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Project Management Fundamentals

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  1. Project Management Fundamentals

    Element K Kim Andrews Senior Practice PartnerL&OD 613-7612Kim.Andrews@duke.edu
  2. Duke Course Objectives Determine why projects fail Describe the methodologies, tools, and techniques to manage projects Plan and meet schedule deadlines and budget goals
  3. Is It a Project? Project Work and Ongoing Work Are Different Ongoing Work Project Work Repeating process One of a kind, temporary process No clear beginning or ending Clear beginning and ending Same output created each time Output is created only once Everyone in work group Requires multi-disciplined team performs similar functions Project Management – Planning, organizing, scheduling, leading, communicating, and controlling work activities to achieve time and budget goals. Workbook page 2
  4. The Project Management Life Cycle
  5. Progression of Risk
  6. Role of the Project Manager Leader Planner Organizer Controller Communicator Negotiator Peace Maker Advocate Risk Manager
  7. 3 Factors of Success
  8. Initiation Phase
  9. Statement of Work Stakeholders and their responsibilities Purpose Objectives Scope Sign-off and review hierarchies Reporting and communication plans Assumptions or Constraints
  10. Project Charter Official statement of support by the project’s sponsor Name, purpose, and objectives of project Name of project manager Authorization to use organizational resources
  11. The Project Team
  12. Sources of Risk
  13. Risk Assessment
  14. Project Management Laws Murphy’s Law – Anything that can go wrong, will go wrong. Finagle’s Law of Dynamic Negatives or Finagle’s Corollary to Murphy’s Law - Anything that can go wrong, will – at the worst possible moment. Hofstadter’s Law – It always takes longer than you expect, even when you take into account Hofstadter’s law. Parkinson’s Law – Work expands so as to full the time available for its completion.
  15. Risk Management Approaches Avoid It work around so risk never occurs Accept It live with the consequences Transfer It share the risk Mitigate It prepare through contingency planning
  16. The Project Management Life Cycle
  17. Work Breakdown Structure
  18. Finish-to-Start Finish-to-Finish Start-to-Start Start-to-Finish Preceding activity must finish before successor activity can start Preceding activity must finish before successor activity can finish Preceding activity must start before successor activity can start Preceding activity must start before successor activity can finish Dependencies/Relationships Relationship Gantt Chart Description
  19. Dependency Table
  20. Network Logic Diagram
  21. The Project Schedule Estimate the duration and effort. Calculate the critical path. Calculate float.
  22. The Project Schedule
  23. Float
  24. The Schedule. What if… The Gantt Chart
  25. Project Budget
  26. Balance the Budget and Schedule Shorten the schedule Lengthen the schedule Increase the budget Change the scope Change the expected quality
  27. The Project Management Life Cycle
  28. Identifying Variances
  29. Identifying Variances
  30. Earned Value Analysis Cost Variance Percentage (CVP) Schedule Variance Percentage (SVP) Estimate at Completion (EAC)
  31. Variables Used Budgeted versus Actual Work Scheduled versus Work Performed Budgeted Cost for Work Scheduled (BCWS) – the amount you budget for a task between its start date and today (not the end of the project!) Budgeted Cost for Work Performed (BCWP) – the % of the task budget that corresponds to the task’s completion status Actual Cost for Work Performed (ACWP) – The actual cost of the task so far
  32. Cost Variance Percentage (BCWP – ACWP) / BCWP = CVP Divides cost variance by budgeted cost. A negative value means a cost overrun.
  33. Schedule Variance Percentage (BCWP – BCWS) / BCWS = SVP Divides schedule variance by cost to date. A negative value means the work is behind schedule.
  34. Estimate at Completion (Original cost x ACWP) / BCWP = EAC Recalculates the cost or completion date based on performance to date.
  35. Dealing with Variances Find the cause. Plan corrective action. Determine overall project impact. Present the information to stakeholders.
  36. Project Reports
  37. Report Formats
  38. Report Formats
  39. Report Formats
  40. Report Formats
  41. Change Request Change Requested By Reason for Change Method of Change Affected Parties Affect on Success Criteria Backup Information Sign-Offs Date of Approval
  42. The Project Management Life Cycle
  43. Duke Course Objectives Determine why projects fail Describe the methodologies, tools, and techniques to manage projects Plan and meet schedule deadlines and budget goals
  44. Project Management Fundamentals

    Element K Kim Andrews Senior Practice PartnerL&OD 613-7612Kim.Andrews@duke.edu