Managing Earned Value
MED-X is a company in the field of pharmacy. The firm has rapidly grown over the years. From 1972, and there was the need to incorporate new ways of procuring their services as well as improving the technology the company employed for their research processes. The company wanted to implement a decentralized scheme of procurement, which would save significant amount annually. In addition to the saving, obtaining the Ariba e-procurement solution would be of much benefit since track of both current and historical procurement of information would be automatically available as well as reducing the time cycles of processes, which were involved.
As a result, Implementations Technology was selected to account and implement the project at hand. The same had successfully executed the e-procurement solution for more than thirty clients as the firm had enough experience for the same. E-procurement refers to using the Internet to purchase services and commodities as well as get feedback from the clients.
The Cost that will be involved
Considering the amount stated in Exhibits five, six and seven, using the parametric estimation, it is fair to adjust all the values upwards by at least 1.5%. This amount will be channeled towards satisfying the payment of the working team and in purchasing any other necessary equipment vital to the project.
Paste the figures here
The Estimated Time of Completion of the Project
The project should be set to completion within a maximum of five months owing to the previous delays and the time that will be taken before familiarizing and assessing the work already done. The stated period is an estimate, and the project could be done with much more sooner than otherwise indicated.
The working period will be influenced by the allocation of the working capital, either in full or partially as well as the number of workers that will be availed for the project.
Causes of Failure of the Proposed Plan
The proposed plan for implementing the Ariba e-procurement failed from the beginning. To begin with, during the starting stages of the project development, a staff member from the MED-X who was a part-time employee had repeatedly been given other duties aside from what he was expected to be doing for the plan (Mark Jeffery and Joseph Norton). Late in July, the system testings for the legacy interface and development and the server, Sun, were both delivered very late, affecting the proposed period that the project was expected to be completed (Mark Jeffery and Joseph Norton).
With regards to the team responsible for carrying out the project, it would be wise to officiate their duties as early as the commencement of the project. Outlining all the functions expected from any of the workers will enable them to perform well in their roles. Also, on time delivery should be the primary goal. For the project to be done within the expected timeline, then time management is a critical factor.
Application and Conclusion
Shortly, the application of the earned value metrics will revolutionize how the project is managed, provide better estimation times as well as the estimation of the cost of the project. The earned value can be contrasted to actual expenses and prearranged costs to identify the performance of the project and predict performance fluctuations and trends shortly
Mark Jeffery and Joseph Norton, 2016. Ariba Implementation at MED-X: Managing Earned Value
Devaux, S. (2015). Managing projects: gained value to business value. Boca Raton: CRC Press.
Goodpasture, J. (2004). Quantitative methods in project management. Boca Raton, Fla: J. Ross Pub.