Mgmt 418 Project Planning and Resource Management Final Review / Study Guide for Spring 2023 Chapters1-8 Topics Agile & Leadership Project Management Overview a. Pillars of Success i. Delivering Value ii. Managing & maintaining Relationships ii. Managing Risk Trends PM vs General Management (Operation Management) i. Negotiation Types Three Goals of a Project Lifecycles of a project i. S-Shaped (Concave) ii. J-Shaped (Convex) How to select project i. Non-Numeric ii. Numeric 1. NPV 2. Weighted Scoring 3. Payback Period Management / Organization / Team a. PM's Roles b. Stakeholder Analysis c. PM's Responsibilities i. Negotiation Select of PM How Projects fit into Organization Project Team PM's Roles Personal Side of PM a. Personality Styles i. Myers Briggs ii. DiSC b. Conflict Management c. Lencioni's five Dysfunctions of a team d. Tuckman Group Stages IV. Activity Planning a. Planning Process Overview b. Process / Tools i. Charter to Plan c. Tools and Techniques i. WBS / Gozinto / MindMap ii. RACI iii. CPM - Critical Path Method iv. Design Structure Matrix 1. Sequential Tasks 2. Parallel Tasks 3. Coupled Tasks V. Budget Planning a. Methods i. Top-Down ii. Bottom-Up b. Cost Estimating i. Learning Curve c. Activity-Based vs Program -Based Cost d. Cost Classifications i. Direct vs Indirect ii. Recurring vs nonrecurring iii. Fixed vs. variable iv. Normal vs expedited Project Life-cycles Curves i. J & S f. Learning Curve g. Planning Laws i. Murphy's Law ii. Parkinson's Law iii. Porter's Law of Equality pg. 2Ch-5 Scheduling a. Difference between CPM and Pert g A ] Comparison PERT is a project management technique, used to manage uncertain activities of a project. Meaning What is it? A technique of planning and control of time. Orientation Event-oriented Evolution Evolved as Research & Development project Model Probabilistic Model Focuses on Time 1. b. AON vs. AOA network i. Understand the differences ii. Be able to create either c. Critical Path vs Critical Chain i. Find Network Paths CPM (Deterministic) CPM is a statistical technique of project management that manages well defined activities of a project. A method to control cost and time. Activity-oriented Evolved as Construction project Deterministic Model Time-cost trade-off ii. Calculate Early Start Early Finish / Late Start - Late Finish iii. Determine Critical Path iv. Determine Critical Chain base bottleneck \"resources\" d. Expected Time and Variance i. Expect Time [T :(a+4m+b) Variance Standard deviation at 99 % Level 1. o=(b-a)/6 95 % Level o = 3.3 CH ) == 2SS e. Calculating Path Probability = D ) (> cx)> D = desired project completion time W =the sum of the T activities on the path being investigated 0%, = the variance of the path being considered Z =1Z-Score to be looked-up in a Z table Ch-6 Resource Allocations a. Expediting a Project Critical path method Fast-tracking Crashing 1. Slope = [crash cost normal cost) / (normal time crash time) b. Resource loading c. Resource leveling d. Allocating Scarce Resource rules i. ii. iii. iv. V. Vi. vil. As soon as possible As late as possible Shortest task duration first Minimum slack first Most critical followers Most successors Most resources first e. Goldratt's Critical Chain Theory of Constraint Process 1. Drum-Rope-Buffer 2. Basedon a. Precedence Relationships b. Resource Dependencies See more in the next section f. Project Feeding and Resource Buffers See more in the next section g. Earned Value and Critical Ratio More in Ch #7 VIIL. Ch-6 Critical Path vs Critical Chain (Presentation PowerPoint) a. Critical Path i. AOA (ADM) vs. AON (PDM) ii. Duration includes the actual amount of time worked on an activity plus the elapsed time. Effort is the number of workdays or work hours required to complete a task. \"Scheduling\" Laws 1. Student Syndrome 2. Parkinson's Law 3. Murphy's Law 4. Hofstadter's Law b. Critical Chain i. the critical chain is the sequence of both precedence- and resource-dependent tasks that prevents a project from being completed in a shorter time, given finite resources. ii. Buffers 1. Project buffer: a. Aunigue and single buffer to protect the project deadline 2. Feeding buffer: a. feeding buffers between any last activity of a feeding chain and the activity on the critical chain 3. Resource buffer: a. Multiple artificial buffers that act as warning signals to assure the availability of resources iii. Buffer Sizing 1. Table Buffer Size Method Description G Cut and paste Buffer sizes are based on the duration of . \" - N i half of the duration of the longest path in the chain method the chain feeding the buffer Root Squared Error |Buffer sizes are based on risk in the wo times the standard deviation of the longest path activity durations in the chain Buffer sizes are based on the structure of [standard deviation of the path leading to the buffer : i X scaled by a factor which is calculated by multiplying LRI R A TR he density of the subnetwork merging into the belongs buffer Buffer sizes are based on the average Adaptive procedure resource use of the resources used by standard deviation of the path leading to the buffer scaled by a factor which is calculated by multiplyin the activities on the longest path of the 1, resorm:e tightness y Pive chain IX. Ch-7 Monitor and Control . Integrated Change Control b. Data Collection & Analysis c. Report Types i. Routine ii. Exception iii. Special d. Earned Value i. CV (Cost Variance) 1. Earned value (EV) - actual cost (AC) ii. SV (Schedule variance) 1. Earned value (EV) - planned cost (PV) iii. CPI (Cost Performance Index) 1. Earned value (EV)/actual cost (AC) iv. SPI (Schedule Performance Index) 1. Earned value (EV)/planned cost (PV) v. BAC (Budget at Completion) 1. Original Budget vi. EAC (Estimate at Completion) 1. BAC / CPI vii. VAC (Variance at Completion) 1. BAC - EAC viii. Earn Value table What is Term Formula PV Planned Value EV Earned Value AC Actual Cost BAC Budget at Completion CV Cost Variance EV - AC CPI Cost Performance Index EV / AC SV Schedule Variance EV - PV SPI Schedule Performance Index EV / PV EAC Estimate at Completion BAC / CPI ETC Estimate to Completion EAC - AC VAC Variance at Completion BAC - EAC Time to Completion Original time / SPI e. CR = (Critical Ratio) i. Indicates when a task is becoming unacceptable ii. When the ratio drops below one iii. CR = (actual progress/scheduled progress) X (budgeted cost/actual cost) iv. CR = (SPI) X (CPI) f. Controls i. Types 1. Cybernetic 2. Go / No Go pg. 63. Post-Control Control chart 1. Any measure can be plotted and tracked on a control chart 2. Contral limits set by project manager Benchmarking 1. Make comparisons to \"best in class\" practices across organizations, or divisions, or even departments within an organization Burnup and Burndown charts 1. (Agile) 2. For more information about Agile, see: a. Section V. Agile b. PowerPoint Mgmt 418 Agile Social / Group Loafing vs Social Facilitation 1. Ringlemann Effect 2. Yerkes-Dodson Law Procurement / Contracts Procurement Process i. SOW - Contract b. Outsource Make vs. Buy Contract Type a. c d. i. Fixed Price ii. Time & Material iii. Cost Reimbursement Ch-8 Evaluate and Close a. Successful vs failure projects b. Audit C. d. i. General: usually constrained by time and cost and limited to project essentials ii. Detailed: initiated if the general audit finds something that needs further investigation iii. Technical: usually performed by a team with technical skills Early Closing Determinations i. Costs exceed business benefits ii. Failure to meet strategic fit criteria iii. Deadlines continue to be missed iv. Technology evolves beyond the project's scope Project Closure Types i. Project Extinction 1. Project activity suddenly stops because it has been successfully completed or has a high expectation of failure ii. Closure-by-addition 1. When an in-house project is successfully and is institutionalized as a new formal part of the organization iii. Closure-by-integration 1. The output of the project becomes a standard part of the operating system of the sponsoring firm or the client iv. Closure-by-starvation 1. Occurs when it is impolitic to close a project but it's budget can be squeezed until it is a project in name only e. Project Termination Issues i. Emotional vs Intellectual Xil. Agile a. Beable to define it b. Why is it different than traditional (Waterfall) PM c. StepinAgile i. Make a list of requirements ii. Prioritize the work iii. Divide the work into \"phases\" iv. Build the phase v. Delivery vi. Review & revise process d. Product / Deliverable Management i. Product backlog: A list of features prioritized by business value ii. Sprint backlog: The highest-priority items from the product backlog to be completed within a sprint Burndown chart: Shows the cumulative work remaining in a sprint on a day-by- day basis e. Ceremonies (Meetings) i. Sprint planning session: 1. A meeting with the team to select a set of work from the product backlog to deliver during a sprint. ii. Daily Scrum: 1. Ashort meeting for the development team to share progress and challenges and plan work for the day. iii. Sprint reviews: 1. A meeting in which the team demonstrates to the product owner what it has completed during the sprint. iv. Sprint retrospectives: 1. A meeting in which the team looks for ways to improve the product and the process based on a review of the actual performance of the development team. Xill. Risk Planning a. b. Stages i. Governance ii. Risk iii. Compliance Risk Processes i. Plan Risk Management: ii. Identify Risks: iii. Perform Qualitative Risk Analysis: iv. Perform Quantitative Risk Analysis: v. Plan Risk Response: vi. Implement Risk Response Plan: vii. Control Risk: Situational Leadership a. b. c. d. e Managers vs Leaders Generations \"of workers / leadership style\" Generations \"of workers / leadership style\" Leadership Styles or Types Situational Leadership i. Task vs Behavior ii. Styles 1. S1-54 iii. Members Readiness 1. D1-D4 Time Management a. Covey's \"Urgency Addiction\" (o g0l g Quadrant | Quadrant |l urgent and not urgent important but important DO PLAN IMPORTANT Quadrant Il Quadrant IV urgent but not urgent and not important not important DELEGATE ELIMINATE NOT IMPORTANT https://en.wikipedia.org/wiki/First_Things_First_(book) XVI. Simultrain XVIl. Communication (if we get there) a. Communication Process b. Identify the following i iil. iii. iv. The Stakeholders What information each wants How to each wants the info delivered When needed c. Which communication medium to convey the message d. Managing communications is a large part of a project manager's job i ii. iii. iv. V. vi. Getting right information to the right people at the right time using the right media and in a right format Is just as important as developing the information in the first place