Project Management Fundamentals. Element K. Kim Andrews Senior Practice Partner L&OD 613-7612 Kim.Andrews@duke.edu. Duke Course Objectives. Determine why projects fail Describe the methodologies, tools, and techniques to manage projects Plan and meet schedule deadlines and budget goals.
Element K Kim Andrews Senior Practice PartnerL&OD 613-7612Kim.Andrews@duke.edu
Duke Course Objectives Determine why projects fail Describe the methodologies, tools, and techniques to manage projects Plan and meet schedule deadlines and budget goals
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
The Project Management Life Cycle
Progression of Risk
Role of the Project Manager Leader Planner Organizer Controller Communicator Negotiator Peace Maker Advocate Risk Manager
3 Factors of Success
Initiation Phase
Statement of Work Stakeholders and their responsibilities Purpose Objectives Scope Sign-off and review hierarchies Reporting and communication plans Assumptions or Constraints
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
The Project Team
Sources of Risk
Risk Assessment
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.
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
The Project Management Life Cycle
Work Breakdown Structure
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
Dependency Table
Network Logic Diagram
The Project Schedule Estimate the duration and effort. Calculate the critical path. Calculate float.
The Project Schedule
Float
The Schedule. What if… The Gantt Chart
Project Budget
Balance the Budget and Schedule Shorten the schedule Lengthen the schedule Increase the budget Change the scope Change the expected quality
The Project Management Life Cycle
Identifying Variances
Identifying Variances
Earned Value Analysis Cost Variance Percentage (CVP) Schedule Variance Percentage (SVP) Estimate at Completion (EAC)
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
Cost Variance Percentage (BCWP – ACWP) / BCWP = CVP Divides cost variance by budgeted cost. A negative value means a cost overrun.
Schedule Variance Percentage (BCWP – BCWS) / BCWS = SVP Divides schedule variance by cost to date. A negative value means the work is behind schedule.
Estimate at Completion (Original cost x ACWP) / BCWP = EAC Recalculates the cost or completion date based on performance to date.
Dealing with Variances Find the cause. Plan corrective action. Determine overall project impact. Present the information to stakeholders.
Project Reports
Report Formats
Report Formats
Report Formats
Report Formats
Change Request Change Requested By Reason for Change Method of Change Affected Parties Affect on Success Criteria Backup Information Sign-Offs Date of Approval
The Project Management Life Cycle
Duke Course Objectives Determine why projects fail Describe the methodologies, tools, and techniques to manage projects Plan and meet schedule deadlines and budget goals
Project Management Fundamentals
Element K Kim Andrews Senior Practice PartnerL&OD 613-7612Kim.Andrews@duke.edu