A project is a temporary endeavor undertaken
to create a unique product or service with a
defined start and end point and specific
objectives that, when attained, signify
completion.
Temporary Unique End point
Specific
Objectives
Project management is the application of
knowledge, skills, tools, and techniques
applied to project activities in order to meet
or exceed stakeholder needs and
expectations from a project.
Organizing and managing resources which
completes the PROJECT within defined SCOPE,
QUALITY, TIME and COST CONSTRAINTS
FIVE PHASES OF THE PROJECT
1. INITIATING PHASE
2. PLANNING PHASE
3. EXECUTING PHASE
4. CONTROLLING AND MONITORING PHASE
5. CLOSING PHASE
A Planning is the art of EXECUTING the
project, in a feasible manner with respect to
its cost, time factor, Quantity and QUALITY.
It helps management to clarify, focus, and
research their project's prospects and
development.
Offers a benchmark against Planned Vs Actual
performance can be measured and reviewed.
Project Scope
Project Schedule
Resource Requirement
project cost estimation
Project Quality and
Project Risk Management
Time
Cost
Scope
Target Verification
Resource Planning
Commitment
Basis for “What-if”
Step in Delegation
Basis for Control
Target Verification:
Every project has targets to be achieved. With the
help of planning we can verify the targets at
every interval to keep a track of the project.
Resource Planning:
Planning helps in effective use of all the
resources required in a project which helps in
reducing the risk of losses.
To help Commitment:
To commit any date for the start/ finish
of an activity or project, planning helps in
forecasting the most likely date for the
commitment
Basis for “What-if”:
To prepare a scenario for the future risks on the schedule
(like political decisions, market shortage of materials,
special manpower availability or a natural calamity) that
could have an impact on the project, planning helps to
predict these problems effect and help to prepare for them
in advance.
Step in Delegation:
Planning help in distributing/assigning authorized people
at different stages for the better outcome of the project.
•Basis for Control:
Planning helps in better coordination and controlling of
the project in an feasible manner thus resulting in easy
achievement of target at every interval of the project.
To develop any project schedule we have to break down
the
project to a certain detail of information
(level of planning-
WBS)
to allow us to control the project. This detail is decided
based on the information we need to produce in the
control
phase. It has been agreed that we can reach till level 4 of
planning
• Level 1 - Executive Summary Level
• Level 2 - Summary level
• Level 3 - Management Level
• Level 4 - Site level (Daily)
Work Breakdown Structure:
It means “breaking the work into different
parts”. It divides the entire project into its
component elements in order to establish a
framework for effective management control
of the project.
It organizes and defines the total scope of the
project. Each descending level represents an
increasingly detailed definition of the project
work.
An Organization Breakdown Structure (OBS) is
a hierarchical model describing the
establishment of organizational framework
for various project disciplines. It provides a
way of organizing project tasks by those
responsible for executing the work. It is a
hierarchical coding structure with each
succeeding level providing a lower level of
details and is represented by
organization charts.
Organization Break downStructure (OBS)
Schedule
Activity
Predecessor
Successor
Path
Lag
Lead
Data Date
Cut-off date
Milestone
Baseline
Original duration
Remaining Duration
Gantt chart (or) Bar chart
Bar
Variance
Finish-to-Start
Finish-to-Finish
Start-to-start
Start-to-finish
[Link] calculation
A) Forward path calculation
B) Backward path calculation
2).Critical path Identification
A) Total float
B) Free float
C) Critical path
Constraints
[Link] Allowed for active project
A) Early start constraint
B) Early finish Constraint
C) Late start Constraint
D) Late finish constraints
2) Constraints for “What if” Scenario:
A) Start on constrain
B) Expected Finish constraint
C) Mandatory start constraint
D) Mandatory Finish Constraint
E) Zero total float constraint
F) Zero free float constraint
Cash flow is the money in and out of
company. It is of 2 types
[Link] in
[Link] out
The lags which are estimated can thus vary form
update to update according to the site condition
which is not subjected to change every week.
Hence the resources are also used to monitor the
project. These methods are as follows:
1) Using the curves (Early & Late vs. Actual)
2) Using Earned value method (Equations)
Each of the above methods contain the
monitoring procedure both time wise & cost
wise. Monitoring Progress
1) Schedule analysis & Forecast
Schedule Variance (SV): The schedule variance
(SV) determines whether
a project is ahead or behind the schedule.
SV = Earned Value (EV) – Planned Value (PV)
Time Estimate at Completion (EACt): Using
the SPI & the Avg. PV
per unit time, the project team can generate a
rough estimate of when
the project will be completed.
EACt= (BAC/SPI)/(BAC/months)
Cost Variance (CV): The cost variance (CV)
determines whether a project
is under or over budget.
CV = Earned Value (EV) – Actual Cost (AC)
To-Complete Performance Index (TCPI): It
helps to determine the
efficiency that must be achieved on the
remaining work of the project
to meet a specified endpoint.
TCPI = (BAC - EV)/(BAC – AC)
Estimate at completion (EAC): It helps to
project the final cost of the
project if the current performance trends
continues.
EAC = BAC / CPI
Variance at completion (VAC): It helps to
determine whether the project
will finish under or over budget.
VAC = BAC - EAC
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