Project Planning Tools- Post Response
A project manager needs to have a good understanding of the project planning tools available and how what scenarios are best suited for each of the tools. The tools help the manager to control all the aspects of the project management process. A project manager uses particular tools to balance the staff workload and optimal time and resource management.
I think analogous estimating and reserve analysis are useful instruments to use based on the scenario. However, the stable activities tools and parametric model estimating might come in handy during the project implementation process. The project manager is faced with a predictable scenario where the success of the new hotel is based on the potential level of occupancy. Thus, before selecting a location for the hotel a feasibility analysis of the potential occupancy and the cost of operation needs to be done to determine the cost-effectiveness of the project (Laslo, Z. 2010, 610). Results from the feasibility analysis will determine whether the project manager can go on with the project (Zwikael, O & Globerson, S. 2004, 1545). If the potential benefits are more than the potential cost, the next would be to determine the required resources as well as the amount of time required to complete the project. This is where the parametric model estimating could come in where historical data is analyzed to come up with a formula for resource and time allocation. Occupancy data from the hotel can be used to design and plan the occupancy of the new hotel depending on how the hotel conducts its operations and the funds made available for the new branch. Reserve analysis will come in handy primarily because there is the existence of some uncertainties such as legal obstacles to acquisition of the new building.
References
Laslo, Z. 2010. Project Portfolio management: An integrated method for resource planning and scheduling to minimize planning/ scheduling-dependent expenses. International Journal of Project Management, vol. 28, pp. 609-618
Zwikael, O & Globerson, S. 2004, ‘Evaluating the quality of project planning: a model and field results’, International Journal of Production Research, vol. 42, no. 8, pp. 1545-1556.
