OM480 Project Management The Managerial Process – An Introduction (With material from text authors)

Practical Project Management Overview Introductions and Expectations Course Layout Project Landscape

Course Objectives Introduce students to the elements of project management Provide opportunities to develop critical thinking skills in project management Explore project management via software Integrate the financial, operational, information systems, accounting, economic, and marketing concepts explored in the CUSB curriculum

Course Outcomes Develop a project management outline Derive a work breakdown structure from a project outline Develop activity network schedules Make financial, time, and other resource allocations against an activity-based network Understand the trade-offs between resources and time when re-defining projects Use automated project management tools

How We’ll Get There Part 1 – Mechanics of Project Management Part 2 – Leading PM Efforts Lecture Discussion Hands-on – PM Software Assessments – Exams and Assignments

Project Management A Working Definition Project: –A problem with a known solution scheduled for completion—unique and non-routine activities Project Management: –The science and art of solving the problem within predetermined time and resource parameters –Shouldering just enough risk to escape with your career intact!!!

Acronyms ACWPActual cost of work performed AOAActivity on arrow AONActivity on node BACBudget at completion BCWPBudgeted cost of work performed BCWSBudgeted cost of work scheduled C-CCritical chain approach to project planning and management CPICost performance index CPMCritical path method CVCost variance DURDuration EACEstimate at completion (with revised cost estimates) EFEarly finish ESEarly start ETCEstimate to complete EVEarned value FACForecast at completion FFFree Float FACForecast at completion KISSKeep it simple, stupid IFBInvitation to bid LFLate finish LS Late start MBWAManagement by wandering around NIHNot invented here NPVNet present value OBSOrganization breakdown structure PCIPercent complete index PCI-BPercent complete index-budget costs PCI-CPercent complete index-actual costs PDMPrecedence diagram method PERTProject evaluation review technique PMOProject management office PVPrice variance RMResponsibility matrix SPI Schedule performance index SVSchedule variance TF Total float UVUsage variance VACVariance at completion WBSWork breakdown structure

Project Management Life Cycle DefinitionPlanningExecutionDelivery Level of effort 1. Goals 2. Specifications 3. Tasks 4. Responsibilities 5. Teams 1. Schedules 2. Budgets 3. Resources 4. Risks 5. Staffing 1. Status reports 2. Changes 3. Quality 4. Forecasts 1. Train customer 2. Transfer documents 3. Release resources 4. Reassign staff 5. Lessons learned

The Age of Project Management Project Management Compression of product lifecycle Increased customer focus Rapid development of third world and closed economies Small projects represent big problems Corporate downsizing Global competition Knowledge explosion

Integrated Management of Projects Customer Environmental analysis ExternalInternal Firm mission, goals, strategies Priorities Projects Environment and Culture System Project Implementation Scope Work Breakdown Networks Resources Cost Organization Leadership Teams Partners

Capability Maturity Model (CMM)

The Technological and Sociocultural Dimensions of the Project Management Process Sociocultural Leadership Problem solving Teamwork Negotiation Politics Customer expectations Technical Scope WBS Schedules Resource allocation Baseline budgets Status reports