Project cost, quality, management Essay Example

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    Management
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    Masters
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MGT8025

PROJECT SCOPE, TIME & COST MANAGEMENT

Adam Gokk

Customer Inserts Tutor’s Name

20th June, 2014

Executive Summary

This report has been prepared to track the construction of the Pilot Baseball stadium with a critical look into the time, budget and scope management plan through all the lifecycle tasks in the completion of the project. The implementation of this project will critically look into the aspects of time management, cost balancing and aligning the scope of the project to the strategic aim of the stakeholders. The analysis will look into the best strategies that will deployed in the process of time and cost estimation with emphasis on the best methods in relation to theories on project management. The project implementation will look into tasks such as time planning and project life cycles in terms of activities in relation to predecessors and relation between these tasks. However, special emphasis will be placed on time management since the construction of the stadium has strict deadlines that have been set by the project stakeholders. Therefore, time definition and planning will important factors in the implementation of this project since time management affects other factors such as cost and resource scheduling. For instance, if more than allocated time is spent on completion of selected tasks then the project will end up being costly and more resources might be required to correct this anomaly. In the process of implementing the project, several omissions and weaknesses were present in the implementation of the project. As a result, several recommendations were made in the implementation to address these weaknesses as outlined;

  1. Proper construction of activity lists with use of software such as Microsoft Project which includes the predecessors and dependencies between these activities. Therefore the Gantt charts and the milestones produced would be valuable tools to monitor and control the schedules used within the process of planning and implementation of the Project.

  2. The project schedule should be considered a living document and it should be maintained and reviewed by the project at all steps within the project management tasks.

  3. Risk management technique should be included in future projects since they inform the project of all risks and mitigation plans in curbing and dealing with these risks.

  4. From the Earned Value analysis and cost analysis we can conclude that it is prudent to have a cost analysis plan throughout the process of implementing a project. This is exemplified by the EV analysis conducted on this assignment.

  5. Activity planning should be accompanied by clear and consistent WBS which reflects all the tasks to be undertaken in the process of undertaking the assignment. This would allow the management to have an easy time and improve efficiency in the process of project management.

  6. Allow for input from the project team in the process of undertaking feasibility study to come up with a reasonable and effective project implementation document.

Table of Contents

Title Page 1

Executive Summary 2

List of Figures 5

Introduction 6

Project Life Cycle 6

7Project Life Cycle A.

7Project Time Frame B.

Time Planning 8

Time Definition 11

Network Analysis 13

Cost planning 15

Strategic Cost Planning 15

Project Funding and Leasing 16

Cost Definition 16

Cost monitoring and control 18

Project Budget 19

Conclusion 22

Recommendations 23

References 25

Appendix 27

List of Figures

Table 1: Showing the major project phases & duration

Table 2: Showing some activity set & costs

Figure 1: Showing Pilot Stadium Project Milestone diagram

Figure 2: Showing all project activities and tasks in the system

Figure 3: Showing the Gantt chart and all project activities.

Figure 4: Showing the Gantt chart and all project activities

Figure 5: Showing the network diagram for major tasks

Figure 6: Network Analysis diagram showing the expanded task list & Dependencies

Figure 7: Showing the projected Budget Estimates for the Project

Figure 8: Showing budget and cost histogram for the project period.

Figure 9: Showing the project’s Planned Value

Figure 10: Showing the project’s Actual Cost

Figure 11: Showing the project’s Earned Value

Figure 12: Showing the comparison of planned value, actual costs & earned value

Figure 13: Chart showing the cost histogram for planned, actual & earned value

Introduction

This report will look into the tasks and activities that are important in the implementation of the Pilot Baseball Stadium. Pilot Baseball Stadium is a project for the construction of a Baseball stadium with a retractable roof for a period not exceeding 3 years. This project is being analysed with focus being on the principles of time and cost management. The project has a fixed timeline and this will affect the implementation and cost analysis of the project. Experiences drawn from experts and past project managers will be applied in the process of analyzing time and cost planning tasks for optimum results. Time planning will focus on network analysis and Gantt charts to track the time and implementation of each scheduled task. The implementation of this project will commence with a brief outlook and outline of the project’s main aim and this will be followed by the overview of the project lifecycle and the timeframes. These sections will look into the advantages and disadvantages of Gantt, Milestone charts and Network scheduling in the process of analysing the project. Consequently, the linkage between all tasks will be important in the implementation and completion of the project. As a result, process and task flows will be analyzed through the use of network analysis techniques. The main aspects that will be analyzed will be cost monitoring with discussions of project costs measured through Earned Value Analysis (EAV). The analysis of the Pilot Stadium’s will focus in different approaches used in analyzing time and cost will be compared based on strengths and weaknesses of the strategies deployed. While important omissions or inadequately addressed issues will also be analyzed in the report preparation. Recommendations will be provided to ensure that similar projects in future learn from this project and become successful.

Project Life Cycle

The project lifecycle will focus on the main tasks that will be implemented to ensure proper implementation of the project. The anticipated project completion time is expected to be a maximum of 750 days which is close to 25 months from the period of the start of the project to the completion phase. However, due to the conceptualization and other tasks in the process of implementation of the project, it might lead to time and cost overrun leading to more time required for the implementation of the project. For instance, status reports and project inspection during the implementation of the project will lead to more time being set aside for these tasks. In the analysis of the project life cycle we will analyze the project time frame and life cycles. The initial project tasks would be the conceptualization step whereby the major aims and intended outcomes of the project will be outlined.

  1. Project Life Cycle

The Pilot Stadium project will take a period of 147 weeks and the lifecycle will look into the major phases that will be implemented in the project. The Pilot Stadium project might however take a longer time to complete due to risks and other constraints in project management. The lifecycle diagram of the project is seen in figure 1 in the appendix section. This figure shows how the project will be implemented from the initial stages to the conclusion of the project.

The project lifecycle highlights all the activities that are undertaken in the implementation of the project. Moreover, there is a link between the project sponsors and stakeholders with time and cost activities that are being implemented in the project.

  1. Project Time Frame

Pilot Stadium Project Lifecycle Timeframe ( 01/06/01 to 25/03/09)

Project Stages

Time Frame

Set up Site

01/06/06 to 04/04/07

Construction Phase 1

16/11/06 to 02/04/08

Construction Phase 2

18/10/07 to 21/01/09

Construction Phase 3

18/10/07 to 04/03/09

Project Completion Assessment

05/03/09 to 25/03/09

Table 1: showing the major project phases & duration

The implementation of the Pilot Stadium project will rely upon the time and costs set out in the construction and planning of the project scope. The scope of the project looks into the project taking 3 years for the completion of all tasks. Due to the scope of the project it is highly advisable for an effective method of project management is adopted and in this case, the use of PRINCE 2 was adopted. PRINCE 2 (Projects in Controlled Environments – version 2) has the advantage of allowing project managers to manage project in phases has outlined in this project which is divided into 5 distinct phases. Each phase is characterized by tasks and sub-tasks which are dependant and independent and for completion of these tasks there have to be deliverables (Kloppenborg 2011, p. 117). Based on PRINCE2, each phase has a life of its own as seen in the project lifecycle. The major factors that are considered in the process of designing and implementing the project are the business factors and case studies used in the design of the feasibility study for the project. As seen in the project lifecycle, the major considerations in the implementation of the project are time and cost as planned by the project stakeholders (Meredith 2011, p. 122).

Time Planning

Time planning is important in the implementation of the project since it allows the project stakeholders to finish the project in time and scope. Time planning involves scheduling all tasks according to requirements and scope of the project. Since this project is a long term project that the strict implementation and planning of time is very critical in the success of project. The process of time management and planning is undertaken by use of Gantt charts, milestone charts and networks. The time planning process for Pilot Project is analyzed by use of Gantt charts designed and produced by the use of Microsoft Projects software. The use of these charts is useful in visually indicating the tasks and events that will be undertaken in the process of project implementation (Degarmo 1993, pp. 67-69). Gantt charts are advantageous in the process of estimating time based on the estimates of the start and finish dates of these projects. Gantt charts are used in tracking the tasks and activities to be undertaken in a project with measure of time and resources used in the project implementation (Hobbs 2009, p. 149). Network diagrams and charts are used in the process of showing the link between the activities and tasks in the process of implementing a project.

The milestones in the Pilot Stadium project are best illustrated by the figure 1 below;

project cost, quality, management

Figure 1: Pilot Stadium Project Milestone diagram

The diagram above shows the major milestones of the project showing 5 major activities/phases that are critical to the completion of the project.

All the activities and tasks to be undertaken in the implementation of the Pilot Stadium project are shown in the Gantt chart diagram below.

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Figure 2: showing all project activities and tasks in the system

The diagram above shows all the activities and tasks that are necessary in the implementation of the project. Based on the WBS designed in assignment shows correlation with the tasks listed above due to the grouping of tasks into phases.

In the process of time planning, there is need to analyse the relationship between activities and this is best tracked by use of the Gantt chart (Kerzner 2006, p. 117). Moreover, it is better to track the progress of the work through the use of critical path analysis as shown by figure 3. Critical path is the best and the most efficient method and route that should be used in undertaking and tracking progress of a project.

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Figure 3: Showing the Gantt chart and all project activities

The diagram below shows all the project activities with the critical path tasks and activities being marked with red.

project cost, quality, management 3

Figure 4: Showing the Gantt chart and all project activities

The activities of the Pilot Stadium project are at a 0% level since most of the activities have not been undertaken. Critical path indicates the most efficient and cost effective activities to undertake to ensure the project is accomplished in a short period.

Time Definition

Time definition is the process of estimating the period and duration that will be used in the process of completing certain selected tasks and the project as a whole. There is no absolute definition of time since it is flexible based on the resources and execution of set tasks. The process of activity duration is based on the set standards in undertaking certain specified tasks. For instance, in the case of the Pilot Stadium, the project is undertaken based on internationally set standards of construction and building. Therefore, the cost of resources is estimated based o global commodity price indexes (Gray 2003, p. 107). In the process of time definition, we have to estimate and factor in issues such as resource sourcing, labour organization and deliverables based on the aims set at the project onset. Good time estimates are based on historical benchmarks learned from similar projects undertaken in the past. Poor time estimates lead to costs overruns which might lead to project abandonment. Moreover, poor time estimates strain resources available for project execution and this might lead to under or over utilization of resources (Gardiner 2005, p. 98). Time definition and planning in earnest is important within the task of project management since it allows for budgeting and allocation of resources and finances for the implementation of the project. If time is not allocated properly then resources scheduling and allocation might be poor leading to increased risks for the implementation of the project.

Time definition should be defined by the project team due to the experience learned from other projects and tasks undertaken in the past. This is quite common among the different types of projects such as the implementation of the Pilot Stadium project. Different techniques are utilized in the process of defining and estimating time within a project (Turner 2009, p. 89). These techniques include the use of Work Breakdown Structure (WBS) which utilizes the estimation of time based on breakdown of activities and work to be undertaken by different project team members (Meredith 2003, p. 116). WBS is drawn based on historical data obtained from different sources and work undertaken on other projects in the past. Historical data on past projects could be adopted by project managers in the process of estimating the cost of current projects. The use of analogy is another method that could be deployed in the process of generating reliable estimates. Analogies rely upon the implementation of current project such as the Pilot Stadium project comparison with other stadium construction projects. For instance, the G&E Company has undertaken projects of similar nature in the past. As a result, this will aid in the process of estimating the costs of undertaking and implementing the new projects (Neale, 1995, p. 18-21). However, in some cases the use of experts would be appropriate in the process of estimating the costs related to the construction of the stadium. In the case of the Pilot Stadium project, it would be appropriate to recruit experts in estimating the cost of constructing the retractable roof. This skill would also be necessary in the estimating the project cost in terms of units where the whole project is broken down to units and cost for each unit is estimated (Bailey 2000, p. 37).

Network Analysis

Network analysis looks into the organization of activities and the links between these activities in terms of relationships and dependencies. The main use of network analysis are used in the process of defining the critical path or float on non-critical activities in the process of implementing the project. The two mainly used network diagrams and techniques are the PERT (Program Evaluation and Review Technique) and CPM (Critical Path Method). These techniques are commonly used by the project managers in the process of estimating time and critical path. PERT is mainly used to allocate three estimates for each activity which includes the weighted average for pessimistic, optimistic and most likely estimates (Okmen 2008, p. 59). This weighted average is arithmetically calculated to estimate the time for completion of the project. In most cases, this network analysis technique is used for complex projects which have high levels of uncertainty. However, in the Pilot Stadium project the CPM method was utilized due to the deterministic nature of the technique (Okmen 2008, p. 52 -61). CPM was more suited for this project due to the certainty provided by this technique which allows scheduling of activities and tasks in a project. The main reason for using network analysis is to predict critical paths, predict shortages or reallocation of tasks. Network analysis has an effect on the critical path in the sense that it allows managers to look and test for alternative paths or crash and optimizes activities within a project (Dayal, 2008, p. 186). The network diagram for the Pilot Stadium project is shown below;

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Figure 5: showing the network diagram for major tasks

The diagram above shows the major tasks in the implementation of the Pilot Stadium project and the expanded network diagram showing expanded tasks in shown below. The network diagram below assists us in implementing the project since the critical path is easily identified.

project cost, quality, management 5

Figure 6: Network Analysis diagram showing the expanded task list & Dependencies

From the network diagram above we can see that the critical path for activities are shown by the red marked boxes.

Cost planning

Strategic Cost Planning

The process of cost planning looks into the costs associated with the implementation and sustainability of a project. As a result, cost planning is a critical part in the successful implementation of a project. The process of cost planning and management are affected by several factors such as procurement, resource planning and labour practices within the management of the project. In this project, the company and the project team understand that commodities such as steel and other materials are affected by market factors. Therefore, prudent cost planning schemes should be organized in the process of implementing the project. Strategic cost planning is the process of analyzing the funding, feasibility, repayment and investment value of a project (Nagarajan 2014, p. 99). The Pilot Stadium project was initiated by stakeholders of the project who were interested in making sure that the project becomes a success in terms of accommodating the needs of its baseball fans. The project initial funding was estimated at $ 23 million due to the number of activities and works to be undertaken in the implementation of the project (Chin 2009, p. 111). The construction of the stadium was judged as a feasible project due to the fact that the stadium is expected to host baseball games for a baseball club. Moreover, the stadium will find a lot of use within the next 15 years whereby the stadium will expect major renovations and refurbishments of the stadium (Yu, 2013, p. 68). The major processes and decisions of strategic financial management planning were undertaken by a finance committee comprising of the project manager, accountant, financial advisor and project engineer. This committee reported to the project stakeholders and liaised with all project teams in resolving and planning all financial issues (Dow, 2010, p. 116). The management finance committee will make use of Microsoft Dynamics NAV ERP software to maintain all the activities and costing.

Project Funding and Leasing

Majority of the funds of the project were sourced from the Baseball Club’s finances amounting to 65% of the project cost ($ 14.95 million), while the remainder of the projects finances would be sourced from a long-term loan commitment from outside sources. The project stakeholders sourced the remaining amount of $ 8.05 million from a commercial bank on a long-term credit term of 15 years. This amount would be repaid from revenues accrued from stadium ticket collections and other revenues generated by the baseball club (Meredith 1994, pp. 317-322). The funding of the project will be divided into three phases for each financial year the projects will be undertaken. The 1st Year has been budgeted for $ 4.75 million while the second year will get $ 5.5 million and $ 12.75 million for the 3rd year. However, this will depend on the project needs and risks that might lead to extra financial burden on the project. In terms of undertaking the construction, the G&E Company would consider leasing equipment for the project due to lower costs associated with this option (Kloppenborg 2014, p. 167). However, this would be in the initial stages and the completion stages where specialised equipment would be costly to acquire for the completion of the project.

Cost Definition

Project management rely heavily on cost management and the success of this activity since it forms part of the 3 major tasks in the process of project implementation and management. In the process of defining project costs, project managers and experts rely heavily on historical data and major milestones, trends within the construction or project industry (Dugdale 1991, pp. 46-48). In the case of the Pilot Stadium construction, we will make use of the benchmark analysis to look into the different types of costing adopted at different stages in the implementation of the project. In this project, we used the bottom-up approach for the process of cost definition. The cost definition process for the Pilot Stadium project is outlined below;

  1. Initial Costing: this is the initial estimate that was adopted for the project which looks into the costing of the project based on historical data. Analogous estimating is suited for this process due to the fact that is adopts realistic estimating from past projects of the same nature. This is in comparison to Kerzner’s life cycle costing theory which adopts the use of feasibility studies and costing. Feasibility costing is not accurate due to reliance on limited data from other projects (Schwalbe, 201, p. 107).

  2. Planning stage: the planning stage involves the process of resource allocation for all project tasks and definition of costs, risks and mitigation plans. The planning process in the implementation of the project will look into the labour and allocation of specific in terms of time and labour planning in the process of measuring the costs associated with project management (Heldman, 2009, pp. 114-116). In this phase of the project, we utilized a combination of comparative techniques such as parametric and expert estimating which looks into historical data to estimate different parameters affecting cost and time.

  3. Implementation Phase: this phase was where the construction was undertaken in the process of implementing the project. Bottom-up cost estimation approach was adopted in this phase due to the accuracy of this process in estimating costs. Bottom-up approach estimates the cost of each activity and works in a project and therefore it is suited for the construction phase of the Pilot Stadium project (Furman, 2011, pp. 173). Moreover, the bottom-up approach is more detailed in terms of technical details due to the involvement of the project manager and other technical teams involved in the project.

  4. Conclusion and Assessment Phase: this phase concludes the implementation of the project and thus an all comparison of the project has to be undertaken. For instance, we have to review the budget and costs spent on implementation of the project. The Kerzner cost theory guides project managers to estimate or re-evaluate figures or costs outside the scope of the project (Roberts, 1999, p. 2). While in our case, we made use of bottom-up approach and project management software such as Microsoft Projects and Microsoft NAV to calculate and review the actual costs utilized in the project (Harrison, 2004, p. 87).

The measures, benchmarks and other costs such as the cost of implementing sections of the project is done and measured by scales such the global salary scales for employees obtained from Australian Salary and Employment Index.

Cost monitoring and control

The process of cost monitoring looks into the division of works and activities into several sections. The best technique in the process of undertaking cost monitoring and control is through the use of baseline measurement against actual performance. As a result, these processes would allow the measuring of the activities against the baseline and coming up with corrective actions when this is required. Tracking the activities and the cost of the activities undertaken in the project are captured in the tables and spreadsheet as at outlined;

Item Description

Supplier

Delivery date

Approval Format

Earthmover hire

DMK Construction

Approved by Clerks of Works

15/11/06

Support Pillars

HK Supplies

16/11/06

Procurement

Concrete

MG Hardware

03/05/07

Project Manager

16/10/07

MG Hardware

17/10/07

Project Manager

17/10/07

Steel Structures

18/10/07

Procurement

Table 2: showing some activity set & costs

In the process of cost monitoring and control it is imperative to maintain and keep records of all expenditure and supplies. As a result, we made use of Microsoft NAV ERP software to track costs and expenditure within the project. Cost and financial tracking was a good technique which was deployed in the process of undertaking cost monitoring. To ensure that costs are maintained and tracked, we have to make sure that the scope has clear checks which allow systems and requirements are maintained and tracked against costs (Mansuy 1991, p. 16).

Project Budget

The project budget for the Pilot Stadium project is outlined based on the activities that are outlined in the WBS. These activities and costs are outlined in the figure below and which shows the planned value (PV) which has a cumulative value of $ 23 million.

project cost, quality, management 6

Figure 7: showing the projected Budget Estimates for the Project

The project budget estimates are also presented by the histogram shown below which presents the budget and the lifecycle over the period of the project.

project cost, quality, management 7

Figure 8: showing budget and cost histogram for the project period.

Earned Value Analysis

The earned value is used in the process of measuring the progress of work undertaken in the process of implementing the project. The EV encompasses the measures that look into the scope, schedule and costs of implementing the project. The EV is a good tool for measuring the progress of complex projects and this was applied into the Pilot Stadium project (Baker, 1997, p. 25). Earned Value analysis was based on the calculation deduced from the hypothetical calculations and other assumptions in the implementation of the project. The PV, AC and the EV charts for the Pilot Stadium project are outlined below;

project cost, quality, management 8

Figure 9: showing the project’s Planned Value

The planned value for the project reflects the actual costs that are supposed to be spend in the implementation of the project. This is shown by the chart above where the project was budgeted for $ 23 million.

project cost, quality, management 9

Figure 10: showing the project’s Actual Cost

The diagram above show the actual costs and finances spent on implementing the project and in most cases the figures are less than the planned since some tasks are not complete.

The earned value of the project reflects the stage at which the different activities in the project have reached. If a task is complete then the Earned Value must be equal to the planned value alternatively if a task is incomplete then it should be less. The earned value for the project is shown below;

project cost, quality, management 10

Figure 11: showing the project’s Earned Value

The use of the project estimates for the earned value and planned value analysis show that if the project is to continue to completion there might be budget overruns as shown by the charts below which summarize the earned, planned and actual value of the Pilot Stadium project.

project cost, quality, management 11

Figure 12: showing the comparison of planned value, actual costs & earned value

project cost, quality, management 12

Figure 13: chart showing the cost histogram for planned, actual & earned value

Based on the EV analysis, we see that its use is limited to complex problems and cannot be suited for other projects. In the case of Pilot Stadium, the use of the EV analysis was not very necessary since most issues and costs were known before hand (Sigurdsen 1995, p. 35).

Conclusion

The process of project management involves undertaking several activities and processes that ensure the aims and objectives of stakeholders are implemented. From the analysis of the Pilot Stadium project it is understood that time and cost management are imperative in the successful implementation of projects. Cost management is quite important in ensuring that the scope of the project becomes feasible for all the project stakeholders. From the this project several observations are noticed as outlined;

  1. The project Gantt chart could not cover all the activities in the process of implementing the project.

  2. The activity list and the project scheduling techniques were not constructed to allow for flexibility in terms of additional or change management of activities.

  3. There was lack of proper project planning to include factors such as risk which could affect the implementation of the project.

However the project implementation techniques and processes well planned to cover major factors, tasks and activities. For instance, the cost planning and earned value analysis show that the project will meet its objectives in terms of cost planning. Consequently, time planning which affects cost planning is also a major factor that was planned based on the tasks to be undertaken. Project crashing is possible when proper resource and time planning is undertaken within correct time and cost definitions. Based on the plans adopted in this project, it is highly likely that more than 90% of the project plans and activities will be undertaken within the set targets. In general, the Pilot Stadium project will conclude effectively based on the scope defined for all the major projects stakeholders.

Recommendations

The implementation of the Pilot Stadium project was fraught with several challenges in the implementation of the project. These challenges would affect the successful implementation of the project. Certain changes are necessary in the review of the time and cost factors that affect this project as outlined by the recommendations;

  1. Proper construction of activity lists with use of software such as Microsoft Project which includes the predecessors and dependencies between these activities. Therefore the Gantt charts and the milestones produced would be valuable tools to monitor and control the schedules used within the process of planning and implementation of the Project (McDowell, 2001, p. 32).

  2. The project schedule should be considered a living document and it should be maintained and reviewed by the project at all steps within the project management tasks.

  3. Risk management technique should be included in future projects since they inform the project of all risks and mitigation plans in curbing and dealing with these risks.

  4. From the Earned Value analysis and cost analysis we can conclude that it is prudent to have a cost analysis plan throughout the process of implementing a project. This is exemplified by the EV analysis conducted on this assignment.

  5. Activity planning should be accompanied by clear and consistent WBS which reflects all the tasks to be undertaken in the process of undertaking the assignment. This would allow the management to have an easy time and improve efficiency in the process of project management (Barr 1996, pp. 32-33).

  6. Allow for input from the project team in the process of undertaking feasibility study to come up with a reasonable and effective project implementation document.

The factors and areas highlighted above should be observed in future projects to ensure skills and lessons are learnt in process of project implementation.

References

Bailey, RW 2000, ‘Six steps to project recovery’, PM Network, vol. 14, pp. 33-34, 36-38.

Baker, B 1997, ‘Great expectations: Turning failure into success – and vice versa,’ PM Network, vol. 11, pp. 25-26.

Barr, Z 1996, ‘Earned value analysis: A case study’, PM Network, vol. 10, p. 31-33, 35-37.

Chin, G 2009, Agile Project Management: How to Succeed in the Face of Adversity, Routledge, Chicago.

Dayal, S 2008, Earned Value
Management Using Microsoft Office Project: An integrated approach, Cengage Publishing, Sydney.

Degarmo, EP, Sullivan, WG, & Bontadelli, JA 1993, Engineering Economy, 9th edn, Macmillan Publishing, New York, pp. 64-70, 78-79.

Dow, W and Taylor, B 2010, Project Management Communications Bible, Lippincott Williams & Wilkins, New York.

Dugdale, D 1991, ‘Is there ‘correct’ method of investment appraisal?’, Management Accounting, vol. 5, pp. 46-48, 50.

Furman, J 2011, The Project Management Answer Book, Management Concepts Press New York.

Gardiner, PD 2005, Project management: a strategic planning approach, Palgrave Macmillan, New York.

Gray, CF & Larson, EW 2003, Project management : the managerial process, 2 edn, McGraw-Hill Irwin, New York, USA.

Harrison, F and Lock, D 2004,
Advanced Project Management: A Structured Approach, Jones & Bartlett Learning, San Francisco.

Heldman, K 2009,
PMP Project Management Professional Exam Study Guide, John Wiley and Sons, New York.

Hobbs, P 2009, Project Management, McGraw Hill Publishing, Lowell.

Kerzner, H 2006, Project management : A systems approach to planning, scheduling, and controlling, 9th ed. edn, Wiley, New York, N.Y. ; [Great Britain].

Kloppenborg, T 2011, Contemporary Project Management, Ladybird Publishing, London.

Kloppenborg, T 2014, Contemporary Project Management. Cengage Learning, New York.

Mansuy, J 1991, ‘Work breakdown structure: A simple tool for complex jobs’, Cost Engineering, vol. 33, p. 15-18.

McDowell, SW 2001, ‘Just-in-time project management’, Industrial Engineer: IE, vol. 33, pp. 30-33, EBSCOhost, Business Source Complete.

Meredith, GG 1994, Accounting and Financial management for business decisions, McGraw Hill, Sydney, NSW, pp. 315-337.

Meredith, J & Mantel, S 2003, Project management: a managerial approach, John Wiley & Sons Inc., New York.

Meredith, J and Mantel, S 2011, Project Management: A Managerial Approach, John Wiley and Sons, Boston.

Nagarajan, K 2004, Project Management, New Age International, New Jersey.

Neale, CW 1995, ‘Post Completion audits: Avoiding the pitfalls’, Managerial Auditing Journal, vol. 10, pp. 17-24.

Okmen, O & Oztas, A 2008, ‘Construction project network evaluation with correlated schedule risk analysis model’, Journal of Construction Engineering and Management, vol. 134, no. 1, pp. 49-63.

Roberts, J 1999, ‘Project Sponsors reduce IT risks, The Australian, p. 2

Schwalbe, K 2013, Information Technology Project Management, Cengage Learning, Upper Saddle River, New Jersey.

Sigurdsen, A 1995, ‘Project control: Why do Budget overruns occur?’, PM Network, vol. 9, pp. 34-36.

Turner, JR 2009, The handbook of project-based management: leading strategic change in organizations, 3rd edn, McGraw-Hill, New York.

Yu, T, Chawla, N and Simoff, S 2013, Computational Intelligent Data Analysis forSustainable Organizations, Pelshiver, New York.

Appendix

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