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Project Duration, Costs, and Insights

The document summarizes the results of a project including: - The overall project duration was 109.18 days with a standard deviation of 13.44 days. - The project was completed under the $500,000 baseline budget, with $84,845.16 remaining. - Two critical paths were identified for the project workflow.

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Ryan Lum
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2 views3 pages

Project Duration, Costs, and Insights

The document summarizes the results of a project including: - The overall project duration was 109.18 days with a standard deviation of 13.44 days. - The project was completed under the $500,000 baseline budget, with $84,845.16 remaining. - Two critical paths were identified for the project workflow.

Uploaded by

Ryan Lum
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

CONCLUSION:

Project Duration and Standard Deviation


Overall Project Duration: 109.18 days
Overall Standard Deviation: 13.44

Standard Deviation of 1 sigma:


Project completes between 95.74 days to 122.62 days

Standard Deviation of 2 sigma:


Project completes between 82.3 days to 136.06 days

Standard Deviation of 3 sigma:


Project completes between 68.86 days to 149.5 days

CRITICAL PATH:
Start A B C E F G H J K L O P
R T W Y AA AC AD AE AF AG AH
END
Or
Start A B C E F G H J K L O P
R V X Y AA AC AD AE AF AG AH
END

COSTS:
Total Project Cost: $415,154.84
Baseline Cost (Budget): $500,000
Variance: -$84,845.16
The project was completed under budget, with material
costs at $267,978 and human resource costs at
$147176.84. Leaving $84,845.16 remaining at the end
of the project.

What could be done differently?


More time could be assigned to each task, as the project finished quite
early and there is more time that could be spent to improve the quality of
the deliverables. The pay could also be increased to improve workers
morale since the current project is more than $84,000 under budget.
We were too conservative in project planning and when we found out we
had a lot more leeway than we had expected, it was too late to change
much of the resources or improving time management and allocating
more time for certain tasks.

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