Now that you have conceptualized your project, it is time to add more details to your project by incorporating time and cost estimates. Specifically, you will use ProjectLibre to create a work breakdown structure (WBS), a Gantt chart, and estimate the cost for various components of your project.
Prior to beginning work on this learning activity, review the assigned page ranges in Chapters 5 and 7 in your textbook. This week’s lecture will provide examples and additional information that may help you complete this learning activity. Note that this learning activity requires you to make up several components, including names and hourly salaries of your team members, duration of each task, and cost estimation of other items. Be sure to watch the Microsoft Project Tutorial—Understanding the Critical Path (Links to an external site.) to prepare for this activity.
- Open ProjectLibre, and start creating your work breakdown structure (WBS). Your work breakdown structure should have a minimum of five tasks with 12 subtasks in all.
- Once the WBS is complete, you will need to complete the timeline for your project (the Gantt chart). Creating the Gantt chart timeline and appropriate dependencies will show the overall timeline of the project. Some key steps are below. Please refer to the video sources in the required and recommended resource sections for additional assistance.
- If you have not already done so, indent the subtasks in your work breakdown structure.
- Assign an appropriate amount of time for each task and subtask.
- Assign task dependencies. Note some tasks can be done in parallel and other tasks may have a firm start date.
- Once the Gantt chart is complete, you will begin adding resources and cost to your project. Some key steps are listed below to assist you.
- Move to “Resource” option in ProjectLibre.
- Include real or fictitious names of project team members (create at least five) and their salary information.
- Add two to three other cost-bearing elements in your project plan (i.e., rental expense for a hotel conference room, purchasing an overhead projector, meal expense, etc.).
- Go back to the WBS layout in ProjectLibre. Add an additional column called “cost” so that you see the cost for each line item.
- Print a professional screen shot to share
- Format your screen and resize your columns so that all the columns are visible. Save your work, take a screen shot showing your WBS, cost for each task, and Gantt chart. Embed the screen shot in this discussion thread.
- To maintain continuity, reattach the screen shot of “Section 1: Project Overview” from Week 2’s Project Planning: Project Scope Management Interactive learning activity.
Schwalbe, K. (2017). An introduction to project management (6th ed.). Retrieved from https://redshelf.com
- Chapter 5: Planning Projects, Part 2 (Project Time and Cost Management) (read pages 149-154; 172-180)
- Chapter 7: Executing Projects (read pages 256-288)
Silverman, P. (2013, November 28). Microsoft Project tutorial—Understanding the critical path (Links to an external site.). Retrieved from https://youtu.be/n-Mw3l42sgw
- While the video is for Microsoft Project, the functionality and explanation transfers well to ProjectLibre and other project management software programs> This video goes over what the critical path is and how changes to the critical path can help you set up the work breakdown structure (WBS) you are creating. It will assist you in your Time and Cost Estimation Exercise Interactive learning activity this week.
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