Conclusion

The project implementation phase includes organizing and execution, controlling & tracking and leading. Thus, we need to MONITOR our project. The progress needs to be tracked to ensure it is on-track, on time and within budget. Besides, we must have conflict management and change management. Until certain state, we must have project closure and commission. It is to finalize all activities across all of the process groups to formally close the project or a project phase.

  

Project Life Cycle

As the conclusion, Project Management is the discipline of planning, organizing, securing and managing resources to bring about the successful completion of specific project goals and objectives. We learned the Project Life Cycle in this course including Initiating phase, Work Breakdown Structure (WBS), Network Diagram (AON), Scheduling, Budgeting, Risk Management, Earned Value Analysis (EVA), SWOT Analysis, Team & Leadership, Communication and Conflict and Project Tracking, Control & Closure.

We would like to 10s our lecturer, Mr. Yap Chin Hooi, who has helped us to gain valuable knowledge in the project management which will be beneficial us in future. ^.^

Details of Costing & ROI

Now, we still left Tutorial 3 yet to complete. It is the last but it is the most important tutorial among the 5 tutorials. In the class, we learned different types of cost that will be incurred in our project including fixed cost, variable cost and other cost. In the Tutorial 3, we need to perform an ROI (Return of Investment) on our project and indicate the assumptions we have make such as how much we hire a worker. To make a decision whether to implement a project, the ROI should be at least 0.5, else we must re-consider whether we want to continue on it.  

Due to the Chinese New Year holiday is coming soon, our beloved lecturer gives us much time to complete our Tutorial 3 and Tutorial 5…..the submission date for both tutorials is on 9^th February. Yeah!!! ^.^ 

Our calculation on costing and ROI is based on the yearly basic. Below is the summary: 

Total Cost of Expenses 

Contingency Cost = total cost of investment x 10%

                              = S$55,945 x 10%

                              = S$5,594.50 (so we take S$5,595 as a round cost)

The total investment cost are = total expenses + total contingency cost
                                                = S$55,945 + S$5,595
                                                = S$61,540

Benefits/Gain from the investment

ROI = (Gain from Investment – Costs of Investment)/Costs of Investment

        = S$(120,120 – 61,540)/S$61,540

        = 0.95

Risk Management

After 3 weeks of mid semester break, our happy times are OVER and we need to go back to school again! Today’s lecture is about Risk Management, we learned about the process to manage risk in a project such as risk identification, risk analysis and prioritization and risk control. After some practices on the risk analysis, our lecturer assigned us to work on the Tutorial 5, which needs us to use the WBS to carry out a Risk Assessment and analyze our project. We need to discuss the top 5 issues and select 2 of the top risks and predicting the impact on cost and schedule.

OMG!! We need to come out for group discussing again on weekend! Really tiring :(……..  

Prioritizing Risks by Scoring



Possible Solutions for Top 5 Risk Items

  

Impact to the project

Schedule Planning and Network Analysis

It seems that we didn’t update our portfolio for quite a period of time due to the mid semester test and 3 weeks of holiday. Oh my goodness, so enjoy….Hooray!!!

Wait wait wait……is there some things that we have missed up???!! Oh…our Tutorial 4 assignment!!

We are requested to create a schedule for our project using Microsoft Project 2007 based on the derived WBS and also perform a network analysis (AON) with a stated assumption using Microsoft Visio. The lucky thing is we are still remembered how to use the Microsoft Project and Visio after a long break, and finally come out with the “answer” as per below:-

WBS of the Inventory Tracking System

Inventory Tracking System Project Plan



AON for Inventory Tracking Sytem Project

Summary:

Earliest Finish Time: 82 days

Latest Finish Time: 85 days

Float: 3 days

Critical Path: A-B-C-D-F-G-H-K-L

We spent our time for meeting up on weekend and weekday and always out of mind and want to give up, nevertheless, each day brings its own bread. We have finished and can submit it on time. Time flies as swiftly as an arrow, we will be facing you (our LOVELY lecturer) soon…..Oh…words can hardly describe how “xxx” we are..Haha….. :)