MIS 578 Chapter 14: Determining Project Progress and Results Flashcards
Project balanced score-card approach
Project progress need to be evaluated considering customer, internal business, financial, and
growth/innovation perspectives.
Internal project issues
The project’s nerve center consists of integration, risk, and communications issues. Integration includes making choices to ensure project results are delivered. It is covered first in this chapter to encourage proactive integrated decision-making. Project manager needs to understand priorities and make decisions accordingly.
Directing and managing project execution
Empower others as possible, yet control as necessary when authorizing and performing project
work.
Monitor and control project work
Continual measuring and observing to understand actual work accomplishments and to return
to desired performance when needed.
Types of project control
Steering control is used to guide work, while go/no go control is used to to approve work (or
not).
Perform integrated change control
Insisting all changes are formally proposed, accepted or rejected, impact is considered, and
factored into revised plans.
Monitoring and controlling project risk
The risk management plan and risk register will be used to monitor and control project risks and
to resolve them when they occur.
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Tracking and resolving identified risks and understanding their impact.
Identifying unexpected risks as soon as possible, recognizing the extent of control project
manager has over each, and resolving them accordingly.
Distribute information
Execute according to communications plan and determine any additional information needs not
already uncovered, establish an information retrieval and distribution system, collect
information on executed work and work in progress, and then report progress to all
stakeholders.
Determine project information needs
These include authorization to proceed, direction setting, status reporting, and approval of
outputs. Handle accurately, promptly, and effectively.
Establish information retrieval and distribution system
Understand all communication needs and use appropriate methods.
Collect information on executed work and work-in-progress
PMs need to understand current situation so they can replan if needed.
Report progress to all stakeholders
Report actual progress on past period and future plans.
Customer issues
Customers want everything to work correctly. Both quality assurance and quality control are
needed.
Financial issues
Control of scope, cost, and schedule is highly interrelated.
Schedule Variance
How much is the project schedule ahead or behind? (Now)
SV= EV - PV
Cost Variance
How much is project over or under budget? (Now)
CV= EV - AC
Schedule Performance Index
How efficient is the project so far with its schedule? (Now)
SPI= EV/PV
Cost Performance Index
How efficient is the project so far with its budget? (Now)
CPI=EV/AC
Estimate to Complete (ETC)
How much more do we expect to spend to finish the project? (End)
ETC=(BAC-EV)/CPI
Estimate at Completion (EAC)
What do we now think the total project will cost? (End)
EAC= AC + ETC
To-Complete Performance Index (TCPI)
How efficient do we need to be to finish on budget? (End)
TCPI= (BAC-EV)/(BAC-AC)
Planned Value(PV)
How much work should be done? (Now)
Earned Value (EV)
How much work is done? (Now)
Actual Cost (AC)
How much did the “is done” work cost? (Now)
Budget at Completion (BAC)
How much was the total project supposed to cost?
