PERT (Program Evaluation and Review Technique): (Optimistic+4∗MostLikely+Pessimistic)/6
PERT is used when there is high confidence in the estimator and team.
Critical Path
The series of dependent activities with the greatest sum of durations, which determines the project completion time.
Schedule Compression Techniques
Fast tracking: Performing activities concurrently.
Crashing: Adding resources to shorten the duration.
Smoothing and leveling are resource optimization techniques.
Transition to New Topics
Planning the project, building the master plan will continue.
Focus will be on risk (predictive and agile), then quality (predictive and agile).
Integration of plans for effectiveness and change readiness.
Move to executing segment (lesson four), focusing on leadership and management skills.
Risk Management Vocabulary
Risks: Events with a probability of impacting the project (positive or negative).
Threats: Negative impacts to project success.
Opportunities: Positive impacts that can be taken advantage of.
Trigger Condition: A leading indicator that a risk is about to happen.
Issue: A probable event that has become a fact.
Examples of risks in a construction project for a lifestyle center.
Risk and Business
Some businesses inherently have more risk (e.g., pharmaceuticals).
Regulatory oversight indicates the risk profile of the business.
Risk Management in Agile
Prioritize the work in a product backlog.
Focus on managing the risk in the near term.
Risk Definitions
Risk profile
Risk appetite: The degree of uncertainty an entity is willing to accept in anticipation of a reward
Risk Threshold: The level of risk exposure that needs action or a plan.
Risk averse prefers plan-based projects.
Risk Neutral handles risk that is proportionate to scope and scale.
Risk seeking likes high profile projects.
Risk Register
A document where all risks are collected.
It sets the maximum risk exposure level that can be managed without escalation.
Come to a common understanding by all by using terms as low,medium, high or very high.
Leverage Risk Department to gain more insides for the project.
Risk Management Plan
Outlines how risk will be managed.
Includes templates, communication methods, and reporting frequency.
Risk Tracking
In agile, put it on a risk register on our, information board or information system so that people can know what risk we're monitoring and that we're trying to, to manage against.
In an agile approach, risk management planning should be limited to the near term (release and iteration levels).
Like stakeholder register is the risk register an ever evolving document.
Tools to Help You
The Stacy suitability model
It used in agile to allow the team to focus on risk management.
Prompt list: Helps identify different kinds of risks.
The Delphi Technique
Qualitative Risk Analysis
Using A Probability Impact Matrix
A tool to help come up with a risk score.
Definitions make sure you come into the room with what might be the definition for probability.
Risk Register Formulation
Risk description should be an IF, IMPACT statement.
Quantitative Risk Analysis
Tornado diagrams (focus on the most important thing).
Quantitative Risk Analysis
Monte Carlo simulations (Assess the combination of risk. Not widely used.)
Tornado diagrams (focus on the most important thing).
Decision tree analysis
Risk Overview
Lack of resources
Lack of commitment
Lack of participation
Unrealistic expectation
Scope creep
Risk Reponses
Responses has to be proportionate.
Do not put yourself down as the only one responsible for the risk. The people accountable for the work package has to
create a response strategy.
Key Terms:
Contingency Reserve and Contingency Allowance are to be based on those risks whose probability and impact score fell in the red zone
Secondary Risk is a risk that comes about due to you impletementing this the risk response streategy
Residual Risk is the risk that you cannot get rid of but know their
Fallback Plan: Plan C is the plan in case the primary risk response fails.
Response Strategies
Response strategies help or avoid the risk.
Strategy Types
Escalate
Accept
Avoid
Exploit
Transfer
Mitigate
Enhance
Quality Management
Know that some funds will need to be invested into the plan of executing it.
Differences Between Grade and Quality
Quality is a inherent charateristic.
Grade characteristics that differentiate it from other similar things.
Quality always cost! You are gonna pay for quality.
Quality Documents
Know you you will need to create a quality management plan is you communicating
to senior leadership your approach that will test, verify and monitor, etc..
Have a quality policy written into your system with procedures, testing requirements and protocols.
Quality Regulations
Standards are things that have been in place within the organization
Regulations comes from overseeing government entities.
Quality Metrics
Measure the output of a process a a number but it has no context
Metric is when it is put into contect.
Metrics should be very well defined.
Continues Improvement
Six Sigma
Kaizen - continuous improvement that uses experimentation.
*Plan Do Check Act. Schwart and Deming.
Intergration
Know the risk, compliance and quality needs to be built simultaneously to have success.
You have to lock into your baseline to acvhiev it.
How to integrate your plans
PM is going to integrate it while creating the plan based approach
Have it to the point that hybrid approach has all areas sink up such as time .
Change Management
You have to have a plan on how to deal with change of what a change
request should have for the details, you best have those questions answered to have a easier conversation
You want to be neutral in them.
*Get different points of views. Engange stake holders.
Create or if you have build in a redundant system.
Make sure the team is always reading to plan and adapt.
Risk Discussion
What is fail fast, means. It mean you may not like the process and what may have to be to adapted.
Team Management
There needs to be inclusivity where there may be talking and listing done during meetings.
You must establish the proper Physical environment
There needs to be time zones considered, you must set the place for easy quick commucation.
The best option to use is colocation.
Physical and Digital Environment
Transparency
Project Management Information system(Calendar ExCEL, Spreadsheet)
Artifact/Documentation Management System(Sharepoint, one box, share drive)You want to have clear plan to you will create each document.
Configuration Management system- Who will access files, backup, version control.The you are managing version control tracking it is easy now in the modern workspace.
Make a great folder structure so people may easy grab info quick.
So standardize all asectect so easy acess.
Team Leadership and Accountability
Leading by doing so the whole team know the commitment to
achieving the shared goal. There needs to be all around engagement and to have some kind can do attitude.
Know to build psychological safety into the team such such as the team can to make the correct and informed decisions and not be criticized for it.
Remember you the Pm , you have to make every one understand you
need to have be lead by your best efforts so a more is obtained.
make them also understand that have you your full support.
If there are comments or concerns. Stop it or bring one on one.
Is not easy, make sure you stay the coruse .
There is more in sight than you thought.
Theory 1 2 3
Maslow- Has to be safety in the whole system the 4 is when the the
team start to go above and beyond. They has to have support .
Hertzberg- Improve work quality. There need to be a livable wage.
Tell opinion. Recognition for higher form.
It all has to make sense.
Mcgregor X and Y- Has to be some kind can to move from and make a better tomorrow.
McClleand- achienment oriented. People like to brag all the time
It depend what level you are in life.
Make every one not just fit but have they be comfortable
and more.
Support
Is okay to not know but as long has you are clear and
understand to be to do it better.
You as leader should provide a great and clear environment
you want the team get you right.
Know that there should has some can work without you.
Create something they you get by great feedback and all work.
There is more info to get to. Keep your head clear.
What about is it help you
If there has the opportunity
Let them make the decision it they need to
Make time the best for that team and also.
Be always ready.
Make sure to ask before get before they did to do not over do that.