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The 5 PM Process Groups

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1. Initiate 2. Planning 3. Execute 4. Minitor & Control 5. Close

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The 3 Main Objectives of PM

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1. Scope 2. Time (Schedule) 3. Cost

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The 3 Organizational Structures

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1. Functional Organization 2. Matrix Organization 3. Pure Project Organization

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The Heirarchy of a Portfolio

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1. Portfolio 2. Program 3. Project 4. Tasks 5. Sub-task, etc. etc. 6. Work Package

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Work Package

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The very bottom of the level of project work.

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DCF

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Discounted Cash Flow

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Portfolio Misalignment

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1. Failure to discern weak from strong projects 2. Too many small, low-value projects 3. Failure to kill failing projects 4. Resources spread too thin 5. Inadequate project information

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The 3 Types of PM Control

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1. Feedforward 2. Congruent 3. Feedback

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NPV

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FV / (1 + i)^n *If NPV is > 0, the project is a good value, invest in it, silly goose. If this is positive, the value of the revenues (cash inflows) is greater than the costs (cash outflows). Projects with a negative net present value should be avoided.

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EMV

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Earned Monetary Value

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EV

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Earned Value

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EAC

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Estimate @ Completion

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EAC formula

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AC + [(BAC - EV)/CPI]

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EAC formula 2 -NEED TO CLARIFY

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AC + BAC - EV

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BAC

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Baseline(??) @ Completion

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ETC

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Estimate to Conpletion

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ETC formula

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EAC - AC

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SV

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Scheduled Variance

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Variance

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Any deviation from the plan

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Baseline

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The approved plan, which is also the formal process of ending the planning phase of the process and beginning of execution and monitoring

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SV%

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If SV% is > than 0, the project is on or ahead of schedule. Props to you, PM.

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SV% formula

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SV/EV

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CV

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Cost Variance

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CV% formula

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CV/EV

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CV%

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If CV% is > 0, the project is on or under budget. Well done, PM.

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SPI

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Schedule Performance Index

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SPI formula

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EV/PV

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Types of Cost Estimates

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1. Expert Judgement 2. Analogous (similar project) 3. Parametric (i.e. $ per sq. ft.) 4. Three-Point Estimate 4.Team Decision-Making 5. Reserve Analysis (Contingency Reserve) 6. Simulation (CB)

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7 Phases of a Project

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1. Wild enthusiasm 2. Disillusionment 3. Chaos 4. Search for the guilty 5. Punishment of the innocent 6. Promotion of the non-participants 7. Define the requirements

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Progressive Elaboration

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When a PM continuously improves and revises a plan as more detailed and specific information becomes available.

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Rolling Wave Planning

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A form of progressive elaboration planning where the work to be accomplished in the near term is planned in detail, while the work far in the future is planned in less detailed form.

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Agile Methodologies

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-Works in environments with dynamic, changing project requirements like software development -Is iterative, team and requirements-driven -Uses repeated cycles of planning -> execution -> reflection. -Sometimes called a SCRUM

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Product Backlog

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-The collection of user stories.

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Release Backlog

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-The collection of selected user stories for this release. -Given a Release Backlog, the team must plan the release. -The team PRIORITIZES the user stories -And ESTIMATES the amount of time/work for each item, and the total amount of time/work for the release backlog

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PMB

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Performance Measurement Baseline, which includes: 1. Scope Baseline 2. Schedule Baseline 3. Cost Baseline

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Three-Point Estimation

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1. Triangular Distribution 2. Beta Distribution

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Beta Distribution formula

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Ce = (Co + 4Cm + Cp)/6

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Triangular Distribution formula

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Ce = (Co + Cm + Cp)/3

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Ce

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Cost estimate

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Co

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Optimistic cost estimate

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Cm

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Most Likely cost estimate

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Cp

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Pessimistic cost estimate

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CV formula

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EV - AC

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CPI

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Cost Performance Index

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CPI formula

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EV/AC

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Functional Manager

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-Are responsible for the deliverable. -Functions of the FM are: 1. How 2. Where 3. Who

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Project Manager

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-Severs at the INTERFACE or INTEGRATION Manager. -Is the high-level integrator -Functions of the PM are: 1. Planning 2. Organizing 3. Directing 4. Controlling

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Project Sponsor

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Senior management who will plan and/or provide: - Act as the negotiator for disagreements between project and functional management - Clarification of critical issues - Communication link with customer's senior management

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Project Selection Models

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1 Numeric and 2 Nonnumeric

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Project Charter

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A document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

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Project Scope Management

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"Scoping" out the work -; What's IN...everything that isn't IN is OUT. Requirements ? Scope ? WBS

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Requirements

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-The Project Scope Management process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives. -What, exactly, do you need/want? -Requirements Documentation ; Requirements Trace-ability Matrix.

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Scope

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-The Project Scope Management process of developing a detailed description of the project and product. -What are the project/service/result boundaries? -Project Scope Statement

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WBS

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-Work Breakdown Structure -The Project Scope Management process of subdividing project deliverables and project work into smaller, more manageable components. -What must be delivered?

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Six-Level Indented Structure

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-Most common type of WBS

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Scope Baseline

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-The approved version of the scope statement, work breakdown structure (WBS), and its associated WBS dictionary. -standard to which the performance of the project will be measured.

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Schedule Compression

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2 techniques used used when you want to shorten the duration of your project without changing project scope.

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Planned Closure

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-Transferring responsibility -Completion of project records Historic reports Post project analysis -Documenting results to reflect "as built" product or installation -Acceptance by sponsor/user -Satisfying contractual requirements -Releasing resources Reassignment of project office team members Disposition of functional personnel Disposition of materials -Closing out work orders (financial closeout) -Preparing for financial payments

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Fast Tracking

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Type of Schedule Compression Technique that perform tasks in parallel so you can finish faster. Overlapping tasks in this way often increases risk.

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Scope Changes

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The further we go into the project's life cycle phases, the more costly the scope changes. Incremental scope changes can be beneficial, but watch out for Scope Creep. Many scope changes were not a business necessity, but were approved by some PMs who valued technical excellence over other outcomes. They wanted to be associated with projects that exceeded standards.

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Integrated Change Control

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1. Review change requests (from any stakeholder) Initiated verbally, but should be recorded in written form and entered into a change management log/system 2. Approve/disapprove change requests Authority to decide often rests with project manager 3. Manage changes to deliverables Approved changes affect cost/schedule/quality and may require re-planning 4. Communicate with stakeholders And don?t forget to update all plans

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Crashing

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Type of Schedule Compression Technique that adds resources to your project so you can finish faster. Crashing almost always involves a financial cost.

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SOW

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Statement of Work -a narrative description of the work to be accomplished in the Project Charter.

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Project Management Plan

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-Defines how the project is executed, monitored & controlled, and closed. -Can be either summary level or detailed, and can be composed of one or more subsidiary plans.

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Business Case

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Used in the development of the Project Charter and provides the necessary information to determine if the project will provide positive NPV.

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Contract

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AKA MOU, LOA, etc., and is part of the Project Charter.

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Enterprise environmental factors

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Included in creation the Project Charter.

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Organizational Process Assets

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Input information used to create the Project Charter.

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Network Scheduling

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Planning & Control Diagramming methods: ADM/CPM/PERT Critical Path Method

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Necessary "interface management" skills

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1. Technical 2. Human 3. Conceptual

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Planning process

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-The second PM Process Group. -Includes DEFINING THE SCOPE, WBS, and COST & RISK ESTIMATES. -An iterative process and must be accomplished throughout the life of the project...from "fuzzy" idea to concrete plans.

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Profit/Profitability Model

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Numeric Selection Model: Scoring, Payback Period, IRR, NPV

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Numeric Model

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Profit Profitability, Real Options, and Scoring Quantative

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Scoring Model

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Lists criteria w/scores assigned unweighted yes/no, 1-5 range, weighted 0-10-direct reflection of managerial policy.

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WAG

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Wild Ass Guess

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What is the highest cost in a project

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Labor

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Non-numeric Model

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Sacred Cow (aka scarecrow) Subjective, based on ratings, and rankings

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PERT AOA (Activity-On-Arrow) convention

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For "event-oriented" projects, like R&D, where percent complete cannot be determined...

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Slack

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possible delay when a task can start without impacting the overall completion of the project ES - EF = amount of slack

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Waterfall Methodologies

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("Predictive" life cycles) -Works best in environments with stable, relatively unchanging project requirements (e.g., construction/ manufacturing). -Requires one phase to be completed before moving to the next phase (sequential).

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Initiating process

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-The first PM Process Group. -Includes developing the PROJECT CHARTER and IDENTIFYING STAKEHOLDERS

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Closing Process

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-The fifth PM Process Group. -Includes CLOSING THE PROJECT/PHASE and CLOSING PROCUREMENT.

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Leads

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Acceleration of successor activity

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Time Estimating Methods (Tools and Techniques)

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EAPT (experts, analogous, parametric, triangular/Beta) TCS (team, contingencies, simulation) Think Eat Ticks - EAPT TCS

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Lags

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Delay in the start of a successor activity

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Measuring Project Progress Curves

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1. The "S" Curve 2. The "Stretched-J" Curve PMs rely on project progress to evaluate the plan, decide to/not to invest more resources (if necessary for project completion), or to shut that shit down (aka "kill the project").

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CPM AON (Activity-On-Node) convention

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MS Project uses this

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Cost Estimating Methods

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1. Rough Order of Magnitude (ROM) 2. Approximate 3. Definative/Detailed

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Monitoring & Control Process

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-The fourth PM Process Group. CSP (Cost, Schedule, Performance} -Includes CHANGE CONTROL, VALIDATING/CONTROLLING SCOPE, MONITORING & CONTROLLING RISKS, and CONTROLLING THE SCHEDULE, COSTS, QUALITY, COMMUNICATIONS & PROCUREMENT.

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Program activities WBS

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Program / Project / Task /Sub-tasks (assigned to a person/people) / Work packages (assigned to the job or work that needs to be done)

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Executing process

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-The third PM Process Group. -Includes MANAGING PROJECT WORK, QUALITY ASSURANCE, CONSTRUCTING & MANAGING THE TEAM, MANAGING COMMUNICATIONS, and PROCUREMENT.

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ITTO

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Input -> Tools/Techniques -> Outputs PM uses ITTO for each of the 5 project process. INPUT, TOOLS/TECHNIQUES to achieve OUTPUT.

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Sequence Activities

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The precedence and succession relationships (CPM)

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Scope Baseline

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Goals/Objectives/Activities

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Schedule Baseline

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Sequence/Estimate/Develop project activities and schedules

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Cost Baseline

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Detail/Network (control) Schedule/Budgets/Time/Reporting

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Purpose of Planning & Control Methods

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Basis for planning, decisions, control, evaluate alternatives, provide structure for checking and reporting, what if, identify critical paths, reveal interdependence, aid in risk analysis.

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IRR

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Project Selection Scoring Model. Can have multiple solutions (but easy to use).

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NPV

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= FV/(1+k)n

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Crashing

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Example: A contract called for 140 days, with $200k/day bonus for early completion; same in penalties per day late Extra workers, equipment, pay rates used by contractor - the job was completed in 66 days with $14.8 million bonus

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Computer-Based Network Tools

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MS Project

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Payback Period

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Project Selection Scoring Model. Least precise-(assumes you know what you are going to make),

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Schedule Compression

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Reducing scope/Add more resources i.e. "crashing"/Overlap tasks "fast tracking"/Shorten activities by assigning more resources "outsourcing"/Increase the number of work hours per day (overtime) As you reduce times on the CP, other paths may become critical.

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CPM - Critical Path

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No slack time on CP How much time will it take to plan/execute the project. Any change in the critical path impacts the total finish time. CP activities are the key to "crashing" or schedule compression activities.

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Fastracking

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Overlapping tasks increases risks

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Organizational structures

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FMP = Functional, Matrix, Project Organizations

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RTFQ&RTFA

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Read the (*@$ ing questions, and the *& ing answers)

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Schedule Control

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Use the schedule baseline to ensure it proceeds as planned Update if corrective action and/or changes are needed

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CPM Forward & Backward Passes

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Forward Greater - Proceed from left to right in network, adding activity times to ES times to get EF Backward Smaller - Proceed from right to left in network, subtracting activity times from LF to get LS

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Challenges project management presents in most corporations

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Understand the context of project management. 2. Recognize project team conflict as progress. 3. Understand who the stakeholders are and what they want. 4. Accept and use the political nature of organizations. 5. Lead from the front. 6. Understand what "success"means. 7. Build and maintain a cohesive team. 8. Enthusiasm and despair are both infectious. 9. One look forward is worth two looks back. 10. Remember what you are trying to do. 11. Use time carefully or it will use you. 12. Above all, plan, plan, plan.

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WIP

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Work In Progress -EAC and ETC are WIP formulas

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