750 LEC Notes 1-6 (Project Management) PDF

Lec 1: Project = Is a measurable task a piece of work and a deliverable (EX: Company develops a driverless car) Creates a product service or result Project has start, end, resources, outcome and may have financial challenges One or more task is a Activity Phase = One or more activity One or more pha...

Lec 1: Project = Is a measurable task a piece of work and a deliverable (EX: Company develops a driverless car) Creates a product service or result Project has start, end, resources, outcome and may have financial challenges One or more task is a Activity Phase = One or more activity One or more phases = creating a project Sub-projects used to when project is to big and difficult to manage properly Sub projects are known as programs (group of related projects) Portfolio = one or more projects, company wants to maximize the outcome of a group of projects Major milestone when done = part of the project done Project constraints: Scope Goal Cost Goal Time Goal Triple constraint: 3 components which impact project and each other noted above Project management = Has tools guidelines, helping us to do a project more effectively 5 processes of project management: Project Initiation. Project Planning. Project Execution. Project Monitoring and Controlling. Project Closing. Influential stakeholders (banks ex…) – can influence life of project Non-influential stakeholder (Business analyst_ - cant influence life of project 10 Knowledge areas: Scope, Schedule, Cost,, Resource, Quality,, Risk, Procurement, Stakeholder, Communication and then come together and do project integration management. Project Management Tools and techniques: Project Charter: Informal agreement between stakeholders of the project, goals, and stakeholders in a project. Scope statement – one simple paragraph that tells the scope of the project WBS: Work breakdown structure helps breakdown the project in pieces WBS Purpose of it is for awareness so everyone knows that the project and also commitment so all stakeholders are committed Project chart is an informal agreement between stakeholder of the project (Ganatt charts, network diagrams, critical path) Cost estimates most difficult part of the project and if overvalue = loses project Project SUCCESS: Sponsor Good team Money good support and place of work support of executives and keep user involved in project Ethics in Project management: Ethics means keeping your info private and not share it with people Chapter 2 System thinking: Considers the connection of various elements in a project 3 parts of system approach: Philosophy, Analysis, Management In class he said: (1950s club of road idea saying system is something that we can think about and each system had a outcome and the sum of the system is more than each component see the big picture) Three sphere model for systems management: Business, Organization, Technology Business and technology must be in alignment, must go hand in hand, Stakeholder matrix: giving the name of stakeholders, roles, likes, hates, special relationships private list to understand behave or how to talk orgs have a formal structure or can have an informal one to, comes into a hierarchy structure, Frames of a org (4): Structural frame (Roles), HR Frame (Needs of ppl), Political frame (Ppls interests), Symbolic frame (Culture) Org structure: Follows a top down structure Functional managers report to CEO Project program managers report to ceo Matrix Middlemen between functional managers and project managers so they report to two or more ppl sound matrix medium matrix and weak matrix: power that the project manager has is the difference between these maxtrix Org culture: culture is the way that people are working together and having the value system around themselves Characteristics: Member identity, group emphasis, people focus, unit integration, control, risk tolerance, reward criteria, conflict tolerance, means-end orientation, open system focus project manager should understand the culture Project and product life cycles: A project can be split into several phases each phase is a sub project but called phases They can follow different approaches like waterfall iterative (doing it over and over again) and so on Outsourcing company may outsource to other companies data center operation given to another company is another type of outsourcing hire other people to work for you such as hiring from india, or call centers SPRINT: Do shit fast (Product backlog stuff you have to get done) Sprint Backlog, you have 5 days how much of this room can you paint LEC 2 Chapter 3 process groups in information technology, including initiating, planning, executing, monitoring and controlling, and closing, and their importance in project success. Knowledge areas : Scope, Schedule, Cost, Quality, Resource, Communication, Risk, Procurement, Stakeholder, and then come together and do project integration management. Process groups: Initiating: Getting authorization the project integration management knowledge area maps to this through the activities of developing project charters Project pre initiation and initiation: Initiation is recognizing the project and starting a new one Pre ination tasks: Determine scope, time cost for the project, look at the sponsor, select the project manager, make business case and see if the project should be divided The biggest challenge of initiating is change requests Planning: It's the most difficult and super unappreciated or recognized process (Draw up WBS) Main purpose is to guide execution so create project scope statement and WBS and a project schedule with Gantt chart Executing: Developing the program (Majority of time is spent here in the project ) these include acquiring and developing the project team; performing quality assurance; distributing information; managing stakeholder expectations; and conducting procurements Takes the most resources to perform There are many challenges including time frame it might take 10 days instead of 15 to complete Monitoring and controlling: How we do, on the executing goes hand in hand with monitoring and controlling The project schedule management knowledge area maps to monitoring and controlling through the activity of schedule control includes measuring progress toward project objectives and taking corrective action to match progress with the plan Corrective Action example: An IT company revises its process parameters in response to complaints from vendors that products were not ready on time. Outputs of this include: Performance reports, change requests, and updating various plans Closing: Any lessons learned Stakeholder and customer should accept the final project or service so you do lesson learned reports and final reports Methodologies are describing how things should be done Predictive model – must start at step one and complete each step 100% before moving on to next Predictive approach includes: Requirement definition, analysis, design, development, testing, data conversion, implementation Critical path is the longest path on the project. This means any changes on this path will significantly increase time to complete project Critical task could be on the critical path or not Project management agile: With agile model not all steps need to be completed before moving on to next step The top three benefits of agile, 1 The ability to manage changing priorities effectively. 2 Increased team productivity. Scrum Backlog – used to discuss different items and issues in backlog between different teams Sprint Backlog – a time box of 2-3 weeks typically, used to show how much work can be completed in this time box Each item in sprint backlog can be assigned to a different team A sprint review is a meeting in which the team demonstrates to the product owner what it has completed during the sprint. Project/product Backlog – List of functions to be delivered SCRUM Scrum: scrum means you have work, left is what is not done middle what is in progress and right is what is started, talk to each other every morning discussing challenges, making people talk to each other about issues gives a specific time and asks what you can do within that time frame. Scrum is used in project management through several iterations or deliveries of software throughout the project. Scrum teams typically consist of a product owner, a ScrumMaster, and a cross-functional development team. Scrum artifacts include the product backlog, sprint backlog, and burndown chart. Scrum ceremonies like sprint planning, daily Scrum, sprint reviews, and sprint retrospectives (meeting) are conducted. Scrum activities involve determining roles, creating backlogs, planning work, completing tasks, and producing shippable products within sprints. The ScrumMaster leads the sprint retrospective (meeting) where the team reflects on the previous sprint. The main purpose of project planning is to guide execution. Agile approach: teams produce 7 software deliveries and meet every morning based on how quickly you can deliver the project, you deliver something called the minimum delivery some projects can not be done in pure agile especially projects with components in the legacy systems Monitoring and controlling: Daily scrum: Each morning they discuss any risk or issues And sprint review: SHows work progress Closing: After the sprint review scrum master leads a sprint retrospective so they reflect Answers 2 questions in the meeting: What went well that we should keep doing? What can we do differently to improve the product or process? SPRINT REVIEW VS SPRINT RETROSPECTIVE Sprint review focuses on reviewing and demonstrating the work done during the sprint Sprint Retrospective: FOcuses on how the team completed it what was the work process, how did the team collaborate during it LEC 3 Chapter 4 Project integration management: Not the same as software integration and managers must coordinate all knowledge areas throughout a project's life cycle. Main processes is project integration management: Develop project charter: Informal agreement between team members for awareness and commitment Developing Project management plan: Large document that has 8-9 components that shows an understanding of the project. Directing and managing project work: some outputs include Meeting deliverables, issue logs, work performance goals, change requests Manage project knowledge: Lessons learned register Monitoring and controlling project work: Process documents update, change requests, work performance reports are all outputs Performing integrated change control: Approved change requests is outputs, meetings decisions making is all in this process Closing project : Project charter, documents, accepted deliverables are all inputs and some outputs include final product or service and final reports Criteria for selecting projects: Need, Funding, WIll Financial Analysis: NPV, ROI, payback analysis Pv= 1/(1+i)^y i is interest and y is years Npv: Calculating the expected net gain or loss form a project and positive npv projects should be considered NPV analysis is a method for making equal comparisons between cash flows for multi-year projects. ROI: (Total discounted benefits - Total discounted costs) / Discounted costs EXAM IRR: Can be calculated by finding the discount rate that makes the npv = 0 so when the npv comes to 0 that is the IRR. Payback Analysis: Amount of time it takes to recoup the money invested in the form of net cash inflows Payback occurs when the net cumulative discounted benefits equals the costs How long it takes to get ur money back on your investment aka payback period or break even point Shorter payback period is preferred Weighted score: provides process for selecting criteria based on many criteria In a weighted scoring model; 100 percent must be the sum of the weights of all the criteria total Balanced scorecard: strategic planning and management system that helps organizations align business activities to strategy, Has 4 elements financial people and 2 more Project Charter: After deciding the project to work on the rest of the organization needs to know by a document that formally recognizes the existence of the project and provides objectives and management. Inputs for project charter: Business case Benefits management plan Agreements Enterprise environmental factors Organizational process assets Main processes of project integration management Develop the project charter Create an assumption log Develop the project management plan Direct and manage project execution Manage project knowledge Monitor and control project work Perform integrated change control Close the project or phase Chapter 5 Project scope management - All the processes involved in defending and controlling what is in the project or not in the project. Scope - All the work involved in creating the products of the project and all the processes used to create the project. Processes of project scope management: Planning scope: How will the project's scope and requirements be managed? - Team uses experts, data analysis and meetings to develop 2 outputs - Scope management plan is #1 - Requirements management plan #2 Collecting Requirements: Documenting the features and functions of the products that were produced during the project and processes - 7 ways to collect info: Interviewing stakeholders, holding workshops, Questions and surveys, observation studies - Requirements traceability matrix: Table listing requirements, attributes of each requirement, and status of the requirement to make sure everything is addressed Defining scope: Reviewing project charter, requirements documents and org process assets to create a scope statement - Elements of project scope management: Product scope management, product user acceptance criteria, detailed info on the project deliverables. - As time goes on the scope of the project should be more clearer and specific Creating WBS: Divide the major project deliverables into smaller manageable components - Decomposition is the main tool used for creating a wbs - Outputs of the WBS are scope baseline and project documents updates - Approaches include: Using guidelines, but the most general easy approach is a top-down approach where you start with the largest items then break them down after - TOP DOWN APPROACH: involves refining the work into greater and greater levels of detail - There is bottom up approach where you start with specific tasks to Validating Scope: Acceptance of the project deliverables - Scope tends to get bigger and bigger for a lot of it projects - Involves formal acceptance of the completed project deliverables Controlling Scope: Controlling changes to the project scope during the life of the project - Goals of scope control are manage changes when they occur, influence the factors that can cause scope changes Lec 4 Chapter 6 Importance of project schedules: - Delivering projects on time is the biggest challenge - Work styles and cultural differences cause schedule conflicts Processes of project time management: - Planning schedule management: elements include Model development, control thresholds, reporting formats - Defining activities: More important role: area helping identifying what you need to get done and gives opportunity to make it better What we need to do drivers so start from the WBS There are also milestones which are significant events that have no duration so (When we complete a project charter that's a milestone) - Sequencing activities Evaluating the reasons for dependencies and the different type (dependency is sequencing of project activities or tasks) A network diagram helps shows dependencies and activity sequencing Longest path is known as a critical path Add all durations of activity to get critical path Determine below using the chart AND REMEMBER ACTIVITY A ES IS ALWAYS 0 ES Activity EF LS Duration LF EX: Activity A ES = 0 so to determine EF do 0+3 For LS and LF you go backwards and subtracts EF always takes the bigger number between 2 arrows LF always takes the smaller number between the 2 arrows When EF and LF is the same for multiple activities that is known as the critical path the longest path 0 A 3 3 Task Dependencies: Finish - Start (FS) Start - Start (SS) Finish - Finish (FF) Start - FInish (SF) - Estimating activity resources : Helping you understand costs of project and type of resources required for the project - Estimating activity duration: Duration is the amount of time worked on an activity plus elapsed time. A three point estimate includes optimistic, most likely, and pessimistic estimates. - Developing the schedule : when creating schedule you need to keep it up to date and refer back to it to make sure timelines are followed It uses the results of other time management processes to determine start and end times of projects. SOme important tools are: - GANTT CHARTS: List project activities and start and finish dates in a calendar from black diamonds are milestones, arrows are dependencies between tasks , thick black bars are summary tasks Chapter 7 Budget: also known as planned value Cost: Resource sacrificed to achieve a specific objective measured in dollars Project cost management: Processes required to ensure that the project is completed within a budget. PLanning cost management: determining policies and procedures that are used for planning, executing and controlling project cost. Estimating cost: Developing an approximate or estimate of the cost of the resources needed to complete projects. Determining the budget: allocating the overall cost estimate to individual items so you can establish a baseline for measuring performance Controlling Costs:. Controlling changes to project budget Profits: revenues minus expenses Profit margin: ratio of profits to revenues Life cycle costing: considers total cost of ownership, helps develop an accurate projection of a project's financial expenses and benefits Cash flow analysis: determines estimated annual costs and benefits for a project and resulting annual cash flow Cost and benefits: Tangible: Costs or benefits that can be measured in dollars Intangible costs: Costs or benefits that are difficult to measure in dollars Direct Costs: Directly related costs to producing the products and services of project Indirect costs: Not directly related to the project but related to performing the project Sunk cost: Money spent in the past Cost management plan: Level of accuracy Units of measure Organizational procedure links Control thresholds Rules of performance measurement Reporting formats Process descriptions Estimating costs: Early in to the project 3-5 years before completion of project: -50% to +100% of estimate price might go down 50% or up 100% Early 1-2 years in project : -10% to +25% Less than 1 year out of project completion: -5% to +10% price might change LEC 5 Chapter 9 Project resource management: Effective use of resources humans and physical resources involved with a project Motivation theories: Intrinsic motivation: People participate in activity for their own enjoyment Doing something you enjoy making your work joyful doing something you love Extrinsic motivation: People do something for a reward or to avoid penalty. Working for money not happiness doing something because you need the money Herzberg's Hygiene theory: Motivational factors: Factors that cause job satisfaction Hygiene factors: COuld cause job dissatisfaction Mcclelland's theory: Achievers: like challenging work with achievable work and regular feedback Affliction: people desire relationships and need to feel accepted by others Power: People with a need of power desire personal power not good or institutional power climbing the corporate ladder which is good for the organization. Resource management plan and team charter Identifying and documenting project resources roles responsibilities and skills They make stuff like: Project org charts Team charters TOols that assist in resource estimation: Expert judgment Data analysis Project management software Resource loading - Amount of resources and existing schedule required during specific time periods. Resource leveling: Resolving resource conflicts by delaying tasks Tuckman model describes five stages of team development Forming Storming Norming Performing Adjourning Information Team based reward and recognition can promote team work Project managers must always assess their teams performance Project managers must manage the project team by assessing - Changes to be requested - Corrective actions - updaTES NEEDED Five dysfunctions of teams Absence of trust Fear of conflict Lack of commitment Avoidance of accountability Inattention to results Information AGile projects, team members are usually fully dedicated to a single team. Managing stakeholders is now the tenth knowledge area in the PMBOK® Guide Processes include: Identifying stakeholders Planning stakeholder engagement Managing stakeholder engagement Monitoring stakeholder engagement Several types of software can assist in project stakeholder management Social media can also help in developing relationships with stakeholders A issue log is a tool used to document, monitor, and track problems that need resolution. Managers who believe in Theory X assume that workers dislike and avoid work if possible; so managers must use coercion; threats; and various control schemes to get workers to make Class 6 Critical path method: Critical path only accounts for time ONLY TIME!! Series of activities that determine the earliest time by which the project can be completed in the longest path which has the least amount of slack. This is a activity on arrow type of network where path 2 is the critical path being the longest Early start – earliest time a task can start Late start – latest time a task can start Early finish - earliest time a task can finish Late finish - latest time a task can finish Free slack - amount of time an activity can be delayed without delaying the early start of any immediately following activities Total slack - Amount of time an activity can be delayed from its ES without delaying the planned project finish date Storming – disputing each others’ ideas to see if a better idea/solution can be brought forth Norming - coming to a consensus on everything discussed  Main processes of project integration management 1. Develop the project charter 2. Create an assumption log 3. Develop the project management plan 4. Direct and manage project execution 5. Manage project knowledge 6. Monitor and control project work 7. Perform integrated change control 8. Close the project or phase Inputs for developing a project charter Business case: Purpose is to get funding and authorization Benefits management plan: Based on the cost benefit analysis using the pv and roi and payback period financially create management Agreements : May impact the organization agreements/issues Enterprise environmental factors Organizational process assets Org culture can help project execution 1. Basic types of knowledge Explicit knowledge: easily explained using words, pictures, or numbers and is easy to communicate, store, and distribute 2. Tacit knowledge: difficult to express and highly personal Knowledge management should be done before during and after projects are completed Monitoring and controlling project work Create milestone/deliverable link deliverable to milestone (project charter is done is a milestone) Have a detailed project schedule Performing integrated change control: Main objectives: Managing the actual changes as they occur Determining that can change has occurred To close a project or phase you must finalize all activities and transfer the completed work to the appropriate people Software to assist: Documents can be created using word processing software Presentations use presentation software Project management software can group everything together and show detailed and summarized information like MS project management Iterative and agile approaches promote the engagement of team members Critical chain scheduling: Buffer: Additional time to complete task Murphy's Law: If something can go wrong it will Parkinson's Law: Work expands to fill the time allowed : People use the entire time they have for the task given to them Project Buffer: Additional time added before the projects due date Feeding buffers: Additional time added before tasks on the critical path Adding to the sum of those tasks on the critical path Task buffer: Task A and Task B 5 days 4 days So we take one day add it to B so buffer 1 day into B If we think we can’t finish it in 4 days we add a day or buffer the amount of time in so you have a extra day There are some tasks that can extend the time project buffer critical change PE​​RT: Network analysis technique is used to estimate project duration when there is a high degree of uncertainty. Uses probabilistic time estimates: optimistic most likely, pessimistic estimates of activity durations Agile and schedule management = Schedule sprints and manage the sprints Triple Constraint: Cost Time Scope Tradeoff: Time that u face a problem and need to do something about it so the triple constraint plays a role here EX: Behind in your schedule and there is no way u can catch up so go to management to ask for help but before you have to do your homework and tell them the issue and suggestion and this is the time the tradeoff kicks in option 1​TIME extend the time of the project (Date changed) Option 2 SCOPEpe so instead of xyz we just deliver xy Option 3 COST give us more money and we can give the work for another company and they can do it for us NEVER cut the quality of the work but you can play around with time scope and cost MAIN PROCESSES OF PROJECT TIME MANAGEMENT PLAN SCHEDULE MANAGEMENT DEFINE ACTIVITIES SEQUENCE ACTIVITIES ESTIMATE ACTIVITY RESOURCES ESTIMATE ACTIVITY DURATIONS DEVELOP A SCHEDULE CONTROL SCHEDULE