Module 6: Project Execution
101 Questions
3 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a primary responsibility of the project manager during the execution phase?

  • Critically assess team member performance
  • Initiate, manage, and control all tasks (correct)
  • Completely redesign project objectives
  • Eliminate the need for stakeholder input

    • Why is the project execution phase considered the longest and most resource-intensive?

  • It requires establishing new project goals
  • It is when the planned work is actually carried out (correct)
  • It involves only administrative tasks
  • It mainly focuses on training new team members

    • What is essential for stakeholder management in the execution phase?

  • Avoiding communication with stakeholders
  • Conducting regular project evaluation meetings
  • Monitoring and controlling stakeholders' expectations (correct)
  • Dismissing irrelevant stakeholder feedback

    • What steps should be taken to address deviations from planned project progress?

    <p>Introduce remedial steps accordingly</p> Signup and view all the answers

    What is the purpose of the kick-off meeting at the start of the execution phase?

    <p>To review and discuss the project's scope and plans</p> Signup and view all the answers

    What is a critical aspect of project monitoring and control?

    <p>Collecting information about project progress</p> Signup and view all the answers

    What must project managers communicate to stakeholders during the execution phase?

    <p>Project progress and any necessary contingencies</p> Signup and view all the answers

    What is a significant focus during the project execution phase?

    <p>Effective budgeting and measuring performance</p> Signup and view all the answers

    What rule indicates that value for work performed is only earned once the entire activity is completed?

    <p>0/100 rule</p> Signup and view all the answers

    Which motivational factor is associated with promotion opportunities and personal growth?

    <p>Motivator factors</p> Signup and view all the answers

    Which aspect is NOT part of the project execution phase?

    <p>Developing a new project charter</p> Signup and view all the answers

    What is the role of change control in the execution phase?

    <p>To document and manage any introduced changes</p> Signup and view all the answers

    How can work packages be made more manageable and interesting?

    <p>By ensuring work is matched to team capability</p> Signup and view all the answers

    Which of the following approaches allows for recognition of work 50% upon starting and 50% upon completion?

    <p>50/50 rule</p> Signup and view all the answers

    The absence of which factors leads to team dissatisfaction according to Hertzberg's theory?

    <p>Hygiene factors</p> Signup and view all the answers

    What is a common approach to ensuring that work packages remain engaging?

    <p>Rotating large work packages among different teams</p> Signup and view all the answers

    What does cost and schedule performance rely upon?

    <p>Schedule and cost variances</p> Signup and view all the answers

    What is a disadvantage of the 0/100 rule for contractors?

    <p>Late payment for completed work</p> Signup and view all the answers

    Which of the following rules is also known as the weighted milestone approach?

    <p>0/100 rule</p> Signup and view all the answers

    What is necessary for team members to feel motivated according to project management practices?

    <p>Meaningful and interesting work</p> Signup and view all the answers

    What is the primary purpose of monitoring and control in project management?

    <p>To determine project budget status</p> Signup and view all the answers

    Which approach to cost estimation is considered the most accurate?

    <p>Bottom-up approach using work packages</p> Signup and view all the answers

    Which of the following is NOT a step in the Earned Value Management process?

    <p>Develop a project scope statement</p> Signup and view all the answers

    What does EVM allow project managers to assess about the project?

    <p>The cost and schedule performance</p> Signup and view all the answers

    What is Actual Cost (AC) in the context of EVM?

    <p>The amount spent at a given time on an activity</p> Signup and view all the answers

    Why is the critical path important for project managers?

    <p>It helps in focusing on essential activities crucial for project completion</p> Signup and view all the answers

    What does Planned Value (PV) represent in EVM?

    <p>The budgeted value of work planned to be completed</p> Signup and view all the answers

    What risk is associated with focusing solely on the critical path?

    <p>Non-critical activities may become critical without notice</p> Signup and view all the answers

    Which of the following factors is involved in cost control?

    <p>Documenting changes to the budget</p> Signup and view all the answers

    What does the term 'network diagram' refer to in the EVM process?

    <p>A visual representation of project activities and their sequences</p> Signup and view all the answers

    Which Earned Value approach allows for some value to be assigned before completion of the work?

    <p>50/50 rule</p> Signup and view all the answers

    What does Hertzberg's theory suggest about hygiene factors?

    <p>Their absence creates dissatisfaction.</p> Signup and view all the answers

    What is a key feature of the percentage complete with weighted milestones approach?

    <p>It involves setting specific milestones for performance assessment.</p> Signup and view all the answers

    Which of the following strategies can enhance team motivation according to the provided content?

    <p>Breaking large work packages into smaller, manageable tasks.</p> Signup and view all the answers

    What is the significance of building milestones into a project plan?

    <p>To acknowledge teams and individuals for their achievements.</p> Signup and view all the answers

    What is a key responsibility of the project manager during the execution phase?

    <p>Direct efforts of the team and manage tasks</p> Signup and view all the answers

    What is crucial for project performance monitoring?

    <p>Assessing deviations from planned progress</p> Signup and view all the answers

    What is typically discussed during the kick-off meeting of a project?

    <p>Scope, communications, and risk management plans</p> Signup and view all the answers

    During the execution phase, what must be managed to keep the project on track?

    <p>Potential risks and stakeholder expectations</p> Signup and view all the answers

    Which statement accurately reflects the importance of project monitoring and control?

    <p>It is central to assessing project progress against the budget.</p> Signup and view all the answers

    Why is implementing corrective action necessary during the execution phase?

    <p>To address deviations from planned project progress</p> Signup and view all the answers

    What aspect is integrated into the change control process during project execution?

    <p>Documentation of introduced changes</p> Signup and view all the answers

    What is the main purpose of Earned Value Management (EVM) in project management?

    <p>To monitor and control cost and schedule performance</p> Signup and view all the answers

    Which step in the Earned Value Management process is focused on establishing budgets for work packages?

    <p>Complete the work breakdown structure</p> Signup and view all the answers

    Which approach to cost estimation is mentioned as being the most accurate?

    <p>Bottom-up approach using work packages</p> Signup and view all the answers

    What value does Planned Value (PV) represent in the context of EVM?

    <p>The budgeted value of work planned to be done</p> Signup and view all the answers

    What is a significant risk of focusing narrowly on the critical path in a project?

    <p>Ignoring non-critical activities that may become critical</p> Signup and view all the answers

    What does capturing Actual Costs (AC) involve in the EVM process?

    <p>Gathering information on expenses incurred to date</p> Signup and view all the answers

    In the context of project management, what is the critical path?

    <p>The sequence of activities that determines the project duration</p> Signup and view all the answers

    Which of the following is a primary component of cost control in project management?

    <p>Documenting changes and managing risks to budget</p> Signup and view all the answers

    Which of the following values is NOT used in Earned Value Management?

    <p>Net Present Value (NPV)</p> Signup and view all the answers

    What role does cash flow management play in project budgeting?

    <p>It identifies when additional funds will be needed</p> Signup and view all the answers

    What is Earned Value (EV) primarily based on?

    <p>The percentage of work completed to date</p> Signup and view all the answers

    What is the main disadvantage of the 50/50 rule in project management?

    <p>It may lead to premature payments before actual completion.</p> Signup and view all the answers

    How does Hertzberg define motivator factors?

    <p>Aspects that inspire greater performance and productivity</p> Signup and view all the answers

    Which approach to assigning value in Earned Value Management allows some value to be recorded before completion of the work?

    <p>50/50 rule</p> Signup and view all the answers

    What is the critical focus of managing project work packages for motivation?

    <p>Designing work packages that are challenging and meaningful</p> Signup and view all the answers

    Which of the following describes the 'percentage complete with weighted milestones' approach?

    <p>Using subjective percentages calculated by project managers</p> Signup and view all the answers

    Which feature is NOT associated with job enrichment as per motivational theory?

    <p>Increasing the amount of work assigned to individuals</p> Signup and view all the answers

    What is a primary characteristic of the 0/100 rule in Earned Value Management?

    <p>No value is earned until the complete task is finalized.</p> Signup and view all the answers

    How should milestones be integrated into project plans to enhance team motivation?

    <p>They should acknowledge individual and team contributions.</p> Signup and view all the answers

    Which of the following tasks is NOT a responsibility of the project manager during the execution phase?

    <p>Providing technical training to team members</p> Signup and view all the answers

    What essential aspect must be addressed to ensure team members are effectively contributing during the execution phase?

    <p>Formal kick-off meeting</p> Signup and view all the answers

    What is considered a primary function of project monitoring and control?

    <p>Ensuring adherence to budget</p> Signup and view all the answers

    In terms of managing stakeholder expectations, what is critical during the project execution phase?

    <p>Communicating project progress regularly</p> Signup and view all the answers

    Which of the following best reflects a focus during project execution?

    <p>Collecting information on task completion</p> Signup and view all the answers

    Which document is most relevant in facilitating the change control process?

    <p>Scope and charter plan</p> Signup and view all the answers

    What does the Earned Value Management (EVM) process primarily allow project managers to do?

    <p>Compare actual project performance against planned metrics.</p> Signup and view all the answers

    What specific action should be taken when project performance deviates from the plan?

    <p>Initiate corrective actions immediately</p> Signup and view all the answers

    Which of the following approaches to estimation is considered the least accurate?

    <p>Top-down estimation</p> Signup and view all the answers

    What does the term 'baseline budget' refer to in the context of project management?

    <p>The original approved version of the project's budget.</p> Signup and view all the answers

    During the execution phase, which of the following must be constantly updated and reviewed?

    <p>Change control documentation</p> Signup and view all the answers

    What is the primary purpose of a kick-off meeting in the execution phase?

    <p>Aligning team efforts and expectations</p> Signup and view all the answers

    Which step in the Earned Value Management process focuses on establishing project scope?

    <p>Step 1</p> Signup and view all the answers

    What risk is highlighted when focusing only on the critical path in project management?

    <p>Non-critical activities may become critical without warning.</p> Signup and view all the answers

    How does effective budgeting relate to project monitoring and control?

    <p>It serves as a measure against project performance</p> Signup and view all the answers

    What do the terms Actual Cost (AC), Planned Value (PV), and Earned Value (EV) collectively represent in EVM?

    <p>Measures for assessing project cost and schedule performance.</p> Signup and view all the answers

    Which of the following methods is NOT part of the cost estimation process?

    <p>Baseline creation</p> Signup and view all the answers

    Which is the primary focus when a project manager monitors the critical path?

    <p>Minimizing overall project duration.</p> Signup and view all the answers

    What is the significance of cash flow management in the budgeting process?

    <p>It informs the project manager when additional funds are necessary.</p> Signup and view all the answers

    What approach to Earned Value calculation indicates that value is earned when the entire activity is completed?

    <p>0/100 rule</p> Signup and view all the answers

    Which of the following is NOT considered a motivator factor according to Hertzberg's theory?

    <p>Job security</p> Signup and view all the answers

    In project management, what is the benefit of using weighted milestones?

    <p>Less subjective assessment of completed work</p> Signup and view all the answers

    What is one of the key aspects to keep a team motivated during a project?

    <p>Breaking down work packages into smaller tasks</p> Signup and view all the answers

    Which Earned Value method allows for an initial portion of value to be recorded before project completion?

    <p>50/50 rule</p> Signup and view all the answers

    What is an essential element of the project execution phase that needs to be oriented to new team members?

    <p>Team-building event</p> Signup and view all the answers

    During the project execution phase, what must a project manager monitor to ensure the project remains on track?

    <p>Project performance and progress</p> Signup and view all the answers

    What is a critical responsibility of project managers while conducting project monitoring and control?

    <p>Collecting information on project progress</p> Signup and view all the answers

    What activity is required during the project execution phase to address any changes in the project?

    <p>Change control process</p> Signup and view all the answers

    What is a key focus area for project managers during the project execution phase?

    <p>Monitoring and controlling project performance</p> Signup and view all the answers

    Why is stakeholder management particularly important during the project execution phase?

    <p>To monitor and control stakeholders' expectations</p> Signup and view all the answers

    What should project managers introduce to handle deviations from planned progress effectively?

    <p>Remedial steps</p> Signup and view all the answers

    What is the main purpose of using Earned Value Management (EVM) in project management?

    <p>To monitor and control cost and schedule performance</p> Signup and view all the answers

    Which approach is considered the most accurate for cost estimation?

    <p>Bottom-up approach using work packages</p> Signup and view all the answers

    What does Planned Value (PV) represent in the context of Earned Value Management?

    <p>The anticipated cost of work planned to be completed</p> Signup and view all the answers

    How is Actual Cost (AC) defined in the Earned Value Management process?

    <p>The actual amount of money spent at any given time</p> Signup and view all the answers

    Why is the critical path important in project management?

    <p>It allows project managers to focus on activities that need primary attention</p> Signup and view all the answers

    What is one of the risks associated with narrowly focusing on the critical path?

    <p>Non-critical activities may slip and become critical without notice</p> Signup and view all the answers

    Which step in the Earned Value Management process involves determining the percentage of work completed?

    <p>Step 7: Compute the EVs by determining work completed</p> Signup and view all the answers

    What is the purpose of cash flow management in project budgeting?

    <p>To determine when additional funds are required</p> Signup and view all the answers

    Which of the following is a critical element in cost budgeting?

    <p>Creating cost accounts within the WBS and OBS</p> Signup and view all the answers

    Study Notes

    Project Execution Phase

    • The project execution phase is the longest and most resource-intensive phase of the project management life cycle.
    • During this phase, the project manager is responsible for initiating, managing, and controlling all tasks and directing the efforts of the team.
    • Stakeholder expectations and risks need to be monitored and managed.
    • Project performance and progress must be monitored and controlled.
    • Corrective steps need to be initiated to bring the project back on track when necessary.
    • The change control process must be managed to document any changes introduced.
    • Newly added team members should be oriented before starting the project.
    • A formal “kick-off” meeting should be held to review the project scope, plan, communications plan, risk management plan, and change control process.

    Project Monitoring and Control through EVM

    • Project monitoring and control involve collecting information on project progress, assessing deviations from planned progress, and taking remedial steps.
    • The project manager communicates progress to stakeholders and implements contingencies to address risks.
    • Effective budgeting is crucial for monitoring and control.
    • The budgeting process includes resource planning, cost estimation, and cost budgeting to ensure accurate monitoring.

    Resource Planning

    • Accurate estimation of resources required to perform a task affects the cost of that task.

    Cost Estimation

    • Cost estimation happens at the work breakdown structure level.
    • Three estimation approaches include top-down, bottom-up, and iterative.
    • The bottom-up work package approach is more accurate.

    Cost Budgeting

    • Allocates costs to departments through cost accounts at the intersection of the work breakdown structure (WBS) and organizational breakdown structure (OBS).
    • Cash flow management helps determine when more money is needed and provides insight into the overall project performance.

    Cost Control

    • Involves documenting changes to the budget.
    • Controlling risks can necessitate increased spending.

    Earned Value Management (EVM)

    • EVM monitors and controls cost and schedule performance by comparing actual costs with planned values and completed work with planned work.
    • Conventional techniques focus on variances between actual and planned work, highlighting overruns but lacking information on work completed.
    • EVM identifies variances and measures actual work completed.

    Steps Involved in the Earned Value Management (EVM) Process

    • Define the project scope.
    • Complete the work breakdown structure and establish budgets for work packages and cost accounts.
    • Complete the organizational breakdown structure and allocate organizational responsibility.
    • Develop the network diagram by time-phasing work packages.
    • Develop the baseline budget by time-phasing the value of work packages.
    • Capture actual costs (AC).
    • Compute earned values (EV).
    • Generate a final status report.

    Managing the High-Performance Team

    • The Critical Path helps manage the project team by focusing on the most critical activities that impact project completion.
    • The project manager can manage large projects by focusing on a limited number of critical path activities.
    • Non-critical activities with little slack should be monitored closely to ensure they do not become critical path activities.

    Key Values Used in EVM

    • Actual Cost (AC): The actual amount of money spent on an activity.
    • Planned Value (PV): The budgeted amount of work allocated to work packages.
    • Earned Value (EV): The percentage of work completed multiplied by the budgeted amount (PV).
    • EV is based on subjective estimates but can be determined through milestone validation.

    EV Calculation Methods

    • 0/100 Rule: Payment is only earned once the entire activity is completed.
    • 50/50 Rule: 50% of the budgeted value is earned when the work starts, and the remaining 50% is earned upon completion.
    • Other Milestone Validation: Allows for alternative approaches to value estimation, such as 25/75 or 20/80 rules.
    • Percentage Complete with Weighted Milestones: Subjective percentage complete rule with monitoring points. This is typically used with longer activities broken down into smaller work packages.

    Motivating the Team

    • Herzberg’s Two-Factor Theory: Identifies hygiene factors (necessary for satisfaction) and motivator factors (drivers of motivation).
    • Hygiene Factors: Their absence causes dissatisfaction but their presence does not necessarily motivate. Examples include salary, job security, and working conditions.
    • Motivator Factors: Inspire individuals to enhance performance. Examples include recognition, responsibility, challenging work, and opportunities for advancement.

    Motivating Team Through Work Packages

    • Work packages should be designed to be meaningful, interesting, and challenging.
    • Ensuring work package size matches the capabilities of the assigned team.
    • Breaking down large, lengthy work packages into smaller, manageable tasks.

    Job Enlargement and Job Enrichment

    • Job Enlargement: Assigning more work to individuals who need to be stretched.
    • Job Enrichment: Providing individuals with more autonomy and control over their work.

    Managing Virtual Teams

    • Considerations include remote communication, collaboration tools, time zone differences, cultural considerations, and building a sense of team cohesion.

    Project Execution Phase

    • The project execution phase is the longest and most resource-intensive phase.
    • This phase follows the planning phase. ​
    • The project manager is responsible for initiating, managing, and controlling all tasks during this phase. This includes directing the efforts of the team. ​
    • Monitor and control stakeholder expectations and risks.
    •  Monitor project performance and progress, implementing corrective steps to bring the project back on track.
    •  Manage the change control process, documenting any changes.
    • At the start of the execution phase, orient new team members through team-building events.
    • Launch the project with a formal "kick-off" meeting.
    • Review and discuss the scope and charter plan, communications plan, risk management plan, and change control process during the kick-off meeting.
    • Reflect on progress to date.

    Project Monitoring and Control through EVM

    • Monitoring and controlling project performance is crucial for effective project management.
    • This is often considered the most important aspect of the execution phase.
    • Project managers collect information about project progress, assess deviations from planned progress, and implement corrective actions.
    • Communicate progress to relevant stakeholders and implement contingencies for risk events.
    • Effective budgeting is central to monitoring and control.
    • Project progress and performance are measured against the budget.
    • The aim is to determine if a project is over, on, or under budget, and initiate corrective action as needed.

    Budgeting Principles

    • Resource planning includes accurately estimating the number of resources required for each work element.
    • Cost estimation: This happens at the work breakdown structure (WBS) level.
      • Top-down, bottom-up, and iterative approaches are used for estimation.
      • The bottom-up approach using work packages is considered more accurate.
      • Work packages encompass all activities required to complete a deliverable, providing the most accurate estimations.
      • Cost of labor, materials, and equipment are easier to determine with work packages.
    • Cost budgeting allocates costs to departments by creating cost accounts at the intersection of the WBS and Organizational Breakdown Structure (OBS).
    • Cash flow management is essential for determining when additional funding is needed and evaluating the project's overall performance.

    Earned Value Management (EVM)

    • EVM is a system for monitoring and controlling project cost and schedule performance.
    • Compare the actual cost of work completed with the planned value of work.
    • Compare the cost of work completed to date with the planned work value.
    • This provides a more comprehensive assessment of project performance than conventional techniques that focus solely on the variance between actual and planned work.
    • EVM identifies performance variances and measures actual work completed, determining whether activities have been completed ahead of schedule, which could lead to cost overruns.

    Steps in the Earned Value Management Process

    • Define the project scope.
    • Complete the WBS and establish budgets for work packages and cost accounts.
    • Complete the OBS and allocate organizational responsibility.
    • Develop the network diagram by time-phasing the work packages.
    • Develop the baseline budget by time-phasing the Rand value of work packages. This becomes the Planned Value (PV).
    • Capture Actual Costs (AC) from those working on the work packages.
    • Compute the Earned Values (EV) by multiplying the percentage of work completed to date by the total value of planned work for each activity.
    • Generate the final report (status report) reflecting different aspects of project performance.

    Managing the High-Performance Team

    The Critical Path in Team Management

    • The project manager cannot manage all activities and team member interactions on large projects.
    • The critical path helps the manager focus on a manageable number of activities.
    • The percentage of tasks on the critical path decreases as the project size increases.
    • Managers typically focus on 30 to 100 critical path activities to make the management task achievable.
    • There's a risk that non-critical activities with little slack could become critical if delayed. Managers need to monitor these activities.
    • The critical path is useful for managing high-performance teams, allowing the manager to focus on crucial activities.

    Key Values in Earned Value Management

    • Actual Cost (AC): The actual amount of money spent to complete an activity.

    • Planned Value (PV): The Rand value of the work planned to be accomplished; taken from the budgeted amount of work packages in the WBS.

    • Earned Value (EV): The percentage of work completed to date.

      • EV is calculated by multiplying the percentage of work completed by the budgeted amount (PV).
      • The percentage of work completed is subjective and determined by project managers in the field.
      • Different approaches to determine EV:
        • 0/100 Rule (Weighted Milestone Approach): Value is earned only when an activity is fully completed.
        • 50/50 Rule: 50% of the value is recorded when the work starts, and the remaining 50% is recorded upon completion.
        • Other Milestone Validation: Using 25/75 or 20/80 rules, which acknowledge the need for preparation before an activity starts.
        • Percentage Complete with Weighted Milestones: More subjective percentage complete rule is used with monitoring points; most commonly used with longer activities broken down into shorter work packages.

    • Cost and schedule performance are evaluated by comparing these three values (AC, PV, and EV).

    Keeping the Team Motivated

    • Hertzberg's Two-Factor Theory:
      • Hygiene Factors: Their absence causes dissatisfaction and demotivation. However, focusing on hygiene factors only leads to a neutral state, not motivation.
      • Motivator Factors: Inspire performance and productivity; include promotion opportunities, personal growth opportunities, responsibility, interesting work, and recognition for effort.
    • Considerations to motivate the team:
      • Design work packages that motivate team members. Ensure the work is:
        • Manageable in size for the assigned individuals.
        • Not significantly smaller than the capacity of those assigned.
        • Matched to the capability of the assigned personnel.
        • Broken into smaller, shorter-term packages to prevent boredom.
        • Combined to create more significant packages worthy of recognition when completed.
        • Rotated among different individuals or teams to keep work engaging.
      • Apply principles of job enlargement and job enrichment:
        • Job Enlargement: Assign more work to individuals to stretch them.
        • Job Enrichment: Give individuals more autonomy and control over their work product.

    Managing Virtual Teams

    • Key considerations for effectively managing virtual teams:
    • Communication: Establish clear communication channels, protocols, and tools to ensure seamless interaction among team members.
    • Collaboration: Implement effective collaboration tools and techniques to foster teamwork and shared understanding.
    • Trust: Cultivate trust among team members through open communication, transparency, and consistent performance.
    • Culture: Promote a cohesive virtual team culture that fosters inclusivity, respect, and shared values.
    • Technology: Select and utilize appropriate technology for virtual team communication, collaboration, and project management.
    • Leadership: Provide strong leadership that inspires, motivates, and guides virtual team members through clear expectations, feedback, and support.

    Project Execution Phase

    • The project execution phase is the longest and most resource-intensive phase of the project management lifecycle.
    • During this phase, the project manager is responsible for managing and controlling all tasks, directing the efforts of the team, and monitoring stakeholder expectations.
    • It's crucial to monitor project performance and progress, initiating corrective actions when necessary to keep the project on track.
    • The change control process needs to be managed to document any introduced changes.
    • New team members should be oriented at the start of the execution phase, potentially through team-building events.
    • A formal "kick-off" meeting should be held to review the scope, charter plan, communications plan, risk management plan, and change control process, reflecting on progress made.

    Project Monitoring and Control through EVM

    • Project monitoring and control is crucial for effective project management, particularly in the execution phase.
    • Project managers collect information, assess progress deviations, and implement remedial steps.
    • They communicate progress to stakeholders and implement contingencies to deal with risks.
    • Effective budgeting is central to monitoring and control, measuring progress and performance against the budget.
    • Monitoring and control help determine if the project is over, on, or under budget, and to introduce remedial steps if necessary.

    Key Budgeting Principles

    • Resource Planning: Accurately estimating the number of resources required for each task, affecting the cost of that work.
    • Cost Estimation: Done at the work breakdown structure level, influenced by resource planning. Different approaches include top-down, bottom-up, and iterative, with the bottom-up approach using work packages being the most accurate. Work packages include all necessary activities to complete a deliverable.
    • Cost Budgeting: Costs are allocated to departments through cost accounts, the intersection of the WBS and OBS.
    • Cost Control: Involves documenting budget changes, such as those caused by managing risks requiring additional funding.

    Earned Value Management

    • Earned Value Management (EVM) monitors and controls project cost and schedule performance.
    • It compares the actual cost of work completed with the planned value of work and the cost of work completed to date with the value of planned work.
    • Traditionally, project performance monitoring focused on the variance between actual and planned work, but EVM provides a more comprehensive assessment by incorporating actual work completed.

    Steps in the Earned Value Management Process

    • Define the project scope.
    • Complete the work breakdown structure and create budgets for work packages and cost accounts.
    • Complete the organizational breakdown structure and allocate organizational responsibility.
    • Develop the network diagram by time-phasing the work packages.
    • Develop the baseline budget by time-phasing the Rand value of work packages, establishing the Planned Value (PV).
    • Capture Actual Costs (AC) by gathering information from those working on work packages.
    • Compute Earned Values (EV) by determining the percentage of work completed and multiplying it by the total planned value for each activity.
    • Generate the final report (status report) reflecting various aspects of project performance.

    Managing the High-Performance Team

    • The critical path helps manage projects with a large number of activities and inter-relationships between team members.
    • The project manager can focus on critical path activities, making management more achievable.
    • It's crucial to monitor non-critical activities with little slack to ensure they don't become critical path activities.
    • The critical path simplifies management by focusing on essential activities, streamlining efforts.

    Key Values in EVM

    • Actual Cost (AC): The actual amount spent at any given time to complete an activity.
    • Planned Value (PV): The Rand value of work planned to be accomplished, taken from the budgeted amount of work packages in the Work Breakdown Structure.
    • Earned Value (EV): The percentage of work completed to date, calculated by multiplying the percentage of work completed by the budgeted amount (PV).

    Different Approaches to Determining Earned Value

    • 0/100 Rule: Value is only earned upon completion of the entire activity.
    • 50/50 Rule: 50% of the budgeted value is recorded when work starts, and the remaining 50% is recorded on completion.
    • Other Milestone Validation: Utilizing rules like 25/75 or 20/80, acknowledging preparation time before an activity begins.
    • Percentage Complete with Weighted Milestones: Subjective percentage complete rule used with monitoring points, often applied to longer activities broken down into smaller work packages.

    Motivating the Team

    • Herzberg's motivational theory suggests two factors: hygiene factors and motivator factors.
    • The absence of hygiene factors leads to dissatisfaction and demotivation, while their presence only results in a neutral state.
    • Motivator factors, such as promotion opportunities, personal growth, responsibility, interesting work, and acknowledging effort, drive motivation and enhance performance.
    • Work packages should be designed to engage and motivate, ensuring:
      • The size of the work package is manageable by the assigned team.
      • The work package is not too small for the team’s capacity.
      • The work type matches the team's capabilities.
      • Large work packages are broken down into smaller, shorter-term tasks.
      • Small work packages are combined to create more significant, recognizable tasks.
      • Large work packages are rotated among different people or teams to keep the work invigorating.

    Job Enlargement and Job Enrichment

    • Job Enlargement: Assigning individuals additional work to challenge them.

    • Job Enrichment: Providing individuals more autonomy and control over their work.

    • Creating milestones with celebration opportunities encourages recognition and reinforces positive performance.

    • Motivating a team requires understanding what is important to them. For high-performance teams, it's often the work itself, so work should be designed to be meaningful.

    Managing Virtual Teams

    • [Specific information about managing virtual teams is missing from the text. This section remains incomplete.]

    The Project Execution Phase

    • The project execution phase is the longest and most resource-intensive phase of the project lifecycle.
    • It is during this phase that the work planned in the previous phase is actually carried out.
    • The project manager is responsible for initiating, managing, and controlling all tasks and directing the efforts of the team in this phase.
    • Stakeholder expectations and potential risks need to be managed.
    • Project performance and progress need to be monitored and controlled, with corrective steps taken when necessary.
    • The change control process must be managed to document any changes introduced effectively.
    • At the outset of the execution phase, new team members should be oriented to allow them to contribute effectively.
    • A formal "kick-off" meeting should be held to review and discuss the scope, charter plan, communication plan, risk management plan, change control process, and progress to date.

    Project Monitoring and Control through EVM

    • Monitoring and controlling project performance is a critical aspect of effective project management, particularly in the execution phase.
    • Project managers are responsible for collecting information on project progress, assessing deviations from planned progress, and implementing remedial steps.
    • They also communicate progress to stakeholders and implement contingencies for risks.
    • Effective budgeting is central to monitoring and control, as project progress and performance are usually measured against the budget.
    • Monitoring and control help determine if a project is over, on, or under budget and introduce remedial steps if necessary.
    • The budgeting process includes resource planning, cost estimation, cost budgeting and cost control.
    • Resource Planning involves estimating the resources needed for each work element, which influences the cost.
    • Cost Estimation occurs at the work breakdown structure and is influenced by resource planning.
    • The top-down, bottom-up, and iterative approaches are used for cost estimation, with the bottom-up approach using work packages considered to be more accurate.
    • Work packages are the source of accurate estimations as they include all activities needed to complete a deliverable.
    • Cost Budgeting involves allocating costs to different departments through cost accounts at the intersection of the WBS and OBS.
    • Cash flow management is important in determining when more money is needed and identifying if activities are going over budget.
    • Cost control includes documenting budget changes, such as controlling for risks that require additional money.

    Earned Value Management (EVM)

    • EVM is a system that allows project managers to monitor and control the cost and schedule performance of their projects.
    • It compares the actual cost of completed work with the planned value of work and the cost of completed work with the value of planned work.
    • EVM helps identify performance variances and determine if activities have been completed earlier than anticipated.

    The Steps Involved in Earned Value Management

    • Define the project scope.
    • Complete the work breakdown structure and establish budgets for work packages and cost accounts.
    • Complete organizational breakdown structure and allocate organizational responsibility.
    • Develop the network diagram by time-phasing the work packages.
    • Develop the baseline budget by time-phasing the value of work packages; this constitutes the Planned Value (PV).
    • Capture Actual Costs (AC) from those working on the different work packages (how much money have they spent).
    • Compute Earned Values (EV) by determining the percentage of work completed and multiplying it by the total planned value for each activity.
    • Generate a final report (status report) reflecting different aspects of project performance.

    Managing the High-Performance Team

    • The critical path is a helpful tool for managing high-performance teams by allowing the project manager to focus on critical path activities.
    • This is especially important for large projects with many activities.
    • The critical path is a series of activities that must be completed on time to meet the project deadline. If one of the activities on the critical path is delayed, the entire project will be delayed.
    • The project manager must monitor the critical path closely and take steps to ensure that the activities on the critical path are completed on time.
    • The critical path helps the project manager prioritize activities and allocate resources effectively.

    Key Values Used in EVM

    • EVM assesses project performance using actual cost (AC), planned value (PV), and earned value (EV).
    • Actual Cost (AC) is the actual amount of money spent on an activity.
    • Planned Value (PV) is the budgeted value of the work planned to be accomplished.
    • Earned Value (EV) is the percentage of work completed to date, multiplied by the budgeted amount or PV.
    • EV determination is subjective but can be made less so by attaching milestones to the realization of completed work.
    • Different approaches to EV calculation include the 0/100 rule, 50/50 rule, and other milestones.

    Keeping the Team Motivated

    • Motivational theories like Herzberg's two-factor theory apply to project management.
    • Hygiene factors, when absent, lead to dissatisfaction and demotivation. They do not motivate.
    • Motivator factors inspire performance and productivity, including promotion opportunities, personal growth, responsibility, challenging work, and acknowledgment of effort.
    • Work packages should be designed in a way that motivates people: making them meaningful, interesting, and challenging.
    • Work packages should be:
      • Manageable in size by the team.
      • Not too small that they don't challenge the team.
      • Appropriate to the team's skill level.
      • Broken into smaller, shorter-term packages.
      • Combined into larger packages for more significant recognition.
      • Rotated among different people or teams.
    • Job enlargement assigns individuals more work when needed.
    • Job enrichment gives individuals more autonomy and control over their work.
    • Milestone celebrations acknowledge achievements and motivate the team.
    • Focus on the work itself to motivate high-performing teams, as it is often more motivating than other factors.

    Managing Virtual Teams

    • Virtual teams are a recent phenomenon and present unique challenges that require specific considerations for effective management.
    • Communication is crucial in virtual teams, as the physical proximity of traditional teams is missing. Leaders must choose appropriate communication methods and be mindful of cultural differences in communication styles.
    • Building rapport and trust is vital in virtual teams. This can be achieved through regular communication, team-building exercises, and facilitating opportunities for virtual team interaction.
    • Managing time and expectations is essential. Virtual teams often span multiple time zones, so scheduling and setting clear expectations are crucial. Leaders should also be flexible and adaptable to accommodate diverse time zones.

    Managing Virtual Team Challenges

    • Overcoming communication barriers: Ensure clear communication channels, use technology effectively, and actively encourage team members to participate.
    • Developing trust and relationships: Focus on building relationships through regular communication, virtual team-building activities, and encouraging team member interactions.
    • Maintaining team motivation and engagement: Recognize individual contributions, set clear goals and expectations, and provide opportunities for professional development.
    • Managing conflicts: Establish clear conflict resolution processes, encourage open and honest communication, and promote a culture of respect among team members.
    • Monitoring progress and performance: Use virtual tools to monitor progress and performance, provide regular feedback, and hold virtual team meetings for status updates.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge on the project execution phase and project monitoring techniques, including the management of tasks, stakeholder expectations, and change control processes. This quiz encompasses essential practices vital for ensuring project success and team coordination during the project management lifecycle.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser