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Midterm Review

This exam content will cover the comparison between traditional project management and Critical Chain Project Management, including project justification, project types, project elements, project life cycle, and project success.

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Midterm Review

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  1. Midterm Review SE503 Advanced Project Management

  2. Exam Content • Closed book, no notes • Target time 2 hours • Total points 200 • Multiple choice 25 x 2 points = 50 points • Short answer and problems 90 points • Discussion questions 60 points • Compare traditional project management and Critical Chain

  3. Closed book, no notes-Target time 2 hours-Total points 200 Multiple choice 25 x 2 points = 50 points -Planned Task duration always add safty-time within (T/F) -PERT uses three-point-estimates (T/F) Short answer and problems 90 points -What is the relationship between Critical Path and Critical Chain? Discussion questions 60 points -Compare traditional project management and Critical Chain

  4. Project Management • PM history • What is a project? • Project types • Project elements • Scope, budget, schedule, resources, environment • Project life cycle • What is project success? • Project terminology

  5. Project Justification • Project types • Sacred cow • Market driven • Necessary • Economic • Project value • Economic return on investment • Kano value model

  6. Traditional Project Management • Organize Effort • Plan Work (Scope, Budget, Schedule) • Obtain and Manage Resources • Resolve Conflicts and Problems • Control Technical Quality • Control Budget • Control Schedule

  7. Critical Path Method • Tasks • Milestones • Logical relationships between tasks • Project network • Critical path • Slack

  8. Contracting • Single contractor • Fixed bid • Time and material • Incentive fee • Which is best? • Multiple contractors • Work for the common good • Incentive fee pool contract

  9. PM Issues • Most projects “fail” • Scope (quantity or quality) of work • Budget overruns • Schedule delays • Finishing on-time (or early) is a big advantage • Return on investment • Market entry • Resource usage

  10. Uncertainty • Difficult estimates/padding/safety • Hard to make a firm plan • Triggers behavior response • Student’s syndrome • Parkinson’s law • Uncertainty modeling • Normal distribution, Beta, triangle, PERT • Assumption of independence

  11. Traditional approach • Firm plan • Focus on cost often leads to bad decisions • Focus on schedule leads to early start • Percent complete progress reporting • No global focus on return on investment

  12. Theory of Constraints • Measurements T, I, and OE • Statistical fluctuations, dependent events • Synchronize and balance flow • Optimize globally • Identify, Exploit, Subordinate, Elevate, Repeat • Nelson Wood Shims

  13. Critical Chain • Two-point estimates • Project and feeder buffers (collected safety) • Resource buffers (more feeder buffers and wake-up call) • Monitor and manage buffers • Progress report work remaining • Use TOC on bottleneck resources • Reduces Parkinson’s, Students syndrome

  14. Good Luck!

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