5) Process Group – How much time and money is typically
spent on projects in each of the process groups. Assume you have one year and
100,000 to spend. Justify your answer.
There are 5 different process groups; Initiating, Planning,
Execution, Monitoring, and Closing.
A) Initiating the project would be the
shortest and the lease resourceful stage. This is where thoughts and ideas are
put together defining and authorizing a project. The time spent here would be
about 12 week and cost around $2,000
B) Planning the project is the second largest
part of the group. It ensures that the project addresses the organization's
need which consists of meetings, planning of budgets and maintaining a
workable scheme. It was said if you have
a longer planning process you would spend less in the executing process; both
time and money. Planning process would be about 12 weeks and cost about $21,000.
C) With
execution being the most important
part of the project, it uses the most amounts of resources. This is where
employees are trained and also where all hardware and software are bought. With
all this in consideration the time spent would be about 32 weeks and cost
around $69,000.
D) Monitoring process is to ensure that
the project is running smoothly in terms of money and time spent and to make
sure the project team meets the project objectives. Monitoring process would be
about 5 weeks and cost about $5,000
E) Closing would be the final part of the
project which is to ensure the projects goals were meet in a timely matter and
within budget. It would take about 2 week and $3,000
So far you, me, and Gerardo all came up with the same conclusion. One problem I had with the question though is that the statement "time = money" isn't always true.
ReplyDeleteAnother problem, we based our information on the alpha project managers. Now the only difference on the chart was where the time was spent, yet the alpha project managers were supposedly more efficient, which means that they spent less money overall. But the chart only used percentages of where their time was spent which doesn't offer us any insight into how much spending was going where. The information at hand couldn't give us any better perspective on this question though, I think. We can know for certain though that the execution phase is the most costly.
I honestly found no other way to answer this question though >:/