Chapter 17: Projects

Projects

Unique, one-time operations designed to accomplish a specific set of objectives in a limited time frame

Project Life Cycle

It’s the full journey of a project—from the idea stage all the way to the final result.

The 5 Phases of the Project Life Cycle

1. initiating

2. planning

3. executing

4. monitoring and controlling

5. close

1st Phase of Project Life Cycle

Initialing

2nd Phase of Project Life Cycle

Planning

3rd Phase of the Project Life Cycle

Executing

4th Phase of the Project Life Cycle

Monitoring and Controlling

5th Phase of the Project Life Cycle

Closing

Initiating Phase

outlines expected costs, benefits, and risks

• goals

• specifications

• feasibility

• tasks

• responsibilities

Planning Phase

provides details on deliverables, the scope of project, the budget schedule and milestones, performance objectives, resources needed, and quality plan

• schedules

• budgets

• resources

• risks

• staffing

Executing

the actual work of the project is carried out

• status reports

• changes

• quality

• manage

• monitor and control

Monitoring and Controlling

Compares actual progress with planned and undertakes corrective actions if needed

• status reports

• changes

• quality

• manage

• monitor and control

Execution and Monitoring and Controlling

What phases of the Project Life Cycle require the most level of effort?

• train customer

• transfer documents

• release resources

• reassign staff

• lessons learned

Work Breakdown Structure (WBS)

A hierarchical listing of what must be done during the project that establishes a logical framework for identifying the required activities for the project

1.Identify the major elements of the project.

2.Identify the major supporting activities for each of the major elements.

3.Break down each major supporting activity into a list of the activities that will be needed to accomplish it.

Work Breakdown Structure Diagram

Critical Path

is the longest path through the network and is the shortest time in which the project can be completed. Any delay delays the whole project

Crashing

means speeding up a project by making some tasks go faster. This usually means spending more money—like hiring extra people, using faster equipment, or making the work easier.

critical path

You only crash tasks that are on the ———— because speeding up tasks not on the critical path won’t shorten the total project time.

Crashing Example

You’re building a deck and it will take 10 days. The most important task (on the critical path) is laying the boards, which takes 4 days. If you need the project done faster, you hire more workers to finish that part in 2 days instead.

Good risk management

•Identifying as many potential risks as possible.

•Analyzing and assessing those risks.

•Working to minimize the probability of their occurrence.

•Establishing contingency plans (and funds) for dealing with any that do occur.