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CE 4101W-01 Project Management and Economics

CE 4101W-01 Project Management and Economics. Fall 2005 Tim Eiler. Class Roll. If you are NOT officially enrolled in this class, see me at break or at end of class tonight All students sign the sheet being passed around

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CE 4101W-01 Project Management and Economics

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  1. CE 4101W-01Project Management and Economics Fall 2005 Tim Eiler

  2. Class Roll • If you are NOT officially enrolled in this class, see me at break or at end of class tonight • All students sign the sheet being passed around • All students obtain and complete an information sheet – turn in at class end

  3. Agenda • Why are we here tonight? • Expectations – of the class, of me, of you • Course mechanics – how it all will work • What is PM and Why is it important? • Starting out with basic PM • Homework 1 assigned

  4. Open PM Discussion • Why are you in this class? • What questions do you have • about PM?

  5. What’s The Point of This Class? • For those of you who see themselves as future PM’s… • Figure out what PM is and isn’t • More importantly, figure out why PM is important to your businesses and careers • For those who see themselves as engineers, but not PM’s… • It’s the soft stuff that’s hard, the hard stuff is easy (Doug Wilde, quoted in Leifer, 1997) • “Those organizations that take project management seriously as a discipline, as a way of life, are likely to make it into the 21st century. Those that do not are likely to find themselves in good company with dinosaurs.” (Tom Peters) • In the new economy, all work is project work. (Tom Peters; The Wow Project ;Fast Company, 24, 116)

  6. Why is any business in business? $ € £ ¥

  7. Why Project Management (PM)? • Increases profit (margin) by reducing cost/unit output • Increasing work output by the same resources • Reducing cost of work done • Drives Innovation • In how individual contributor & management (mgmt) work is done • In product

  8. Why PM? • Increases sales • Improved quality • Ability to be a price leader • Differentiates your company “The difference between a company and its competitor is the ability to execute. If your competitors are executing better than you are, they’re beating you in the here and now…Execution is the great unaddressed issue in the business world today. Its absence is the single biggest obstacle to success…” Ram Charan & Larry Bossidy, Execution: The Discipline of Getting Things Done, 2002, Crown Business

  9. Why PM? In short: Project Management (PM) strives to achieve success from entropy-driven chaos…

  10. Why Is PM Important? • A recent survey of technology projects in the United States by the Project Management Institute reveals some startling percentages: • Close to half of the projects started were • never finished • 30% were completed but took at least twice as • long - some took 5 times as long • Only 10% of the projects were finished on time

  11. Secret 1 About This Course This course has wide breadth with less topic depth

  12. Secret 2 About This Course Project Management (PM) isn’t rocket science

  13. Secret 3 About This Course • This class is yours if you choose to own it. • If you choose not to get involved in it, you only have yourself to blame at the end for not getting something from it. • Being involved means joining in discussions, doing the work, understanding why things are done the way they are • "Learning occurs when people engage in complicated undertakings and find a way to reflect on how they're doing it - and perhaps engage a coach or mentor who has some tools and methods for learning.Those tools are different from answers. Answers are for lazy people who don't want to learn how to use a thinking method to learn how to deal with a practical problem.I have zero respect for trying to find an "answer". There is a profound difference between having an answer and having an approach you can use to deal with a complicated and difficult practical problem. " • Peter Senge

  14. Secret 4 About This Course “Simple is Sexy. Complex Sucks.” Rob Thomsett, Radical Project Management The Story of The Skilcraft Method…

  15. What You Can Expect… This is an application-level course • Needs critical thinking… not just formulaic regurgitation This is a PRACTICALCourse • 5th - Explain • 4th - Synthesize • 3rd - Challenge • 2nd - Listen • 1st - Read • Process: • 3rd – Apply • 2nd – Practice • 1st – Know

  16. What You Can Expect… Getting new knowledge… • Interactive, Socratic-style Lecture • Listen • Ask questions • Answer questions • Discuss topics • Examples • The right way (we hope) first • One planned for crucial or difficult topics • More as you require

  17. What You Can Expect… Practicing to solidify new knowledge… • FacilitatedPractice • Use the knowledge you have • Apply it to new situation • In class assignment • Given information • Do (use a tool, create a document, etc.) • Group-style work • Ask questions • Help each other

  18. What You Can Expect… • Applying what you know… • Requires melding of appropriate concepts • Given in the class • “Common sense” and practical experience • Readings • You WILL NOT always have everything spelled out to you in checklist format • Sometimes you will have to MAKE ASSUMPTIONS to fill in the missing pieces

  19. What You Can Expect… • This is a Civil Engineering course • It will use mostly examples and homework related to Civil Engineering • It is also a course in Project Management • It is not exclusive to Civil Engineering • Not all the examples, homework, etc will be exactly in the CE domain • You are to focus on PM 1st and CE second…I will not be evaluating you on your CE prowess

  20. I Expect of You… Be An Active Learner • Do the readings • Attend class • Ask questions & challenge the instructor • Actively participate in discussions & groups • Speak up when you have a question or concern • Satisfactorily complete (on time) all writing assignments, examinations, projects, homeworks & exams.

  21. Syllabus Review • Syllabus is posted at course site on WebCT • You are responsible for printing it if you want a printout • You are responsible to keep up with revision updates

  22. Syllabus Review • Course Objectives • Teaching Team • Textbook(s) • Computer Use • Homework • Grading • Calendar • Attendance • Academic Honesty • Etc… READ THE SYLLABUS

  23. Syllabus Review - Slide Decks • Available via WebCT • You are responsible for printing if you want a printout • All slides are posted already

  24. Syllabus – Cont’d • Demonstrate knowledge of the concepts and principles of project management and economics • Formulate and analyze project management and engineering economics problems • Use project management and communications software • Demonstrate knowledge of teamwork and interpersonal skills • Process group work and the overall functioning of the course • Demonstrate written and verbal skills • Actively reflect on and process your learning in the course • Apply concepts, principles, methods, algorithms, and heuristics

  25. Syllabus – Cont’d Office Hours: As Needed • Teaching Team • Instructor: Tim Eiler • Office: CE 147 • Phone 1: 612.327.1553 (cell) • Phone 2: 952.446.1615 (home) • Email 1: eiler012@umn.edu • Email 2: timothy.eiler@gmacrfc.com Teaching Assistant: Ryan Owen Office: Phone: 952.239.9349 Email: owen0138@umn.edu Rhetoric Consultant: Dave Kmiec Office: Phone: 612.379.3251, 919.749.5580 (c ) Email: kmiec004@umn.edu

  26. Teaching Team – Tim Eiler • Program ManagerGMAC-RFC, Bloomington, MN(current) Manage software development program office and staff of project managers and technical resources (6) • Adjunct Professor of Project ManagementU of MN, Minneapolis, MN(current) Manage and deliver project management course content • PartnerRocketScienz Group LLC, Rosemount, MN Graphic Design, Web Development and Hosting, Software Development, Training, PM Consulting • Release ManagerTellabs, Plymouth, MN Led $300M, 36-month project to develop optical broadband switch • Manager of Project ManagementDigi International, Minnetonka, MN Managed project management office/project management staff • Project ManagerADC Telecommunications, Minnetonka, MN Managed broadband access equipment product development projects • Project ManagerMicrowave Network Systems, Houston, TX Managed microwave radio/radio network equipment development projects • Astronaut InstructorRockwell Space Operations, Houston, TX Provided multi-discipline technical training to US & foreign astronauts • PMP (Project Mgmt Professional) CertificationProject Mgmt Institute (PMI) • MBAUniversity of Houston • BS ME/IEORUniversity of Minnesota • CTM CertificationToastmasters International • National Board of DirectorsTriangle Fraternity

  27. Syllabus – Cont’d • Computer Use • WebCT • This course uses WebCT for disseminating and collecting information • If you don’t know how to use WebCT, contact the department office for further instructions • MS-Project and Other Tools • You will be required to perform work using MS-Project and other software applications • If you do not now have access to MS-Project, please arrange to get it

  28. Syllabus – Cont’d Calendar • See Syllabus • Shows week numbers and date of Monday of each week • Explains lecture material to be covered in class week • Identifies prep. reading assignments for each class: • PMBOK 2004 edition • Other • Note that reading assignments and/or homework assignments may not seem 100% synchronous with lecture material • Identifies work to be assigned in each class • Identifies work to be submitted in each class (or week)

  29. Academic Honesty • Expectation: All students are expected to complete coursework responsibilities with fairness and honesty. • Definition: Scholastic dishonesty means plagiarizing; cheating on assignments or examinations; engaging in unauthorized collaboration on academic work; taking, acquiring, or using test materials without faculty permission; submitting false or incomplete records of academic achievement; acting alone or in cooperation with another to falsify records or to obtain dishonestly grades, honors, awards, or professional endorsement; altering forging , or misusing a University academic record; or fabricating or falsifying data, research procedures, or data analysis. • Consequences: Scholastic dishonesty WILL result in disciplinary action. Within this course, a student responsible for scholastic dishonesty can be assigned a penalty up to and including an "F" or "N" for the course.

  30. Reasonable Accommodation If you have a special need that requires any additional reasonable accommodation, I encourage you to please see or contact me at any time

  31. Contract Grading NOTE: In cases of conflict between these slides and the syllabus, the syllabus will have precedence

  32. Grading – Cont’d Quality Quantity Assignments • Exams  3 • Out of class assignments  • In class assignments  TBD • Quizzes  TBD • Mastery Learning – you may, at my discretion only, resubmit homework NLT one week following receipt of graded work

  33. Attendance Incredibly important in a class of this type You lose much more than your grade by not coming I will be flexible with attendance and assignments IFF…

  34. Class Groups • Form groups of 6 • Each person to collect contact information (phone, email, etc) from ALL 5 other people on the team – also submit your group’s info to me • Class Group is your first line of defense. Call them 1st to: • Get info you need if you missed class • Get help obtaining or using a tool • Etc. • Class Group is your team for assignments • If your group shrinks < 4 people, see me

  35. Breaks • The literature says that classes should be broken up to have a break after roughly every 45-50 minutes of class. • I assume you’re all adults, though, and you can make your own choices and follow through on those choices. • Do you want 1 or 2 breaks during each class period?

  36. General Course Organization • PM Planning • PM Execution • PM Leadership and Ethics • Project Closure

  37. What Is Project Management? Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. It is accomplished through the use of processes such as initiating, planning, executing, controlling, and closing. (PMBOK, 2000, PMI) Project Management is the intersection of: Tools People Systems (Lewis, James P. 2000. Project Planning, Scheduling & Control, 3rd ed. McGraw‑Hill)

  38. Why Is PM Important To You? • What Employers Want • Learning to Learn • Listening and Oral Communication • Competence in Reading, Writing, and Computation • Adaptability: Creative Thinking and Problem Solving • Personal Management: Self-Esteem, Goal Setting/Motivation, and • Personal/Career Development • Group Effectiveness: Interpersonal Skills, Negotiation, and • Teamwork • Organizational Effectiveness and Leadership • Workplace basics: The skills employers want. 1988. American Society for Training and Development and U.S. Department of Labor.

  39. Why Is PM Important To You? • Employer’s Checklist C: Boeing Company[1] • A good grasp of these engineering fundamentals: • Mathematics (including statistics), Physical & life sciences, Information technology • A good understanding of design & manufacturing processes (i.e. understanding of engineering concepts and practice) • A basic understanding of the context in which engineering is practiced, including: • Economics and business practice, History, The environment, Customer and societal needs • A multidisciplinary systems perspective • Good communication skills: Written, Verbal, Graphic, Listening • High ethical standards • An ability to think critically, creatively, and independently & cooperatively • Flexibility--an ability and the self-confidence to adapt to rapid/major change • Curiosity and a lifelong desire to learn • A profound understanding of the importance of teamwork  • [1]ASEE Prism, December 1996, p. 11.

  40. Why Is PM Important To You? Desired Attributes of a Global Engineer • A good grasp of these engineering science fundamentals, including: Mechanics & dynamics, Math (including statistics), Physical & life sciences, Information science/technology • A good understanding of the design & manufacturing process (i.e., understands engineering and industrial perspective) • A multidisciplinary, systems perspective, along with a product focus • A basic understanding of the context in which engineering is practiced, including: Customer & societal needs/concerns, Economics & finance, The environment & its protection, The history of technology & society • Awareness of the boundaries of one’s knowledge, along with an appreciation for other areas of knowledge & their interrelatedness with one’s own expertise • Awareness & appreciation of other cultures & their diversity, distinctiveness, & inherent value • Commitment to teamwork, including extensive experience/understanding with team dynamics • Good communication skills, including written, verbal, graphic, and listening • High ethical standards (honesty, sense of personal and social responsibility, fairness, etc) • An ability to think both critically and creatively, in both independent and cooperative modes • Flexibility: the ability and willingness to adapt to rapid and/or major change • Curiosity and the accompanying drive to learn continuously throughout one’s career • An ability to impart knowledge to others [1]A Manifesto for Global Engineering Education, Summary Report of the Engineering Futures Conference, January 22-23, 1997. The Boeing Company & Rensselaer Polytechnic Institute.

  41. Why Writing In this Course? • Professional skills – memos, reports, directives, plans, proposals, etc. • Critical element of engineering and project management • Key to project management effectiveness (90% rule) • Employers concerned about communication skills • Writing Intensive Curriculum Requirement

  42. Why Writing Intensive? ABET Criteria 2004-2005 Criteria for Accrediting Engineering Programs • Engineering programs must demonstrate that their graduates have: • (a) ability to apply knowledge of mathematics, science, and engineering • (b) ability to design and conduct experiments, & to analyze and interpret data • (c) ability to design a system, component, or process to meet desired needs • (d) an ability to function on multi-disciplinary teams • (e) an ability to identify, formulate, and solve engineering problems • (f) an understanding of professional and ethical responsibility • (g) an ability to communicate effectively • (h) the broad education necessary to understand the impact of engineering solutions in a global and societal context • (i) a recognition of the need for, and an ability to engage in life-long learning • (j) a knowledge of contemporary issues • (k) an ability to use the techniques, skills, and modern engineering tools necessary for engineering practice. Source: ABET. 2004-2005 Criteria for Accrediting Engineering Programs. Accessed June 12, 2004. available: <http://www.abet.org/images/Criteria/E001%2004-05%20EAC%20Criteria%2011-20-03.pdf>

  43. Meeting the ABET criteria • Interviewing a Practicing Engineer in your Area • (f) an understanding of professional and ethical responsibility • (g) an ability to communicate effectively • Writing and Peer Reviewing a Problem-Solution Memo • (d) an ability to function on multi-disciplinary teams • (f) an understanding of professional and ethical responsibility • (g) an ability to communicate effectively • Writing a Proposal in a Collaborative Team • (d) an ability to function on multi-disciplinary teams • (g) an ability to communicate effectively

  44. Writing as a Process • To succeed in these assignments, you will need to think of writing as a process, not a product. • Be sure to follow the steps specified in the assignment for the purposes of this course. As you write in your career, you can find ways to adapt this basic process to the needs in your organization. - Your writing assignments are graded pass/fail based on whether you: * follow the writing process * apply the writing process effectively to your subject

  45. Why Engineering Economics? • Critical element of project management • economics used in making decisions • related to engineering projects • Even if you aren’t the decision maker, you will be a participant in some form • same principles are used for many other types of decisions • Life skills – loans, mortgages, etc. • FE, PE Exam

  46. Engineering Econ - Examples • Is a 3-year payback on your project sufficient to meet company objectives? • If you have competing repeatable projects with different lives, you can use the lowest common multiple of their project lives as the period of analysis…True or False? • You just heard through the grapevine that the company is changing the way it handles depreciation expense. You shouldn’t worry about how that will affect how your project is accepted…True or False? • (FE exam problem) A bank uses the following formula to compound interest in a passbook savings account F = P (1 + i/4)4n. Interest is stated as an annual rate. How are they compounding? (1) Daily, (2) Weekly, (3) Monthly, (4) Quarterly, (5) Annually

  47. What Is Project Management? Earlier, we saw these definitions: Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. (PMBOK, 2000) Project management focuses on a project. Management, bringing together and optimizing the resources necessary to successfully complete the project. These resources include the skills, talents, and cooperative efforts of a team of people; facilities, tools and equipment; information, systems and techniques; and money.(Haynes, 1989) So, if Project Management (PM) “focuses on a project,” what is a project?

  48. What Is A Project? “A temporary endeavor undertaken to create a unique product or service” A Guide to the Project Management Body of Knowledge, Project Management Institute A project is a one-time, multitask job with a definite starting point, definite ending point, a clearly defined scope of work, a budget, and (usually) a temporary team. Lewis (2000). … a combination of human and nonhuman sources pulled together in a temporary organization to achieve a specified purpose. (Cleland and Kerzner, 1985; Nicholas, 1990)

  49. Characteristics Of A Project? • Temporary, with specific endpoint • Unique • Specific Deliverable • Specific Spending Limit • Element of Risk • (Typically) Involve groups, across organizational lines

  50. Defining a Project - Old TRIPLE CONSTRAINT

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