PROJECT FINANCIAL MANAGEMENT BEST PRACTICES RICHARD MAGU PMO LEAD– AFRICA SOFTWARE GROUP LIMITED Thursday, 21 March 2019 Uphold public interest
What is Scope ? Scope Management
What is Scope ? Scope Management • The work required, and only the work required to complete the project successfully.
Scope Management is concerned with defining and controlling what is and is not included in the project. The definition and control of scope needs to be well organized and this is typically done with a scope management plan. Scope Management
Definition of the scope is done by: • Collecting requirements • Developing a detailed description of the project or product • Subdividing the project deliverables and project work into smaller, more manageable components Scope Management
Control of the scope is done by: • Formalizing acceptance of the completed project deliverables • Monitoring the status of the project work and managing changes to the scope baseline. Scope Management
Does planning a project have any value? Project Planning
Why plan in the first place ? Project Planning The objective is to develop a course of action that shall ensure that the project is delivered as expected. The course of action may need to be adjusted as the project is delivered to ensure it adapts to changes that arise during the projects life.
Project planning should cover all aspects of the project and accompany the project from inception to closure. Project Planning Image is from PMI- PMBOK Version 6
Time is the only resource we cannot create Project Scheduling
Schedule management aims to ensure timely completion of the project. Project Scheduling Image is from 2018 PMI Pulse of the Profession Report
How do you manage your schedule ? Project Scheduling • Develop a plan of how you shall develop and control the schedule throughout the project • Identify and document the specific actions to be performed to produce the project deliverables • Identify and document the relationship between these actions (activities)
How do you manage your schedule ? Project Scheduling • Estimate the number of work periods needed to complete individual activities with the resources available • Analyze activity sequences, durations, resource requirements and schedule constraints to create a project schedule model for project execution and control
Project Scheduling The project schedule model can be depicted in a Gantt chart.
How do you manage your schedule ? Project Scheduling • Monitor the status of the project to update the schedule and manage changes to the schedule baseline.