Project+/Executing

KICK OFF MEETING meet with sponsor to review the output a meeting at the beginning of the project or major phase of the project align peoples' understanding of project objectives, procedures, and plans begin the team-building and bonding process. WEEKLY TASKS check scope check evolution and status deliverables check schedule analyze variances, compare estimates to actuals handle scope changes list, track, try to resolve open issues report project status push for activity close-out and deliverable sign-off decide if it's necessary to kill project EVM (Earned Value Management) EVM (Earned Value Management) a method for integrating scope, schedule and resources used for measuring project performance compares amount of work that was planned (PV) what was actually earned (EV) what was actually spent (AC) determines if cost and schedule performance are as planned. EVA (Earned Value Analysis) most commonly used method of performance measurement integrates scope, cost and schedule measures assesses project performance used to identify any divergence from planned outcomes EV (Earned Value) EV = PV * % complete (from course prep) formerly BCWP (Budgeted Cost Work Performed) value of work actually completed PV (Planned Value) formerly BCWS (Budgeted Cost Work Scheduled) portion of approved cost estimate planned to be spent on activity during given period. physical work scheduled to be performed AC (Actual Cost) formerly ACWP (Actual Cost Work Performed) total costs incurred in accomplishing work during given period. occurred to accomplish earned value BAC (Budget at Completion) the original total budget allocated to a project. sum of all budgets allocated to a project EAC (Estimate at Completion) 3 formulas to calculate EAC EAC = AC + ETC EAC = AC + BAC - EV (variances are atypical) EAC = BAC/CPI (from course prep) (variances are expected to occur again at same rate). value expressed as either dollars or hours represents the projected final costs of work when completed actual costs incurred plus estimated cost of remaining work. CPI (Cost Performance Index) CPI=EV/AC ratio of worth to cost measure of cost-efficiency or efficiency of the budget CPI < 1.0 means that the task is over budget CV (Cost Variance) CV=EV-AC difference between worth and cost of completed work identifies the area where spending more than budgeted CV < 0 means the task is over budget ETC (Estimate to Complete) ETC=BAC-EV expected additional cost needed to complete an activity or project SV (Schedule Variance) SV=EV-PV difference between worth and supposed-to-be worth of completed work identify schedule problems measure of schedule efficiency SV < 0 means the task is behind schedule SPI (Schedule Performance Index) SPI=EV/PV schedule efficiency ratio of earned value accomplished against the planned value describes what portion of the planned schedule was actually accomplished. SPI < 1.0 means the task is behind schedule TCPI (To Complete Performance Index) Two possible formula: TCPI = (BAC – EV)/(BAC – AC); based on BAC (original BAC only money available) TCPI = (BAC – EV)/(EAC – AC); based on EAC (new revised EAC approved) ratio of remaining work to remaining budget efficiency that must be achieved to complete remaining work with remaining money TCPI>1 = must increase performance to stay within budget CAPS (Control Account Plans) management control unit in which earned value performance measurement takes place formerly called Cost Account Plan EVM CAPs continuously measure project performance by relating 3 independent variables Planned Value Earned Value Actual Costs Formulas Summary: CV=EV-AC EAC (Estimate at Completion): EAC = AC + ETC EAC = AC + BAC - EV EAC = BAC/CPI (from course prep) CPI=EV/AC SV=EV-PV SPI=EV/PV TCPI=(BAC-EV)/(BAC-AC) Funds Remaining (BAC or EAC - AC) EV=PV*%complete (from course prep) Formula Mnemonics For Basic Formulas (CV,SV,CPI,SPI) "V" in left-most means variance which means subtract "I" in left-most means index which means divide "EV" on left side of equation after "=" if cost "AC" is right-most, otherwise "PV" CV=EV-AC SV=EV-PV CPI=EV/AC SPI=EV/PV Formula Mnemonics For TCPI Two possible formula: TCPI = (BAC – EV)/(BAC – AC); BAC based TCPI = (BAC – EV)/(EAC – AC); EAC based remember both num and denom start with BAC- no PV "I" in left-most means index which means divide "EV" on left side of equation after "=" - baseline original project plan plus approved changes. Must have to use EVA. CHANGE CONTROL Use The Established Procedures Outlined In The Statement Of Work Two Methods Used To Monitor Scope Changes track number of scope changes track dollar value of extra work performed Before Approval From The Stakeholders On A Project Scope Modification analyze budget issues and their impact on "common problems" analyze project plan issues and their impact research alternatives for the proposed scope change Value Engineering used to evaluate proposed changes When Change Occurs, PMS Must identify cause write a status report to document change determine how scope change will impact cost and/or schedule quantify alternative solutions ask users to distinguish between mandatory and optional scope changes determine whether to inform the sponsor gain stakeholder approval Objectives Of Change Control Process insure that changes are beneficial know when change has occurred manage changes as they occur Preventing Scope Creep scope is well documented and verified in the planning phase team well informed of products and quality procedures develop and follow a requirements management process LARGE & MULTI-LOCATION PROJECT STRATEGIES What May Be Needed communication standards work standards sub-teams focus on milestones TEAM MANAGEMENT Best Practices Shared Challenge Team Identity Balanced Task Assignment Team Support Trust Your Team Earn Respect Be a Team Player Leadership Principles Conflict Handling Modes confrontation mode problem solving approach allows parties to work through their differences usually most effective smoothing mode de-emphasize areas of differences emphasize areas of agreement often used when personalities clash forcing mode win-lose approach favored by the autocratic withdrawal mode little gets accomplished Task Related Conflict often healthy different approaches to create deliverables discussed better solutions can be achieved Emotional Conflicts develop group ground rules to avoid Common Causes Of Performance Problems Include team is unfocused or pulling in different directions team is fragmented into special interest or social groups EXECUTIVE SUPPORT Re-enforce by identify source of doubts use interpersonal skills act without creating negative impact use allies and influence RESOURCE MANAGEMENT Issues Contract Labor Outsourcing Material Resources and Suppliers Resource Leveling PROJECT DELAYS Issues Related To Extending Schedule impact on other project goals impact on the rest of the organization impact on the project team impact on the vendors INTERIM PROJECT REQUIREMENT REVIEWS INTERIM PROJECT REQUIREMENT REVIEWS - Process held with the sponsors and users held after the initial requirements are completed held after requested changes to the scope are defined most reviews are face-to-face with affected stakeholders may be held on a periodic basis or as needed Reasons To Hold Non-Periodic Reviews organizational changes misunderstandings arise quality problems budget problems INTERIM PROJECT REQUIREMENT REVIEWS - Reasons for provides a quality assurance measure for project performance provides an independent evaluation of project performance/documentation examines the overall health of the project recommends actions to address any significant problems Emphasize Important Project Goals main goals understood? are products being delivered on time? quality okay? budget okay? INTERIM PROJECT REQUIREMENT REVIEWS - Acceptable Outcomes approve requirements list as is agree on revisions then resubmit for review and approval agree on revisions then move forward with the planning phase TURNOVER PHASE Transition Work user docs user training help-desk training REFERENCES A Guide to the Project Management Body of Knowledge (fifth ed.), Project Management Institute, 2013, ISBN 978-1-935589-67-9 Earned Value Analysis in Project Management — an Easy Cheat Sheet