1. Business
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  3. in any project project managers must balance three key variables...

Question: in any project project managers must balance three key variables...

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In any project, project managers must balance three key variables – time, cost, and quality. Typically one variable is most critical in a project and should problems arise, the other two may be sacrificed to achieve the one that is key to the project’s success. Discuss how these three variables were managed in the Kingda Ka project. Write a 1 page paper explaining.

In a constantly changing business environment, new product and service development can invigorate a company, improve market share, and ensure desired financial performance. Six Flags, with its Go Big! Go Six Flags motto, knows it must regularly add new rides and upgrade existing ones in its theme parks to remain on top Located in Grand Prairie, Texas, Six Flags first opened in 1961 and grew to become the largest regional theme park system in the world. Central to this growth was the constant development of new and record-setting theme park rides, following a well-defined process of produdt development. Consider the Kingda Ka roller coaster that opened in May 2005 at the Six Flags Great Adventure & Wild Safari in Jackson, New Jersey. This is the largest of the Six Flags parks and Kingda Ka is the tallest and fastest coaster in North America Getting to the May 2005 ride opening required significant planning and a coordinated effort. Six Flags new product development process ensures both. It guides and choreographs the hundreds of tasks involved in building a roller coaster, from preparing the foundation to erecting the steel frame to installing the hydraulic system that allows for speeds of 128 mph to fitting out the cars Six Flags relies on several key documents to control and monitor all resources, including raw materials, equipment, and the people involved in the construction of the ride. The Statement of Work (SOw) is a written statement that describes the work to be done and includes a preliminary project schedule and completion dates. The SOW details project milestones, key completion events, and budget parameters. The Work Breakdown Structure (WBS) defines the hierarchy of tasks, subtasks, and work packages and is key to managing the logistics of the project. The project Gantt chart illustrates the project schedule and helps identify the critical path within the project. The critical path represents the longest chain of tasks in terms of time to complete. If there is a delay in any step in the critical path, the whole project can be delayed The Kingda Ka ride had a 15-month project schedule of which 9 to 10 months were actual construction time. The coaster took 16 months to complete and came in 10% over budget. Success in new product development requires careful planning, well-defined milestones teamwork, and flexibility to respond to unforeseen changes. The successful Kingda Ka ride was no exception.

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