PM - CH 4 - PROJECT INTEGRATION MANAGEMENT

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Baseline

A starting point documented to be used for future comparison.

Mind Mapping

A visual mapping technique that uses branches radiating from a core idea to structure thoughts.

Project Docs Updates

All docs should be reviewed and marked final. Other's may refer to this docs in the future.

Payback Period

Amount of time it will take to recoup the total dollars invested, in terms of net cash inflows. How much time will elapse before accrued benefits overtake accrued/continuing costs.

Will

Are we interested on the project?

General Priority

Based on current business environment. They can be high, medium, or low. Complete high priority first.

Cash Flow

Benefits - Cost

Internal Rate of Return (IRR)

Find what discount rate results in an NPV of zero.

Project Charter: Organizational process assets

Formal and informal plans, policies, procedures, guidelines, lessons learned, historical info, and info, financial, and management systems.

Identifying Potential Projects

Guided by the IT Strategic Plan, this is the process in which projects are selected to work on using realistic methods.

Integrated Change Control

Identifying, evaluating, and managing changes throughout the project life cycle.

Coordinating Planning and Execution

Improve coordination between project plan development and execution, who will do the work should plan the work.

Tactic

Informal knoledge. Difficult to express and highly personal.

Discount Rate/Capitalization Rate/Opportunity Cost of Capital

Interest rate used to discount cash flows. Takes into account the time value of money and the risk/uncertainty of future cash flows. Greater uncertainty, higher the discount.

Strategic Planning

Involves determining long-term objectives by analizing the strengths and weaknesses, studying opportunities and threats, predicting future trends, and projecting the need for new products/services.

Close the Project or Phase

Involves finalizing all activities to formally close the project or phase.

Monitor and Control Project Work

Involves overseeing activities to meet the performance objectives.

Manage Project Knowledge

Involves using existing knowledge and creating new knowledge to achieve project objectives.

Project Charter: Business case

Justify the investment. Project objective, high-level requirements, time/cost goals.

Organizational process asset updates

List of documents with historical information produced from the project.

Steering Committee

Managers from different departments that ensure that all projects are related and benefits the entire organization.

Directing/Managing Project Work

Managing and performing the work described in the PMP.

Required Rate of Return

Minimum acceptable rate of return on an investment.

Impetus: Directives

New requirements imposed by management, government, or external influence.

Determine that a change has occurred

PM must know about changes and communicate the changes to the stakeholders.

Return on Investment (ROI)

Percentage result of substracting project costs from benefits and then dividing by the costs. The higher, the better.

Cost of Capital

Rate of return that could have been erned by putting the same money into a different investment with equal risk.

Project Charter: Enterprise environmental factors

Relevant government/industry standards, marketplace conditions.

Implementing a balanced scorecard

Strategic planning and management system that helps organizations align business activities to strategy, improve communications, and monitor performance against strategic goals.

Top Criteria for Investing in IT Projects

Supporting implicit business objectives and providing financial incentives.

Using a weighted scoring model

Tool that provides a systematic process for selecting projects based on specific criteria. Select criteria, agree on it, evaluate all projects against each other.

Impetus: Problems

Undersirable situations that prevent an organization from achieving goals.

Project Integration Management

involves coordinating all of the other project management knowledge areas throughout a project's life cycle.

Interface Management

involves identifying and managing the points of interaction between various elements of a project. Primary tools: communication and relationships.

Perform Integrated Change Control

involves identifying, evaluating, and managing changes throughout the project life cycle.

ROI

(Total Discounted Benefits - Total Discounted Costs) / Discounted Costs

Project Charter

-Business case -Benefits management plan -Agreements -Enterprise environmental factors -Organizational process assets

Main Tools and Techniques for Project Charter

-Expert judgement -Data gathering -Interpersonal and team skills -Meetings

Project Execution Tools and Techniques

-Expert judgement -Meetings -PM Information Systems

Two types of knowledge

-Explicit -Tactic

Methods for Selecting Projects

-Focusing on broad organization needs -Categorizing IT projects -Performing financial analysis -Using a weighted scoring model -Implementing a balanced scorecard

IT Planning Stages

-IT Strategy Planning -Business Area Analysis -Project Planning -Resource Allocation

Categorizing IT projects

-Impetus (easy approval) -Time Window -General Priority

Integrated Change Control Main Objectives

-Influence factors that create changes to ensure they are beneficial -Determine that a change has occurred -Manage changes as they occur

Financial Incentives

-Internal Rate of Return (IRR) -Net Present Value (NPV)

Project Management Plan Contents

-Intro/overview of project -Project organization -Management/technical processes -Scope -Schedule/budget -References

Performing financial analysis

-Net Present Value (NPV) -Internal Rate of Return (IRR)

Impetus

-Problems -Oportunities -Directives

Outputs of closing projects

-Project docs updates -Final product/service/result transition -Final Report -Organizational process asset updates

Project Charter Contents

-Project title/ate -Manager's name/contact info -Planned start/finish dates -Summary of budget -Description of project objectives -Success criteria -Summary of approach -Roles and Responsibilities -Sign-Off section -Comments section

SWOT Analysis

-Strenths -Weaknesses -Opportunities -Threats

Final Report

-Summary of project -Scope objectives, criteria and evidence -Quality objectives, criteria, product quality, and verification of info -Schedule objectives, planned and actual milestone delivery dates and reasons for variance -Cost objectives, acceptance cost range, actual costs, and reasons for variance -Summary of how the project achieved the benefits it was supposed to address -Summary of how the project achieved the business needs identified -Summary of risks/issues encountered

Project Integration Management Processes

1. Develop Project Charter 2. Develop Project Management Plan 3. Direct and Manage Project Work 4. Manage Project Knowledge 5. Monitor and Control Project Work 6. Perform Integrated Change Control 7. Close the Project or Phase

Final Product/Service/Result Transition

A formal acceptance or handover includes a written statement that the terms of the contract were met.

Change Control Board

A formal group of people responsible for approving or rejecting changes on a project.

Change Control System

A formal, documented process that describes when and how official project documents may be changed.

Net Present Value (NPV)

Calculate the expected net gain/loss by calculating the value of all expected future cash inflow/outflow at the present time. Positive means that the project exceeds the cost of capital. NPV(Discount Rate, Cash Flow from first year to last year)

Direct and Manage Project Work

Carry out the project management plan by performing its activities.

Impetus: Opportunities

Chances to improve the organization.

Change Requests

Common. Oral or written. Documented to avoid problems. Should be beneficial for the project. Should be approved by the Program Owner.

Time Window

Completed very quickly or they will no longer be valid.

Project Charter: Agreements

Contract/agreement should include most of the info for the project charger.

Develop Project Management Plan

Coordinates all planning efforts to create a consistent doc.

Project Charter: Benefits management plan

Describes how/when the project benefits will be delivered and how they will be managed. Target benefits, timeframe, benefits owner, metrics, assumptions, risks.

NPV

Discount Rate / Range of Cash Flows

Funding

Do we have funds to achieve it?

Project Management Plan (PMP)

Doc used to coordinate all project planning docs and help guide the project's execution and control.

Need

Does the organization believe there is a need for it?

Explicit

Easily explained using words, pics or numbers.

Influence factors that create changes to ensure they are beneficial

Ensure that changes are beneficial. Team must make trade-offs among the dimensions.

Configuration Management

Ensures that the descriptions of the project's products are correct and complete.

Manage changes as they occur

Exercise discipline in managing to help minimize the number of changes.

Focusing on broad organization needs

Will make projects more successful. However, justification and financial value are impossible. They need to meet: need, funding, and will.

Develop Project Charter

Working w/stakeholders to create the doc that formally authorizes the project.


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