successful decision and solution Corrective Action: An intentional activity that realigns performance of the project work with project management plan Preventive Action: An intentional activity that aligns future performance of the work with project management plan Earned value analysis: Provides integrated perspective on scope, schedule and cost performance. Cost-Benefit analysis: Helps you to determine best corrective action in case of deviation from project baseline. Alternative analysis: Is used to select corrective action or preventive action or both. Variance analysis: Reviews variances between plan and actual in cost, schedule, resources etc. Work performance information ………………> Work performance report Before Baseline established, Changes are not required go through the CCB. Configuration management plan: Identifies the items that need to be recorded and updated Monte Carlo: Is a simulation technique for risk analysis Rough order of magnitude (ROM): It’s a cost estimation technique, at the startup phase of the project is -25% - +75%. Later in the project, -5% - +10% when we have more know available. Expected Monetary Value (EMV): Probability X Impact…………> Decision Tree …..> Risk Analysis Responsibility Assignment Matrix (RAM): A grid that shows project resources assigned to each work package. RACI: Shows roles of assigned resources Scatter Diagram: Shows planned vs actual (Quality) Scope Management Plan: Requirement Traceability Matrix: Assesses the impact of the changes to the project scope Decision Making: A) Voting B) Autocratic Decision Making C) Multicriteria Decision Analysis Voting: Unanimity, Majority, Plurality Autocratic: One individual takes responsibility for the groups Inter Personal Skills: Nominal Group Technique: Enhances brainstorming with a voting process used to rank the most useful idea. Observation/Conversation, Facilitation. Facilitation: Is used with focused session that brings key stakeholder together to define product requirement. Facilitation is used in the following situation: Joint Application Design (JAD), Quality Function Deployment (QFD), and User Stories Scope Model: Context Diagram Control Account……> Planning Package………..> Work Package. Control Account: Budget, Schedule and Scope are integrated and compared to the earn value. WBS Dictionary: Is a document that provides detailed deliverable, activity, schedule, information about each component in WBS. Validate Scope vs. Control Quality: Validate Scope is concerned with acceptance of deliverable. Control Quality is concerned with correctness of deliverable. Control Quality is generally performs before Validate Scope or at the same time. Validate Scope Tools: Inspection Control Scope: Ensures that all changes, corrective actions and preventive actions are processed through the change control board. Control Scope Tools: A) Variance Analysis (compares the actual vs baseline) B) Trend Analysis (checks the project performance over time, improving or deteriorating) Schedule Management Plan: Precedence Diagram Method (PDM): Represented by nodes and more logical relationship to show the sequences of activities. Start – to – Finish is rarely used. Leads and Lags: Leads (Finish to Start), Lags (Start to Start) The factors that influence Estimated Activity Duration: A) Law of Diminishing Retunes B) Number of Resources C) Advances on Technology D) Motivation of Staff Bottom-Up Duration Estimate: Aggregating the duration of lower level WBS to upper level. Resource Leveling: Resource Limited Scheduling. Changes the critical path on the project Resource smoothing: Time Limited Scheduling. Is used on free and total float. The critical path will not change. Activities may be delayed within their floats but completion date will not change. What-If- Scenario Analysis: Assess various scenarios from risk management plan to bring schedule onto alignment with approved baseline. Control Schedule Tools: A) Data Analysis earned value analysis, iteration burndown chart, performance review, trend analysis, variance analysis, what if scenario) B) Critical Path Method C) PMIS D) Resource optimization E) Leads and Lags F) Schedule Compression Cost Management Plan: Estimating A) Triangle distribution P+O+M/3 B) Beta Distribution P+O+M/6 Determine Budget: Aggregating of estimating cost of activities or work package to establish an authorized baseline. A project budget includes all funds authorized to execute the project. The cost baseline is approved version of Time-Phased project budget that includes contingency reserves but excludes management reserves. Reserve Analysis: During the cost/schedule control, the reserve analysis is used to monitor the status of contingency or management reserves for the project to determine if these reserves are still needed or need to be requested. Quality Management Plan: Manage Quality Tools: A) Data Gathering B) Data Analysis C) Decision Making D) Data Representation E) Audits F) Design for X G) Quality Improvement Method (PDCA and Six Sigma) Data Representation: Control Chart: Shows whether or not a process is stable and has predictable performance. Upper and lower limits are based on the requirements. Resource Management Plan: Examples of failing to manage and control resources are A) Failing to secure critical equipment on time B) Ordering low quality material C) Keeping too much inventory To optimize resource management we use these tools: A) Resource management method (JIT manufacturing, Kaizen, TPM, TOC) B) Emotional Intelligent (EI) C) Self- Organizing Team D) Virtual Team/Distributed Team. Resource Colander: Shows working days, holidays, working hours etc. Risk Management Plan: Data Gathering Tanique for Risk: A) Brainstorming B) Checklist C) Interview Data Analysis Tanique: A) Root Cause Analysis B) Assumption and Constrain Analysis C) SWOT Analysis D) Document Analysis
Phase 4 - Project Management Financial Assessments Value in Using PERT, Risk Matrices, and Earned Value Management Memo Joseph M. Rivard Professor: Dr. Gonzalez PM620-1003B-01 September 10, 2010
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