Reference no: EM132249991

Introduction

Main project objectives have been usually represented by Iron triangle of scope, time and cost. Success of project depends upon whether these three iron triangle feature’s objectives have been met. For successful closure of project, appropriate scope, schedule and cost management have been studied in this assignment. Project success is defined as that project meets its scope, time and cost requirements. Therefore, scope management, cost management and time management for a project are critical for project success. In this simulation assignment, management of these triple constraints have been discussed with example of a project of production of a high speed printer. Scope of printer production project has been selected as per requirement of higher management. In order to complete project on time, accurate number of project team member with appropriate team skill level have been planned. Cost management have been done through selection of appropriate outsourcing level. Project monitoring and control was done through planning about different team review meetings and through planning about prototype production. Simulation was run after appropriate selection of different features. Results of simulation were analyzed through that whether they are meeting scope, time and cost requirements. So, in this way project closure was analyzed.

1. Project scope objective has been met. Project was complete while some variations regarding project schedule and budget objective. Strictly speaking, project has been behind schedule and over budget. Project is expected to complete at cost of $63,000 rather than $40,700 and in 16 week rather than 12 weeks. However, 603 score have been gained out of 1050.

2. Project was complete while some variations regarding project schedule and budget objective. Strictly speaking, project has been behind schedule and over budget. So, it can be said that project objectives regarding budget and schedule have not been met. However, 100 out of 200 for budget and 227 out of 250 for schedule has been scored.

3. Strictly speaking, project has been behind schedule and over budget as per feedback received in the simulation. So, it can be said that project objectives regarding budget and schedule have not been met. However, 100 out of 200 for budget and 227 out of 250 for schedule has been scored. This means variations are high regarding budget objective and medium regarding schedule objective.

4. Main project objectives have been usually represented by Iron triangle of scope, time and cost. Success of project depends upon whether these three iron triangle feature’s objectives have been met. So, in this case successful closure of project depends upon that whether scope, cost and schedule objective as set by management have been met. In this assignment to achieve high speed wireless scope objective, five team members with medium skills, extensive outsourcing , five introductory meetings, ten day to day meetings and three team meetings with one prototype production have been analyzed as appropriate. Project scope, time and cost objectives have been met in this way with some variations.

Project has been completed with some variations in schedule and budget related objectives. However, these variations are high for budget related objective and medium for schedule related objective. I gained score of 603 out of 1050. If higher management orders to strictly follow budget and schedule objectives than strategy of medium level of sourcing and allowing overtime with high speed wireless scope through medium skill leveled five team members will be helpful. This strategy will efficiently reduce project completion time and cost.