Project Summary
When it comes to saltwater tank installation, the project is in the execution stage. Up to now, the initially established goal has been met. It is worth admitting that the project was completed a week ahead of schedule and within the stipulated budget.
Deliverables
The project execution produced three significant deliverables that deserve attention. Firstly, the milestone report is essential because it helps project managers and other stakeholders understand when and what activities should be implemented to ensure that the project is properly implemented. Secondly, an established budget plan is important to know what financial resources are available and how it is reasonable to use them. Thirdly, a communication matrix is necessary for emphasizing the flow of communication among project stakeholders.
Project Baselines and EVM Calculations
The project baselines are established when managers understand what critical processes should be performed. After that, they create these baselines, or milestones, indicating what activities and how they should be implemented. These baselines are essential for EVM calculations because the latter rely on the milestones. For example, a budget plan is a significant baseline, and it is further used to determine whether the project can be considered financially good, which is possible if the stipulated plan is met.
EVM Metrics
When it comes to assessing the results, both good and bad, appropriate EVM metrics should be used. Planned Value is used to demonstrate what value a project is going to bring over its duration (Barrientos-Orellana et al., 2021). Earned Value reveals the actual revenue that a project has generated by meeting the milestones (Barrientos-Orellana et al., 2021). The Actual Cost shows the market value of the project after its completion (Barrientos-Orellana et al., 2021). Consequently, managers can rely on these metrics to assess the effectiveness of the current project.
Project Closure
Appropriate project closure strategies are needed to ensure that all the processes and activities are adequately ended. It is possible to rely on project audits because this post-project review reveals how successful the project is (Larson, 2020). Furthermore, a project closure checklist can be used because it helps managers determine whether all the required steps have been implemented to close a project (Buttrick, 2018).
Lessons Learned
- A project planning stage cannot be neglected since it guides the entire project.
- It is essential to abide by the project budget.
- Conflict is probable, meaning that it is necessary to address it adequately.
References
Barrientos-Orellana, A., Ballesteros-Pérez, P., Mora-Melia, D., González-Cruz, M. C., & Vanhoucke, M. (2021). Stability and accuracy of deterministic project duration forecasting methods in earned value management. Engineering, Construction and Architectural Management. Web.
Buttrick, R. (2018). The project workout: The ultimate guide to directing and managing business-led projects (5th ed.). Routledge.
Larson, E. W. (2020). Project management: The managerial process (8th ed.). McGraw-Hill Higher Education.