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Project Management Fundamentals Element K Version: Apr-12 Kim Andrews Senior Practice Partner L&OD 613-7612

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Presentation on theme: "Project Management Fundamentals Element K Version: Apr-12 Kim Andrews Senior Practice Partner L&OD 613-7612"— Presentation transcript:

1 Project Management Fundamentals Element K Version: Apr-12 Kim Andrews Senior Practice Partner L&OD

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 2

3 Is It a Project? 3 Project Work and Ongoing Work Are Different Ongoing WorkProject Work Repeating processOne of a kind, temporary process No clear beginning or endingClear beginning and ending Same output created each timeOutput 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 4

5 Progression of Risk 5

6 Role of the Project Manager Leader Planner Organizer Controller Communicator Negotiator Peace Maker Advocate Risk Manager 6

7 3 Factors of Success 7

8 Initiation Phase 8

9 Statement of Work Stakeholders and their responsibilities Purpose Objectives Scope Sign-off and review hierarchies Reporting and communication plans Assumptions or Constraints 9

10 Project Charter Official statement of support by the projects sponsor Name, purpose, and objectives of project Name of project manager Authorization to use organizational resources 10

11 The Project Team 11

12 Sources of Risk 12

13 Risk Assessment 13

14 Project Management Laws Murphys Law – Anything that can go wrong, will go wrong. Finagles Law of Dynamic Negatives or Finagles Corollary to Murphys Law - Anything that can go wrong, will – at the worst possible moment. Hofstadters Law – It always takes longer than you expect, even when you take into account Hofstadters law. Parkinsons Law – Work expands so as to full the time available for its completion. 14

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 15

16 The Project Management Life Cycle 16

17 Work Breakdown Structure 17

18 Dependencies/Relationships 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 Relationship Description Gantt Chart

19 Dependency Table 19

20 Network Logic Diagram 20

21 The Project Schedule 1.Estimate the duration and effort. 2.Calculate the critical path. 3.Calculate float. 21

22 The Project Schedule 22

23 Float 23

24 The Schedule. What if… The Gantt Chart 24

25 Project Budget 25 Cost Element DescriptionFormula Labor People costs, including overtime (regular hours x hourly rate) + (overtime hours x overtime rate) + pro-rated overhead and fringe benefits Equipment Purchase, lease, or rental price and the cost of usage Purchase price lease or rental price x time period Pro-rated usage fees Facilities The cost of the space to house the team, utilities, and services Rental cost x time period Organizational burden rate x time period Supplies Consumables Estimated volume x cost + inflation adjustment Special expenses Estimated cost

26 Balance the Budget and Schedule 26 Shorten the schedule Lengthen the schedule Increase the budget Change the scope Change the expected quality

27 The Project Management Life Cycle 27

28 Identifying Variances 28

29 Identifying Variances 29

30 Earned Value Analysis Cost Variance Percentage (CVP) Schedule Variance Percentage (SVP) Estimate at Completion (EAC) 30

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 tasks completion status Actual Cost for Work Performed (ACWP) – The actual cost of the task so far 31

32 Cost Variance Percentage (BCWP – ACWP) / BCWP = CVP Divides cost variance by budgeted cost. A negative value means a cost overrun. 32

33 Schedule Variance Percentage (BCWP – BCWS) / BCWS = SVP Divides schedule variance by cost to date. A negative value means the work is behind schedule. 33

34 Estimate at Completion (Original cost x ACWP) / BCWP = EAC Recalculates the cost or completion date based on performance to date. 34

35 Dealing with Variances 1.Find the cause. 2.Plan corrective action. 3.Determine overall project impact. 4.Present the information to stakeholders. 35

36 Project Reports 36 Type of Information Key QuestionsAnd… StatusIs the project on target?What are you, the PM, doing to fix the situation? Are there problems or variances that need to be addressed? ProgressWhat has the project team accomplished since the last update? Why? Or Why not? What work packages are complete, which partially complete, etc.? What are you, the PM, doing to fix the situation? Project Forecast What is the outlook for ongoing status and progress? Are there scope and goal changes that must be made in order to complete the project successfully? What support do you need from others to make it happen?

37 Report Formats 37

38 Report Formats 38

39 Report Formats 39

40 Report Formats 40

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 41

42 The Project Management Life Cycle 42

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 43

44 Project Management Fundamentals Element K Version: Apr-12 Kim Andrews Senior Practice Partner L&OD


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