MGT8025 Project Scope, Time and Cost Management
|Semester 1, 2013 On-campus Springfield|
|Faculty or Section :||Faculty of Business and Law|
|School or Department :||School of Management and Marketing|
|Version produced :||21 July 2014|
Examiner: Jon Whitty
Moderator: Eric Too
Although there are no formal pre-requisite nor co-requisite courses for MGT8025, it is recommended that students enrol in MGT8022 Project-based management prior to, or simultaneously with, study of MGT8025 except where the student is intending to undertake the Complex Project Management specialisation.
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.
Scope management is a fundamental factor in the successful management of project time and cost and all three must be closely defined, monitored and controlled if stakeholder objectives are to be achieved and waste avoided. Optimal scope, time and cost management requires a delicate balance between management processes and project outcomes to ensure that what is essential is carried out, and that excess is avoided. Inadequate scope will compromise performance, an inadequate allowance of time will threaten delivery, and an inadequate budget will threaten completion through lack of funds.
The course examines the following: 1. the inputs, tools techniques and outputs for project initiation, scope planning, scope definition, scope verification, scope change-control, and successful completion of projects; 2. time management in a project context, tools and techniques, the value of work breakdown structures, defining a project schedule, estimating activity durations, the need for cost/time tradeoffs, inter-relationships between activities, consideration of resources, graphical techniques available to display project schedules and the significance of the critical path and float; and 3. cost planning in a project context, lease/buy decisions, project funding, cost definition, estimating methodologies, sources of data, contingency funds, opportunity studies, feasibility studies, cost benefit analyses, discounted cash flow analysis, sensitivity studies, project selection criteria, monitoring and control procedures and earned value analysis.
On successful completion of this course, students should be able to:
- define the scope of the project to allow creation of a planning baseline
- refine the scope statement for the definition and implementation stages of the project
- monitor and verify project scope throughout the project
- identify scope changes and revise the scope statement to reflect project objectives
- define project time requirements for creation of a planning baseline
- prepare a work breakdown
- prepare and display project schedules as networks and/or Gantt charts
- identify and demonstrate the critical path
- apply various cost estimating methodologies and cost
- use cost benefit analyses, traditional and discounted cash flow analyses for project evaluation and selection
- carry out an Earned Value (EV) analysis
- bring a small project to successful completion
- demonstrate effective and professional communication.
|1.||The project environment||5.00|
|5.||Financial analysis of projects||10.00|
|6.||Project time planning||10.00|
|7.||Project time definition and network analysis||10.00|
|10.||Cost monitoring and control||10.00|
|11.||Project review and completion||5.00|
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2013&sem=01&subject1=MGT8025)
Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)
Gardiner, P 2005, Project management: a strategic planning approach, Palgrave Macmillan, Basingstoke, UK.
Summers, J & Smith, B 2010, Communication skills handbook, 3rd edn, John Wiley & Sons, Milton, Queensland.
Project management software: Students may need access to a PC-based project management software package (such as Microsoft Project, Timeline, SureTrak etc) to be able to complete the course requirements of assignment 2. Students should read the assignment requirements and contact the course examiner if further information is required. Microsoft Project is the preferred software package and may be required to read electronic materials supplied with this course. A copy of this software is provided to students of this course at no cost for use during the semester. Conditions apply to its use. Alternatively, all students of USQ are able to purchase academic versions of the software from the USQ Bookshop or other outlets at reduced prices, whether you are an Australian or an international student. It is essential to learn how to use this software at a basic level as soon as possible or it may be difficult to complete the assignments within the time allocated. If students have any difficulties, they should contact the course examiner for advice.
Burke, R 2006, Project management: planning and control techniques, 5th edn, Burke Publishing.
Cleland, DI (ed) 2004, Field guide to project management, 2nd edn, Von Nostrand Reinhold, New York.
(This text is held as an e-book by the library.)
Kerzner, H 2009, Project management: a systems approach to planning, scheduling, and controlling, 10th edn, John Wiley & Sons, New York.
(The 2006 version is held as an e-book by the library.)
Larson, EW & Gray, CF 2010, Project management: the managerial process, 5th edn, McGraw-Hill/Irwin, New York.
Meredith, JR & Mantel, SJ 2009, Project management: a managerial approach, 7th edn, John Wiley & Sons, Hoboken, New Jersey.
PMI 2008, A guide to the project management body of knowledge (PMBOK), 4th edn, Project Management Institute, Newtown Square, Pennsylvania.
(This text is common to MGT8025, MGT8024 and MGT8027.)
Student workload requirements
|Tutorials or Workshops in Block Intensive Mode||42.00|
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|ASSIGNMENT 1||100||0||20 Mar 2013||(see note 1)|
|ASSIGNMENT 2||100||30||15 Apr 2013||(see note 2)|
|ASSIGNMENT 3||100||70||03 Jun 2013|
- Assignment 1 requires students to select an appropriate project for analysis in assignments 2 and 3 and is a small case study report. Students are encouraged to complete the activity to ensure they understand the nature of the studies in the course and the scope of assignments 2 and 3.
- Assignments 2 and 3 are major project-based case study reports requiring students to obtain sufficient information on a project of their choice to carry out a critical analysis of nominated aspects of that project. Students should choose a project as early as possible after reading the requirements of assignments 2 and 3. The same project can be used for assignments 2 and 3.
Important assessment information
It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration. Courses delivered at Springfield campus are run in block intensive mode as two 3-day workshops during the semester, and NOT as weekly lectures. Teaching blocks will include weekdays and weekend days. Check timetables for workshop dates at http://www.usq.edu.au/springfield/timetable.
Requirements for students to complete each assessment item satisfactorily:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
Penalties for late submission of required work:
If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded. See item 1 below.
Requirements for student to be awarded a passing grade in the course:
To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
There is no examination in this course.
Examination period when Deferred/Supplementary examinations will be held:
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.
Assignments: (i) Assignments must be submitted electronically by 11.59pm (AEST) on the due date. (ii) Students must retain a copy of each assignment submitted for assessment. This must be produced within 24 hours if required by the examiner. (iii) The examiner may grant an extension of the due date of an assignment in extenuating circumstances. If the required extension is less than seven days, there is no need to obtain prior approval. In such cases, submit your assignment as soon as possible after the due date together with any supporting documentation that might be required. The authority for granting extensions rests with the relevant examiner. (iv) The examiner will normally only accept assessments that have been prepared using electronic media. (v) The examiner will not accept submission of assignments by facsimile. (vi) Students who are disadvantaged by these regulations may be given special consideration. They should contact the examiner to negotiate such special arrangements. (vii) In the event that a due date for an assignment falls on a local public holiday in their area, such as a show holiday, the due date for the assignment will be the next day. Students are to note on the assignment cover the date of the public holiday for the examiner's convenience. (viii) Note that assignments may have to be accompanied by a ‘Turnitin’ Originality Report which the student has to download from the Turnitin website at http://www.turnitin.com. Details will be provided with the assignment requirements. Failure to attach the Originality Report may result in loss of marks.
Course weightings: Course weightings of topics should not be interpreted as applying to the number of marks allocated to assessment.
Referencing in assignments: Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.
Deferred work: Students who, for medical, family/personal, or employment-related reasons, are unable to complete an assignment may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. A temporary grade of IDM (Incomplete Deferred Make-up) may be awarded.
Make-up work: Students who have undertaken all of the required assessments in a course but who have failed to meet some of the specified objectives of a course within the normally prescribed time may be awarded the temporary grade: IM (Incomplete - Make up). An IM grade will only be awarded when, in the opinion of the examiner, a student will be able to achieve the remaining objectives of the course after a period of non directed personal study.
Computer, e-mail and Internet access: Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.