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Project Management (x470). Module 03 : Knowing What the Project Is, Part 2. Class Road Map. Session 4 Agenda. Stakeholder Management. Knowing What the Project Is: Project Planning. Distribution structure of the info – what info goes to who, via what method, frequency

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project management x470

Project Management (x470)

Module 03 : Knowing What the Project Is, Part 2

knowing what the project is communications management plan
Distribution structure of the info – what info goes to who, via what method, frequency

Description of info to be provided – format, content, level of detail, owner

Collection and filing structure that details methods for gathering and storing various types of info

Methods for accessing info between schedules

Methods for updating and refining communications management plan as the project moves on

Escalation process

Objective: Meet stakeholder communication needs.

Knowing Whatthe Project Is:Communications Management Plan
knowing what the project is basic risk concept
Project risk is an uncertain event or condition, that if it occurs, has a positive or negative effect on the project

Risk management focuses on:

Known unknowns

Proactive management

Risk management effort should be commensurate with the risk and importance of the project

Tolerance for Risk

Avoider

Neutral

Lover

Knowing Whatthe Project Is:Basic Risk Concept
knowing what the project is risk management
Systematic process of identifying, analyzing, and responding to project risks.

Maximizes probability and consequence of positive events and minimizes probability and consequence of adverse events

Risk and information are inversely related

Knowing Whatthe Project Is:Risk Management
knowing what the project is risk types

“The starting point for best practices in risk management is the development of a classification systems for the types of risks.” – Harold Kerzner

Knowing Whatthe Project Is:Risk Types
knowing what the project is other risk types examples
Boeing

Financial

Market

Technical

Production

  • ABB
  • Contracts and agreements
  • Responsibility and liability
  • Financial
  • Political
  • Warranty
  • Schedule
  • Technical
  • Resources
  • Supply and demand chain management
  • Customer
  • Consortia
  • Environmental
Knowing Whatthe Project Is:Other Risk Types Examples
knowing what the project is project risk planning steps

Objective: Understand project risks and develop options and actions to minimize threats and enhance opportunities to project success

Perform Qualitative Risk Analysis

Identify Risk

Plan Risk Responses

Knowing Whatthe Project Is:Project Risk Planning Steps

Perform Quantitative Risk Analysis

knowing what the project is risk identification
Process of determining risks that might affect the project and documenting their characteristics

Iterative process

Outputs

Risks (risk register)

Triggers

Perform Qualitative Risk Analysis

Objective:

Identify project risks

Identify Risk

Plan Risk Responses

Knowing Whatthe Project Is:Risk Identification

Perform Quantitative Risk Analysis

knowing what the project is qualitative risk analysis

Objective: Rank risks according to the probability of its occurrence and its impact to the project if it occurs

Perform Qualitative Risk Analysis

Identify Risk

Plan Risk Responses

Knowing Whatthe Project Is:Qualitative Risk Analysis

Perform Quantitative Risk Analysis

knowing what the project is qualitative risk assessment

Ordinal Scales (rank-ordered values)

    • High, Medium, Low
    • Red, Yellow, Green
    • A, B, C
  • Cardinal Scales(assigns values)
    • 0 to 100% for likelihood of occurrence
    • 0 to 10 for impact of occurrence
Knowing Whatthe Project Is:Qualitative Risk Assessment

13

knowing what the project is qualitative risk assessment ordinal model

High

Probability

Medium

Knowing Whatthe Project Is:Qualitative Risk Assessment – Ordinal Model

Low

Low

Medium

High

Impact

14

knowing what the project is qualitative risk assessment cardinal model

10

8

6

Probability

4

Knowing Whatthe Project Is:Qualitative Risk Assessment – Cardinal Model

2

6

10

2

4

8

Impact

16

knowing what the project is risk response plan

Objective: Develop options and actions to minimize threats and enhance opportunities to project success

Perform Qualitative Risk Analysis

Identify Risk

Plan Risk Responses

Knowing Whatthe Project Is:Risk Response Plan

Perform Quantitative Risk Analysis

knowing what the project is risk response plan template
Knowing Whatthe Project Is:Risk Response Plan Template

I Impacted Area/s: Enter area of potential impact: Scope, Quality, Schedule, Cost

2 Probability: Enter probability of occurrence: Low, Medium, High

3 Impact: Enter severity of consequences: Low, Medium, High

4 Strategies: Accept, Avoid, Mitigate, Transfer

5 Status: Open (O) or Close (C)

knowing what the project is project procurement planning steps

Objective: Identify and cost products, services or results from outside the project team needed to meet project goals/deliverables.

  • Other planning documents
Knowing Whatthe Project Is:Project Procurement Planning Steps

Scope Statement

knowing what the project is contracts

Major Types

    • Fixed Price or Lump Sum
    • Cost-Reimbursable
    • Time and Material (T&M)
  • Risk and reward relationship
  • Using wrong contract type can be devastating
Knowing Whatthe Project Is:Contracts

22

knowing what the project is principles of incentive contracts

CUSTOMER PAYS 80% OF OVERRUN

  • CONTRACTOR PAY 20% OF OVERRUN
  • PROFIT IS $1500 LESS CONTRACTOR’S 20%

EXAMPLE

TARGET COST: $20,000

TARGET FEE: $1500

  • CUSTOMER KEEPS 80% OF UNDERRUN
  • CONTRACTOR KEEPS 20% OF UNDERRUN
  • PROFIT IS $1500 PLUS CONTRACTOR’S 20%

SHARING RATIO: 80/20 %

Knowing Whatthe Project Is:Principles of Incentive Contracts

NOTE: LIMITATIONS MAY BE IMPOSED ON PRICE OR PROFIT

23

knowing what the project is relative contract risk

RISK SHARING METER

0 %

100 %

FFP

FPE

FPIF

CPIF

CUSTOMER’S RISK

CONTRACTOR’S RISK

Knowing Whatthe Project Is:Relative Contract Risk

CPAF

CPPC

CPFF

RISK

CS

LOCATION

C

0 %

100 %

26

team work

Develop the RAM for your project.

  • Note: Use only 3 major deliverables of each phase for your RAM
  • 20 minutes
Team Work
knowing what the project is balancing the plan
Do your end and milestone dates meet the expectations of the stakeholders?

Are resources available to meet project requirements?

Does your cost baseline meet the project requirements?

Trade-Off Analysis

Iterative Process

Trade-offs between competing objectives

Time

Cost

Scope

Knowing Whatthe Project Is:Balancing the Plan