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8 Critical Techniques For Optimizing Google Adsense

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Agile Methodologies: Lean Software Development (Part 1)

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8 Ps of Vision and Strategy

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Changes in Project Management Processes Between PMBOK 4 And PMBOK 5

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An Example Scenario Using Program Evaluation And Review Technique (PERT)

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Figure 3

Improving Scheduling Using Critical Chain Project Management (CCPM)

On December 17, 2002, Shelby County Habitat of Humanity, a nonprofit ecumenical housing ministry, broke the world record for the fastest habitat house ever built in 3 hours, 26 minutes, and 34 seconds. Chad Calhoun, the project manager, attributed the project success to the careful planning of each activity, the readiness and organization of all the resources and materials, and ...

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Home > Cost Management, Time Management > Whitbread World Sailboat Race: Optimum Cost/Time Scheduling With Project Priority Matrix

Whitbread World Sailboat Race: Optimum Cost/Time Scheduling With Project Priority Matrix



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This post builds on the principles discussed in the article Calculating Optimum Cost/Time Project Schedule to calculate the optimum cost/time schedule for the Whitbread World Sailboat Race project. It demonstrates how to construct a priority matrix for the Whitbread World Sailboat Race project to determine whether each of the criteria (time, performance, cost) can be constrained, enhanced, or accepted. Based on this matrix, it then calculates the optimum cost/time scheduling to determine whether the project can be completed within 45 weeks and within the planned budget of 3,200,000$.

 

Based on the given information, there is a time constraint (deadline) to finish the project within 45 weeks. Moreover it is required to have the latest technologies and human skills, to come up with the best design for the racing sailboat, and to attain adequate crew training in order to be able to win the race, all to the detriment [Are_PayPal_LoginPlease]of higher costs. As such higher project costs can be accepted for the sake of enhancing the sailboat performance for the purpose of winning the race. Thus the project priority matrix is completed as below:

Time

Performance

Cost

Constrain

X

Enhance

X

Accept

X

Based on the information provided, the predecessors of all the activities are determined as shown in the table below.

 

Activity

Normal Time

Crash Slope

Predecessor(s)

A

Design

6

60

-

B

Build Hull

12

200

A

C

Install Ballast Tanks

2

-

B

D

Order Mast

8

40

A

E

Order Sails

6

-

A

F

Order Accessories

15

100

A

G

Build Deck

5

-

C

H

Coat Hull

3

-

B

I

Install Accessories

6

100

D,E,F,G

J

Install Mast and Sails

2

40

D,E,F,G

K

Test

5

40

H,I,J

L

Sea Trials

8

250

K,S

M

Select Crew

6

10

-

N

Secure Housing

3

-

-

O

Select Crew Equipment

2

-

M,N

P

Order Crew Equipment

5

-

O

Q

Routine Sail/Maintenance

15

30

M,N

R

Crew Maintenance Training

10

240

D,E,F,G,P,Q

S

Initial Sail Training

7

150

R

 

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Ihab Sarieddine

Ihab Sarieddine is a senior IT software engineer and a project manager with over 8 years of professional experience in managing and delivering IT banking projects and services for organizations primarily in the Middle Eastern and Asian regions. He is a PMP certified and an ITIL Release, Control, and Validation (RCV) V3 practitioner, and have a Masters degree in IT management.
  1. March 22nd, 2014 at 06:43 | #1

    We absolutely love your blog and find most of your post’s to be just
    what I’m looking for. can you offer guest writers to write content for yourself?
    I wouldn’t mind writing a post or elaborating on some of the subjects you write in relation to here.
    Again, awesome web log!

    • Ihab Sarieddine
      March 22nd, 2014 at 09:15 | #2

      Sure, you can write your own post by clicking on ‘Write your own post here’ link at the top of the page. :)

      Thanks for your interest in my blog. Looking forward to read your posts soon!