IT Project Management
def: Project Quality Management
"... totality of characteristics of an entity that bear on its ability to satisfy stated or implied needs" (Schwalbe, 2014) conformance to requirements: meeting written specifications fitness for use: ensuring a product can be used as it was intended
Def: What is a Project
"a temporary endeavour undertaken to create a unique product, service or result"
Scope creep techniques
1. Over-Communicate to Users 2. Document Everything 3. Go into Detail 4. Get Senior Management Support 5. Phase Out The Project 6. Get Creative 7. Have A Flexible Design
Top Ten PM Skills
1. People skills 2. Leadership 3. Listening 4. Integrity, ethical behavior, consistent 5. Strong at building trust 6. Verbal communication 7. Strong at building teams 8. Conflict resolution, conflict management 9. Critical thinking, problem solving 10. Understands, balances priorities
Stephen Covey
7 habits of Highly Effective People (1980s) Steven Covey developed 7 habits to improve effectiveness on projects be proactive begin with the end in mind put first things first think win/win seek first to understand, then to be understood synergize sharpen the saw
cost baseline
A cost baseline is a time-phased budget that project managers use to measure and monitor cost performance.
Milestone
A milestone is a significant event that normally has no duration (Schwalbe, 2014, p.230), It often takes several activities and a lot of work to complete a milestone They're useful tools for setting schedule goals and monitoring progress
Procurement documents x3
A request for proposal (RFP) is a document used to solicit proposals from prospective suppliers. A proposal is a document prepared by a seller when there are different approaches for meeting buyer needs. A request for quote (RFQ) is a document used to solicit quotes or bids for prospective suppliers. A bid also called a tender or quote, is a document prepared by sellers providing pricing for standards items that have been clearly defined by the buyer.
EVM terms PV, AC, EV, CV, SV, CPI, SPI, EAC, BAC
ACTIVITY Define the following EVM terms: planned value (PV) actual cost (AC) earned value (EV) cost variance (CV) schedule variance (SV) cost performance index (CPI) schedule performance index (SPI) estimate at completion (EAC) budget at completion (BAC)
Experts-Feigenbaum
Armand V. Feigenbaum Developed concept of total quality control (TQC). Proposed that responsibility for quality should rest with the people who do the work.
Network diagrams AOA(ADM)
Arrow Diagramming Method (ADM) also called activity-on-arrow (AOA) network diagram activities are represented by arrows nodes or circles are the starting and ending points of activities can only show finish-to-start dependencies
Advantages of project management
Better control of financial, physical, and human resources Improved customer relations Shorter development times Lower costs Higher quality and increased reliability Higher profit margins Improved productivity Better internal coordination Higher worker morale
Control-Conflict
Blake and Mouton (1964) competing collaborating compromising avoiding accommodating
Categories of Risk x5
Categories of risk market risk: will the new product be useful to the organisation or marketable to others? will users accept and use it? financial risk: can the organisation afford to undertake the project? is this the best way to use the company's financial resources? technology risk: is it technically feasible? could the technology be obsolete before completion? people risk: does the organisation have or can they find people with appropriate skills? do they have enough experience? structure/process: what is the degree of change the project will introduce? which user groups must be satisfied?
CCB
Change Control Board (CCB) formal group responsible for approval or rejection of changes provide guidelines for preparing change requests, evaluate change requests, and manage the implementation of approved changes include stakeholders from the entire organisation
CCS
Change Control System (CCS) formal, documented process that describes when and how official project documents and work may be changed describes who is authorised to make changes and how to make them
Probability Matrix
Chart that compares the Likelihood of an event Vs the Impact of the event. low - medium - high low Medium high
Stakeholder Analysis
Chart/Grid of importance of stakeholder Vs Influence of stakeholder
Stakeholder Register
Chart: Name/Position/Internal-External/Project role/contact info
CMP includes
Communication Plan Contents include stakeholder communications requirements information to be communicated, including format, content, and level of details people who receive and produce information methods or technologies for conveying information frequency of communication escalation procedures for resolving issues revision procedures for updates glossary of common terminology
Processes Communications x3
Communications management processes: plan communications management manage communications control communications
SOW
Contract Statement of Work (SOW) statement of work is a description of the work required for the procurement used as part of a contract to describe work required for that particular contract, it is called a contract SOW type of scope statement which gives bidders a better understanding of the buyer's expectations
Estimate Costs techniques x 6
Cost estimation tools and techniques expert judgment: cost estimates are influenced by numerous variables such as labour rates, material costs, inflation risk factors, and other variables. Expert judgment guided by historical information, provides valuable insight about the environment and information from prior similar projects as the basis for estimating the same parameter or measure for a current project. analogous estimating: uses the values of parameters, such as scope, cost, budget and duration or measures of scale such as size, weight, and complexity, from a previous, similar project as the basis for estimating the same parameter or measure for a current project. When estimating costs, this technique relies on the actual cost of previous, similar projects as the basis for estimating the cost of the current project. parametric estimating: uses a statistical relationship between historical data and other variables to calculate an estimate for activity parameters, such as cost, budget and duration. Can produce higher levels of accuracy depending upon the sophistication and underlying data built into the model. e.g. COCOMO bottom-up estimates: involves estimating individual work items or activities and summing them to get a project total three-point estimates: most likely: the cost of the activity based on realistic effort assessment for the required work and any predicted expenses optimistic: the activity cost based on analysis of the best-case scenario for the activity pessimistic: the activity cost based on analysis of the worst-case scenario for the activity reserve analysis: cost estimates may include contingency reserves (sometimes contingency allowances) to account for cost uncertainty. The contingency reserve may be a percentage of the estimated costs, a fixed number, or may be developed by using quantitative analysis methods. (PMI, 2008, p.173)
CCSch
Critical Chain Scheduling method of scheduling that considers limited resources when creating a project schedule and includes buffers to protect the project completion date uses theory of constraints (TOC)
Integration Management Processes x 6
Develop charter Develop PMP Direct and manage project execution Monitor and Control the project work Perform ICC Close Project
Experts-Deming
Dr W. Edwards Deming Famous for his work in rebuilding Japan and his 14 points. Known for his work on quality control in Japan after WWII where he assisted in improving productivity and quality. Created cycle for improvement: plan, do, check and act. Most six sigma principles are based on this Deming's model
EVM
Earned Value Management (EVM) (see ITECH 7401) project performance measurement technique that integrates scope, time, and cost data given a baseline, can determine how well the project is meeting its goals
Tuckman Model x 5 stages
Five-Stage Model (1960s) Tuckman published five stage model of team development Forming: first stage in team development, characterized by much uncertainty. Get acquainted with each other and understand the scope of the project Storming: second stage in team development characterized by intra-team conflict. Conflict over who will control the group/manage the team and how decisions will be made Norming: third stage in team development, characterized by close relationships and cohesiveness. Feelings of shared responsibility and group establishes common set of expectations Performing: fourth stage in team development, when the team is fully functional. Members know each other very well and work together to achieve the project goals Adjourning: final stage in team development for temporary teams, wrapping up activities (Team Technology, 2011)
Experts-Taguchi
Genichi Taguchi Developed methods for optimizing the process of engineering experimentation. Believed quality should be designed into the product and not inspected into it, and that quality is best achieved by minimizing deviation from the target value. Developed Robust Design methods focus on eliminating defects by substituting scientific inquiry for trial-and-error methods.
Good Conflict-Group Think
Good Conflict can produce important results, such as new ideas, better alternatives, motivation and collaboration groupthink can develop if there are no conflicting viewpoints research by Jehn suggests that task-related conflict often improves team performance, but emotional conflict often depresses team performance
Project Examples
Great wall of China Hoover Dam
Appropriate Comms mediums
Hard copy Telephone Voice mail Email meeting website
Herzberg
Hertzberg's Motivation-Hygiene Theory (1960s) Frederick Herzberg wrote about worker motivation distinguished between motivation factors (satisfiers): achievement, recognition, work, responsibility etc ... hygiene factors (dissatisfiers): cause dissatisfaction if absent but do not motivate, e.g. $ etc
Identifying Risks
Identifying Risks determining which risks may affect the project and documenting their characteristics
six characteristics of a valid contract:
Intention: to create legal relations Agreement: offer and acceptance Consideration: each party gives some benefit to the other party Genuine consent: consent must not be a mistake or fraud and must not be made under pressure Legal capacity: each party must have the legal capacity to enter into the contract Legality of objects: The agreement must be for a lawful purpose only
Intrinsic Vs Extrinsic Motovation
Intrinsic Motivation causes people to participate in an activity for their own enjoyment eg. reading, horse riding, gaming ... Extrinsic Motivation causes people to do something for a reward or to avoid a penalty eg. assignments
Strategic Planning
Involves determining long-term objectives, predicting future trends, and projecting the need for new products and services
Experts-Juran
Joseph M. Juran Wrote the Quality Control Handbook and 10 steps to quality improvement Like Deming taught Japanese how to improve quality Wrote Quality Control Handbook in 1974, in 5th edition developed Juran trilogy: quality improvement, quality planning, and quality control.
Experts-Ishikaw
Kaoru Ishikawa He developed the concept of quality circles. Quality circles are groups of non-supervisors and work leaders in a company who volunteer to conduct group studies on how to improve effectiveness of work in their section. Pioneered the use of Fishbone diagrams. Fishbone diagrams trace complaints about quality problems back to the responsible production operations.
Raci Chart
Key: R = responsibility, only one R per task A = accountability C = consultation I = informed
Make or Buy
Make-or-Buy Analysis technique to determine whether an organisation should make, or perform a particular product or service inside the organisation or buy from someone else often involves financial analysis experts, both internal and external, can provide valuable inputs in procurement decisions
Top Management Commitment
Management positions are key stakeholders in projects. Level of commitment and support they receive from top management. Without top management commitment, many projects will fail. Some projects have a senior manager called a champion who acts as a key proponent for a project.
Managing the project team Feedback model
Managing the project team involves tracking team member performance, providing feedback, resolving issues, and managing changes to optimise project performance
Maslow
Maslow's hierarchy of needs (1960's) Abraham Maslow a highly respect psychologist who rejected the dehumanizing negativism of psychology in the 1950's is best known for developing a hierarchy of needs. The needs consisted of: Physiological - includes hunger, thirst, shelter, sex and other bodily needs. Safety - includes security and protection from physical and emotional harm. Social - includes affection, belongingness, acceptance and friendship. Esteem - includes internal esteem and ego factors such as self-respect, autonomy and achievement; and external esteem factors such as status, recognition and attention. Self-actualization - represented by the drive to become what one is capable of becoming; includes growth, achieving one's potential and self-fulfillment.
McClelland
McClelland's Acquired-Needs Theory (1961) David McClelland proposed an individual's specific needs are acquired or learned over time and shaped by life experiences categories Achievement: People with a high need for achievement seek to excel and tend to avoid both low-risk and high-risk situations to improve their chances for achieving something worthwhile. Achievers need regular feedback. Affiliation: People with a high need for affiliation desire harmonious relationships with other people and need to feel accepted by others. They tend to conform to the norms of their work group and prefer work that involves significant personal interaction. Power: People with a need for power desire either personal power or institutional power. People who need personal power want to direct others and can be seen as bossy. People who need institutional power or social power want to organize others to further the goals of the organisation
McGregor
McGregor's Theory X and Theory Y (1960's) Douglas McGregor popularized the human relations approach and suggested managers following certain theories Theory X: workers dislike and avoid work Theory Y: work is as natural as play or rest Theory Z: emphasizing trust, quality, collective decision making, and cultural values
Meyers-Briggs Type Indicator (MBTI)
Meyers-Briggs Type Indicator (MBTI) tool for determining personality preferences and helping teammates understand each other four dimensions include extrovert/introvert (E/I) sensation/intuition (S/N) thinking/feeling (T/F) judgment/perception (J/P)
History of Project Management
Modern Project Management (1917) Gantt chart: Henry Gantt developed the Gantt chart as a tool for scheduling work and improving efficiency in factories during the first world war. (1945) Manhattan project: Start modern PM. Manhattan project was lead by the U.S. military to develop the atomic bomb during world war II. The success of the project was attributed to the separation of the technical and the project management. (1958) PERT: Project Evaluation and Review Technique is a network analysis technique used to estimate project duration in uncertainty. Originally created for the US Navy as a system to manage and coordinate large and complex projects. (1970s) Software: By the 1970s the military had begun to use software to help manage large projects. Early project management software products were very expensive and ran on mainframe computers. Artemis was an early project management software that helped managers develop complex schedules for designing aircraft. (1990s) Universal use of project management techniques: In the 1990s many companies began creating project management offices to help them handle the growing number and complexity of projects. A project management office (PMO) is an organizational group responsible for coordinating the project management function throughout an organization. PMBOK guide, was released 31 December 2008 (PMI, 2008).
Experts-motivation x 4
Motivation Experts Maslow Herzberg McClelland McGregor
Project attributes x7
Objectives-Projects should have a well defined objective, with an expected result or product Temporary-A project has a specific time frame, or fixed life span with a definite beginning and a definite end. Unique-A project may be unique or a once off endeavour. Interdependent tasks- Resources-people, organizations, equipment, materials, and facilities. Customer-project should have a primary customer or sponsor. Uncertainty-A project involves uncertainty, because each project is unique, it is sometimes difficult to define the project's objectives clearly, estimate how long it will take to complete, or determine how much it will cost.
Selection Methods x5
Organisational needs-provide justification, including need for project, funds available for project, and will to make project succeed Categorising IT projects-assesses if the project provides a response to a problem, an opportunity, or a directive consider time/date of completion and project priority Performing net present value (NPV) or other financial analyses-uses minimum desired rate-of-return (discount rate) to compute current value of all net cash inflows positive NPV: project meets minimum rate of return and is worth consideration negative NPV: project is rejected Use a weighted scoring model-systematic process for selecting projects based on criteria steps: identify criteria, assign weights add up to (100%), assign scores to each criteria for each project Balanced scorecard-converts organisation value drivers, such as efficiency, and financial performance, to set of defined metrics
Effective Comms Tech
PMI (2014) suggests: Sender-receiver models Choice of media Writing style Meeting management techniques Presentation techniques Facilitation techniques Listening techniques (pp. 298-299)
pareto analysis
Pareto Analysis involves identifying the vital few contributors that account for the most quality problems in a system also called the 80-20 rule, meaning that 80% of problems are often due to 20% of the causes pareto diagrams are histograms that help identify and prioritize problem areas
Experts-Crosby
Philip B. Crosby Best known for suggesting the organisation strive for zero defects. Stressed that the costs of poor quality should include all the costs of not doing the job right the first time e.g. rework, lost sales. Proposed fourteen steps to improve quality
Time Management Processes x7
Planning Schedule Management Define Activities Sequence Activities Estimate Activity Resources Estimate Activity Durations Develop Schedule Control Schedule
Network diagrams-AON(PDM)
Precedence Diagramming Method (PDM) also called activity on node (AON) activities are represented by boxes arrows show relationships between activities more popular than ADM method and used by project management software better at showing different types of dependencies
Problems with Cost Estimates
Problems with Cost Estimates estimates are done too quickly lack of estimating experience human beings are biased toward underestimation management desires accuracy (Schwalbe, 2014)
def: Procurement Management
Procurement means acquiring goods and/or services from an outside source also called purchasing and outsourcing experts predict that global spending on computer software and services will continue to grow the leading country for U.S. offshore outsourcing is India
Product Life Cycle
Product life cycle models vary based on the nature of the product. 1) planning 2) analysis 3) design 4) implementation 5) maintenance
Profit
Profits - DEFINITION of 'Profit' A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity. Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business.
def: HR Management
Project Human Resource Management (HRM) includes the processes that organise, manage, and lead the project team (PMI, 2013)
Integration Management
Project integration management is an overreaching function that involves coordinating all of the other project management knowledge areas throughout a project's life cycle
Def: Project Life Cycle
Project life cycle is a collection of project phases, typically concept, development, implementation, and close-out
How Top Management Can Help Project Managers
Providing adequate resources Approving unique project needs in a timely manner Getting cooperation from other parts of the organization Mentoring and coaching on leadership issues
Qualitative analysis
Qualitative analysis is assessing likelihood and impact, to estimate size and priority. Tools probability, top 10, and expert judgment
Reserves
Reserves - A reserve is profits that have been appropriated for a particular purpose. Reserves are sometimes set up to purchase fixed assets, pay an expected legal settlement, pay bonuses, pay off debt, pay for repairs and maintenance, and so forth.
Response Strategies
Response Strategies risk avoidance: eliminating a threat or risk, usually by eliminating its causes risk acceptance: accepting the consequences should a risk occur risk transference: shifting the impact of a risk and responsibility to a third party risk mitigation: reducing impact of risk by reducing the probability of its occurrence
RMP
Risk Management Plan
Risk Register
Risk Register a document that contains results of various risk management processes for potential risk events and related information
Risk Preferences
Risk Utility Adverse/Neutral/Seeker Risk utility or risk tolerance is the amount of satisfaction or pleasure received from a potential payoff. See image the y-axis represents utility or the amount of pleasure received from taking a risk. The x-axis shows the amount of potential payoff, opportunity or dollar value of the opportunity at stake. Utility rises at a decreasing rate for a risk-averse person. In other words, when more payoff or money is at stake a person or organisation that is risk-averse gain less satisfaction from the risk, or has lower tolerance for the risk. Those who are risk-seeking have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake. A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks. A risk-neutral person achieves a balance between risk and payoff.
PMP Content
Schwalbe (2014, pp.161-164) introduction organisation management and technical processes work to perform schedule budget
Scope creep
Scope creep (also called requirement creep, function creep and feature creep) in project management refers to uncontrolled changes or continuous growth in a project's scope. This can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered harmful.
Triple Constraint
Scope/Cost/Time
Sources of Risks x9
Sources of risk include user involvement, management support, requirements, planning, expectations, milestone, skilled staff, ownership, and vision/objectives
def: Stakeholder Management
Stakeholder Management identifying people, groups or organisations that could be impacted by the project
Stakeholder Management Plan Contents
Stakeholder Management Plan Contents engagement levels scope and impact of change interrelationships communication requirements information distributions reasons for distribution time and frequency of distribution method for updating (PMI, 2013, p.403)
Statistical Sampling & Standard Deviation
Statistical Sampling & Standard Deviation statistical sampling involves choosing part of a population of interest for inspection size of a sample depends on how representative you want the sample to be sample size formula: Sample size = .25 X (certainty factor/acceptable error)2 Be sure to consult with an expert when using statistical analysis
Effective Meetings
Suggestions avoid meeting define the purpose and outcome determine attendees provide an agenda prepare ahead run professionally build relationships
Tangable cost
Tangable cost - Benefits that can be quantified, especially in money.
SDLC
The Systems Development Life Cycle (SDLC) is a framework for describing the phases involved in developing and maintaining information systems
Task Dependencies FS, SS, FF and SF
The four types of dependencies or relationships between activities include: Finish-to-start: a relationship where the "from" activity must finish before the "to" activity can start. For example; you cannot provide user training until after the software has been installed. Most common type of dependency. Start-to-start: a relationship in which the "from" activity cannot start until the "to" activity is started. For example; on several information technology projects, a group of activities all start at the same time, such as when the system goes live. Finish-to-finish: A relationship where the "from" activity must be finished before the "to" activity can be finished. One task cannot finish before another finishes. For example; quality control efforts cannot finish before production finishes. Start-to-finish: A relationship where the "from" activity must start before the "to" activity can be finished. This type of relationships is rarely used, but it is appropriate in some cases. For example; an organization might strive to stock raw material just in time for the manufacturing process to begin. A delay in the manufacturing process starting should delay completion of stocking the raw materials.
Lessons Learned Report
The project manager and project team members should each prepare a lessons-learned report a reflective statement that documents important things an individual learned from working on the project The project manager often combines information from all of the lessons-learned reports into a project summary report
Scope Statement
The scope statement details the project deliverables and describes the major objectives.
Thamhain and Wilemon Wilemon identified nine influence bases available to project managers
They identified nine influence bases available to project managers: Authority - the legitimate hierarchical right to issue orders Assignment - the project manager's perceived ability to influence a worker's later work assignments Budget - the project manager's perceived ability to authorize others' use of discretionary funds Promotion - the ability to improve a worker's position Money - the ability to increase a worker's pay and benefits Penalty - the project manager's perceived ability to dispense or cause punishment Work challenge - the ability to assign work that capitalizes on a worker's enjoyment of doing a particular task, which taps an intrinsic motivational factor Expertise - the project manager's perceived special knowledge that others deem important Friendship - the ability to establish friendly personal relationships between the project manager and others
Top Ten
Top 10 risk item tracking tool for maintaining an awareness of risk throughout the life of a project establish a periodic review of the top 10 project risk items list current ranking, previous ranking, number of times risk appears on the list over a period of time, and a summary of progress made in resolving the risk
Contracts types
Types of Contracts Fixed price or lump sum contracts: setting a fixed total price for a defined product or service Cost reimbursable contracts: payments to seller for legitimate actual costs incurred for completed work, plus a fee representing seller profit Time and material contracts: hybrid type of contractual arrangement that contain aspects of both cost-reimbursable and fixed-price contracts
Estimate Cost Types x 3
Types of Cost Estimates Rough order of magnitude (ROM) estimate: Provides an estimate of what a project will cost. ROM estimates can also be referred to as a ballpark estimate, a guesstimate, a swag or a broad gauge. This type of estimate is done very early in a project or even before a project is officially started. The timeframe for this type of estimate is often three or more years prior to project completion. A ROM estimate's accuracy is typically -25 % to +75%. Budgetary estimate: Is used to allocate money into an organization's budget. Many organizations develop budgets at least two years into the future. Budgetary estimates are usually made one to two years prior to project completion. The accuracy of budgetary estimates is typically -10%to +25%. Definitive estimate: Provide an accurate estimate of project costs. Definitive estimates are used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs. Definitive estimates are made one year or less prior to project completion. A definitive estimate should be the most accurate of the three types of estimates The accuracy of this type of estimate is normally -5% to 10%.
Testing Types x 4
Types of Tests unit: test each individual component to ensure defect free as possible integration: between unit and system testing to test functionally grouped components system: test entire system as one user acceptance: an independent test performed by the end user prior to accepting the delivered system
PMBOK Guide
What is PMBOK? Project Management Body of Knowledge (PMBOK) describes the sum of knowledge within the profession of project management. The complete PMBOK includes proven traditional practices that are widely applied, as well as innovative practices that are emerging in the profession. The primary purpose of the PMBOK guide is to identify good practice. The PMBOK® guide also provides and promotes a common reference for discussing, writing, and applying project management. The PMBOK® offers a set of processes, generally recognized as good practice, which delivers results across industries and organizations. With over two million copies in circulation, the PMBOK® Guide is renowned as one of the leading tools for the profession and is an essential reference for the library of every project management practitioner. The PMBOK® Guide contains the fundamental, baseline practices that drive business results for any organization - local, regional and global. The current version (fourth edition) of the PMBOK guide, was released 31 December 2008 (PMI, 2008).
Influence and Power Types x 5
What is Power? Coercive Power: Involves using punishment, threats or other negative approaches to get people to do things they do not want to do Legitimate Power: Based on a position of authority Expert Power: Involves using personal knowledge and expertise to get people to change their behavior Reward Power: Using incentives to induce people to do things Referent Power: Based on personal charisma, e.g. J.F Kennedy, Bill Clinton, Martin Luther King
Risk Utility (Tolerance)
What is Risk Utility (Tolerance)? amount of satisfaction or pleasure received from a potential payoff of running the risk risk preference risk-averse: utility rises at decreasing rate risk-seeker: higher tolerance for risk and satisfaction increases when more payoff is at stake risk-neutral: approach achieves a balance between risk and payoff
Scope Management Processes x 6
What is Scope Management? Processes: Plan scope management Collect requirements Define scope Create WBS Validate scope Control scope
Def: perform ICC & Objectives
What is integrated change control? identify, evaluate, and manage changes throughout project life cycle Objectives of ICC influence factors that create changes to ensure that changes are beneficial determine a change has occurred manage changes as they occur
def: WBS
Work Breakdown Schedule -process of subdividing project deliverables and project work into smaller, more manageable components and re-grouping in a structured document
cash flow analysis
cash flow analysis - A cash flow statement is one of the most important financial statements for a project or business. The statement can be as simple as a one page analysis or may involve several schedules that feed information into a central statement.
Def: Project Life Cycle Phase
collection of logically related project activities, usually concluding in the completion of a major deliverable
Project Life Cycle Phases x 4
concept- Business Case Preliminary cost estimate 2-Level WBS development- PMP Budgetary Cost 3+level WBS implementation- Execution of work packages Definitive cost estimate Performance reports close-out- Completed work Lessions learned Customer acceptance
Conduct Procurements x 3 tasks
conduct procurements bidder conference, proposal evaluation select supplier
contingency reserves
contingency reserves - A contingency reserve is typically money, but it might also include additional labor or time to complete a project. It is not part of the project budget. The purpose of the reserve is to provide a cushion against surprises.
Control Risk x 5
control risks audits variance and trend analysis status meeting status updates
Identifying Risks - techniques
delphi: The Delphi Technique is used to derive a consensus among a panel of experts who make predictions about future developments Provides independent and anonymous input regarding future events Uses repeated rounds of questioning and written responses and avoids the biasing effects possible in oral methods, such as brainstorming swot: (strengths, weaknesses, opportunities and threats analysis) Interview focus groups: observation: expert judgment: Asking experts what is likely to go wrong
Estimate Costs
developing an approximation of the monetary resources needed to complete project activities (PMI, 2013, p.200)
Plan Stakeholder Management
developing management strategies to effectively engage stakeholders throughout the project life cycle, based on the analysis of their needs, interests, and potential impact on project success provides a clear, actionable plan to interact with project stakeholders to support projects interest
Decision Trees and EMV
diagramming method used to help you select the best course of action in situations in which future outcomes are uncertain expected monetary value (EMV) is a type of decision tree where you calculate the expected monetary value of a decision based on its risk event probability and monetary value
direct costs indirect costs
direct costs indirect costs - A cost object is something for which a cost is compiled, such as a product, service, customer, project, or activity. These costs are usually only classified as direct or indirect costs if they are for production activities, not for administrative activities (which are considered period costs).
plan cost management
establishing policies, procedures, and documentation for planning, managing, expending and controlling project costs
Estimating Activity Resources
estimate type and quantities of materials, people, equipment, or supplies required coordinated with estimate costs process, consider issues in estimating resources
PMP Benefits
guide project execution document planning assumptions document planning decisions regarding alternatives chosen facilitate communication define key management reviews as to content, extent, and timing provide a baseline for progress and control
WBS approaches
guidelines: some organizations, such as the DOD, provide guidelines for preparing WBSs. analogy approach: Review WBSs of similar projects and tailor to your project. top-down approach: Start with the largest items of the project and break them down. bottom-up approach: Start with the specific tasks and roll them up. mind-mapping approach: Write tasks in a non-linear, branching format and then create the WBS structure (Schwalbe, 2006, p181)
Stakeholder management processes: x4
identify stakeholders plan stakeholder management manage stakeholder engagement control stakeholder engagement
Sequence Activities
identifying and document logical relationships (or dependencies) a dependency or relationship is the sequencing of project activities or tasks
Charting (Seven Run Rule)
if seven data points in a row are all below or above the mean, increasing or decreasing, then the process needs to be examined for non-random problems
Project Cost Management
includes the process required to ensure that the project is completed within an approved budget
Process Groups x5
initiating planning executing controlling closing
3-point estimates
instead of providing activity estimates as a discrete number, it's often helpful to create a three-point estimate an estimate that includes an optimistic, most likely, and pessimistic estimate, such as three weeks for the optimistic, four weeks for the most likely, and five weeks for the pessimistic estimate
intangible costs
intangible costs - An unquantifiable cost relating to an identifiable source. Intangible costs represent a variety of expenses such as losses in productivity, customer goodwill or drops in employee morale. While these costs do not have a firm value, managers often attempt to estimate the impact of the intangibles
intangible costs or benefits
intangible costs or benefits - Indirect costs are costs that are not directly accountable to a cost object (such as a particular project, facility, function or product). Indirect costs may be either fixed or variable. Indirect costs include administration, security costs.
def: Project Time Management
involves the processes required to ensure timely completion of a project (PMI, 2010, p.129)
learning curve theory
learning curve theory - The learning curve theory is a relationship between unit production time and the cumulative number of units produced. As individuals or organizations collectively repeat a particular process, they gain skill or efficiency from their experience and production time improvements result.
life-cycle costing
life-cycle costing - Life-cycle cost analysis (LCCA) is a tool to determine the most cost-effective option among different competing alternatives to purchase, own, operate, maintain and, finally, dispose of an object or process, when each is equally appropriate to be implemented on technical grounds.
management reserves
management reserves- budget set aside for management control purposes (known unknowns) rather than designated for the accomplishment of one or more tasks. It is not part of the performance measurement baseline (PMB), but is included in the total contract budget.
Dependencies Types x3
mandatory dependencies: nature of the work e.g. testing code discretionary dependencies: defined by project team e.g. detailed design external dependencies: link between project and non-project activities e.g. OS & app software
Metric
metric is standard of measurement e.g. failure rates, customer satisfaction
Channels
n(n-1) /2 where n = 10 10(10-1) /2 10(9) /2 90/2 45 channels
Critical Path Method (CPM)
network diagramming technique used to predict total project duration (Schwalbe, 2010, p.228) series of activities that determines the earliest time by which the project can be completed
estimate activity durations
number of work periods needed to complete activities with estimated resources duration includes actual amount of time worked plus elapsed time, effort is the number of workdays or work hours required to complete a task
QC Tools x4
pareto analysis statistical sampling six sigma quality control charts
Processes
plan cost management estimate costs determine budget control costs
HR Processesx 4
plan human resource management acquire project team develop project team manage project team
Processes Procurement Management x4
plan procurement management conduct procurements control procurements close procurements
Risk Processes x6
plan risk management identify risks perform qualitative analysis perform quantitative analysis plan risk responses control risks
PMP attributes
plans are unique just like projects plans guide project execution by helping the project manager lead the project team and assess project status plans should be dynamic flexible updated as changes occur
determine budget
process of aggregating the estimated costs of individual activities or work packages to establish an authorised cost baseline (PMI, 2013, p.208)
Quality Assurance Plan
process of auditing quality requirements and results from quality control measurements to ensure standards and operational definitions are used (PMI, 2013) key benefit provides guidance and direction on quality management and validation e.g. benchmarking and audits to generate ideas for improvement
Control Costs
process of monitoring status of project to update project budget and manage cost baseline changes (PMI, 2013, p. 215)
Quality Management Processes
process: plan quality management process: perform quality assurance process: control quality
def: Project Scope Management
processes required to ensure inclusion of all work required to complete project successfully what is and what is not included in the project project scope work that needs to be accomplished to deliver a product, service, or result with specified features and functions (PMI, 2013, p.105)
Profit Margin
profit margin - The profit margin is an accounting measure designed to gauge the financial health of a business or industry. In general, it is defined as the ratio of profits earned to total sales receipts (or costs) over some defined period.
def: Risk Management
project risk involves understanding potential problems that might occur on the project and how they might impede project success risk management is like a form of insurance; it is an investment What is Project Risk Management? art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives goal is to minimise potential risks while maximising potential opportunities
Why Outsourcing
reduce both fixed and recurrent costs allow the client organisation to focus on its core business access skills and technologies provide flexibility increase accountability
10 knowledge Areas
scope time cost quality HR Communications Risk Procurement Stakeholder Intergration
Gantt Chart
standard format display project schedule information by listing project activities and their corresponding start and finish dates in a calendar format symbols include black diamonds: milestones thick black bars: summary tasks lighter horizontal bars: durations of tasks arrows: dependencies between tasks
Reports x3 & Meanings
status reports describe where a project stands at a point in time address where the project stands in terms of meeting scope, time and cost goals can take various formats depending on stakeholder needs Progress Reports describe accomplishments during a certain period of time Forecasts predicts future project status and progress based on past information status review meetings often include performance reporting
sunk cost
sunk cost - A cost that has already been incurred and thus cannot be recovered
Six Sigma
the target for perfection is the achievement of no more than 3.4 defects per million opportunities the principles can apply to a wide variety of processes six sigma projects normally follow a five-phase improvement process called DMAIC includes define, measure, analyse, improve, control define: define the problem and/or opportunity, process, and customer requirements measure: define measures, collect, compile, and display data analyze: scrutinize process details to find improvement opportunities improve: generate solutions and ideas for improving the problem control: track verify the stability of improvements and predictability of the solution
def: Comms/goal
to ensure timely and appropriate generation, collection, dissemination, storage, and disposition of project information
