Presentation on theme: "Module 8: Risk Management, Monitoring and Project Control We would like to acknowledge the support of the Project Management Institute and the International."— Presentation transcript:
Module 8: Risk Management, Monitoring and Project Control We would like to acknowledge the support of the Project Management Institute and the International Institute for Learning, Inc. for permitting the use of their intellectual property in this curriculum.
Describe elements of a complete project assessment approach Develop a Monitoring Plan Identify the importance of integrated Change Management Module 8 Objectives By the end of this module, you will be able to: Identify approaches to risk identification and management
Objectives Anticipated Outcomes Express why Monitoring and Controlling are Important. Differentiate between Monitoring and Controlling processes Articulate the elements of Monitoring and Controlling Understand various types of Monitoring and Controlling Be able to develop a Monitoring Plan
What is Risk Management? Scope Time Quality Cost RISK
Monitoring Complete Project Status Knowledge AreaProcess Integration Monitor Project Work Scope Assess Scope Status Time Schedule Monitoring Cost Cost Monitoring Quality Assess Quality Human Resource Management Manage Project Team Communication Performance Reporting Manage Stakeholders Risk Risk Monitoring Procurement Contract Administration Monitoring
Inputs 4 Categories of Monitoring Project Description IndicatorsSource of Verification Assumptions Goal text Objective(s) text Results text Activities text 2. Outcomes Monitoring - Is the causal relationship between the results and the objectives correct? 1. Operational Monitoring (bean counting) Service Delivery Physical Distribution Financial tracking Procurement and inventory tracking 1. Operational Monitoring (bean counting) Service Delivery Physical Distribution Financial tracking Procurement and inventory tracking 3. Objectives Monitoring - Is the causal logical between the objectives and the goal correct? 4. Risk Monitoring – Pay special attention to monitoring your assumptions at the Activity and Results levels during implementation
Monitoring the Project Constraints Compare against the triple constraint baselines – Cost – Time – Scope (Product and Project) Identify variances React as necessary
Project Baselines The original plan, plus or minus approved changes Baselines – Scope: statement of work, work breakdown structure – Cost: project budget – Schedule (Time): network diagram, Gantt chart
Tasks Involved in Monitoring Collect Data Analyze Data Report Results ReflectPlanAct
7 Questions for Monitoring Plans 1. What information is needed to track the indicator? 2. Who will collect the information? How often will it be collected? 3. What data collection methods are appropriate? 4. How will the information be analyzed? Who will analyze it? How often will it be analyzed? 5. Who will report the results? 6. Who will receive the results? What decisions will be made with th is information? 7. How best should the information be communicated to different audiences?
Managing Change Change occurs for many reasons, including: Stakeholder input Team input Business input
The Triple Constraint ScopeTime Quality Cost Within client satisfaction
Integrated Change Control The integrated change control process is performed from project inception through completion, because projects seldom run exactly according to the project management plan. The project management plan, the project scope statement, and other deliverables must be maintained by carefully and continuously managing changes, either by rejecting changes or by approving changes so those approved changes are incorporated into a revised baseline.
Integrated Change Control Processes The integrated change control process includes the following change management activities: Identify and manage when changes occur or need to occur Ensure that only approved changes are implemented. Review and approve requested changes. Review and approve all recommended corrective and preventive actions. Control and updating the scope, cost, budget, schedule, and quality requirements based upon approved changes, by coordinating changes across the entire project. Document the complete impact of requested changes.