Project Management Chapter 4
Main outputs of closing projects include
Final product, service, or result transition and organizational process asset updates
Organizational Process Assets
Formal and informal plans, policies, procedures, guidelines, information systems, financial systems, management systems, lessons learned, and historical information
Main objectives of Performing Integrated Change Control
Influencing the factors that create changes to ensure that changes are beneficial, Determining that a change has occurred, managing actual changes as they occur
Modern View
Project management is a process of constant communication and negotiation
CCBs
Provide guidelines for preparing change requests, evaluate change requests, and manage the implementation of approved changes
Problem (former view)
Stakeholders rarely agreed up-front on the project scope, and time and cost estimates were inaccurate
Payback Period
The amount of time it will take to recoup, in the form of net cash flows, the total dollars invested in a project
Former view
The project team should strive to do exactly what was planned on time within budget
Directing and Managing Project Work involves
managing and performing the work described in the project management plan
Monitoring and controlling project work involves
overseeing activities to meet the performance objectives of the project
Baseline
the approved project management plan plus approved changes
Payback occurs when
the net cumulative discounted benefits equals the costs
Business Service Management (BSM)
tools track the execution of business process flows
Developing the project charter involves
working with stakeholders to create the document that formally authorizes a project- the charter
To Close a project of phase
you must finalize all activities and transfer the completed or cancelled work to the appropriate people
Project Charter
A document that formally recognizes the existence of a project and provides direction on the project's objectives and management
Project Management Plan
A document used to coordinate all project planning documents and help guide a project's execution and control
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 and work may be changed. Describes who is authorized to make changes and how to make them
Balanced Scorecard
A methodology that converts an organizations value drivers, such as customer service, innovation, operational efficiency, and financial performance, to a series or defined metrics
Weighted Scoring Model
A tool that provides a systematic process for selecting projects based on many criteria, higher the better
Solution (modern view)
Changes are often beneficial, and the project team should plan for them
Configuration Management
Ensures that the descriptions of the project's products are correct and complete. Identify and document configuration requirements, control changes, record and report changes, and audit the products to verify conformance to requirements
Required Rate of Return
Minimum acceptable rate of return on investment for projects
Directive
Must be done. Example could be because of govenment
Three important criteria for projects:
Need for the project, the funds available, and will to make the project succeed
Net Present Value
analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time
Return on Investment
calculated by subtracting the project costs from the benefits and then dividing by the costs
Internal Rate of Return (IRR)
can be calculated by finding the discount rate that makes the NPV equal to zero
Directing and managing project work involves
carrying out the project management plan by performing the activities included in it
Developing the project management plan involves
coordinating all planning efforts to create a consistent, coherent document- the project management plan
Strategic planning involves
determining long-term objectives, predicting future trends, and projecting the need for new products and services
Closing the project or phase involves
finalizing all activities to formally close the project or phase
Methods for selecting projects include
focusing on broad organizational needs, categorizing information technology projects, performing net present value or other financial analyses, using a weighted scoring model, implementing a balanced scorecard
Expert Judgement
help project managers and their teams make many decisions related to project execution
Performing integrated change control involves
identifying, evaluating, and managing changes throughout the project life cycle
