Chapter 1-4 and 8,12,13,14 (Project Management)

Project

is a temporary endeavor undertaken to create a unique product, service, or result.

Process include:

• Repeat process or product

• Several objectives

• Ongoing

• People are homogenous

• Well-established systems

• Greater certainty

• Part line organization

• Established practices

• Supports status quo

Project include:

• New process or product

• One objective

• One-shot-limited life

• More heterogeneous

• Integrated system efforts

• Greater uncertainty

• Outside of line organization

• Violates established practice

• Upsets status quo

Why are projects important?

Shortened product life cycles

Narrow product launch windows

Increasingly complex and technical products

Emergence of global markets

An economic period marked by low inflation

Project Manager Responsibilities

Selecting a team

Developing project objectives and a plan for execution

Performing risk management activities

Cost estimating and budgeting

Scheduling

Managing resources

Project life cycle

refers to the stages in a project’s development and are divided into four distinct phases

Conceptualization

development of the initial goal and technical specifications of the project. Key stakeholders are identified and signed on at this phase

Planning

all detailed specifications, schedules, schematics, and plans are developed

Execution

the actual “work” of the project is performed

Termination

project is transferred to the customer, resources reassigned, project is closed out

Six criteria for it project success

System Quality, Information Quality, Use, User satisfaction, Individual Impact, Organizational impact.

Project Management Maturity Models

are used to allow organizations to benchmark the best practices of successful project management firms.

Benchmarking

is the practice of systematically managing the process improvements of project delivery by a single organization of a period of time

Strategic Management

the science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.

Stakeholder Analysis

is a useful tool for demonstrating some of the seemingly irresolvable conflicts that occur through the planned creation and introduction of new projects.

Project Stakeholders

are defined as all individuals or groups who have an active stake in the project and can potentially impact, either positively or negatively, its development.

Functional Organizations

group people performing similar activities into departments

Project Organizations

group people into project teams on temporary assignments

Matrix Organizations

create a dual hierarchy in which functions and projects have equal prominence

Forms of PMOs

Weather station – monitoring and tracking

Control tower – project management is a skill to be protected and supported

Resource pool – maintain and provide a cadre of skilled project professionals

Payback Period

Determines how long it takes for a project to reach a breakeven point

Leadership

The ability to inspire confidence and support among the people who are needed to achieve organizational goals

Emotional Intelligence

refers to leaders’ ability to understand that effective leadership is part of the emotional and relational transaction between subordinates and themselves.

Cost Management

has been defined to encompass data collection, cost accounting, and cost control.

Cost Accounting / Cost Control

serve as the chief mechanisms for identifying and maintaining control over project costs.

Cost Estimation

processes create a reasonable budget baseline for the project.

Function Points

are a standard unit of measure that represents the functional size of a software application.

Function Point Analysis

is a system for estimating the size of software projects based on what the software does.

Budget Coningencies

The allocation of extra funds to cover uncertainties and

improve the chance of finishing on time

Types of Constraints

Physical

Time

Resource

Mixed

Resource Leveling

A process that address the complex challenges of project constraints

Control Cycles

Setting a goal.

Measuring progress.

Comparing actual with planned performance.

Taking action.

Milestones

are events or stages of the project that represent a significant accomplishment.

Earned Value Management

recognizes that it is necessary to jointly consider the impact of time, cost, and project performance on any analysis of current project status.

Earned Value

directly links all three primary project success Metrics (cost, schedule, and performance).

Steps in Earned Value Management

1. Clearly define each activity including its resource needs and budget.

2. Create usage schedules for activities and resources.

3. Develop a time-phased budget (PV).

4. Total the actual costs of doing each task (AC).

5. Calculate both the budget variance (CV) and schedule variance (SV).

The main reasons for project termination are:

Extinction

Addition

Integration

Starvation

Closeout Paperwork

Documentation

Legal

Cost

Personnel

What prevents effective project closeouts

Project sign off discourages other closeout activities.

Urgency of all project pressures cause shortcuts on back-end.

Low priority given to closeout activities.

Lessons learned analysis seen as bookkeeping.

Unique view of projects.

Early Termination Decision Rules

Costs exceed business benefits.

Failure to meet strategic fit criteria.

Deadlines continue to be missed.

Technology evolves beyond the project’s scope.