Project Management Flashcards
Project definition
- Project definition produced in a timely and cost effective manner, with minimal changes occurring later in the project.
- Ensures successful implementation and client/company needs met
- Need to be fully planned and monitored during the implementation (esp if long time).
Planning
The actuarial control cycle forms a good basis for the management of this project and can be used to create the project plan
The following steps can be used to derive the project plan:
• Understand requirements
• Identify stakeholders in each area that is affected
• Understand current process and gaps that need to be filled – gap analysis
• Interview key stakeholders as part of this process
• Review results of gap analysis and discuss with management and project owner
• Document requirements based on gap analysis
• Estimate requirements to fill gaps and implement requirements in terms of the time required, resources required and the total cost
• Document the plan at a detailed level
This may be done using specialised software
Judging progress/ development
- Define and document key statistics used to track the progress of the project
- Involve key specialists in the process and use their input to help plan the project
- Any developments/external factors will need to be monitored to ensure that they do not change during the implementation period
Critical path analysis
- The project will have a number of work streams which may have interdependencies.
- Hence the critical path needs to be defined and monitored to ensure that there are no unnecessary delays in the implementation of the project.
Risk analysis
A thorough risk analysis will need to be performed and options to manage or mitigate the risks will be required – eg regulatory risk of not meeting deadline
Thorough testing at all stages
Hence the software and systems should be thoroughly tested at all stages of the project (mitigate risk of any new systems required not working properly)
Scheduling
The plan should include a master schedule that covers all people working on the implementation including both those internal to the project and external suppliers e.g. consultants or advisors.
Performance standards
- The project will require a number of different professionals (actuaries, accountants, lawyers, systems analysts etc.) and external suppliers to work together.
- It is vital that setting the standards of performance required from the parties involved is undertaken early in the life of the project, as these will have a major impact on the whole project.
Supportive environment/ leadership
- Strong leadership and management to ensure that the right things are done at the right time to make the project a success.
- All team members committed to the success of the project and that the project leaders provide support.
Conflict management
- Major project interfaces and potential conflicts need to be managed
- Examples include those between designers and builders; specifiers and implementers; project owners and project managers
Milestone review
- At these milestone review points, critical questions on all aspects of the project should be raised by all those involved in the project.
- May be appropriate for an independent party to carry out the milestone reviews (unbiased view of progress)
Clear communication
Clear communication to all parties throughout the project
Other points
- Technical and design changes should be avoided once implementation has begun.
- Design parameters should be broad enough to give the developers some freedom of approach and to avoid the need for subsequent changes.
- Strict change control management should be implemented.
- Checks on the project manager to ensure the plan is met.
- The written strategy should be shared with the key individuals who will bear the responsibility for implementation of the project.
- Where appropriate the end users of the project’s output should be involved throughout the process.
