Week 9 – Monitoring and Controlling

BUS1040 Online – Spring / Summer 2021

Key Course Milestone Dates
Date Topic Grades
Week 1 Introduction Overview Participation Activity 2%
Week 2 Project Selection Participation Activity 3%
Week 3 Project Definition Participation Activity 2%
Week 4 Project Planning Participation Activity 2%
Week 5 Project Planning (cont’d) Participation Activity 2%
Week 6 Midterm Exam Review and Team Meetings Project proposal due - 5%
Week 7 Midterm Exam 25%
Week 8 No Class - Intersession Week
Week 9 Project Monitoring Participation Activity 2%
Week 10 Project Quality / Close
Week 11 Team Meetings - Project Health Checks Participation Activity 2%
Week 12 Team Project: Written Reports Due 20% (5% + 20%= 25%)
Week 13 Team Project: Videos Due 15%
Week 14 Final Exam Review
Week 15 Final Exam 20%
Week 9 Objectives
1. Any questions regarding the project?
2. Discuss monitoring and control functions of the project
3. Understand a framework for assessing and managing risk
(Menti.com)
4. Review a project status template
Group Project
Check in
REVIEW OF QUESTIONS AND EXPECTATIONS
Reference: Past Video
Examples
2020
Charging Stations
GBC 5th Floor Renovations
Student Formal Event
Online Gaming Portal
GBC Bridge
Napping Stations
Music Festival
Recreation Room
Reflection on Video Samples
Did the video cover these bases?
What is the Project – “Paint a Picture”
Why is the need? – Survey results
What are the benefits? (stakeholder, profitability)
 How will you deliver (high-level plan/milestones)
 How much will it cost?
 What are some of the top risks (how will you manage)
Project Execution

Project Project Project Project

Definition Planning Execution Close-Out
Monitoring and
Controlling
Monitor and Control
The monitoring-controlling cycle is continuously in process until the
project is complete
The control process should be perceived as a closed loop system, where
revised plans and schedules follow corrective actions
Monitor and Control
MONITOR CONTROL

Collecting, recording, and The process of acting on the

reporting of information variances uncovered by the
concerning any and all aspects monitoring process
of project performance
The purpose of the control
The purpose of the monitoring system is to act on the data
system is to gather and report
data
Benefits
Significant reduction in the extent and cost of poor performance and
time/cost overruns
Mutual understanding of the goals of the project
Awareness of the progress of parallel activities
More realistic planning for the needs of all groups
Understanding the relationships of individual tasks to one another and
the overall project
Early warning signals of potential problems and delays
Faster management action in response to unacceptable or
inappropriate work
Higher visibility to top management
Case Study: In 2019
How did Bombardier control?
•Increase production capacity
•Sourced alternative suppliers
•Extended the schedule
 Key Performance Indicators
• A milestone is an event during the life of a project that signifies a new stage.
• Often a milestone is reached when a key task or deliverable has been achieved.
• Milestones are set along the critical path of your project plan.

• Milestones represent “Key Performance Indicators” as to whether the actual

project is progressing in reasonably close congruence with the planned schedule,
budget, and deliverables

E.g. Milestones for Building a House

Month 1 – Blue Prints Complete
Month 4 – Hole dug in Land
Month 5 – Foundation, Walls, Roof Complete
Month 6 – Electricity & Plumbing
Month 8 – Inside Decorated
Month 10 – Move-In Date
The Monitoring System
Step #1 Step #2 Step #3 Step #4 Step #5

• The project • The reporting • A key • Determine • Prepare

manager must needs of the performance who will find reports
define organization indicator (KPI) info, where • Could include
precisely and the client should be set will they get it project status
which specific need to be for each factor from, when reports,
characteristics identified will they time/cost
of retrieve the reports,
performance, info variance
cost, and time • Information reports, cause
should be must be and effects
controlled honest and
non-biased.
Project Changes
 Scope Creep
• Coping with changes and changing priorities is perceived as the most important single
problem facing the project manager
• The most common changes are due to the natural tendency of the client and project team
members to try to improve the product or service
• The later these changes are made in the project, the more difficult and costly they are to
complete
• Without control, a continuing accumulation of little changes can have a major negative impact
on the project’s schedule and cost
 Controlling Scope Creep
This can be done with a formal change control system that is able to:
• Review all requested changes and identify all task impacts
• Translate those impacts into project performance, cost, and schedule
• Evaluate the benefits and costs of the requested changes
• Accept or reject the changes and communicate to all concerned parties
• Ensure that changes are implemented properly
Change Requests
In case the original agreements or assumptions change
during the course of a project, all stakeholders must be
kept up to date, agree to these changes, and the project
manager must write them into the project charter.
Change Request Form
Example
Risk Management
Project Risks
ALL PROJECTS HAVE RISKS

Risk is a situation that if materializes, will adversely affect the

project…..a potential problem
Some will disappear
Some materialize and become problems that demand attention
Some become crisis and destroy projects
Risks
Risk is a bit like playing space
invaders (Hugh Lake)
Threats of different size get closer
& closer
Aim is to defend, but have limited
“ammo”
Which boulder will you target?

24
The Risk Management
Process
The 4 Risk Management Steps

•Risk Identification
•Risk Assessment
•Risk Response
•Risk Response Control
Risk Management Video
https://www.youtube.com/watch?v=prN8pPaAQ30
Monitoring Risks
The Risk Assessment Form: Monitoring tool used by PM to keep track of
risks identified with the project
Unique Risk Number & Name
Risk Description
Likelihood of Risk Occurring
Risk Impact if Occurs
Risk Mitigation Plan
Owner (Assigned To)
The Risk Assessment Form
 Controlling Risks
Risk Controlling Techniques
Risk Avoidance: Modify your approach or objectives
Risk Mitigation: Reduce likelihood or impact
Risk Transfer: Proactively transferring risk to another partner
Risk Retention: Crisis management & contingency planning
Example: Protecting Your House from a Burglary
 Risk Avoidance:
- Move away to safer location  Risk Transfer:
- Become a minimalist - Get house contents insurance

 Risk Mitigation:
- Install extra security  Risk Retention:
- Buy a big, noisy dog - Just “deal with it”, repair window/door damage
Wrapping Up
Weekly Participation Assignment:
Risk Assessment (2%)
Complete a Risk Assessment Form with 5 Risks for the project below:
OPERATION GROUNDSWELL - Backpacking with a Purpose
https://operationgroundswell.com/what-we-do/who-we-are/
Coming up
1. Participation assignment on risk assessment.
2. Next week is the last lecture format class.
3. Continue to make progress on your group project…
written project due in 3 weeks – July 26 (Monday
class) and July 27(Tuesday class).
4. Team status meetings (health check) coming up on
July 19 (Monday class) and July 20(Thursday class).