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Project Management

Terms in this set (153)

5 Project Management Process groups
Initiating Process Group
Planning Process Group
Executing Process Group
Monitoring and Controlling Process Group
Closing Process Group
Initiating process group
Develop a project charter
ID stakeholders
Obtain approval to begin planning
Planning Process Group
Define scope
Create WBS
Develop schedule
Determine budget
Plan on how to manage
Monitoring and Controlling Process
i) ID corrective action
ii) ID preventive action
iii) Integrate change control
iv) Control scope, schedule, costs
v) Quality control
vi) Monitoring and controlling risks
vii) Administering procurements
Closing Process Group
Finalize all activates across all process groups
10 PM knowledge areas
i) Integration management
ii) Scope management
iii) Time management
iv) Cost management
v) Quality management
vi) HR management
vii) Communication management
viii) Risk management
ix) Procurement management
x) Stakeholder management
Project Integration Management
Process and activates needed to identify, define, combine, unify and coordinate the various processes and activities within the PM process groups
Includes all 5 process groups
(I, P, E, M&C, C)
Develop a project charter, Whats involved? (5 things)
i) High level requirements
ii) High level project description
iii) Summary milestone schedule
iv) Budget
v) Assign a PM to project
Develop Project Management Plan (whats involved 4)
- Documenting the actions necessary to define, prepare , integrate and coordinate all the required plans within a project
- Developed using project charter, outputs from planning processes, enterprise environmental factor
- Plans vary in detail and complexity depending on project and organization requirements
- Should have kick off meeting to develop
Project management plan should include (2)
o Schedule baseline
o Scope baseline
Direct and Manage Project Execution includes (5)
o Create project deliverables
o Staff, train, and manage team members assigned to the project
o Obtain, manage and use resources
o Manage communication
o Generate project data
o Collect and document lessons learned
Monitor and control Project work
- Process of tracking, reviewing, and regulating the progress to meet the performance objectives defined in the PM plan
4 basic steps for managing project changes
i) Evaluate the impact
ii) Create options
iii) Get team approval of the change request
iv) Communicate change to customer (always) and get buy-in
Define:
Perform Integrated change control
- The process of reviewing all change requests, approving changes, and managing changes to the project deliverables, OPAs, project documents, and PM plan
Close Project includes
o Transition of the final produce, service or results to the user
o Complete and compile of the project files
Project Scope statement Define (4 points)
- Detailed version of the project charter
- Project scope includes all work required to satisfy the project requirements
- Product scope - requirements that relate to the product of the project
- Project scope - the work within the project that will be done to deliver the product of the project
Plan Scope Management
- Process of creating a scope management plan that documents how the project scope will be defined, validated, and controlled
Define: Collect Requirements
are what the stakeholders need from a project and must relate to achieving the objectives of the project.
o Review historical records
o Interviewing
o Focus groups
Define: Define Scope
- Concerned with determining what is and isn't included in the project and its deliverables
Create Work Breakdown Structure
- Foundation of the project
- Includes only the deliverables required for the project
- Does not show dependencies between tasks
- WBS dictionary - document that provides description of the work to be done for each WBS work package
Validate Scope
- Process of formalizing acceptance of the completed project deliverables
- Get formal acceptance of project from customer
Control Scope
- Monitor the status of the project and product scope and managing changes to the scope baseline
Plan Schedule Management
- Establish the policies, procedures and documentation for planning, developing, executing, and controlling the project schedule
Define Activities
- ID and document the specific actions to be performed to produce the project deliverables
- Take the work packages from WBS and break down into further activities that are required to produce the work package deliverables
4 relationship types that can be illustrated using PDM (precedence diagramming method)
Finish to start
Finish to Finish
Start to Start
Start to Finish
Mandatory Dependencies
dependencies that are contractually or legally required or are inherent to the nature of the work
Discretionary Dependencies
dependencies that are determined by the PM or project management team and could be changed if needed
External dependencies
dependencies that are based on the needs of someone outside of the project (eg. Government or suppliers)
Internal dependencies
dependencies that are determined by the PM or project team
Leads
an amount of time that may be used to indicated that an activity can start before its predecessor activity is completed. Eg. Landscaping can begin 2 weeks before completion of building construction
Lag
an amount of time inserted between activities. Eg. Framing can only begin 3 days after the foundation is poured
For estimating Activity Duration name the 4 types of Estamating
One point
analogous
parametric
three point
Describe One point Estimating (2)
Estimate submitted for each actvity
Based on expert judgement
Problems with One Point estimating
• Padded estimates
• Hides important information about risks and uncertainties
• Unrealistic schedules
Describe Analogous Estimating
o top down estimate
o use recent historical information to predict future
• ex: last 5 hours took 6 months to complete, we will use the same
Describe Parametric Estimating
o use statistical relationships between variables to calculate estimates
o relies on standard times for labor hour estimates
Describe Three Point Estimating
Also called PERT (Program Evaluation Review Technique)
o Give 3 estimates
i) Optimistic (O)
ii) Pessimistic (P)
iii) Most Likely (M)
Expected Activity Duration (EAD)=(P+4M+O)/6
Activity Standard Deviation (SD)=(P-O)/6
Activity Variance=((P-O)/6)^2
In PERT what gives the highest risk
widest range
highest standard deviation
largest variation
Define Reserve analysis
is the process of establishing a contingency reserve that creates a time buffer.
Define Developing a Schedule
- process of analyzing the activity sequence, durations, resource requirements and schedule constraints to create the project schedule model
Name the 3 types of Float (or Slack) that can impact a project under the critical path method
Total Float
Free Float
Project Float
Define Total Float
The amount of time an activity can be delayed without delaying the project end date or an interim milestone
Define Free Float
The amount of time an activity can be delayed without delaying the early start date of its succesors
Define Project Float
The amount of time a project can be delayed without delaying the externally imposed project completion date required by the customer or management, or the date previously committed to by the pm
How much float are in Critical Path activities?
None they have zero float
Start Formula for float
Float=late Start (LS)-Early Start (ES)
Finish Formula for float
Float=late Finish (LF)-Early Finish (EF)
Schedule Compression two options
Fast tracking
Crashing
Define Fast Tracking in terms of schedule compression
• Perform activities in parallel - increase risk
• Compress the schedule by overlapping the critical path activities that would have normally been done in sequence
Define Crashing in terms of schedule compression
• Involves making cost and schedule trade-offs to compress the schedule.
• Results in increased cost (Iron triangle yo)
What is a What if Scenario
- What if things screw up. Think about it
- Monte Carlo Analysis uses a computer to simulate outcomes using three point estimate (O, P, M)
- Typically used for large, complex projects
What is Resource Leveling
- Used when you have a limited number of resources for your project or require a level load of resource allocation
Types of Project Schedules (3)
Milestone Chart
Gantt Chart
Networked Gantt Chart (Gantt Chart with interdependency trees added)
Define Control Schedule
The process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan
Define Cost Management
Process involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
Define Plan Cost Management
Process for establishing policies, procedures and documentation for planning, managing. Expending and controlling project costs.
What options should you consider when estimating costs
o Make vs buy
o Buy vs lease
o Sharing resources
Define Rough order of Magnitude (ROM) Estimation
o Usually made during project initiating when little is known about the project
o +/- 50% from actual
Define Budge estimate Estimation
o Usually made during project planning
o -10 to +25% from actual
Define Definitive Estimate Estimation
o as project progresses, estimate is refined
o +/- 10% from actual
Name the 4 types of cost
Variable
Fixed
Direct
Indirect
Define Variable Costs
o Cost that change with amount of production or work (material, wages, supplies)
Define Fixed cost
Costs that don't change (rent)
Define Direct Cost
o Costs directly attributable to the work on the project (travel expense, cost of material on project)
Define Indirect Cost
o Overhead item or costs for the benefit of more than one project (taxes, janitorial services)
Define Life Cycle Costing
- The cost of the whole life of the product (or service)
Define Bottom up Estimate
- Create a detailed estimate for each activity or work package
Adv and Dis of Bottom up Estimating
- Adv
o More accurate estimate
o Gets team buy-in
- Disadv
o Takes time to develop
o Required well defined project
Define Determine Budget
Collect all the estimated costs to give total estimate
Define Cost Aggregation
roll up project costs to create budget
Define Contingency Reserves
extra funds to compensate for additional cost impacts from risk
Define Cost Baseline
sum all the activity estimates and contingency reserves
Define Management Reserves
additional funds set aside to cover unforeseen risks
Define Cost Budget
cost baseline + management reserve
3 options to reduce cost
o Subcontract work to 3rd party for less (David Patel from tech support)
o Use less skilled resources (Brady at a shrimp factory)
o Reduce/change scope (Fudge the quality)
Define Control Costs
- Monitor the status of the project to update the project costs and manage changes to the cost baseline
What does Earned Value Management (EVM) do?
Provides forecast of performance problems
What are the 3 key measurements of Earned value management (EVM)?
i) Planned value (PV)
o What work is planned to cost
o Total PV is called budget at complete (BAC)
ii) Earned Value (EV)
o Estimated value of the work that actually been accomplished
iii) Actual Cost (AC)
o What was actually spent
Whats the formula for Cost Variance(CV)?
CV=EV-AC=Earned value-Actual cost
refer to example
What is the Formula for schedule variance (SV)
SV=EV-PV=Earned value-Planned Value
Refer to example
Formula for Schedule Performance index SPI? What does it mean if its greater or less than 1
SPI=EV/PV=Earned value/Planned value
SPI<1 less work done than planned
SPI>1 more work done than planned
Refer to example
Formula for Cost Performance index CPI? What does it mean if its greater or less than 1
CPI=EV/AC=Earned value/Actual Cost
CPI<1 Over Budget
CPI>1 under budget
Refer to example
What's the purpose of Estimate at completion (EAC)
Create a forecast based on the past and expected future performance of the project
4 ways to calculate EAC
Same Rate
planned rate
fundamentally flawed
cost and schedule concerns
Whats the Usage of the Same rate calculation under Estimate at Completion (EAC)? Whats the Formula
If the (cost performance index) CPI is expected to be the same for the remainder of the project
EAC=BAC/CPI
=budget at complete/cost performance index
Whats the Usage of the Planned rate calculation under Estimate at Completion (EAC)? Whats the Formula
If the future work will be accomplished at the original planned rate (rate of work to date is atypical to future work)
EAC=AC+BAC-EV
=Actual Cost+Budget at complete-Earned value
Whats the Usage of the Fundamentally flawed calculation under Estimate at Completion (EAC)? Whats the Formula
If the initial plan is no longer valid (or was fundamentally flawed), a new estimate of remaining work is required
EAC=AC+Bottom-Up ETC
Actual cost+bottom up estimate to complete
Whats the Usage of the cost and schedule concerns calculation under Estimate at Completion (EAC)? Whats the Formula
If both the cost performance index (CPI) and Schedule performance index (SPI) influence the remaining work (current variances are thought to be typical of the future- assumes poor cost performance and a need to hit a firm completion date)
EAC=AC+{(BAC-EV)/(CPI*SPI)}
AC=Actual cost
BAC=Budget at complete
EV=earned value
CPI=cost performance index
SPI=schedule performance index
How do you calculate Estimate to Complete (ETC)
ETC=EAC-AC
How do you calculate Variance at completion (VAC)? what does it mean to be below, equal and less than 0?
VAC=BAC-EAC
=budget at complete-Esteimate at completion
VAC>0 under planned cost
VAC=0 on planned cost
VAC<0 over planned cost
Define: To complete Performance index (TCPI)
Divides the work remaining to be done by the money remaining to do it
Answers the question "in order to stay within budget, what rate must we meet for the remaining work?"
To complete performance index using the BAC method. formula, usage and interpretation.
The effeciency that must be maintained in order to complete on plan to BAC
TCPI=(BAC-EV)/(BAC-AC)
AC=Actual cost
BAC=Budget at complete
EV=earned value
TCPI>1 harder to complete
TCPI=0 same to complete
TCPI<0 easier to complete
Refer to example
To complete performance index using the EAC method. formula, usage and interpretation.
The effeciency that must be maintained in order to complete the project to the current EAC
TCPI=(BAC-EV)/(EAC-AC)
AC=Actual cost
BAC=Budget at complete
EV=earned value
EAC=Estimate at completion
TCPI>1 harder to complete
TCPI=0 same to complete
TCPI<0 easier to complete
refer to example
Define Risk management
processes of conducting risk management planning, ID, analysis, response planning, and controlling risk on a project
Define Plan Risk Management
Process of defining how to conduct risk management activities for a project
Whats included for plan risk management
o Methodology
o Roles and responsibilities
o Budgeting
o Timing
o Risk categories
what do you do when you ID risks
- Determining which risks may affect the project and documenting their characteristics
all stakeholders involved in ID
create Risk Register
What is a Risk Register
a document in which the results of risk analysis and risk response are recorded
Whats involved in performing Qualitative Risk Analysis
- Process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact
o Probability of each risk uses a standard scale (low to high, 1 to 10)
o Impact also uses standard scale
See example
Define Decision Tree
Takes into account future events to help present decisions
refer to example
Name 3 risk strategies for THREATS
Avoid - eliminate threat by removing cause (person or work package)
Mitigate - reduce probability or impact of a threat
Transfer - let someone else deal with it
Name 3 risk strategies for Opportunities
Exploit - reverse or avoid
Enhance - increase probability of positive impact
Share - partner with a 3rd party to achieve opportunity
Define Residual risks
risks that remain after project. Ex. Stainless Steel hand rails will rust if not properly cared for during winter
Define contingency plan
plan for specific actions to take care of risks. Ex clean the SS hand rails routinely to avoid rusting.
Define secondary risk
a new risk that may occur as a result of the contingency plan. Ex. Accidental cleaning with a wire brush will increase chance of pitting (rust spots) on the SS hand rails.
Define risk triggers
events that trigger contingency plan. Ex. When snow falls, look to clean handrails
Define Fallback plan
specific actions to be taken if contingency plan does not work. Ex. Handrail may need to be taken in to remove rust, through citrus acid passivation or re surfacing
5 common risk management Error
- Risk ID is completed without knowing enough about the project
- Risk ID is not extensive enough
- Only one method of ID risks
- Contracts are signed before risks on project are discussed
- Risk management is not given enough attention during project execution
Define Human resource management
- Process that organize, manage, and lead the project team
Define Plan HR management
- Process of identifying and documenting project roles, responsibilities, required skills, reporting relationships, and creating a staffing management plan
Define Responsible in terms of the Responsibility Assignment Matrix (RAM)
ID the person or group responsible for conducting the work
Define Accountable in terms of the Responsibility Assignment Matrix (RAM)
person/group accountable for the correct thorough completion of the deliverable or task, and delegates the work to those responsible. Ex. Section heads on SAE
Define consulted in terms of the Responsibility Assignment Matrix (RAM)
people or groups whose opinions are required to support the task Ex. Advisors
Define informed in terms of the Responsibility Assignment Matrix (RAM)
people or groups that are kept up to date with the task status
list 4 necessities of the staffing management plan
- Staff schedule
- Contact information
- Staff placement
- Training schedule
List 5 team building things in a project team
- Forming
- Storming
- Norming
- Performing
- Adjourning
List 5 types of power in a manage project team
- Formal - power based on position
- Reward - power that stems from giving rewards
- Penalty - power that comes from the ability to penalize people
- Expert - power that comes from being technical or project management expert
- Referent - power that comes from other liking, respecting, or wanting to be like you
Penalty is the worst
name the 7 sources of conflict in conflict management
- Schedules
- Project priorities
- Resources
- Technical opinions
- Admin procedures
- Cost
- Personality
Name 6 common conflict resolution techniques
- Confronting - solving the problem so that it goes away (win/win)
- Compromising - only partial satisfied for both parties (lose/lose)
- Withdraw - retreating liking a little bitch
- Smoothing - involves agreement rather than difference of opinion
- Collaborating - multiple viewpoints to lead to consensus
- Forcing - one person wins (win/lose)
Define quality management
- Processes and activities of the performing organization that determine quality policies, objectives, and responsibilities so that the project objects are satisfied
5 benefits to quality requirements in terms of quality management
o Less rework
o Higher productivity
o Lower cost
o Increased stakeholder satisfaction
o Increased profitability
Define Quality
degree to which the project fulfils requirements
Quality standard ISO 9000
Define Grade
category assigned to deliverables having the same functional use but different technical characteristics
Define Cost of Conformance
money spent during the project to avoid failures
Define cost of non-conformance
money spent during and after the project because of failures
Define Total cost of quality
cost of conformance + cost of non-conformance
list 5 commonly used techniques in plan quality management
o Benchmarking
o Cost benefit analysis of quality requirement
o Cost of quality assessments
o Brainstorming
o Meetings
Define perform quality assurance
check to see if quality is being met
Whats the point of quality audits (2)
- Id all good and best practices being implemented
- Id all nonconformity, gaps, and shortcomings
whats 3 things you should do for quality control
- Monitor/record results
- Use charts and shit
- Customer surveys
Whats gold plating? is it good?
giving customers extra
bad practice
o Losing money on extra spent
o Effort should focus on the project requirements
Whats Distributive negotiation?
win/lose (don't care about relationship)
Whats integrative negotiation?
Win/Win (negotiate package rather than single source
Whats mixed negotiation?
Mix of distributive and integrative
Whats Reservation point in negotiation?
point at which best alternative negotiated agreement (BATNA) becomes option
Whats bargaining range in negotiation?
range between reservation points of each party
Whats Anchoring in negotiation?
cognitive bias based on the first piece of information, ex list price, or first offer on ebay
Whats Auction in distributive negotiation tactics?
competition between parties
Whats Brinksmanship in distributive negotiation tactics?
insist on a particular set of terms
Whats chicken in distributive negotiation tactics?
force other party to give in to your demands
Whats Extreme anchoring in distributive negotiation tactics?
extreme 1st piece of info
Whats nibbling in distributive negotiation tactics?
add small details before closing deal
Whats snow in distributive negotiation tactics?
overwhelm with info
Whats foot in door in distributive negotiation tactics?
- small concession, than build on that
Whats bogey in distributive negotiation tactics?
make pretend one issue is important, which it isn't. Than trade that for something else that the other party holds important
Whats the necessary number of communication channels for N people in project?
# communication channels=(N(N-1))/2
What are the 5 levels of engagement for stake holders
- Unaware : no clue on anything
- Resistant: resists change,
- Neutral: not supportive nor resistant
- Supportive: supportive to change
- Leader: actively engaged in ensuring project is a success
3 main contract types in project procurement management
Fixed price (FP)
Time and material (T&M
Cost Reimbursable (CR)
What are the three types of Fixed price contracts
Fixed price incentive fee (FPIF)
-Profits are added if seller meeting specified performance criteria ex done early 10 extra a month
Fixed Price Award Fee (FPAF)
-Buyer pays fixed price plus award based on performance
similar to incentive but prearranged
Purchase Order (PO)
-simplest form of FP
Explain a bit about Time and material (T&M) project procurement
o Buyer pays on a per hour or per unit basis
o Best for small amounts and short periods
o Ex: contract = $100/hr for labour, material at cost + 5%
Explain a bit about cost reimbursable (CR) project procurement
o Seller receives no profit (lame)
o Selling at cost
o Cost Plus Fee (CPF) or Cost Plus % (CPPC)
• Contract plus %
o Cost Plus Fixed Fee (CPFF)
• Contract + fee
o Cost Plus incentive Fee (CPIF)
• Seller gets % of savings if actual are less than target cost (80:20 split between buyer:seller)
o Cost Plus Award Fee (CPAF)
• Cost plus reward based on performance
what are the 3 necessary procurement documents?
Request for Proposal (RFP)
-Request a detailed proposal on how work will be done
Invitation to bid
-Used to request total price for a job
Request for Quotation
-Request a price quote per item, hr, foot etc
What are the 10 +1 uglies
1) Lack of Maintained Documentation
- Don't write shit down
2) Pile Phenomenon
- Focus on other projects, small items are piled on until too much
3) No Quality at Source
- Crappy work done now, expect someone else to fix it.
- Cost more in the end
4) Wrong People on the Job
5) Not involving the right people
6) Not having proper sponsorship
7) No rigor around processes
- Not having proper methodology to working on a project
8) No community plan
- Helps project team understand plan and goals
9) No plan for rework
10) Dates are just numbers
11) Inadequately defined scope
What are the 4 remedies to the uglies?
Proactive Manager
-spend time up front instead of fire fighting
Keeping up with work
-do it while you do it
-document as you do it
Empowering your teams
-involve the team
-celebrate success
-be honest
Being conscious
-be aware of whats going on
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