Chapter 5 Project Management

Project Life Cycle Overview

• Project Life Cycle consists of four phases: Initiating, Planning, Executing, and Closing.
• Each phase includes various chapters relevant to planning and managing a project.

Stakeholder and Project Planning

• Planning involves stakeholder planning, schedule planning, budget planning, scope planning, project team planning, quality planning, risk planning, communications planning, and procurement planning.
• Effective stakeholder analysis is essential for project success.

Schedule Planning

• Essential steps include creating an activity list, sequencing activities, and estimating activity durations.
• Activities are derived from deliverables, broken down into work packages and defined as actions (verbs).

Work Breakdown Structure (WBS)

• Projects are divided into deliverables (nouns), which can further break down into smaller deliverables (work packages).
• Work packages are then segmented into specific activities required for their completion.

Estimating Activity Duration

• Duration estimates must consider available resources and can be challenging due to uncertainties.
• Different approaches to estimate include three-point estimates that factor optimistic, most likely, and pessimistic durations.

Network Diagrams

• Useful for visualizing the sequence and dependencies of activities in a project.
• Each activity is represented in rectangles, with arrows indicating their dependencies.

Resource Management

• Resource leveling addresses resource allocation issues when multiple activities require the same resource simultaneously.
• Adding human resources needs careful planning to avoid multitasking challenges.

Types of Project Schedules

• Milestone-based schedules focus on key project milestones and deadlines.
• Activity-based schedules detail all activities with their start and end dates.
• Dependency-based schedules, such as Gantt charts, show activity dependencies and timelines visually.

Critical Path Method (CPM)

• CPM identifies the longest sequence of dependent activities, determining the minimum project duration.
• Total float refers to the time an activity can be delayed without impacting the overall project timeline.

Contingencies in Scheduling

• Adding contingencies to the schedule can buffer uncertainties but may complicate overall project planning if not managed carefully.

Case Study Insights

• Case study example highlights practical application of scheduling techniques through a fictional project (Deco Productions).
• Activities for different deliverables were specified, with corresponding timelines and dependencies illustrated in network diagrams.

Key Components of Activity List

• Detailed descriptions of activities required for deliverables (e.g., creating signage, press releases).
• Organization of tasks into clear lists to facilitate scheduling and execution phases.

Reporting Project Status

• Regular reporting is crucial for monitoring project progress against planned schedules and budgets.
• Requires effective communication with stakeholders to relay updates and any necessary course corrections.

Closing the Project

• Finalizing all project aspects includes ensuring all deliverables meet quality standards and securing stakeholder acceptance.
• Documentation and lessons learned are captured for future reference.

This quiz covers key chapters from the Project Life Cycle, including stakeholder, schedule, budget, scope, team, quality, risk, and communications planning. Participants will also explore project execution, human resource management, status reporting, and project closing. Test your understanding of these essential concepts.