CM, Ch. 9 Project Management

Portfolio management ________ is routinely used to help facilitate cost-benefit analyses and construct decision trees to evaluate project options, uncertainty, and risk.

software

Deliverables

tangible results of project work, such as products, services, documents, documentation, source code, etc.

Top-down Budgeting

A type of budget that estimates a project's total cost and divides it amongst the project's tasks.

Bottom-up Budgeting

A type of budget that estimates the cost for each project task and adds them together to yield the project's total cost.

End products of the planning phase include:

A project plan Work breakdown schedule Timeline (Gantt Chart) Communication and risk management plans

Sequential methodology (SM) is also called...

Also called Waterfall Method

Some of the best practices for selecting a project management methodology include:

Begin with the end in mind §Start by looking at the project's requirements, goals and objectives, and deliverables, and select a methodology that is compatible with what you are trying to accomplish. Consider constraints, timeline, and tools §Don't overlook constraints posed by personnel, access to equipment, or resource availability when selecting a methodology. Assess what's worked in the past §Past project successes can guide future projects, stick with what has worked in the past and repeat it.

The ________-________ ________ method can fall short if the task list is not complete.

Bottom-up Budgeting

External Stakeholders

Can include project sponsors, contractors, vendors, competitors, consumers, and community members. External stakeholders can also include local, national, and international governments.

Internal Stakeholders

Can include top management, project team members, project managers, department managers, resource managers, or others positively or negatively affected by the project.

Critical Path

Critical path is the sequence of scheduled activities that determines the duration of a project and is used to prioritize and allocation resources.

Popular methods of PBM include:

Lean, Six Sigma, and Lean Six Sigma.

The end result of the initiation phase is the ________ ________ ________.

Project Initiation Document (PID)

A complex project often uses a ________ ________ ________ which is a statement that includes the name of the project team, start and end dates, project objectives, deliverables, milestones, and limitations.

Project Scope Statement

Project managers should consider the following questions when performing risk management on a project:

Risk Event - What might happen to a project? Timeframe - When might it happen? Probability - What are the chances it will happen? Impact - What is the impact or expected outcome? Factors - What might trigger the risk event?

Project plan

a detailed plan for achieving the goal or objectives of a project expressed as a schedule or timeline that spans the project's start to finish.

Popular methods for AM include:

Scrum, Kanban, and Extreme Programming.

Critical Path Steps:

Specify Activities - Determine high-level or broad activities by using a work breakdown structure or break a project into manageable tasks. Establish Dependencies - Identify activities and their order of precedence. Draw a Network Diagram - Draw a visual representation (critical path) of the order of activities based on dependencies. Estimate Activity Completion Time - Use experience or knowledge to estimate the time (in days or weeks) that each activity will take to complete. Identity the Critical Path - Find the longest sequence of activities, which is the critical path? Update the Critical Path - As actual completion times are know, update the network diagram and recalculate the critical path.

Project Manager

assumes ultimate responsibility for completing the project on-time, on-budget, and within its defined scope.

This ________-________ ________ method can fall short if the total cost is not prepared by knowledgeable personnel.

Top-down Budgeting

Project budget

a comprehensive financial estimate of project costs that provides management with an idea of how funds will be used and expended over the duration of a project.

Project Life Cycle

a high level view of a project that defines (1) the work to be accomplished, (2) the deliverables, (3) the people to be involved, and (4) the control necessary to accomplish each phase of the project.

Agile methodology (AM)

a method that places value on individuals over processes, software over documentation, customer collaboration over contract negotiation, and change over a firm project plan. AM adheres to clear project objectives, work performed in iterations, and changeable deliverables.

Gantt Chart

a popular project management tool that is used to plan and schedule projects. It takes the form of a bar chart and shows activities displayed against time.

PERT chart

a project management tool that is similar to the critical path and the activity complete time allows for time variance due to uncertainty.

Stakeholder analysis

a project management tool used to measure how a project will impact key stakeholders by assessing their needs, influence, and expectations about a project. §Stakeholder analysis provides information to the project manager on what is important to different stakeholders so that the project manager can address those concerns individually.

Risk register

a risk management tool that assigns a scored ranking to potential project risks based on the probability and impact of occurrence. A risk register helps to define a project's risk tolerance or the amount of risk that a project manager can assume before aborting a project. Risk registers help project managers decide which risks require attention and which are insignificant to the project and can be ignored.

Project risk

a risk management tool that is used to assess and manage risk by assigning a scored ranking to potential project risks. Project risks can include lack of stakeholder and executive commitment, poorly defined project requirements, equipment failures, environmental events, etc. Project risks are identified through brainstorming, experience, industry experts, and other resources.

Project

a temporary endeavor with a defined beginning and end, undertaken to create a unique product/service that accomplishes a single goal.

Project Initiation Document (PID)

addresses the vision for the project, key objectives, scope of work, and deliverables to be produced.

Process-based project management methodology

aligns project objectives with an organization's mission and values. All project goals and tasks are strategic and roll up to larger corporate objectives.

Program

an ongoing initiative with a clearly defined goal that consists of a group of related projects and has a long-term impact on an organization.

Project objectives

are measurable, clearly defined and detailed, specific outcomes or achievements for a project that define what a project will look like in terms of time, money, scope, and quality. Well-written project objectives address the elements of SMART or CLEAR goals.

Deliverables are defined in ________ terms, so they are easily understood by all ________.

basic, stakeholders

Project goals

broad outcomes or achievements that describe the general direction for a project.

A project portfolio manager is well versed in an organization's ________, ________, ________.

business strategy, technical strategy, and economic measures.

External stakeholders present the largest ________ because a project manager has little or no direct control over them.

challenge

Sequential methodology (SM)

comprises a sequence of tasks that are completed in order and that lead to a final deliverable. The most traditional method for managing projects and one of the most simple to understand.

Change management methodology (CMM)

deals with managing projects with a focus on planning for risks and taking control of change when it happens. §Popular methods of CMM include Event Chain Methodology and Extreme Project Management.

Program Manager

defines, plans, implements, and integrates every aspect of a program.

Work Breakdown Structure (WBS)

details everything required to perform a project's tasks and produce deliverables, i.e. direct costs, indirect costs, and reserves for contingencies. Once a project starts, the budget must be closely monitored to compare actual spending to budget estimates.

Some of the most important skills needed to be a successful project manager include:

effective communication, active listening, critical thinking, empathy, trust building, influence, and facilitation.

The project manager is the ________ point for project communications, providing status reports, risk assessments, and problem resolution, as well as managing expectations of the project's stakeholders.

focal

Program management

focuses on the overall success of a group of related projects that comprise a program and contribute to the same organizational objective.

Project management

focuses on the success of a single undertaking (a project) comprised of a series of tasks to produce a product or service.

Project-based methodology

focuses on work as a collection of processes. Some argue that these methods don't relate to project management, however they are a valid way to prepare and execute a project plan.

Stakeholders

individuals that have a vested interest in a project through participation, influence, benefit or impact.

The scope requires sufficient ________ for the project team to complete the project on-time and on-budget.

information

Stakeholders can be both ________ or ________ to an organization.

internal or external

Project scope

is the body of agreed-upon work that needs to be done to accomplish a project, or simply put, a project's parameters.

Project Manager

manages the operations of an individual project and reports to the program manager. They also coordinate time, budget, and resources and delegate tasks across the team.

Project Management

requires the application of knowledge, skills, tools, and techniques to project activities. It is also the process of creating, organizing, and executing a plan to achieve a businesses objectives.

The project budget can only be developed after the project schedule and ________ are complete.

resource plan

The monitoring and controlling phase

runs simultaneously with the execution phase to monitor and control and factors that could affect the execution and progress of the project. §Both quantitative and qualitative measures are important to maintaining control.

Risk management

serves to identify risks and plan for them before they occur.

Portfolio management

the centralized management of all projects across an organization, a division, or a department to meet strategic objectives. Portfolio management involves choosing the right programs and projects to undertake and determining the optimal resources and schedule of activities required to achieve operational and financial goals.

Portfolio

the collection of all the projects across an organization, division, or department.

Scope creep

the expansion of a project to erroneously include tasks and deliverables that fall outside of the agree upon work.

Project team

the group of people responsible for planning and executing a project. The team consists of a project manager and project team members who can either be full-time or part-time.

Checkpoints

the interim points of analysis and evaluation that determine whether a project is proceeding as planned. §Checkpoints monitor and control errors and curb misunderstandings.

Resources

the people, materials, equipment, facilities, capital, and more required to carry out a project's tasks. §Resource scheduling, availability, and optimization are key to successful project management.

Project library

the total of all data and information collected on a project that is logged and stored within a centralized system to facilitate access and organization. A project library is essential for long and complex projects that involve a large number of individuals.

Two main approaches to budgeting are:

top-down and bottom-up

Execution phase

where the project plan is put into action, and the core work is done. (also called production and implementation) During this phase, it is essential that the project remains focused on its objectives.

A project plan displays:

§All the tasks to be done §Who will do the tasks §Interdependencies between tasks and resources §Key dates or milestones for deliverables

Critical Path vs. PERT Chart

§Critical path is best for planning and controlling project costs and time where activities are predictable. §PERT charts are best for planning and controlling project time where activities are unpredictable and uncertain.

The project life cycle consists of 5 phases which include:

§Initiation §Planning §Execution §Monitoring and Controlling §Closing

To ensure a project progresses smoothly, five routine checkpoints are recommended in these phases:

§Kick-off §Requirements §Design §Build §Go-live

Most projects possess a number of common project management elements including:

§Project Objectives §Project Scope §Project Plan §Budget §Deliverables §Project Team §Stakeholders §Checkpoints §Resources §Project Library

The specific needs of a project and the project's team determine which of many project management methodologies to use. Categories of project management methodologies include:

§Sequential Methodology (SM) §Agile Methodology (AM) §Change Management Methodology (CMM) §Process-Based Methodology (PBM) §Process-Based Project Management Methodology (PBPMM)