Project Management Ch. 10-13 – Flashcards
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Monitoring
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Collecting, recording, and reporting information concerning any and all aspects of project performance
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Controlling
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Uses the data supplied by monitoring to bring actual performance into compliance with the plan
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Evaluation
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Judgments regarding the quality and effectiveness of project performance
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Data Involves
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Frequency counts Raw numbers Subjective numeric ratings Indicators Verbal measures
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Routine
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Reports that are issued on a regular basis or each time the project reaches a milestone
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Exception
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Reports that are generated when an unusual condition occurs or as an informational vehicle when an unusual decision is made
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Special Analysis
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Reports that result from studies commissioned to look into unexpected problems
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Planning-Monitoring-Controlling Cycle
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* We mainly want to monitor: Time (schedule) Cost (budget) Scope (project performance) * Closed-loop system Revised plans and schedules following corrective actions
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Earned Value Analysis
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* Actual against baseline ignores the amount of work accomplished * Earned value incorporates work accomplished * Multiply the estimated percent work complete for each task by the planned cost * Only need percent complete estimate for tasks currently in progress
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EVA- 50/50 Rule
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50% percent completion is assumed when the task is begun, and the remaining 50 percent when the work is complete. This seems to be the most popular rule, probably because it is relatively fair and doesn't require the effort of attempting to estimate task progress.
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EVA- 0-100 Rule
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This rule allows no credit for work until the task is complete. With this highly conservative rule, the project always seems to be running late, until the very end of the project when it appears to suddenly catch up. Consequently, the earned value line will always lag the planned value line on the graph.
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Cost Variance (CV)
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CV = EV - AC Negative variance indicates a cost overrun Magnitude depends on the costs
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Schedule Variance (SV)
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SV = EV - PV Negative variance indicates you are behind schedule Measured using costs
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Time Variance (TV)
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TV = ST - AT Negative variance indicates you are behind schedule
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Cost Performance Index
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CPI = EV/AC
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Schedule Performance Index
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SPI = EV/PV
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Time Performance Index
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TPI = ST/AT
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Cost Schedule Index
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CSI = EV2/(AC)(PV)
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ETC (estimated time to complete)=
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(BAC+EV)/CPI BAC= Budget at completion EV= Earned Value CPI= Cost Performance Index
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EAC (estimated cost at completion)=
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ETC + AC ETC= Estimated time to complete AC= Amount expended to date (actual cost)
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Three Types of Control Processes
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Cybernetic Control Go/no-go Control Post Control
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Cybernetic Control
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* A system that is constantly monitored * When a deviation is spotted, corrective action is taken * Cybernetic controls are not common in projects * Negative feedback loop
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Go/no-go Control
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* Testing to see if some preset condition has been met * Most of project management is go/no-go controls * Use cannot be based on the calendar - Some will take place at milestones - Some will take place when work packages are completed - Others will be on-going
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Post Control
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* These are controls that are applied after the fact * Their purpose is to mainly improve the performance on future projects * Often times, a final report is prepared comparing the plan with reality * Sometimes called "lessons learned"
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Characteristics of Control System
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* Flexible * Cost effective * Useful * Ethical * Timely * Accurate * Simple * Easy to maintain * Fully documented
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Critical Ratio Control Chart
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Control Ratio = (AP/SP) x (BC/AC)
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Physical Asset Control
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...
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Phase-Gate
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* Controls the project at various points throughout its life cycle * Most commonly used for new product/service development projects * Project must pass gate to continue funding
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Project Audit
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* A formal review of any aspect of a project * Audits focus on whatever matters senior management desires - Another type of audit is an ethics audit * Evaluate means to set the value of or appraise * Project evaluation appraises progress and performance against standard
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Purposes of Project Audit
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* The main purpose of an audit is to help achieve the goals of the project * All facets of the project are studied * A project audit is equivalent to the application of TQM to project management
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Approach to Project Audit
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*All facets of the project are studied * The strengths and weaknesses are identified * Recommendations are prepared to help current and future projects
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Types of Audits
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* General Audit * Detailed Audit * Technical Audit
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Audit Information
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1. Introduction 2. Current status 3. Future project status 4. Critical management issues 5. Risk management 6. Caveats, limitations, and assumptions
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Responsibilities of Project Auditor
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* Be honest and ethical * Be independent * Tell the whole truth * Seek help for technical issues
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Project Audit Life Cycle
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* Project audit initiation * Project baseline definition * Establishing an audit database * Preliminary analysis of the project * Audit report preparation * Project audit termination
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Project Evaluation
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* Efficiency in meeting both the budget and the schedule * Customer impact/satisfaction * Business/direct success * Future potential
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Termination by Extinction
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* Extinction occurs in any scenario where the project goes away -Successful -Unsuccessful -Changes in environment -Take too long -Murder * When work on a project stops, some organizational work continues
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Termination by Addition
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* Applies to an in-house project * When the project is successful, it is institutionalized * While the project goes away, project personnel and assets are transferred to the new business
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Termination by Integration
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* The most common way to terminate a project * The project comes into the business - It is absorbed into the existing structure *That structure absorbs the assets of the project
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Termination by Starvation
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* Termination by starvation involves greatly reducing the budget of a project * Used when it is politically dangerous to cancel a project * Bad manners to enquire the status of the project
