training complete |
45,46,47,48,49,50,51 |
||||||||||||||||
|
1.22 |
Furniture Installation |
|||||||||||||||||
|
1.23 |
System and Security Training |
12/15/2008 |
12/17/2008 |
52 |
||||||||||||||
|
1.24 |
Final Walkthrough |
12/18/2008 |
12,14,15,16,17,52,53,54 |
|||||||||||||||
|
1.25 |
Grand Opening |
55 |
Next enter the
Work
ing Resource data below into the project Resource Sheet [View \ Resource Sheet].
|
Resource Name |
Type |
Initials |
Max Units |
Std. Rate |
Accrue At |
|||||||||||||||||||||||||||||||||
|
Customer |
Work | C |
400% |
$0.00 /hr |
Prorated |
|||||||||||||||||||||||||||||||||
|
Architect |
A |
300% |
$125.00/hr |
|||||||||||||||||||||||||||||||||||
|
Engineer |
E |
500% |
||||||||||||||||||||||||||||||||||||
|
Electrician |
200% |
$80.00/hr |
||||||||||||||||||||||||||||||||||||
|
Electrician 2 |
100% |
$300.00/hr |
||||||||||||||||||||||||||||||||||||
|
Builder |
B |
600% |
$65.00/hr |
|||||||||||||||||||||||||||||||||||
|
Landscaper |
L |
$50.00/hr |
||||||||||||||||||||||||||||||||||||
|
Builder 1 |
$85.00/hr |
|||||||||||||||||||||||||||||||||||||
|
Builder 2 |
||||||||||||||||||||||||||||||||||||||
|
Builder 3 |
||||||||||||||||||||||||||||||||||||||
|
Builder 4 |
||||||||||||||||||||||||||||||||||||||
|
Painter |
P |
$200.00/hr |
||||||||||||||||||||||||||||||||||||
|
Plumber |
$150.00/hr |
|||||||||||||||||||||||||||||||||||||
|
Steamfitter |
S | |||||||||||||||||||||||||||||||||||||
|
Steamfitter 2 |
||||||||||||||||||||||||||||||||||||||
|
FW Supplier |
F |
$100.00/hr |
||||||||||||||||||||||||||||||||||||
|
Ride Supplier |
R |
Now assign the resources to the project tasks as described below.
| WBS |
Task Name |
Resources |
||||
| 1 | ||||||
|
1.1 |
||||||
|
1.2 |
||||||
|
1.3 |
||||||
|
1.4 |
||||||
|
1.5 |
||||||
|
1.6 |
||||||
|
1.7 |
||||||
|
1.8 |
||||||
|
1.9 |
||||||
|
1.10 |
||||||
|
1.11 |
||||||
|
1.12 |
||||||
|
1.13 |
Theme Painting | |||||
|
1.14 |
||||||
|
1.15 |
||||||
|
1.16 |
||||||
|
1.17 |
||||||
|
1.17.1 |
||||||
|
1.17.2 |
||||||
|
1.17.3 |
||||||
|
1.18 |
||||||
|
1.18.1 |
||||||
|
1.18.2 |
||||||
|
1.18.3 |
||||||
|
1.18.4 |
||||||
|
1.19 |
||||||
|
1.19.1 |
||||||
|
1.19.2 |
||||||
|
1.19.3 |
||||||
|
1.19.4 |
||||||
|
1.19.5 |
||||||
|
1.20 |
||||||
|
1.21 |
||||||
|
1.21.1 |
||||||
|
1.21.1.1 |
||||||
|
1.21.1.2 |
||||||
|
1.21.1.3 |
||||||
|
1.21.1.4 |
||||||
|
1.21.1.5 |
||||||
|
1.21.1.6 |
||||||
|
1.21.1.7 |
||||||
|
1.21.1.8 |
Ferris wheel turnstyle |
|||||
|
1.21.1.9 |
||||||
|
1.21.1.10 |
||||||
|
1.21.2 |
||||||
|
1.21.3 |
||||||
|
1.21.4 |
||||||
|
1.21.5 |
||||||
|
1.21.6 |
||||||
|
1.21.7 |
||||||
|
1.21.8 |
||||||
|
1.22 |
Builder 3 | |||||
|
1.23 |
||||||
|
1.24 |
Builder,Customer |
|||||
|
1.25 |
Now we have to add the material costs for each task. In MSP we do this by adding a Prorated Fixed Cost in the Detail Gantt View, Table/Cost View.
|
Fixed Cost |
|||||||
| Theme Park Project |
$0.00 |
||||||
|
Site Layout & Site Grading |
$10,000.00 |
||||||
|
Footings & Foundations |
$30,000.00 |
||||||
|
Masonry |
$150,000.00 |
||||||
|
Frames, Columns and Beams |
$85,000.00 |
||||||
|
Joists & Roof Deck |
$200,000.00 |
||||||
|
Slab on Grade |
$250,000.00 |
||||||
|
Rough Carpentry |
$175,000.00 |
||||||
|
Interior Studs |
$20,000.00 |
||||||
|
Interior Drywall |
|||||||
|
Painting |
$45,000.00 |
||||||
|
Elevator |
$80,000.00 |
||||||
|
Doors |
$25,000.00 |
||||||
|
Theme Painting |
|||||||
|
Flooring |
|||||||
|
Finish Carpentry |
$125,000.00 |
||||||
|
Bathroom Compartments/Accessories |
$15,000.00 |
||||||
|
Plumbing |
$0.00 | ||||||
|
Hangers & Supports |
|||||||
|
Pipes & Fittings |
$40,000.00 |
||||||
|
Test |
$2,000.00 |
||||||
|
HVAC |
|||||||
|
Stacks & Vents |
|||||||
|
Ductwork & Piping |
|||||||
|
$5,000.00 |
|||||||
|
Electrical |
|||||||
|
Boxes |
$35,000.00 |
||||||
|
Conduit |
|||||||
|
Wiring Devices/Switches/Receptacles |
|||||||
|
Light Fixtures |
|||||||
|
Mechanicals Complete |
|||||||
|
Attraction Install and Training |
|||||||
|
Ferris Wheel |
|||||||
|
Ferris Wheel to ship |
|||||||
|
Ferris Wheel Legs & fan install |
$4,000.00 |
||||||
|
Ferris Wheel gondola install |
$3,000.00 |
||||||
|
Ferris Wheel MEP install |
|||||||
|
Ferris wheel platform design |
$1,000.00 |
||||||
|
Ferris Wheel Platform |
|||||||
|
Ferris Wheel Railing |
|||||||
|
Ferris wheel turnstyle |
|||||||
|
Ferris wheel Training |
|||||||
|
Ferris Wheel Certification |
|||||||
|
Ropes course install & Training |
$180,000.00 |
||||||
|
Climbing wall install & Training |
|||||||
|
Carousel install & Training |
|||||||
|
Bowling install & Training |
$350,000.00 |
||||||
|
Go Cart install & Training |
$890,000.00 |
||||||
|
Mini Golf install & Training |
$65,000.00 |
||||||
|
Attraction install and training complete |
|||||||
|
Furniture Installation |
$110,000.00 |
||||||
|
System and Security Training |
|||||||
|
Final Walkthrough |
|||||||
|
Grand Opening |
CRITICAL STEP!!!
Next, start tracking the project by setting the project baseline. Project \Tools \ Set Baseline \ Set Baseline \ Set Baseline \ OK.
Next, set the project % complete to 40% by adjusting the % complete column for the project header task (Theme Park Project). This will adjust all task completions to a % complete based on the baseline schedule.
Next, adjust the Project Current Date to 10/1/08 AND adjust the Project Status Date to 10/1/08. Project \ Project Information.
Now we have to adjust a few task fixed costs because we have spent more on materials than we had estimated. In MSP we do this by adjusting the Prorated Fixed Cost in the Detail Gantt View, Table \ Cost View.
|
$100,000.00 |
|
$300,000.00 |
|
$50,000.00 |
We now are ‘OUT IN THE FUTURE’ on the 10/1/08 day. Let’s see how the project is doing!
CRITICAL STEP!!!
Because we are behind, we need to move all the incomplete work into the future to get a true look at the estimated completion date. Select to Reschedule Incomplete Work to start date after: 10/1/08.
Project \ Update Project \Select \ OK
What’s the new projected completion date? After we look at Earned Value below, we will have to do something about this issue.
In the Tracking Gantt – Earned Value view, use the project file to perform your Earned Value Analysis as described on the Project Tab under Course Home. Use the project file and your analysis to complete the Project Status Report which you will be submitting to the CP2 DropBox.
View \ Tables \ More Views \ Earned Value
As mentioned above, the project at this future date shows that our project is not performing very well. Analyze the project and report on it.
Make your changes
The good news is you are given the opportunity to make some changes to the project to still complete it on the desired date of 12/19/08. You can do this by analyzing the critical path activities and then making changes to the project to pull the date in. Make your changes, for example to resources. Analyze the result of these changes to the project dates and the project costs (i.e. the date should improve and then cost may increase. Assume you need to do something proactive to catch up and then explain the impact of those changes.
Integration into WORD
There are two simple formatting tricks to get the MSP data into the WORD document.
1) Change the time scale to shrink down the MSP Gantt chart. Right click on the timeline to open a screen which lists Top, Middle and Bottom tabs. On the Middle tab select Quarters. On the Bottom Tab select Months.
2) Print the MSP file. For a printer driver select Microsoft Office Document Image Writer (If you have this driver available to you). Save the file somewhere you can find it on your C drive. Insert as a picture file (Tif) into your Word Document. If this doesn’t work you may need to use print screen or some other screen capture tool like SnipIt.
Submission Requirements
· CP-2 must be submitted as a single document in MS Word. Information or details created with other tools like Excel or MS Project such as tables, charts, or graphs must be incorporated into the MS Word submittal as an inserted object, such as a JPEG. (For help with MS Project, see the Video Tutorial link below.) Failure to follow this requirement will result in the return of the proposal for re-formatting to the requested MS Word format.
· You may insert objects into the body of your paper to support your discussion if they are half a page or less. Larger items should be included in an appendix with appropriate references to this information.
· CP-2 must include a cover page.
· As a guide, the body of CP-2 should be between five and ten pages in length (i.e., not including cover page, appendix, etc.).
PM592 CourseHome Nov 11 CP2 Start Data x
Page 11
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