Ch 3- Project Management and Scheduling Flashcards
Operations vs Projects
Running the org vs. changing/improving the org
Operations characterisitcs
1) what are they
2) how are they done
3) priorities
4) objectives
5) focus (Time line)
6) structure
7) culture
1) running the org
2) using the current capabilities
3) prioritizes efficiency, productivity, speed
4) objective: performance driven
5) short term focus
6) hierarchial structure
7) command and control culture
projects characteristics
1) what are they
2) how are they done
3) priorities
4) objectives
5) focus (Time line)
6) structure
7) culture
1) chanigng the org
2) exploration of new competencies!
3) prioritizeizes innovation, transofrmaion, and agility
4) objective is to be strategic
5) focuses on medium to long term
6) structure is flat (Team based)
7) culture of entreprenurship and collaboration
6 ways AI changes project management
1) better selection and prioritiziation of tasks
2) Project managers office analytics and monitoring automation
3) faster project defintion, planning, and reporting
4) virtual project assistants
5) advanced testing of systems and software integration
6) project manager role shift
How does project, program, and portfolio connect
Project is the smallest > program is bigger > portfolio is biggest
Project: manage resources within project
(Success= based on time, budget, quality)
Program: a group of related projects
(separates resoucres among relted projects; success= depends on successfuly executing projects)
Portfolio: strategic value of programs and projects
(success= deliver balacned strtegic value)
What is best practice for innovation
having a pool of innovation project funding; support the “type 2” investments
what are the 4 types of project maanger
gambler
prophet
executor
expert
4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)
TOP LEFT
Gambler: takes a bet as a project manager
4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)
TOP RIGHT
Prophet: someone hwo can see the biggest pictures and the grand vision
4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)
Botom right
EXPERT: does an anlysis
4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)
BOTTOM LEFT
Executor: gets things done
2 types of project management
waterfall(traiditonal)
agile (Scrum)
Waterfall project management
1) widely used
-progress flows steadily downards through phases
-project implemented at end when completely finished
Agile(scrum) project managmeent
iterative progress with feedback/changes incomrporated
- project implemented gradually!<3
GROWING USE
wHEN is agile/scrum project management used
addressing complex adaptive probllems
-> usually have a small team and meet regularly
-> iterations are in sprints (2 minutes)
WATERFALL CHARACTERISITCS
-when delivered
-how much uncertainty
-main focus?
-project or product foused?
delivered @ end
low uncertainty
scope-time-budget focused
project foct focused
builidng construction
what is the defintion of project
series of related jobs (Activities)
usually directed towards some major output
require a lot of time to perform
2 categories of projects
conventional (low tech)
- repetitivte projectts
-tasks sequences and duration is known
-tested methods are preffered
innovative (high tech)
-unique projects
-non linear progress, iterations,change is normal
-flexible plans
examples of conventional and innovative projects
Conventiinal: home constuctuion, financial auditting
innovative: new product development, unique buildings
how do we measure the success of a project? (6 measures)
1) cost: did actual expenses exceed prooject budget
2) time: was the porject done on time
3) quality: did the project deliver what it promised
4) environemantal: how ere environmental concerns addressed
5) social: how were stakeholders impacted
6) SAFETY!!!!!!
THE PROJECT MANAGEMENT TRIANGLE
1) SCHEDULE (time)
2) COST (price)
3) SCOPE (the to do list)
you might have to sacrifice some to gain some
use pm triangle
1) if you want to complete project faster
schedule: decrease
cost: increase
scope impact: decrease the amount of activtities possible
use pm triangle
2) DESIRE TO CUT PROJECT BUDGET
COST: decrease
SCOPE: decreases (less money= less activities)
SCHEDULE: INCREASE (people have to work over time, expediting)
use pm triangle
3) desire to complete additional activities
scope: increase
cost: increase
scehudles: increase
why is it schedule, scope, and cost and not schecudle, cost , and quality
because QUALITY SHOULD NOT BE VARIABLE!!! it shsould always be so high
certifications in project management
CAPM
PMP
2 types of work breakdown structure
1) vertical (Tree) form
-think like erd (shapes)
2) indented form
- to do list
1.0
1.1
1.1.1
1.2
2.0
Does project scheudling come first or work breakdown structure
Project scheudling occurs after WBS is complete
does the WBS have sequenec and duration
no!!!! its just an unorgnaized to do list
Project scheduling:
Activity, Event, Milestone
Activity: a task that consumers time and resources
Event: a point in time that representas the start or completion of one or more actitivites
Milestone: an event of majoro significance
Gantt Charts
schematic represetation of a scheudle of activities, including their time durations
what does gantt chart display
(3 aspects)
1) task duration (length)
2) task precedence (arrows show what comes before what)
3) task start/end date (the dates are vertical columns)
What is the critcal path method? assumptions?
used to determine the project duration and WHAT TASKS ARE CRITICAL
-> THIS ONLY WORKS FOR REPETIVITE PROJECTS
Assumption:
1) no uncertatinty in durations
2) no concern about different tasks competing for a limited resource
CPM STEPS
1) Describe project
2) draw network diagram
3)estimate activity duraitons
4)determine the critcial path and slacks
(how many paths? how long will prject take?)
what is the critical path
the longeeeest path! you may have more than one critical path
critcial activitites
activitites aong the critical path (if they are delayed the whole project is delayed)
management should consider devoting additional resources
to these critical activities (perhaps diverting them from non-
critical activities)
How to calculate slack
1) start from 0, go to end
(when two activities lead to one, go w longer)
2)start from max time, and go to start
(when two activites lead to one, go w shorter)
3)when done, subtract vertically for each circle!! should give u slack
strengths of cpm
1) allows PMs to allocate resources more productively
2) calculate completion dates and slack times for all activities
Weakenesses of COM
1) Task times are determinsitic, only one completion date is calculation
2) no indication of risk !!! SO WE USE STATISTICS
When sould CPM be appleid
for projects/tasks that are repetitive
cuz the time estimates are useful from past experience!
What is PERT
Program Evaluation and Review technique
How does PERT work
1) use a netwrok diagram, similar to cpm
2) activity duration is a random variable (probabilistic)
3) eac task requires 3 time estimates
A - OPTIMISTIC
B- PESSIMISTIC
M- MOST LIKELY
PERT 1: probabiity distribution for each activity:
BETA
PERT 2: probability distribution for the entire project
NORMAL by CLT
How to use PERT
1) USE ET formula to calculate ET
2) Use Variance formula to caluclate var
3) calculate probability of completing the project by the required date for EACH path
pert: how to calculat expected time to complete path?
add up the days that are expected for each task
PERT how to calculate the path variance
add up the variance for each task
why do we want to get the standard deviation
because then nwe can do our SD jumps from the mean outwards
what do we make the mean value/ centre of curve?
THE EXPECTED VALUE OF DAYS1!!!!!!
how much percentage in one standard deviation
68.3%
how much percentage in two standard deviation
95.4%
how much percentage in three standard deviation
99.7%
how to calculate the probablility of completing the project in x many days
1) Use the z score formula
- fill in desired completeion date with given x value
-fill in tge expected time to completion
- fill in standard deviation
2) solve for the z score
3) look up z score in the table and calculate percentage probability
how to caluclate the amount of days needed given x probability
1) use the z score formula and isolate for Days the proejct needs
- fill in expected value of days
- fill in probability given
- fill in standard deviation given
2) solve for the formula
3) answer is number of days
strength of pert
1) under certain assumptions, the pert method may be used to estimate the chance of project being completed by a spefiic time
weakness of pert
1) elicitng data
2) use of statisitcs
3) completion timeprobability only considers longest path
RISK: what if theres another non critical path that has minimal slack and a higher cumulative duration variance?? calculate prob for all the paths
when to use pert
when you have procjets/tasks with uncertainty (less experinec completing the tasks)
Project Crashing
speeding up tasks to reduce projection completion time or costs
Save or Spend debate in project crashing
IS IT ACTUALLY CHEAPER TO SPEED UP PROJECTS?
Indirect costs: save
reducing duration will reduce costs
(overhead fees, rented facilities, salared)
Direct costs: spend
redducing duration will increase costs
(overtime, expedited materials)
how to calculate crash cost per week
Crash cost-non crash cost / normal time- crash time
How to crash a project: use th emimum cost schedule
1) find the ciritcal path
2) determine total direct costs and project duration
3 ) on the critical path, what is the cheapest activity to speed up
4) Then fill oout the crashing chart, reduce the respective path by 1 when it is reduced
**TALLY THE WEEKS YOU CRASH (THERE WILL BE A LIMIT FOR EVERY ACTIVITY)
5) when you have multiple paths as the same amount of time, what you should do is SEE which letter overlaps the fastest paths!! then do combinations of leftover letters (at least one of each)
when net benefit is negative you stop!!! you cant crash anymore
why could you still want to know past the negative net benefit area?
determine the opporutnity costs, what is the fastest you can do this?
why would yoounot want to fully crash the project?
1) quality of work
2) safety of the employee
3) employee relations (overworking? quitting?)
4) reduced slack (harder to manage project because real life obstacels come into play)
does CPM and PERT acknowledge resource limitaiton
NO! they assume unlimited resource for whenevr you ened thme
solution to resource limitaiton
move start time of tasks with slack
increase capacity
rerallocate resources (Divert form non critical to critical)
aquire more resources
extend project due date
critical chain occurs when
you have certain people with specailized skillsets
when you create that table w/ paths, total expeected times, total var of tasks, sd, z score, prob, which alt do you go with
the one that has a lower percentage!!
what % of projects are considerd succesfully completed
only 35%, bc so much admin!!
what was the fatality rule of thumb
expect one fatality for 1 million in cost
amazon got what kind of patent for its drones?
bow and arrow proof!!!
what are some softwares commonly used in the industry
microsoft project
oracle
liquid planner
monday.com
2 certifications
PMI (no experience needed)
PMP (36 mos experience eneded)
what does the critical path assume
unlimited resources
what does the critical chain do that improves the CPM
includes resource constraints/limitations
what are examples of things that could potentially increase a projects duration (create a critical chain)
skilled resources (certified employee)
specialize equipment (cranes)
physical space (indoor assembly areas)
operations: running the org
Project: solving business problems
:D
AGILE CHARACTERISITCS
-when delivered
-how much uncertainty
-main focus?
-project or product foused?
deilivered iteratively
high uncertainty
business value focus
product focused
app dev is an exmalpe
what does PO mean
always purchase order
what is the discount clearance % meaning?
this is the holding cost
