Project Management
What is the key to success through the smart phases?
A good project manager that •project is highly transparent communication throughout each of the phases among all the parties involved.
What happens in the closure phase of project management?
A key component of project management is to review the team's performance. •Did the project accomplish its stated goals? •Was the quality and timeliness of each member's work aligned with expectations? During the closure phase, managers document the lessons they learned during the project's execution. •the more information they can compile, the more accurately they can anticipate challenges and estimate costs for future projects •the closure phase also provides an opportunity for all stakeholders to discuss how closely the project's execution met their expectations Finally, the closure phase ensures the ending of all associated contracts and accounting for all used and unused resources
What is a PERT network analysis and what is its purpose?
A program evaluation and review technique (PERT) network chart enables project managers to visualize the relationships between numerous interdependent activities and to determine which activities will establish the actual timeline for complex project completion. The PERT chart allows project managers to note when certain processes have interdependencies that create "slack" periods while awaiting the completion of other activities. A PERT chart allows project managers to use the critical path method (CPM) to determine the most efficient means to complete a complex project.
What is the Critical path method?
A project management tool that illustrates the relationships among all the activities included in completing a project and identifies the sequence of activities that will take the longest. As each activity is started or completed, the PERT network chart updates the critical path. The critical path estimates the project completion time
What is resource leveling?
A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply.
As with all goals, projects should meet the S.M.A.R.T. criteria which is?
As with all goals, projects should meet the S.M.A.R.T. criteria; that is, the project must have a specific objective (S), progress must be measurable (M), it must be attainable (A) and realistic (R), and there must be a defined time-frame (T). Projects have starting points and (hopefully) ending points, and are, therefore, temporary by their very nature
What is a critical Path Schedule?
By connecting each activity according to its dependencies in a PERT network chart, the program manager can establish a critical path of project completion, called the critical path schedule, based on the duration and dependence of the longest activities.
How do Gantt charts add value?
Gantt charts to allow stakeholders to visualize the time frame of each project activity. Constructing a Gantt chart is an important part of the planning phase of the project management process. The Gantt chart shows an estimated beginning point for each process as well as an estimate of the process duration. Unlike a flowchart, a Gantt chart allows stakeholders to see when processes can be conducted concurrently. Gantt charts also provide project managers with a framework from which they can construct a program evaluation and review technique (PERT) network chart. Used for internal company purposes not stakeholders.
How does the Pert Chart work?
If the project is exceedingly complex, the project manager and client may need to take the planning phase to another level. This involves using PERT which is normally created with the same software used to create the Gantt chart. The program evaluation and review technique, PERT, examines each activity displayed in the Gantt chart and evaluates its completion time in terms of earliest start date (ESD), earliest finish date (EFD), late start date (LS), and late finish date (LF), as well as the duration of each activity in terms of optimistic or best-case scenario (O), pessimistic (P), and expected or most likely (E or M).
What is a Gnatt chart and how is it used in project management?
In the early 20th century, Henry Gantt developed a horizontal bar chart that could be used to visualize a project schedule. Today, the Gantt chart is the most widely used tool in project management. In a Gantt chart, a project is broken down into its component parts. •some tasks can be done concurrently while other tasks are dependent upon the completion of preceding tasks •each task is then depicted on the chart, going down the Y-axis, displaying an estimate of its time requirement on the X-axis
What is the flow of creating a flowchart for a project?
Many project managers build a relatively simple flowchart (or use an existing template) prior to planning a project out with a Gantt Chart or more complex software. •a simple flowchart often describes an overall project vision far more concisely than the most advanced project management program •this allows clients and investors, who might not be familiar with more evolved tools, to visualize the entire project at a glance
What is the advantage of Pert
The advantage of a PERT network chart is that it displays the interconnectivity of different processes, including activities that can be completed concurrently. •when activities take place concurrently, one activity will inevitably take longer than other activities, defining a segment of the project's critical path •this allows managers to direct resources from activities that are not on this critical path and apply them to more critical processes, speeding the completion of the entire process PERT is often used when time is a more critical element than money.
What is Project Management?
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements (MEET A SPECIFIC GOAL)
What happens in the initiation phase of project management?
The manager outlines the requirements of the project, documents these requirements, and analyzes the costs of the project. The initiation phase begins by identifying project goals which may have originated, because an opportunity has arisen (a client presents a request) or through a brainstorming session. Once project objectives have been identified, managers conduct feasibility studies and create business cases to determine whether or not the project will accomplish the stated goals and if it can realistically be afforded. During the initiation phase the project's scope and a projected timeline for deliverables are described. Stakeholders in the project are identified and, finally, a statement of work or other working agreement is created.
The PMBOK identifies six processes that project managers can use to assess risks what are these risks?
These include risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control.
How do project management firms know how and when to take on new projects?
To avoid this common problem, project management firms use project portfolio management (PPM) software to assist in appropriately allocating resources and to aid in determining whether additional projects can be successfully and profitably be completed.
Gnatt chart uses what programs?
Using software such as Microsoft Project, Lucidchart, SmartDraw, or Creately, to display the project's timeline with the lengths of the component activities and their dependencies.
What is the purpose of the project portfolio manager?
ensures that the project management firm only accepts the right projects. Project portfolio management requires an understanding of the firm's objectives and capabilities. The goals of project portfolio management are to maximize the firm's efficiency by accepting all the projects that align with the goals of the firm while acknowledging the firm's limitations
What are the four essential phases of project management?
initiation, planning, execution, and closure.
In addition to the main four relationships, project managers also categorize relationships according to what?
internally or externally dependent. With an internal dependency, the project manager has a degree of control over the tasks. An external dependency simply means that the task falls outside of the program manager's immediate control.
Why was pert developed?
was developed to assist in organizing extremely complex projects involving numerous activities.
What tools are required for good communication throughout the smart phases?
•in today's world of social media and instant communication, client and stakeholder expectations regarding being informed of changes have increased dramatically This has resulted in the rapid expansion of the use of sophisticated project management software.
How do project managers estimate their risk exposure?
Multiplying the risk probability by the risk impact allows PMs to estimate their risk exposure. This exposure can then be compared to the project timeline in order to create appropriate response plans.
What programs could be used for Gnatt project management?
Programs such as Microsoft Excel or Apple Numbers can be used to develop relatively simple Gantt charts and nearly all project management software can integrate Gantt charts that were created using a spreadsheet. They can also allow the PM to convert them into a PERT network chart and then utilize critical path methodology tools. Anyone considering entering the project management field should take the time to view the Gantt chart templates provided by spreadsheet manufacturers to gain experience with Gantt charts.
What is the planning phase of project management?
Project is planned.
How are flowcharts used to analyze business processes?
Project managers have long used flowcharts to assist stakeholders to visualize the project processes. The highly complex nature of projects necessitates the use of visualization tools to describe and understand a project. Flow charts also highlight decision points in the project. Depending on their complexity and location, projects require various inspections and points at which the progress and continued feasibility of the project must be verified. A flowchart assists in alerting project management stakeholders when such points are approaching and what preparations must be accomplished prior to each of these checkpoints.
The four parts of project planning go under which type of management?
Project planning involves the initial two stages of a project, initiation and planning, and often falls under the purview of a project planner (or planning division), while the project execution phase is directed by a project manager (or project management team). The project closure phase generally falls to both managers though quite often the project planner, who has dealt most closely with the client, takes a lead role in this phase. Each project has its own flowchart, Gantt chart, and/or PERT network chart depending on the needs of the project.
What are the major elements of a flow chart?
The project's beginning point and ending point are represented by ovals. •the oval is sometimes referred to as a terminator Another key shape is the arrow that is used to describe the directional progress of the flowchart, or the flow itself. •it is usually best to remain consistent with the choice of arrow used, whether dotted, solid, dashed, or filled Every project involves the completion of a number of processes depicted by a rectangle on a flowchart. •most projects involve many processes, so the rectangle is the most common shape on most flowcharts Keep it simple and not complicated.
What happens in the execution phase of project management?
They execute the planning phase. Of course, no project ever goes according to plan, but experienced managers understand that they must allow for contingencies with every project, and that communicating any issues quickly can serve to minimize their potential impact. Managers must constantly monitor the progress of the project and the project's resources. •again, a Gantt chart, or more accurately, a Gantt chart software system, can greatly simplify progress and budget tracking
What is earned value management (EVM)
To assist the PM in cost evaluation the project manager body of knowledge (PMBOK) guide recommends using earned value management (EVM) to track what is called the project "triangle" of scope, time, and costs. EVM was originally called PERT/COST because it enters cost data into the PERT network chart to evaluate a project's efficacy. •this was later changed to EVM because evaluating earned value more accurately describes the EVM methodology Essentially, earned value multiplies the percentage of completion of each activity on the PERT network chart by the total value of the completed activity. If the costs of the project exceed the EV, then project managers and clients need to reassess initial cost assumptions. EVM necessitates the use of sophisticated project management software, as well as an objective measurement of the value of each activity and the project team's performance.
What is the Monte Carlo Simulation?
When using a Monte Carlo simulation to estimate a project's timeline, optimistic (O), pessimistic (P), and expected or most likely (E or M) values from each activity are taken from the PERT network chart and placed in the simulation program. The simulation then provides outcome probabilities based on these inputs. Rather than stating, for example, that the project will be completed between six and twelve months, the Monte Carlo simulation will indicate the probability of the outcome. •in this case, it might show an 8% probability that it will be completed in six months, a 48% probability that it will be completed in nine months, and a 96% probability that it will be completed in 12 months The same process can be used to estimate costs.
What are the two functions that project management software provides?
project scheduling and project communications. •these two functions continually interact •the initiation phase involves significant communication as the client and the project manager negotiate the objectives of the project •they determine its feasibility by addressing the two questions •Is it attainable (possible and effective)? •Is it realistic (affordable in terms of time and resources)? After a feasibility study determines the efficacy of the project, the project scheduling software will assist in determining the duration of the project by integrating the dependent steps and activities required for project completion. The project is also communicated to shareholders.
The Project planner focuses on?
project scheduling and sequencing to optimize the progress of all the projects in a firm's portfolio. •the sequence activities process involves charting or mapping all of the activities in a project or projects in a firm's portfolio •it also involves capturing the work that needs to be completed on each project so that the proper equipment and personnel can be allocated efficiently •the sequence activity process maps all the activities in a manner that is similar to the PERT process, except that it also displays interdependencies between projects resulting from equipment or technician limitations Most sequence activity tools use the precedence diagramming method (PDM) to display the dependencies, and plan for project leads and lags that impact project timelines.
WHat is project crashing?
the project manager will attempt to create efficiencies by addressing those activities along the critical path and focusing on how to make them as short as possible. This is referred to as project crashing. •by reducing the duration of the most demanding activities on the critical path, the PM can expedite the entire project •project crashing usually requires applying additional resources to critical activities and results in increased costs •by design, the PERT focuses on expediting project completion time rather than minimizing costs •these costs are offset by the faster completion times, with the potential for associated bonuses, and the ability to accept additional projects
There are four types of dependencies or relationships among activities in a project. what are they and explain them?
•one of the easiest to visualize is known as the finish-to-start (FS) dependency, also known as a mandatory dependency •in an FS dependency, one activity must be accomplished before the dependent activity can be started A second type of task dependency is a finish-to-finish (FF) dependency, sometimes called a discretionary dependency. •in an FF dependency two tasks can be accomplished independently of each other, but both must be completed in order for the project to be completedA start-to-start (SS) relationship means that logically, one task cannot begin until another has begun. Finally, there is a start-to-finish (SF) relationship. •in an SF relationship one task is not considered complete until the next task has been started
If you needed to order certain supplies at a point in the project, what shape would you use for this?
•ordering supplies is a process so the rectangle would be used
What shape would be used if you needed to make a decision about whether or not to purchase supplies from a specific company?
•since this requires a decision (either yes or no), the diamond would be used and the question in the diamond would be, "Should we purchase supplies from Company X?"
Why is risk analysis not always an accurate science?
•while sophisticated software is used by insurance underwriters when analyzing risk to determine premiums, this software usually relies on large amounts of data from activities that are very similar •because every project is unique and an individual project manager has a limited data pool to work with, conducting an accurate risk analysis remains challenging
