Project managers must be proactive in anticipating and planning for problems and inevitable changes on projects. Yasuo Guide - (290k Mastery Points), Urge To kill Rising! Follow Pascal on Twitter, @_pgauthier. A few of these technologies include the following: Artificial Intelligence (AI) Foundation: Creating systems that learn, adapt, and potentially act autonomously can enhance decision making and improve the customer experience. Erica then helped Jessie assign resources to tasks, which involved entering the projected number of hours everyone planned to work each week on each task. Institute a vigorous program of education and self-improvement for everyone. The nature of the project and availability of time and money affect which risk analysis techniques are used. Assistant Director General of the Office of Information Technology, Carlos Bentez Gonzales, worked with other agencies to find the best solution. People like to have stability in their jobs. Visit podcastchoices.com/adchoices, Pandemic Learnings with Dr. Abdul El-Sayed, Dr. Abdul El-Sayed, a physician, epidemiologist, educator, and progressive activist, joins Scott for our final episode of 2020. For large projects, such as the Olympic Games described in the Media Snapshot earlier in this chapter, organizations may benefit most from high-end tools that provide enterprise project management capabilities and integrate all aspects of project management. What type of grid can categorize stakeholders based on their level of authority and concern? At Sun, we have a complex program for testing microprocessor designs, and well keep it.* Project teams must think carefully about procurement issues and make wise decisions based on the unique needs of their projects and organizations. Relationships are settled, and team members are likely to build loyalty toward each other. Monitoring and controlling is done throughout the life of a project and involves all 10 project management knowledge areas. He suggests that organizations should pay people enough to eliminate resentments over money and stop using the carrot-and-stick approach to motivation. Noreena is an economist, a bestselling author, and an Honorary Professor at the University College London. A frequently overlooked aspect of project management, risk management can often result in significant improvements in the ultimate success of projects. They provide technology education, training, and job placement services for over 4,500 unemployed and low-income adults. a. For example, the steel in the hull could not withstand the cold temperatures, causing it to break without bending. The college would probably decide not to pursue the idea any further. Super tools were defined as those that had high use and high potential for improving project success. 2.0 Business Objective JWD Consultings strategic goals include continuing growth and profitability. The risk report is developed progressively during the entire risk planning processes. You can use the weighted scoring model template, create your own spreadsheet, or make the matrix by hand. The cost variance is $500, which is over budget. Dallas-Fort Worth leads the country in apartment building, with about 25,000 new rental units scheduled to open their doors here this year. Have a question for Scott? FTX 8. Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or approved by any of these entities. To succeed at unique and new activities, project teams must do a fair amount of planning. Learn more about your ad choices. If a construction firm has much higher profit margins on apartment buildings than single-family homes, for example, it might choose to pursue more apartment building projects. How is scope management different on agile projects? Write a short paper describing how you could apply these concepts to software development projects. After reviewing the project management plan, project charter, enterprise environmental factors, and organizational process assets, the project team uses expert judgment, analytical techniques, and meetings to develop the schedule management plan. Then, Joel Stein, an American journalist and author, joins Scott to discuss his latest book, In Defense of Elitism. Joel gives us the definition of elitism and explains how its playing out in our political environment. 3.2.1 We inform ourselves about the norms and customs of others and avoid engaging in behaviors they might consider disrespectful. Kevin wanted to write all of the software for the project himself, but Cindy knew it made better business sense to purchase these new software capabilities from a reliable source. It is important to understand individual needs, including learning styles, past training, and physical limitations, when determining team-building training options. Positive risk management is like investing in opportunities. Why? If they are unaware, setting up a short meeting to discuss the importance of the project would be appropriate. If you're converting between pounds and cups, it's important to remember that the cup is a unit of volume and the pound (lb) is a unit of weight. For example, if the project team knows that a new release of a software package may not be available in time to use for the project, the team might have a contingency plan to use the existing, older version of the software. Listen with your ears what is being said, and what tone is being used? It is most important that portfolio managers have strong financial and analytical skills and understand how projects and programs can contribute to meeting strategic goals. The RFP should require bidders to list other similar projects they have worked on and provide customer references for those projects. Learn more about your ad choices. This capability allows you to investigate various options for different stakeholders quickly. Use effective configuration management. Even though delivery of the hardware may not be included in the scope of the project, you should add an external dependency to it because late delivery will affect the project schedule. Even with all of the technology available, many organizations have problems communicating on global projects. Carrying out the work 4. Watch what you eat when you take your pill. During the early phases of a project, the project team may not know which specific people, equipment, and materials will be available. Outputs include physical and project team assignments, resource calendars, change requests, and updates to several documents. This level numbering is based on the Project Management Institutes Practice Standard for Work Breakdown Structures, Second Edition (2006). Iceberg reports from two other ships were not passed on to the bridge. * By 2020, global information and communications technology (ICT) spending is projected to grow to $5.5 trillion. The project manager should be monitoring progress closely to ensure that deliverables are being completed and objectives are being met. So, take the time to find out what other, more experienced people might feel about the circumstances of a project before making up your mind about potential risks. For example, Figure 6-7 shows that the project is completed. Projects that use Six Sigma principles for quality control normally follow a five-phase improvement process called DMAIC (pronounced de-MAY-ick), which stands for Define, Measure, Analyze, Improve, and Control. This motivates streamlining team member access to information, frequent team checkpoints, and collocating team members as much as possible. Project stakeholders also transmit project scope management information using various types of communication software such as e-mail and assorted web-based applications. Many projects depended on the success of other projects, so Peter had to understand and actively manage those critical interfaces. For example shortly after the fall 2008 stock market crash, Dr. David Hillson, PMP, wrote about the importance of project risk management. Several process groups are repeated for each sprint, resulting in several releases of a usable software product, as shown by the milestones. In this example, the NPV is . Team charter 14. They complete about 80 percent of their projects successfully (defined by meeting the scope on time and on budget) and waste 13 times less money than low-performing counterparts. He did not clearly define the business, technological, and organizational issues associated with the project. It is important for project managers to help develop good cost and schedule estimates and to use their leadership and negotiation skills to stand by those estimates. Search the Internet and scan IT industry magazines or websites to find an example of an IT project that had problems due to organizational issues. Algebra of Happiness: Build some anticipation in your life(57:09). Many people consider project integration management the key to overall project success. Now, $200 dollars may not seem like a lot in the long run, but to make that much in only 10 minutes is something special. It is important for people to understand and value each others differences to work effectively as a team. Variations of this letter can be found on many websites. Physical resources include facilities, equipment, materials, and supplies. Many training courses are available to educate people in cultural awareness, international business, and international team building. Advice for Young Professionals As mentioned in this chapter, it is very difficult to create a good WBS. Bill Ackman to wind up SPAC, return $4 billion to investors Project teams sometimes use workarounds unplanned responses to risk eventswhen they do not have contingency plans in place. Attendees can then apply the new concepts and techniques they learn in the classes to their jobs. 3. Even though scheduling techniques are very important, most projects fail because of personnel issues, not from a poor network diagram. Will the technology be available in time to meet project objectives? The project team should review project documents as well as corporate risk management policies, risk categories, lessons-learned reports from past projects, and templates for creating a risk management plan. Encourage individuals to establish improvement goals for themselves and their groups. Each group shared its ideas for what should go into the charter, and then everyone worked together to form one project team charter. In addition to providing a cost baseline, estimating costs for each major project activity over time provides project managers and top management with a foundation for project cost control, as described in the next section. PMI also partnered with the Agile Alliance to publish the Agile Practice Guide in 2017. These goals might require hitting the target, but not the bulls eye. * OPM3 describes the importance of not only managing individual projects or programs well but also following organizational project management to align projects, programs, and portfolios with strategic goals. Yes, you can use an adaptation of EVM, as described below. This means that developers must be responsible for providing error-free code at each stage of testing. Figure 4-2 shows a sample mind map for the new film industry business SWOT analysis. Follow Dr. Sciubba on Twitter, @profsciubba. These conferences help ensure that everyone has a clear, common understanding of the buyers desired products or services. These can range from streaming video games online for fans to watch to writing and performing your own songs. Christine suggested that they consider using some new communications technologies to keep important project information up to date and synchronized. You are a senior, live on-campus, and get free room and board by being a resident assistant in your dorm. Visit podcastchoices.com/adchoices, Scott and Prof G Medias EIC, Jason Stavers, discuss the nuances of Elon Musks latest move: a promise to proceed with his deal to acquire Twitter after all. Cindy also discovered that their estimate of $10,000 was only about half the amount they needed for software services. If projects will benefit by procuring goods or services, then project managers and their teams must follow good project procurement management. Project Management Knowledge Areas Project management knowledge areas describe the key competencies that project managers must develop. Also, more resources are usually needed than during the initial or final phase. The main goal of this project is to produce 100 handheld devices, continue developing the software (especially the user interface), test the new system in the field, and train 100 surveyors in selected cities to use the new system. Determining the budget involves allocating costs to individual work items over time. b. Project Cost Management Learning Objectives After reading this chapter, you will be able to: Develop a justification for project cost management and its importance in achieving project success Explain basic project cost management principles, concepts, and terms Describe the process of planning cost management Discuss different types of cost estimates and methods for preparing them Using an example of an information technology (IT) project, list and describe the processes of determining a budget and preparing a cost estimate Justify the use of earned value management and project portfolio management to assist in cost control Describe how project management software can assist in project cost management Discuss considerations for agile/adaptive environments Opening Case Juan Gonzales was a systems analyst and network specialist for the waterworks department of a major Mexican city. Its early start date is day 0, and its late start date is day 5. After all, projects are done by, and for, people. A task may have multiple R, C, or I entries, but there can be only one A entry per row to clarify who is accountable for each task. Unfortunately, several quality problems developed with the new EIS after a few months of operation. You can use Project 2016 to assign resources such as equipment, materials, facilities, and people to tasks. A project description should include the project objective, scope, assumptions, cost information, and schedule information. In these environments, agreements for fast supply and lean methods are critical to controlling costs and achieving the schedule. They then ran several cost reports and made a few minor adjustments to resource assignments to make their planned total cost meet their budget constraints. A key success factor in Northwest Airlines ResNet project was training reservation agents the usershow to write programming code for their new reservation system. For example, some potential projects must be finished within a specific time window; otherwise, they are no longer valid projects. Learn more about your ad choices. Organizations often decide to document some change requests and include them in an upgrade to the current project. Is the project manager expected to be on-site at all times while construction activities are ongoing? Figure 9-5. Project risk management is a process in which the project team continually assesses what risks may negatively or positively affect the project, determines the probability of such events occurring, and determines the impact if such events occur. Quality standards can also apply to IT services. According to Gartner, the procurement process has evolved from paper-intensive order processing to a strategic enterprise function. It would be very time consuming and expensive to review every invoice to determine data requirements for the new system. Project managers should strive to use a win/win approach in making decisions, but in competitive situations they sometimes must use a win/lose paradigm. Write a short paper summarizing your analysis, and provide at least three suggestions for improving one of the WBSs. What is difficult is implementing them in various environments. This example illustrates how multitasking can delay task completion. It is important that project managers understand their current organizational structure. Project Questions and Answers 1. Appendix A, Guide to Using Microsoft Project 2016, is provided online. Erica knew that it was important to build a strong team and have everyone work well together. The derivative work is the copyrighted material of and owned by Cengage, Copyright 2019. As shown in several of the figures and tables in this chapter, you can use wordprocessing software to create scope-related documents, and most people use spreadsheet or presentation software to develop various charts, graphs, and matrixes related to scope management. Studies continue to show a high demand for IT professionals and the importance of good communication and business skills. Kathys first job out of college was as a project manager in the Air Force. 3. Project team members often need to see all project documentation. If Sarah thought the whole project team could benefit from taking training together to learn to work as a team, she could arrange for a special teambuilding session for the entire project team and key stakeholders. Many organizations assert that using project management techniques provides advantages, such as the following: Better control of financial, physical, and human resources Improved customer relations Shorter development times Lower costs and improved productivity Higher quality and increased reliability Higher profit margins Better internal coordination Positive impact on meeting strategic goals Higher worker morale This chapter introduces projects and project management, explains how projects fit into programs and portfolio management, discusses the role of the project manager, and provides important background information on this growing profession. Quantitatively managed: At this level, a process is controlled using statistical and other quantitative techniques. Review several of the studies cited in this chapter that are related to the IT and project management job markets and required skills for these markets. According to the social media forum Reddit, an executive at a large corporation found a malware infection on his computer. How do the job market and current state of the economy affect human resource management? It is often difficult to educate line managers on technologys possibilities and limitations and keep IT professionals in tune with changing business needs. Another department in the same company might focus on whether workers produce expected results, no matter where they work or how they dress. They may also fail to take into account some details of costs or quality that a more experienced person might include because they have not seen how such factors can be affected by unlikely events that actually happen. Table 4-1 shows a possible charter that Nick could have created for completing the next-gen DNA-sequencing instrument project. Have you had other leadership roles, such as being a team captain, president of a club, or entrepreneur of a small business? 8. The project team should continuously monitor project performance to assess the overall health of the project. Today, Sam shares his thoughts on why call out culture is an unproductive vehicle for creating change, addressing systemic problems, and facilitating debates. Two of the main outputs of this process are a selected seller and agreements. Test plan: The test plan will document how the intranet site will be tested, who will do the testing, and how bugs will be reported. A large project involving 100 people over three years would benefit from having a detailed project management plan and separate plans for each knowledge area. The border of boxes for tasks on the critical path appears automatically in red in the Microsoft Project network diagram view. Project managers and teams should use change control procedures when working with outside contracts and should be especially careful about constructive change orders. Bottom-up estimates involve estimating the costs of individual work items or activities and summing them to get a project total. Project collaboration enables an organization to share knowledge immediately and consistently to improve communications and decision making, eliminate redundancies, and take advantage of best practices for project management. This type of pricing often involves volume discounts. Discuss ethical decisions that project managers often face. Status reports can take various formats depending on the stakeholders needs. Predictive and adaptive approaches are not a mutually exclusive choice. Table 11-5 provides an example of a Top Ten Risk Item Tracking chart that could be used at a management review meeting for a project. Define globalization, outsourcing, virtual teams, and agile project management, and describe how these trends are changing IT project management. The Surfaces run a special app that links with cameras to provide instant video of plays. Project managers must identify and understand the different needs of all stakeholders involved with their projects. Write a summary of your findings, and cite at least three references. You can buy just about anything online, surf the web on a mobile phone, or use a wireless Internet connection just about anywhere. 13. The Year 2000 (Y2K) issue provided a good example of these costs. The most important non-technical skills are problem solving, team work, listening, the ability to adapt to new technologies and languages, time management, the ability to transfer knowledge to application, multitasking, verbal communication, the ability to visualize and conceptualize, be the customer mentality, interpersonal skills, understanding business culture, inter-team communication, and give and receive constructive criticism. By stacking the columns, you can see the total number of people needed each month. Different types of contracts can be used in different situations. Figure 5-1. * Project managers play an important role in making projects, and therefore organizations, successful. Basis of estimates 5. Its that an unusually large proportion of them incur massive overagesthat is, there are a disproportionate number of black swans. This time, she made certain the contract included a statement of work, specific deliverables, and requirements for the minimum experience level of consultants provided. Is the stakeholder a supporter of the project or resistant to it? Notice in Table 3-1 that many of the project management activities occur as part of the planning process group. Synergize. Using a project management information system, you can create and organize project documents, schedules, meeting minutes, and customer requests, and make them available in an electronic format. The Best Mordekaiser Guide S11, Heavy Metal Mordekaiser | Bruiser Mordekaiser Guide. Make up names and personalities for the other two instructor contacts in India and Vietnam. Monitoring and Controlling: Resolve issues and blockers. 3. Joe again emphasized the importance of the new system paying for itself within a year. We would like to show you a description here but the site wont allow us. Project teams can create documents with wordprocessing software, give presentations with presentation software, track information with spreadsheets, databases, or customized software, and transmit information using various types of communication software. Such a statement is often not synonymous with saying the task will be finished in one more month or after spending an additional 25 percent of the planned budget. ResNet was the first large IT project at Northwest Airlines led by a business manager instead of a technical expert, and it was a roaring success. If there was not a strong business case, the project would not continue. It takes a very long time.
,If you make money in the game. The political frame addresses organizational and personal politics. a. For example, a company might have an IT project to provide information on its corporate website in a new language, such as Chinese or Japanese. 8. It may be difficult for outside observers to tell whether risk management or luck was responsible for the smooth development of a new system, but project teams always know that their projects worked out better because of good risk management. A key part of success at Google was changing the culture. c. What is the projects expected completion date? These media include hard copy, phone calls, voice mail, e-mail, meetings, and websites. Create a spreadsheet or use the business case financials template on the Companion website to calculate and clearly display the NPV, ROI, and year in which payback occurs. In fact, research shows that supporting explicit business objectives is the top reason cited for why organizations invest in IT projects. If project stakeholders are in different countries, it is often difficult or impossible to schedule times for two-way communication during normal working hours. She explained that she would take this information and work with Jessie to develop the first draft of the scope statement that she would e-mail to everyone by the end of the week. You can use run charts to perform trend analysis and forecast future outcomes based on historical results. Many employers today require specific certifications to ensure that their workers have current skills, and job seekers find that they often have an advantage when they earn and maintain marketable certifications. Learn more about your ad choices. In 1993, there were about 1,000 certified project management professionals. The final phase of a project focuses on ensuring that project requirements were met and that the project sponsor approves completion of the project. Survey participants answered 148 multiple-choice questions to assess how mature their organization was in the project management knowledge areas of scope, time, cost, quality, human resources, communications, risk, and procurement. Discuss diagrams you have seen that are similar to network diagrams. Visit podcastchoices.com/adchoices, Office Hours: Investing in the Private Markets, Going Vertical, Pursuing a Phd, and Building a Network, Scott answers a question about how SaaS or B2B companies could go vertical or in other words, control as much of the consumers end-to-end experience as possible. Scott makes the case for new leadership at Twitter. Maslows hierarchy of needs The bottom four needs in Maslows hierarchyphysiological, safety, social, and esteemare referred to as deficiency needs, and the highest level, self-actualization, is considered a growth need. How long did it take to do certain tasks? Executing processes and outputs Knowledge Area Executing Process Outputs Project Integration Management Direct and manage project work Deliverables Work performance data Issue log Change requests Project management plan updates Project documents updates Organizational process assets updates Project Quality Management Manage quality Quality report Test and evaluation documents Change requests Project management plan updates Project documents updates Project Resource Management Physical resource assignments Acquire resources Project team assignments Resource calendars Change requests Project management plan updates Project documents updates Enterprise environmental factors updates Organizational process assets updates Team performance assessments Develop team Change requests Project management plan updates Project documents updates Enterprise environmental factors updates Organizational process assets updates Manage team Change requests Project management plan updates Project documents updates Enterprise environmental factors updates Project Communications Management Manage communications Project communications Project management plan updates Project documents updates Organizational process assets updates Project Risk Management Implement risk responses Change requests Project documents updates Project Procurement Management Conduct procurements Selected sellers Agreements Change requests Project management plan updates Project documents updates Organizational process assets updates Project Stakeholder Management Manage stakeholder engagement Change requests Project management plan updates Project documents updates Organizational process assets updates Source: PMBOK Guide Sixth Edition, 2017. Some organizationsthe U.S. Department of Defense (DOD), for exampleprescribe the form and content for WBSs for particular projects. Many of the concepts related to communications and resource management also apply to stakeholder management, but unique activities are required to perform good stakeholder management. Financial Analysis for Project Management Intranet Site Project Discount rate 8% Assume the project is done in about 6 months Costs Discount factor Discounted costs Year 0 1 2 3 140,000 40,000 40,000 40,000 1 0.93 0.86 0.79 140,000 37,037 34,294 Total 31,753 243,084 Benefits 0 200,000 200,000 200,000 Discount factor 1 Discounted benefits 0 186,185 171,468 158,766 515,419 0.93 0.86 0.79 Discounted benefits - costs (140,000) 148,148 137,174 127,013 Cumulative benefits - costs (140,000) Payback in Year 1 Discounted life cycle ROI------------> 112% Assumptions Costs # hours PM (500 hours, $50/hour) 25,000 8,148 145,322 272,336 NPV Staff (1,500 hours, $70/hour) 105,000 Outsourced software and services Total project costs (all applied in year 0) 10,000 140,000 Benefits # consultants 400 Hours saved 40 $/hour profit 10 Benefits from saving time 160,000 Benefits from 1% increase in profits Total annual projected benefits 40,000 200,000 Because this project is relatively small and is for an internal sponsor, the business case is not as long as many other business cases. You can win. Learn more about your ad choices. When many people work on a project, clearly defining and allocating project work is essential. These time estimates include the actual amount of time worked plus elapsed time. Search online for samples of IT contracts. For example, in Figure 6-2, Node 1 is a burst because it goes into Nodes 2, 3, and 4. * In the chapters opening case, Nick Carsons top managers were disappointed because he did not provide the project planning information they needed to make important business decisions. 2. Scott also shares his thoughts on how short videos might make their way into the enterprise after TikTok accelerated the trend towards bite-sized content. Considerations for Agile/Adaptive Environments The PMBOK Guide Sixth Edition includes a short section with this title for each knowledge area. The early finish date is the earliest possible time an activity can finish based on the project network logic. Take another look at the opening case. You can also export your mind map into Microsoft Project. Scrum Roles, Artifacts, and Ceremonies Recall from Chapter 2 that Scrum includes three main roles for project participants: Product owner : The person responsible for the business value of the project and for deciding what work to do and in what order, as documented in the product backlog. Plan work each day in the daily Scrum. Learn more about your ad choices. One of the main outputs of managing project knowledge is a lessons-learned register. For example, people in an emergency, such as a flood or hurricane, do not worry about personal growth. Learn more about your ad choices. As the title of the study suggests, the projects were in a state of chaos. Notice that this approach combined a few items in the scope statement shown in the first case to focus on what would add the most value. Deming, a statistician and former professor at New York University, taught Japanese manufacturers that higher quality meant greater productivity and lower cost. 6. * Outsourcing As described in detail in Chapter 12, Project Procurement Management, outsourcing is an organizations acquisition of goods and services from an outside source. Media Snapshot Prior to the 2014 football season, Microsoft paid the NFL $400 million as part of a fiveyear deal to use their Surface as the official tablet of the NFL. The Microsoft logo is on the tablets as well as the replay monitors used by officials. For example, many professionals use LinkedIn to connect with other professionals. Expectations can also vary based on an organizations culture or geographic region. Write a short paper to summarize what you think about using templates and how you think they can help project managers and their teams. Write a paper explaining and justifying the criteria and their weights. Which risk management process involves prioritizing risks based on their probability and impact of occurrence? The seven tools include the following: 1. Discuss the process of defining project scope in more detail as a project progresses, going from information in a project charter to a project scope statement, WBS, and WBS dictionary. Case Study 2: JWD Consultings Project Management Intranet Site Project (Agile Approach) This section demonstrates an agile approach to managing JWD Consultings project management intranet site project. In addition to recruiting team members, it is also important to acquire the necessary physical resources (facilities, equipment, supplies, and so on) and provide the right type of resources at the right time and place. On the other hand, the company might partner with a local training firm that agrees to provide free training for all of the teachers on how to use the new computer classrooms. . Be sure to consider how project integration management can differ in agile/adaptive environments. When approved, the same parameters will generate the final production system without further modification by the programmer. Using Software to Assist in Project Scope Management Project managers and their teams can use several types of software to assist in project scope management. Learn more about your ad choices. This approach helped the team focus on delivering a working system that met customer needs in a specified timeframe. Individuals are realizing that to remain competitive in the workplace, they must develop skills to become good project team members and project managers. This uncertainty is one of the main reasons project management is so challenging, especially on projects involving new technologies.
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