Integration Management Knowledge area Flashcards
What is integration management
Putting all pieces of project together into a cohesive whole
Processes of integration management
Develop project charter (Initiating)
Develop project management plan (Planning)
Direct and manage project work (Executing)
Manage project knowledge work (Executing)
Monitor and control project work (Monitoring and controlling)
Perform Integrated change control (M & C)
Close project or phase (Closing)
Develop project charter process (Initiating)
What is included
Project Title and Description
Project Manager and Authority level
Business Case (Reason for initiation of project)
Resources Pre-Assigned - high level
Stakeholders - high level
Stakeholder Requirements - competing requirements resolved
Product description and deliverables
Measurable project objectives
Project approval requirements
High Level project Risks (+ve and -ve risks)
Project Sponsor
Who is responsible for the distribution of project charter. Publishing project charter.
Sponsor
Benefits of Project charter
Recognizes and authorizes the project
appoints PM and authority to spending money and commit resources
High level requirements
Links project to ongoing work of the organization
Does project charter change during execution
No
What are the different project selection methods
Benefits Measurement Methods (Comparative)
Constrained optimization methods(Mathematical approach)
what are benefit measurement method
Murder board (a panel of pple who try to shoot down Peer review Scoring models Economic models
Constrained optimization methods(Mathematical approach)
Linear programming
Integer programming
Dynamic Programming
Multi-objective programming
different Economic Models - Benefit measurement method
Present Value (PV) Net Present Value (NPV) Internal rate of return Payback period Benefit cost ratio
Present value
Dollar today is worth more than a dollar tomorrow
Pv=fv/(1+r)^2
fv = future value
r = interest rate
calculate PV for project with three installments below
1st installment of 100,000 at the start of the project
2nd installment of 100,000 at the end of 1st year
3rd installment of 100,000 at the end of 2nd year
1st installment PV = 100000/(1+0.10)^0 = 100,000
2nd installment PV = 100,000/(1+0.10)^1 = 90909
3rd installment PV = 100,000/(1+0/10)^2 = 82,645
Total Cashflow = 300000
present value for project= 273554
Net present Value(economic model)
NPV > 0 project can be selected
present value of total benefits(revenue or income) minus the costs over time
Higher NPV is selected
NPV = PV of Income - PV of Cost
Internal rate of return IRR (Economic model)
project with higher IRR should be selecting
how much percent a project will give back after a certain period
Pay back period
Number of time periods to recover the investment on the project
Benefit cost ratio
Ratio of Benefit v/s cost
> 1 should be selected
Economic value added (EVA)
EVA is the amount of added value the project produces for the company’s shareholders above the cost of the project
Opportunity Cost - Cost of selecting project over another project.
NPV 1 = 200000
NPV 2 = 150000
what is the opportunity cost of selecting project 1 only
150000
Sunk cost
Cost already expended on the project. All money that has been spent until now.
Sunk cost is not considered when deciding whether to continue a troubled project.
Law of diminishing return
after a certain point adding more resources will not produce proportional increase in work or productivity.
Reason - co-ordination
Working capital
Working capital = current assets - current liabilities
Depreciation
Methods to calculate depreciation
Straight line depreciation
Accelerated depreciation
depreciation - capital assets looses value over time
straight line - constant reduction of amount
accelerated - aggressive reduction in initial years
Project Statement of work (SOW)
Describes the needs, product scope and strategic plan
requirements
Who creates the SOW
Created by customer or sponsor
Project charters with work under contract
Buyer and seller should have independent charters for their own use
Develop project management Plan process
2nd process of integration management plan
defines strategy for managing the project and the process in knowledge area
Unique for each project
creation of management plans
Management plan
covers how you will define, plan, manage and control the project
looks forward in time to address management concern
Project management plan - how is it different than other plan
integrates all knowledge area management plans into a cohesive whole
includes a series of plans because of iteration and baselines
what does project management plan include
project management process management plans for knowledge areas scope, schedule and cost baseline Requirements management plan change management plan configuration management plan - versioning Process improvement plan
Baseline
snapshot of project at a certain time
baseline can only be changed by change request
or with acknowledgment of project sponsor
Performance measurement baseline
scope baseline + schedule baseline + Cost baseline
WBS, wbs dictionary
Work breakdown structure, provides definition of wbs
change control board
changes are evaluated and approved
deviation in baseline
are often due to incomplete risk identification and risk management
Requirement management plan
is part of scope management plan
describes how requirements will be identified, managed and controlled
change control system
includes standardized forms, processes, procedures, and software to track and control changes.
Configuration management plan
defines how to manage deliverables and resulting documentation. which organizational tools will be used on the project. Version management and defines versioning
configuration management system
part of PMIS - PM information system
tools for versioning
may include change control system
Project documents
documents used to manage a project
updated during the project
not part of project management plan
project charter, SOW, activity list, quality matrics are eg.
kick off meeting
just before execution. Last step of planning process
main purpose is to make sure everyone is on the same page
project plan approval
Management
Sponsor
Project team
stakeholder
Direct and mange project work process
(executing)
Integration management knowledge area
managing people, doing work and implementing approved changes
requesting changes, and completing approved change requests
input and output of direct and manage project work
inputs
project planning
approved changes
corrective actions
preventive action
defect repair
output
new change requests
deliverables
work performance information
implementation of changes, corrective action, defect repair and preventive action
updates to project management plan and project document
Manage project Knowledge
(executing)
Integration management
main output is lessons learned register. Starts early in the project
Knowledge can be explicit or tacit
Monitor and control project work process
(M&C)
integration management
from initiating to closing
output - change request and updates to project management plan and project documents
monitoring performance measures
Perform integrated change control process
changes are accepted/rejected/handled access the change look for options change is approved/rejected update the status of change in change control system
change control board (CCB)
Perform integrated change control process
evaluates and approves/rejects changes
members customers PM sponsor experts etc.
Process for making changes
Perform integrated change control process
Prevent root cause of changes
identify the change
impact of change - options or alternative
change request submission
perform integrated change control process
adjust the PM plan, project documents and baselines
manage stakeholder expectations
manage the project to the revised project plan and project documents
Close project or phase process
focuses on closing out all knowledge areas
acceptance of documents
closure of documents and archival in OPA’s
getting final approval of the overall project from customer.
project will be closed even if its terminated.
