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Mastering Project Management Essentials

Learn project management fundamentals, work breakdown structure, control charts, resource management, progress tracking, and critical path methodology. Understand network planning models and time-cost tradeoffs to optimize project schedules.

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Mastering Project Management Essentials

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  1. CHAPTER 10 Projects

  2. Learning Objectives • Explain what project management is and why it is important. • Identify the different ways projects can be structured. • Describe how projects are organized into major subprojects. • Understand what a project milestone is. • Determine the “critical path” for a project. • Demonstrate how to “crash,” or reduce the length, of a project.

  3. Project Management Defined • Project is a series of related jobs usually directed toward some major output and requiring a significant period of time to perform • Project Management are the management activities of planning, directing, and controlling resources (people, equipment, material) to meet the technical, cost, and time constraints of a project

  4. Work Breakdown Structure • Statement of work (SOW): a written description of the objectives to be achieved • Task: a further subdivision of a project • Usually shorter than several months • Performed by one group or organization • Work package: a group of activities combined to be assignable to a single organizational unit LO 3

  5. Work Breakdown Structure Continued • Project milestones: specific events on the project • Work breakdown structure (WBS): defines the hierarchy of project tasks, subtasks, and work packages • Activities: pieces of work that consume time • Defined within the context of the WBS LO 4

  6. Level Program 1 Project 1 Project 2 2 Task 1.1 Task 1.2 3 Subtask 1.1.1 Subtask 1.1.2 4 Work Package 1.1.1.1 Work Package 1.1.1.2 Work Breakdown Structure Awork breakdown structuredefines the hierarchy of project tasks, subtasks, and work packages

  7. Project Control Charts • Charts are useful because their visual presentation is easily understood • Software is available to create the charts • Gantt chart: a bar chart showing both the amount of time involved and the sequence in which activities can be performed LO 3

  8. Tracking ProgressGantt Chart Vertical Axis: Always Activities or Jobs Horizontal bars used to denote length of time for each activity or job. Activity 1 Activity 2 Activity 3 Activity 4 Activity 5 Activity 6 Time Horizontal Axis: Always Time

  9. Earned Value Management (EVM) • A technique for measuring project progress in an objective manner • Has the ability to combine measurements of scope, schedule, and cost in a project • Provides a method for evaluating the relative success of a project at a point in time LO 3

  10. Managing Resources • In addition to scheduling each task, must assign resources • Software can spot over-allocation • Allocations exceed resources • Must either add resources or reschedule • Moving a task within slack can free up resources LO 1

  11. Tracking Progress • Actual progress on a project will be different from the planned progress • Planned progress is called the baseline • A tracking Gantt chart superimposes the current schedule onto a baseline so deviations are visible • Project manager can then manage the deviations LO 1

  12. Network-Planning Models • A project is made up of a sequence of activities that form a network representing a project • The path taking longest time through this network of activities is called the “critical path” • The critical path provides a wide range of scheduling information useful in managing a project • Critical Path Method (CPM) helps to identify the critical path(s) in the project networks

  13. Prerequisites for Critical Path Methodology A project must have: well-defined jobs or tasks whose completion marks the end of the project; independent jobs or tasks; and tasks that follow a given sequence.

  14. Activity Designation Immed. Pred. Time (Weeks) Assess customer's needs A None 2 Write and submit proposal B A 1 Obtain approval C B 1 Develop service vision and goals D C 2 Train employees E C 5 Quality improvement pilot groups F D, E 5 Write assessment report G F 1 Critical Path Method Consider the following consulting project: Develop a critical path diagram and determine the duration of the critical path and slack times for all activities.

  15. CPM with Three Activity Time Estimates • If a single time estimate is not reliable, then use three time estimates • Minimum • Maximum • Most like • Allows us to obtain a probability estimate for completion time for the project LO 5

  16. Finding Activity Time and Variance LO 5

  17. Example: Activity Expected Times and Variances LO 5

  18. Example: Network with Three Time Estimates LO 5

  19. Time-Cost Models • Basic Assumption: Relationship between activity completion time and project cost • Time Cost Models: Determine the optimum point in time-cost tradeoffs • Activity direct costs • Project indirect costs • Activity completion times

  20. Procedure for Project Crashing • Prepare a CPM-type network diagram • Determine the cost per unit of time to expedite each activity • Compute the critical path • Shorten the critical path at the least cost • Plot project direct, indirect, and total-cost curves and find the minimum-cost schedule LO 6

  21. Any Questions?

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