Project Evaluation and Control

ProjectEvaluation and Control

Measurableobjectives identified as milestones on the Gantt chart

Itis crucial to have method of measuring the performance of the projectin order to identify if the project is still on track and if the coreobjectives are being met. This builds the confidence that the overallobjective will be accomplished effectively with less loss. Theability to track the performance of the project enables to projectthe future of the project hence enabling to correct any anomalies.This leads to coming up with measurable objectives that will betracked that will show if the project is still on track (Furman,2011).

AGanttchartis a barchartthat was created by HenryGanttin order to illustrate the projectschedule.It illustrates the beginning and finishingdates of the projects and in general the summary fundamentals of the project. Gantt chart will help us to track the milestones or the measurable objectives ofthe project (Furman, 2011).

Amilestone will refer to the point of reference or the checkpoint thatwill mark the event that is major in our project. It will be used tocheck the project`s evolution. The task with nil duration will beautomatically shown as the milestone. One can also spotother tasksof whichever durations as milestones. In some instances, milestonescan refer to external tasks. This is when some of our projects taskswill need applications to be built by some other companies (Furman,2011).

Tounderstand this, we will look at a sample Gantt Chart with seventasks ‘T’ to ‘Z’.A of the tasks n this chart can be doneconcurrently that is (Tand U).Theother tasks can only be implemented when their precursors are fullyimplemented (that is) (V cannot START until Uis done).

Moreover,every of this task has three time approximations: the confident timeestimate (O),the mainly likely or the normal time estimate (M),and the negative estimate of time (P).The anticipated time (TE)is projected using betaprobability distributionin the time estimates (Furman, 2011). The formula below is used:

(O+ 4M+ P)÷ 6.

ESTIMATES OF TIME

ACTIVITY

OPT. (O)

NORMA-L (M

PESS

. (P)

PESS

. (P)

EXPECTED TIME

T

2

4

6

4.0

U

3

5

9

5.33

V

U

4

5

7

5.17

W

U

4

6

10

6.33

X

V,W

4

5

7

5.17

Y

X

3

4

8

4.5

Z

Y

3

5

8

5.17

Whenthe above step is complete, now we can go ahead and draw the GranttChart as follows:

ID

TASK

PREDECESSORS

DURATION(Days)

JUNE 23,14

JUNE 30,14

JULY 06,14

JULY 13,14

S

M

T

W

T

F

S

S

M

T

W

T

F

S

S

M

T

W

T

F

S

S

M

T

W

T

F

S

1

START

0

2

T

1

4

3

U

1

5.33

4

V

2

5.17

5

W

3,4

6.33

6

X

5

5.17

7

W

6

4.5

8

Z

7,8

5.17

9

Finish

0

FigureGantt chart.

Inorder to develop our milestones,MelindaGaines (2014) Demand Media gives us some guide lines:

Weneed to have it in our figure tips that Business milestones aresimilar to the checkpoints for entrepreneurs, indicating that thebusiness undertaking is thriving and budding .These milestones can bereferred as the events that will occur in the process of achievingthe targeted results of project goals. Milestones are classified asshort-term or long-term goals and can simply be attained or not easy.Coming up with milestones for our project will requires time andexertion, but it is a useful exercise, particularly since our projectwill e new and we have not yet launched it (Lock, 2007).

Thefollowing are the steps to follow in order to develop sensiblemilestones of our project:

StepA

Oneshould lay down short term and long-term objects for the project.These objectives can major on the returns (if it is a business),reaching out to the community and ensure proper marketing of thebusiness. Let us take an example if you own a small Car Hirebusiness, your short term goals will be coming up with a way ofmaking the community around know of your existence and what you areoffering, you can do this by building a website in that case. Thelong term goal will be expanding the business county wide (Lock,2007) .This involves a lot of brainstorming to come up with as manygoals you want so long as they fit in the core objective of theproject.

StepB

Thisinvolves amending theall the goals statedby eradicating thegoalsthat are unreasonable. We also remove all the goals that are unrealistic from our list. Such goals cannot give us any effectivemilestones. The real objective of the milestone is to prompt us toward achieving our goals and that is what they must be reasonable.

StepC

Inthis step, we note down all the objectives that we ought to achievepriorto reaching our goal. This kind ofobjectives is our milestones.

StepD:

Inthis step, we are required to arrange our milestones and our goals ina sequential manner:

  • Short -term goal.

  • Medium -term goal.

  • Long-term goal.

Whenthe goals are organized in a good manner, this will give an easy timewhen any alternations are made. NB: The milestones of your projectcan be altered if and only if your project changes drastically i.e. ahuge Loss to the business.

StepE:

Asthe project continues, one should keep going back to the list ofmilestones at very six months to have guaranteed that the projectflow is on track. Every time we attain one milestone, we cross themas a sign to signify that we have finished toward achieving ourgoals.

Riskmitigation strategy for analyzing and reporting unplanned changes aswell what procedures you plan to implement for handling changecontrol issues.

Projectperformance risks and have rigorous consequences no operation andsuccess of the project. The project planning teamshould come upwith a recognized system, verified to identify problems and come upwith solutions that are beneficial to meet the goals of the project(Lock, 2007).

Theentire risk mitigation methods should include finding out thebackground of the risk, discovering, scrutinizing and handling therisk, checking and describing the plans to the risk. To capture andidentify opportunities, we use similar methods for example in costreduction, Schedule improvement that are acted upon.

  • Finding out the Background of the Risk:

Weare supposed to establish various classes of risks such asenvironmental, political, or strategic.

Therisk management team will also describe the outcome for everypossibility definition in possible, almost, unlikely, certain andrare.

  • Discovering The risk:

Wewill state and explain events, and find out the reasonable outcomeand possibility of its happening.

  • Scrutinizing the Risk:

Wewill make sure that the risk management and its controls remainapplicable to risk and all its possibilities and the outcomes aswell. This is done in response to planning. This process involvesestablishing the acceptance rationale, lessening plans and thetracking requirements.

  • Handling the risk:

Afterall the plans to the risk are established, you monitor the riskstatus so that decisions to the events may be established in a mannerto mitigate the risks.

  • Opportunity Tracking

Tocapture and identify opportunities, we use similar methods forexample in cost reduction, Schedule improvement that are acted upon.

Fig:Risk Mitigation procedures of the Project.

References

Lock,D. (2007). Projectmanagement.Burlington, VT: Ashgate.

Furman,J. (2011). Theproject management answer book.Vienna, VA: Management Concepts.