Midterm Review SE503 Advanced Project Management

Exam Content Closed book, no notes Target time 2 hours Total points 200 Multiple choice 25 x 2 points = 50 points Short answer and problems 90 points Discussion questions 60 points – Compare traditional project management and Critical Chain

Closed book, no notes-Target time 2 hours-Total points 200 Multiple choice 25 x 2 points = 50 points -Planned Task duration always add safty-time within (T/F) -PERT uses three-point-estimates (T/F) Short answer and problems 90 points -What is the relationship between Critical Path and Critical Chain? Discussion questions 60 points – -Compare traditional project management and Critical Chain

Project Management PM history What is a project? – Project types Project elements – Scope, budget, schedule, resources, environment Project life cycle What is project success? Project terminology

Project Justification Project types – Sacred cow – Market driven – Necessary – Economic Project value – Economic return on investment – Kano value model

Traditional Project Management Organize Effort Plan Work (Scope, Budget, Schedule) Obtain and Manage Resources Resolve Conflicts and Problems Control Technical Quality Control Budget Control Schedule

Critical Path Method Tasks Milestones Logical relationships between tasks Project network Critical path Slack

Contracting Single contractor – Fixed bid – Time and material – Incentive fee – Which is best? Multiple contractors – Work for the common good – Incentive fee pool contract

PM Issues Most projects “fail” – Scope (quantity or quality) of work – Budget overruns – Schedule delays Finishing on-time (or early) is a big advantage – Return on investment – Market entry – Resource usage

Uncertainty Difficult estimates/padding/safety Hard to make a firm plan Triggers behavior response – Student’s syndrome – Parkinson’s law Uncertainty modeling – Normal distribution, Beta, triangle, PERT – Assumption of independence

Traditional approach Firm plan Focus on cost often leads to bad decisions Focus on schedule leads to early start Percent complete progress reporting No global focus on return on investment

Theory of Constraints Measurements T, I, and OE Statistical fluctuations, dependent events Synchronize and balance flow Optimize globally – Identify, Exploit, Subordinate, Elevate, Repeat Nelson Wood Shims

Critical Chain Two-point estimates Project and feeder buffers (collected safety) Resource buffers (more feeder buffers and wake-up call) Monitor and manage buffers Progress report work remaining Use TOC on bottleneck resources Reduces Parkinson’s, Students syndrome

Good Luck!