Tag: Earned value management

Design, construction and operations of an industrial plant

Learned skills

Advanced project management
Cost management
Earned value management
Project planning
Risk management

The context of the solution is the position of a project manager in a large international company, which is considering to invest on a plant to produce chemical X for the company’s internal use. But before the project can start, an investment proposal needs to be created and a simulation of the design, construction and operations of the plant for 10 years needs to be implemented to convince the management board about the feasibility of the investment. 

Learning goals

  • Identify the main cost elements in an industrial investment project. ​
  • Understand the importance of product life-cycle costs and operational expenditure (OPEX) when determining the profitability of an investment. ​
  • Understand different phases and tasks in an industrial investment project. ​
  • Identify and manage typical risks in an industrial investment project. ​
  • Understand the business implications of decisions made during the project. 

Skills

  • Advanced project management skills​
  • Project cost management skills (estimation, budgeting)​
  • Project controlling skills (particularly Earned value management skills)​
  • Investment calculation/capital budgeting skills​
  • Industrial investment project planning skills​
  • Project risk management skills

Target group

Master level or MBA students

Game duration

3 hours

Suggested implementation

Group work assignment to prepare an investment proposal, presentation of the proposal & feedback, game session, de-briefing session and/or final report. Can be implemented fully on-line or combined with classroom teaching. 

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    Building of a town house

    Learned skills

    Earned value management
    Project scheduling
    Risk management

    You are building a town house for yourself and have applied for mortgage for this. It is very important to be able to estimate the situation and progress of the project throughout the project, and manage the risks related to the construction. 

    Learning goals

    • Utilize activity network calculation in the management of the project schedule
    • Estimation of the project progress and application of earned value analysis in the estimation of total cost and time at completion
    • Identify and assess risks and their effects as well as plan risk management responses ​
    • Understand the implications of uncertainty and risks on project schedule and procurement management 
    • Calculate the project budget and understand the importance of contingency planning and management

    Skills​

    • Fundamental project management skills​
    • Project schedule management skills​
    • Earned value management skills​
    • Project risk management skills

    Target group

    Bachelor level students

    Game duration

    60 min

    Suggested implementation

    An individual assignment, in which the students calculate the budget and schedule for the project before playing the game based on the provided information. These estimates are provided at the start of the game and the students are asked to provide also estimates during the game. These calculations can be used as part of the game performance assessment. Game performance is determined by the project duration, total costs and quality level of the town house. The game can be integrated with Moodle and the performance grade is automatically returned to Moodle.  It is suggested that students play the game e.g. twice and the better results is taken into account in assessment. No separate de-briefing session. 

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