The total home renovation project that was meant for investment purposes as guided by a principle of full turnover and it therefore aimed at keeping the cost low so that when it’s rented out the monthly profit margin is wide. The project aimed at fast, efficient, cheap and timely delivery of the project. To achieve this, I did most of the work myself to keep the labor cost low. Since one of the highest objectives is to minimize cost, this project will need a short timeline since the longer it sits empty, the more mortgage and insurance payments must be made.
The project was estimated to take a total of 33 days from beginning to completion. With a total cost of 15,500$ invested saving 9500$ on the budget limit. The amounts saved were projected to be from the choice of workers, suppliers and fitters. To achieve this, family was used to offering free services while acquaintances were to render professional services at a considerable bargain.
However, the project had to make changes in its initial plan due to a number of issues. While the ambition of the plan showed it was workable, some overlooked ideals led to delays that were not foreseen. For instance, the AC repairman was cheap but the repairs had to be redone since they only worked for a few days. The electrician did not turnup, and the painting would not be done before he finished his job. As a result, there were two days wasted as the project manager sought an electrician. The one who was found on short notice asked for twice the amount budgeted for the same.
Consequently, the project was behind schedule and was also surpassing its due budget. The planned value and the earned value have no correlation and, as a result, the actual cost is higher than the estimations. The plan has also gone behind schedule with the WBS falling apart due to failure in the team.
The projects choice to keep its costs low was driven by a wider profit margin than it was by provision of quality. This led to the derailment of the project and drastic implications in both time and cost. The project almost stalled halfway through due to lack of human resource. The other reason as to why the project did not completely follow its initial schedule was due to the late delivery of implements and tools by the suppliers. In an instance, Home Depot supplied paints four days late, and it took a toll on the schedule. However the project performance has been above average with the evaluation og the costs versus the earnings pointing at working within the budget. While costs might have surpassed the intended amount, they did not go beyond the initial budgetary limits. This was a score for the project thet worked under a strict budget. The planning period of the project failed to consider shortcomings that could result from various factors affecting the duration of the project. This heavily cost the project that was considered easy and hence believed to be delivered on time. The late deliveries and the lack of manpower slowed the project by More than a week. The scheduled 33 days were extended by 8 ays due to avoidable delays that had been overlooked. This had lasting implications as potential clients had already been contacted for viewing. The viewing was however not possible during the week when refurbishment continued hence many potential clients were lost.
Reference
Gaddis, B. W. (1974). Effective troubleshooting with EVM & scope. Blue Ridge Summit, Pa: Tab Books.
Cunningham, J. E. (1973). Understanding & using the VOM & EVM. Blue Ridge Summit, Pa: Tab Books.
Song, L., Project Management Institute., & Project Management Institute. (2010). Earned value management: A global and cross-industry perspective on current EVM practice. Newtown Square, Pa: Project Management Institute
White, D., & Garthwaite, A. (1998). The GC interface in the EVM. Palo Alto, CA: Sun Microsystems.
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