Project Management Life Cycle The Project Management Life Cycle

Project Management Life Cycle Progression of Risk

Setting Up for Success Three Factors of Success

Setting Up for Success Initiation Phase of the Project Management Life Cycle

The Project Team Team Membership during Project Management Life Cycle

The Project Team Matrixed Organization Chart

The Project Team Team Building Flow Chart

Risk Management Sources of Risk

Risk Management Risk Prioritization Chart

Risk Management 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

Project Plans Vocabulary Moment Work Breakdown Structure (WBS): Chart breakdown of milestones and tasks that must be accomplished in a project Work Packages: Detailed tasks, used in assigning, estimating, scheduling, and controlling project work

Project Plans Work Breakdown Structure (Hierarchy Format)

Project Plans Vocabulary Moment Network Logic Diagram: Scheduling tool that displays interrelationships among project work packages

The Project Schedule Network Logic Diagram

Project Tracking and Control Bar Chart of Actual versus Estimated Costs

Project Tracking and Control Variables in Earned Value Analysis Budgeted Cost for Work Scheduled (BCWS): The amount you budget for a task between its start date and today Example: You expected a task to take 10 days and cost $1,000 Today is day 3 The BCWS on day 3 = $300

Project Tracking and Control Variables in Earned Value Analysis Budgeted Cost for Work Performed (BCWP): The percentage of the task budget that corresponds to the task’s completion status Also known as Earned Value Example: The $1,000 task is only 10% complete on day 3 The BCWP = $100

Project Tracking and Control Variables in Earned Value Analysis Actual Cost for Work Performed (ACWP): The actual cost of the task so far Example: You have spent $500 of your $1,000 by day 3 The ACWP = $500

Project Tracking and Control Earned Value Calculations To calculate variances that show the interrelation between cost and schedule: Acronym Variance Calculations CV Cost Variance BCWP — ACWP SV Schedule Variance BCWP — BCWS

Project Tracking and Control Earned Value Calculations To calculate both cost and schedule variances in terms of percentages: Acronym Variance Calculations CVP Cost Variance Percentage CV  BCWP divides cost variance by budgeted cost negative value means a cost overrun SVP Schedule Variance Percentage SV  BCWS divides schedule variance by budgeted cost to date negative value means the work is behind schedule

Project Tracking and Control Earned Value Calculations To calculate the result of variance trends over time: Acronym Variance Calculations EAC Estimate at Completion (Original Cost  ACWP) ÷ BCWP Recalculates the cost or completion date based on performance to date

Project Reports Reporting Format: Bar Chart Visually summarizes and highlights key points Can be used to show progress to-date Can be used to display simple variance data

Project Reports Reporting Format: Table Itemizes information Allows readers to pick out specific data points easily

Project Reports Reporting Format: S-Curves Visually displays interrelationships between 2 different types of data (for example, cost and time) Useful for showing cumulative data and forecasting trends

Project Close-Out Close-Out Phase of the Project Management Life Cycle