Write a description explaining to Chase Opportunity what a s

Write a description explaining to Chase Opportunity what a successful project looks like. In other words, how will Chase know when you have achieved the common goal you set out to achieve? Describe three metrics, or measures, that you will use throughout the project life cycle. Explain how each metric relates to the project.

BACKGROUND: The Scenario. Chase Opportunity has selected you as the project manager to oversee their latest project – Chase Retail Complex. Chase’s vision is to build four (4) 10,000 square foot buildings (see concept drawing below). Within each building, suite sizes may vary per customer rental agreement (estimating five (5) 2,000 square foot areas per building). Chase has the funds to cover the total project costs and they have already purchased the land for construction. Chase wants to start construction January 2, 2007 and complete the project as soon as possible.

Solution

To make a project successful the goals have to be set and progress has to be measured according to it at every stage. The question that lies in this statement is that how will the progress of the project be measured. So the measures taken to evaluate the success of a project as per the goals can be discussed as follows:

- The first step towards the success of a project is defining the goals to measure the success. The goals depend on the nature of the business, market conditions, competitors performance, customer demand, past performances. Also the basis of deciding the goals can be different. For example, different projects can aim for completion of project on time or customer being satisfied with the outcome or cost not exceeding the budget or upto mark quality or even all of these.

For the project mentioned above, if I am the project manager, I will set my goals in which I can accomplish all the targets of the project completion tactfully. I will make plans and take measures to complete the project efficiently on time, within the budget assigned for it and with utmost quality assurance.  

The three metrics that I will use for the measurement of performance in the project cycle are:

- Schedule Variance- this is the method in which the time of completion of certain stage of the project is compared to the time allotted for it at the time of planning of the project. It is the measurement of what is actually been done in the project in comparison to what had been planned to be done by a fixed time. This metric is used when the project has to be completed on a certain date.

- Cost variance- this metric is used to measure the progress of the project in terms of the budget made for it. Like schedule variance, it also is measured by comparing the current variables with the fixed variables at the time of planning the project. This measurement is used it the project has to be completed in a particular budget only and cannot exceed more than it.

- utilization of resources- this method is used to measure the performance of the resources, mainly manpower in a project. Knowing the qualifications,calibre and talents of the employees a certain criteria is made for the work performance they will deliver at the different levels of the project. The current work performance is compared with these parameters and steps are taken if they dont meet. The project can be time saving and cost saving only with the condition that the manpower involved in it is giving its best performance to the project. Hence prime focus is required on this aspect of the project.