Reference no: EM132664287

PMAN 650 Project Cost Monitoring and Control Proposal - University of Maryland Global Campus

Project Cost Monitoring and Control Proposal

Project Objectives and Description

As you probably know or will learn as the class progresses, some of the management practices used in organizations today are not ideally suited for monitoring and controlling project costs.

The PMBOK indicates the monitoring and controlling process group "...consists of those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes". The process group also involves: (1) "evaluating change requests and deciding on the appropriate response"; (2) "recommending corrective or preventive action in anticipation of possible problems"; (3) "monitoring the ongoing project activities against the project management plan and the project baselines"; and (3) influencing the factors that could circumvent integrated change control and configuration management so only approved changes are implemented". (PMBOK, page 613).
The objectives of this individual project are twofold:
• First, to investigate management practices used by your organization and to identify any issues that detract from the organization's ability to monitor and controlproject costs.
• Second, to propose changes to these management practices to help resolve these identified issues and explain how your proposed changes will optimize project cost monitoring and control efforts.

Project Requirements

1. Describe the Organization
Describe the organization type (e.g., commercial, state, local, or federal government, etc.); the organization's business line(s) and strategic vision or objectives; and the types of projects performed by the organization. You may chose the entire organization or a portion of the organization.
Note: PMI defines a project as a "temporary endeavor undertaken to create a unique product, service, or result".
While it is preferable to use your own organization, you may create a fictional organization if you so choose. If you use your own organization, mask the real identity of the organization.

2. Identify Issues
Identify issues with your organization's management practices that detract from the organization's ability to monitor and control project costs. You will also clearly describe the impacts of the identified issues on project cost monitoring/controlling activities.
Put yourself in the shoes of a project manager in your organization. What would you do, starting in the planning phase of the project, to make sure you could successfully monitor and control project costs? What elements of the project management plan or associated planning artifacts would you focus on? Now translate these to the organization level. What must be present (processes, procedures, instructions, practices, tools,etc.) to establish a firm foundation throughout the organization for successfully monitoring and controlling project costs? Where are the holes?

Again, the PMBOK indicates the monitoring and controlling process group "...consists of those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes". The process group also involves: (1) "evaluating change requests and deciding on the appropriate response"; (2) "recommending corrective or preventive action in anticipation of possible problems"; (3) "monitoring the ongoing project activities against the project management plan and the project baselines"; and (3) influencing the factors that could circumvent integrated change control and configuration management so only approved changes are implemented". (PMBOK, page 613).

There are issues that impact an organization's ability to complete a project on time and within budget that do not necessarily impact an organization's ability to monitor/control project costs. Make sure you can articulate a clear connection between the issues you choose and the organization's ability to monitor/control project costs.Provide sufficient detail to fully explain the issue and its impact on project cost monitoring and controlling activities.

Issues should be narrowly focused. Broadly stated issues typically result in broadly stated solutions. Management may be reluctant to invest time and money to resolve an issue unless the scope of the effort is perceived to be manageable.
Focus your efforts on four to fiveof the most significant issues.

Note: If your organization has no apparent issues with respect to its ability to monitor and control project costs, create some simulated issues for the purposes of this assignment.

3. Develop Proposal
You will develop a proposal, addressed to the management of your organization, describing the issues you've uncovered and recommending solutions to resolve the issues. Proposed solutions must address the associated issue(s). Sufficient detail must be included to describe how the solution resolves the issue(s) and how the solution is to be implemented.
The majority of the coursework pertaining to this assignment will be covered in sessions 1 through 5. This assignment is due in session 10.
The purpose of any proposal is to sell a product, service, idea, etc. In this case, you are selling a set of recommendations aimed at resolving issues associated with your organization's ability to monitor and control project costs. Address your proposal to your organization's decision makers.Put yourself in their shoes on the receiving end of the proposal. What would you want to know?
What are you selling?
How does it apply to the organization?
Why should we buy it?
What benefits does the organization receive if the solutions are implemented?
What actions do I need to take to realize the benefits?
How long will it take to realize the benefits?
How much will it cost?
For the purposes of this assignment, the last two questions (time and cost) should be addressed, at least, in relative terms. A detailed time and cost analysis is not required. However, if you intend to share the outcome with your organization, you might want to consider including a more detailed analysis at some point in time.

4. Other Requirements

• Assume at least part of your target audience (the organization's management) does not understand anything about project management concepts, tools, and techniques or managing project costs.
• Submit the completed proposal in your assignment folder by Sunday of session 10. The proposal must be submitted as a MS Word document. Line spacing: 1½; font: 12 point; pages: 15 (maximum); no minimum.
• A template for the proposal will not be provided. If it hasn't happened already, you should expect, at some point in your career, to develop a white paper, a proposal, or some other type of document with only a final objective or two for guidance. Organization of the proposal is up to you but the following particulars must be included: (1) a statement describing the organization type (e.g., commercial, state, local, or federal government, etc.); (2) a discussion of the organization's business line(s); (3) and a discussion of the organization's strategic objectives.
• Again, the organization's real identity shall be masked in the proposal and the proposal shall be free of any proprietary or closely-held company information, as well as any other information that could reveal the organization's real identity.
• Pay attention to effective writing communications. The effectiveness of your message can be adversely affected by writing mechanics issues and the clarity of your proposal

5. What this assignment is NOT.

• This is not a proposal to do a study to identify issues and propose solutions.
• This is not a proposal to perform a specific project. However, past projects may be used to illustrate existing issues impacting the organization's ability to monitor/control project cost.