Project Management

Front 1

Different Forms of Project Management Offices

Back 1

Weather Station: monitoring & tracking

Control Tower (most common): establishes, enforces and improves standards for managing projects, consults on how to follow them

Resource Pool: maintain & provide a cadre of skilled project professionals

Front 2

Project Charter

Back 2

Issued by the sponsor that formally authorizes the project, consists of:

-initial position (reason, what value does the project add to the conmpany, which business areas are linked to it?)

-Project Scope (In Scope / Out of Scope)

-Project Aims (SMART - specific, measurable, attractive, realistic, time-bound)

-Opportunities & Threats (SWOT Analysis)

-Impact on Organisation (on structure, processes or culture)

-Methods & Procedure (Project phases, methods)

-Scheduling & milestones

-Time & Effort (project costs, budget)

Front 3

Screening Models in general - what are they for?

Back 3

-screening issues: risk (unpredictable), commercial (market potential), internal operating (changes in firm operations), additional (image, patent, fit) - all models only partially reflect reality

-they are either numeric or nonnumeric and should include realism, capability, flexibility, ease of use, cost effectiveness & comparability

Front 4

The different Screening models

Back 4

-Checklist model: keep it simple as possible, key criteria, and assume all criteria are equally important

-Scoring model: each project receives a score that is weighted sum of its grade, requires agreement on criteria, weights and scores assigned for each criteria

Front 5

Financial models

Back 5

Payback period: discounted Cashflow, lower numbers are better (faster payback), determines when the project reaches breakeven point

(Investment / Annual Cash savings)

Net present value: projects the change in the firm's stock value if a project is undertaken. Higher NPV values are better (taking into account a different risk factor when these cash flows occur later and have less value)

Front 6

Portfolio Management is ... and requires...

Back 6

... is the systematic process of selecting, supporting and managing the collection of a firm's project

... requires decision-making, prioritisation, review, realignment and reprioritisation

Key to succesful Portfolio Management: Flexible structure, low-cost environmental screening and time-paced transition

Front 7

Criterias for Projet Screening

Back 7

-Cost of development

-Stability of the development process

-governmental or stakeholder interference

-Product durability and future market potential

-Potential RoI

-Flexibility

Front 8

Project Scope

Back 8

is everything about a project - work content as well as expected outcomes

Front 9

Scope Management

Back 9

is the function of controlling a project in terms of goals and objectives, consists of:

-conceptual development

-scope statement

-work authorization

-scope reporting

-control systems

-project closeout

Front 10

Scope Statement Process

Back 10

1. establish the project goal criteria (cost, schedule, performance, deliverables, review and approval "gates")

2. Develop the management plan for the project (policies and procedures under which the team will have to operate)

3. Establish a work breakdown structure WBS

4. Create a scope baseline (summary description of each component, including basic budget and schedule info for each activity)

Front 11

WBS - what does it accomplish?

Back 11

(WBS: breaks down the overall mission into a set of cohesive specific tasks, lowest level in WBS always work package)

-echoes the project objectives

-offers a logical structure of the project work

-establishes a method of control

-communicates project status

-improves communication

-demonstrates control structure

Front 12

OBS - Organisational Breakdown Structure

Back 12

allows:

-work definition

-owner assignment of work packages

-budget assignment to departments

OBS links cost, activity & responsibility

Front 13

Defining a Work Package

Back 13

1. Work package forms lowest level in WBS

2. has a deliverable result

3. has one owner

4. may be considered as a project itself by its owner

5. may include several milestones

6. should fit organisational procedures and culture

7. optimal size may be expressed in terms of labor hours, calendar time, cost, risks

Front 14

Work authorisation

Back 14

The formal "go ahead" to begin work.

Follows the scope management steps of:

1. scope definition

2. planning documents

3. managing plans

4. contractual documents

After work authorisation -> point of no return

Front 15

Contractual Documentation

Back 15

most contracts contain:

-requirements

-valid consideration

-contracted terms

Front 16

Configuration Management

Back 16

system of procedures that monitors emerging project scope against the scope baseline (which is viewed as the project's configuration)

Front 17

Scope Reporting

Back 17

determines what types of information are reported, who receives copies, when and how info is acquired and disseminated.

Typical reports contain:

-cost status

-schedule status

-technical performance

Front 18

Types of Control Systems

Back 18

-Configuration Control (Config. Management)

-Design

-Trend monitoring

-Document

-Acquisition

-Specification

Front 19

Project Closeout

Back 19

closeout documentation, used to:

-resolve disputes

-train project managers

-facilitate auditing

Closeout documentation includes:

-historical records

-post project analysis

-financial closeout