PM Overview - Concepts Flashcards
Knowledge Areas
Integration Scope Time Cost Quality Human resources Communication Risk Procurement Stakeholder Management
Project Scope Management Process
- Plan Scope Management
- Collect Requirements
- Define Scope
- Create WBS
- Validate Scope
- Scope Control
Forward Pass
Early Finish = early start + duration
if multiple predecessor, use LATEST EF
Backward Pass
Late Start = late finish - duration
If multiple successors, use EARLIEST LS
Total Float
Total float = late finish - early finish
Variance - triangular distribution
V = [(A-B)^2 + (M-A)(M-B)] / 18
Standard Deviation
S = square root of the variance
Weighted-Average or Beta/PERT Distribution
Mean = (O + 4ML + P) / 6 SD = (P-O) / 6 O=optimistic ML=most likely P=pessimistic
Planned Value
The budget or portion of the approved cost estimate planned to be spent during a given period.
Actual Cost
The total direct and indirect costs incurred in accomplishing work during a given period.
Earned Value
The budget for the work accomplished in a given period.
Equations for Earned Value Management
Cost Variance = EV - AC
Schedule Variance = EV - PV
Cost performance index = EV / AC
Schedule performance index = EV / PV
Performance Domains::Process Groups
Initiating Planning Executing Monitoring and Controlling Closing
Estimate at Completion (EAC)
Expected total project cost on completion and as of the “data date” (time now)
New Estimate for EAC
Original estimate fundamentally flawed/no longer accurate.
EAC = AC + new estimate for remaining work
Original Estimate (EAC)
Actual variance seen as the exception. Original estimates seen as more accurate than what’s been seen.
EAC = AC + (BAC - EV)
B = budgeted
Performance Estimate Low (EAC)
Future variance likely like current variance.
EAC = BAC / CPI
Performance Estimate High (EAC)
Project over budget and schedule impacts work remaining
EAC = AC + (BAC - EV) / (CPI)(SPI)
Remaining Budget
Remaining Planned Value
BAC - EV
Estimate to Complete (ETC)
Estimate for completing the remaining work for a scheduled activity.
New Estimate (ETC)
Entirely new estimate
Atypical Past Variance (ETC)
ETC = BAC - EV
Typical Variance (ETC)
ETC = (BAC - EV) / CPI
Communication Channels
[n(n-1)] / 2
Rule of Seven
If seven or more observations occur in one direction or on one side of the mean, even if within the control lines; they should be investigated for an assignable cause.
Project Constraints
Scope Quality Budget (cost) Resources (cost, time) Schedule (time) Risk
What is the purpose of Portfolio Management?
Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals
What are some Project Management Office Pros?
- Emphasis on project management career paths
- Less anxiety between PMs about next assignments at completion
- Centering PM competencies
- Stardization of PM systems
- Centralized management
What are some Project Management Office Cons?
- Extra layer of hierarchy
- Adverse aspects of matrix org
- Adverse aspects of a projectized org
- Lack of application knowledge by the PMs
What are interpersonal skills of a project manager?
- Leadership
- Team building
- Motivation
- Communication
- Influencing
- Decision making
- Political and cultural awareness
- Negotiation
- Trust Building
- Conflict Management
- Coaching
What makes up an organizations culture/style?
Vision, values, regulations, risk tolerance, and work ethic
What are some Functional Organization Pros?
- Flexible staff use
- Availability of experts for multiple projects
- Grouping of specialists
- Technological continuity
- Normal advancement path
What are some Functional Organization Cons?
- Client is not the focus
- Function rather than problem oriented
- No one fully responsible for project
- Slow response to the client
- Tendency to suboptimize
- Fragmented approach to the project
- Normal advancement path
What are some Matrix Organization Pros?
- Project is the point of emphasis
- Access to tons of technical talent
- Less anxiety about team future at completion of project
- Quick client response
- Better firm-wide balance of resources
- Minimizes overall staff fluctuations
- Normal advancement path
What are some Matrix Organization Cons?
- 2-boss syndrome
- More time to acquire team members
- Fxn’l managers won’t share top performers
- Careful project monitoring required
- Political infighting among project managers
- Tendency to suboptimize
- Fragmented approach to the project
- Normal advancement path
What are some Projectized Organization Pros?
- One boss
- PM has great deal of independence and authority
- Team members often co-located
- Team members treated as “insiders”
- Most resources are involved in project work
- Better firm-wide balance of resources
- Minimizes overall staff fluctuations
- Normal advancement path
What are some Projectized Organization Cons?
- If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call
- Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
Phases of the Project Life Cycle
Concept, Development/Planning, Implementation/Execution, Termination/Close
What is the purpose of Portfolio Management?
Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals
What are some Project Management Office Pros?
- Emphasis on project management career paths
- Less anxiety between PMs about next assignments at completion
- Centering PM competencies
- Stardization of PM systems
- Centralized management
What are some Project Management Office Cons?
- Extra layer of hierarchy
- Adverse aspects of matrix org
- Adverse aspects of a projectized org
- Lack of application knowledge by the PMs
What are interpersonal skills of a project manager?
- Leadership
- Team building
- Motivation
- Communication
- Influencing
- Decision making
- Political and cultural awareness
- Negotiation
- Trust Building
- Conflict Management
- Coaching
What makes up an organizations culture/style?
Vision, values, regulations, risk tolerance, and work ethic
What are some Functional Organization Pros?
- Flexible staff use
- Availability of experts for multiple projects
- Grouping of specialists
- Technological continuity
- Normal advancement path
What are some Functional Organization Cons?
- Client is not the focus
- Function rather than problem oriented
- No one fully responsible for project
- Slow response to the client
- Tendency to suboptimize
- Fragmented approach to the project
- Normal advancement path
What are some Matrix Organization Pros?
- Project is the point of emphasis
- Access to tons of technical talent
- Less anxiety about team future at completion of project
- Quick client response
- Better firm-wide balance of resources
- Minimizes overall staff fluctuations
- Normal advancement path
What are some Matrix Organization Cons?
- 2-boss syndrome
- More time to acquire team members
- Fxn’l managers won’t share top performers
- Careful project monitoring required
- Political infighting among project managers
- Tendency to suboptimize
- Fragmented approach to the project
- Normal advancement path
What are some Projectized Organization Pros?
- One boss
- PM has great deal of independence and authority
- Team members often co-located
- Team members treated as “insiders”
- Most resources are involved in project work
- Better firm-wide balance of resources
- Minimizes overall staff fluctuations
- Normal advancement path
What are some Projectized Organization Cons?
- If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call
- Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
Phases of the Project Life Cycle
Concept, Development/Planning, Implementation/Execution, Termination/Close
