Exam #2 Flashcards
Project Schedule importance
key technical aspect of project management serves as the main integration point for planning efforts and includes most project plans
Project Schedule steps
is a tool that
1)merges all of the work to be performed(WBS)
2) their estimated duration/effort
3) their task relationships(Activity on node)
4)assigned resources,
5) risks response
to a calendar
Final Project schedule should be
complete (all WBS), accepted(by stakeholders) , realistic (time expectations, formal (documented)
time decomposition
breaking down project deliverables into smaller and more manageable activities
analogous estimating
top down estimating; history
parametric estimating
multiplying work to be done by a known productivity rate
contingency reserves
used for known unknowns by project manager
management reserves
used for unknown unknown by management sh
shorten schedule
crashing:add resources to critical path activities only
fast tackling: perfrom critical path activities in parallel
process improvements: gaining over productivity
overtime: get extra time
critical path
The earliest path through the project, given
the current task relationships and estimated
durations
mandatory dependencies
hard dependencies or logic
discretionary dependencies
permed way of doing things
external dependencies
project depended on external environment factors(weather, permits)
straight line depreciation
Ann. Dep. = (Purchase Price – Salvage Value) / Usable Life
Developing initial budget
use bottom up approach and excel
estimating the budget phases
initial phase: ROM (-50,+50)
planning phase: definitive estimate (-5,+10)
Estimating costs
analogous estimating: top-down estimating using history
parametric estimating: multiply the quantity of work to be performed by a productivity rate
Finalizing budget
once the project schedule nears completion and actual resources have been identified
project control
processes that enure that project objectives are met by monitoring and measuring progress regularly to identify variances from plan so that corrective action can be taken if necessary
Principles of project control
PDA (prevention, detection, action)
Management fundamentals for project control
pay attention early (15% completion rule almost no project recovers from a variance at the 15% completion point
Powerful technique for porject control
milestone and checkpoints
Performance reporting
answer 3 big questions:
Where do we stand
what variances exist and how are we solving them
has the forecast changed
variances responses
take corrective action, ignore small problems, cancel the project if necessary, reset baselines,
Project recoveries
review planning principles, reset baseline, frequent status check, aggressive issue resolution, ensure clarity, increase visibility and accountability
project change
a change in any of the critical success factors (scope, schedule, costs, quality, and project acceptance criteria)
fundamental for managing project change
plan for changes, set up a change control system, educate stakeholders, use the system built, over-communicate, minimize scope changes, be watchdog
Project change control system key principles
scope changes are documented, evaluated, and approved before, stakeholders are involved with changes and communicated and documented, correct management level supports change requests, impact of change is assessed, roles and responsibilities are clearly defined,
project change control system key components
change request form, change request log, unique identification number to track, made a control board (stakeholders)
Managing project deliverables
configuration management, the process by which work products are controlled
Managing Project issue
proactive project management; the earlier an issue is identified the greater the chance of resolving the issue before it impacts any of the project’s critical success factors
The objective of project issue management
to identify, record, track, resolve, and communicate all issues that may impact the project
principles of project issue management
administrative process principles and project manager mindset principle
administrative process principles
document the issues, track until closure, align with project needs, cost-effective approach
project manager mindset principle
ringmaster: a focal point for tackling issues
smiling bulldog: persistence with a warm style
swivel head: on the constant lookout for potential trouble
goaltender: let no issues go unnoticed or unresolved
disciplined
key features of issue management system
a clear process with escalation procedures, issue log, issue data point, issue log admin
Best practices for dealing with project issues
assign a unique id to the issue, make one person responsible, take ownership, try to solve the issue at the lowest level, and find root cause of issue, review issues frequently
Manging project risks
is the ultimate proactive project management ; to identify and prepare for any potential threats to the projects critical success factors before they occur
risk matrix
id #, risk description, probability, impact, importance( prob*impact), category, owner
add scale 1-10 at bottom
rik response options
avoidance, acceptance, monitoring and prepare, mitigate, transference(insurance policy)
powerful risk control strategies
tackle high risks first, communicate with stakeholders, detect planning defects
project quality
conformance to requirements and fitness of use, project satisfies customer needs and completes what was asked of
principles of managing project quality
identify targets(needs), plan for quality right size it set expectations, stay customer focused, assume nothing, up to PM to assure quality
Tools for project quality
checklists, templates, reviews, completion criteria, audits, standards, quality management plans,
Leading a project
communication skills, technical skills, leadership skills, business management skills, project management fundamentals
Keys to better project leadership
about the people(customers), visualize the goal and how to get there, earn trust, take ownership, be resilient, facilitate progress, be a teacher, compensate for weakness, have self-control
