project management and quality control guide

1 Guide to Project Management

Guide To

Project Management

By WorkMonk.com

Guide to Project Management by WorkMonk.com

A

Guide To

Project Management

WorkMonk.com

Project Management


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to –

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Management and Quality Control platform so you can work with highly skilled freelancers

As a Client you get dedicated Project Managers who manages all the work ommunication and splitting the work to various

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Contents

1. An Introduction to Project Management

2. Project Phases & Project Life Cycle

2.1. Project Life Cycle Stages

3. Project Stakeholders................................

3.1. Roles & Responsibilities of a Project Manager

4. Key General Management Skills

5. Project Processes................................

6. Process Groups ................................

7. Defining Project Scope Management

7.1. Scope Statement................................

7.2. Creating the Work Breakdown Structure

8. Estimating Cost and Developing Budget

8.1. Cost Estimating Inputs

8.2. Estimating Activity Durations

8.3. Analyzing Cost Estimating Results

8.4. Cost Budgeting ................................

8.5. Developing the project Budget

8.6. Earned Value Management

9. Creating the Network Diagram

9.1. Precedence Diagram Method

9.2. Arrow Diagramming Method

9.3. Conditional Diagramming Method

10. Creating the Project Schedule

10.1. Applying Mathematical Analysis

10.2. Examining the Project schedule

11. Project Integration Management

12. Project Quality Management................................

12.1. Implementing Quality Control

12.2. Charting Quality Control


An Introduction to Project Management .............................................................................................

Project Phases & Project Life Cycle................................................................................................

Project Life Cycle Stages................................................................................................

.............................................................................................................................

Roles & Responsibilities of a Project Manager ................................................................

Key General Management Skills ................................................................................................

................................................................................................................................

................................................................................................................................

Defining Project Scope Management................................................................................................

................................................................................................

g the Work Breakdown Structure ................................................................

Estimating Cost and Developing Budget.............................................................................................

................................................................................................

Estimating Activity Durations................................................................................................

Analyzing Cost Estimating Results...........................................................................................

................................................................................................

Developing the project Budget ...............................................................................................

Earned Value Management ................................................................................................

Creating the Network Diagram................................................................................................

Precedence Diagram Method ................................................................................................

Arrow Diagramming Method................................................................................................

Conditional Diagramming Method ................................................................

................................................................................................

Applying Mathematical Analysis .............................................................................................

Examining the Project schedule..............................................................................................

Project Integration Management ................................................................................................

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Implementing Quality Control ................................................................................................

Charting Quality Control ................................................................................................

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12.3. Evaluating Quality Costs

12.4. Implementing Quality Assurance

13. Project Human Resource Management

14. Project Communications Management

15. Project Risk Management................................

15.1. Analyzing Identified Risks

15.2. Risk Management Methods

15.3. Responding to Identified Risks

15.4. Iterative Risk Management

16. Why Projects Fails? ................................


Evaluating Quality Costs................................................................................................

Implementing Quality Assurance............................................................................................

Project Human Resource Management..............................................................................................

Project Communications Management..............................................................................................

................................................................................................

Analyzing Identified Risks................................................................................................

Risk Management Methods................................................................................................

Responding to Identified Risks................................................................................................

Iterative Risk Management................................................................................................

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The primary purpose of this document is to provide a basic reference to anyone whoproject management.

1. An Introduction to Project ManagementProject Management is the supervision and control of the work Project management includes work processes that initiate, plan, execute, and close work. Work processes require tradeoffs among the scope, quality, cost, and schedule of the project. needed to complete the project, while the project manager schedules, monitors, and controls the various project tasks.Project Management is comprised of the following nine knowledge areas:

Project Integration ManagementProject Scope ManagementProject Time ManagementProject Cost ManagementProject Risk ManagementProject Quality Management Project Procurement Management Project Human Resource ManagementProject Communications Management

2. Project Phases & Project Life CycleProjects are temporary endeavors to create a unique product or service. All projects must have an end date. Between the project launch and the covewill have its deliverables. A project phase allows a project manager to see the project completing the project one phase at a time. Consider a project to chave several phases to complete from concept to completion: product description, prototype, revision, testing and so on. Each project will have its own logical phases to completion, goals and deliverables andphase allows a project to move into the next phase.The collection of the project phases, as a whole, is known as beginning, middle, and end of a project. cycle than nearing its end.

2.1. Project Life Cycle StagesInitiating: When a project is proposed, planned at a high level, and key participants, commit to it in broad terms.Planning: Starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept the entire detailed plan.Executing: Includes authorizing, executing, monitoring, and controlling work until the customer accepts the project deliverables.Closing: All activities after customer acceptance to ensure project is completed, lessons are learned, resources are recognized, and contributions are rewarded.


The primary purpose of this document is to provide a basic reference to anyone who is interested in understanding

to Project ManagementProject Management is the supervision and control of the work that is required to complete the project vision. Project management includes work processes that initiate, plan, execute, and close work. Work processes require tradeoffs among the scope, quality, cost, and schedule of the project. The project team carries out the work

le the project manager schedules, monitors, and controls the various project

Project Management is comprised of the following nine knowledge areas:Project Management Knowledge Areas

Focuses on project plan development and execution.Deals with the planning, creation, protection and fulfillment of the project scope.Covers activities, their characteristics, and how they fit into the project schedule.Concerned with the planning, estimating, budgeting, and control of costs.Focuses on risk planning, analysis, monitoring, and control.Centers on quality planning, assurance and control.Involves planning, solicitation, contract administration, and contract closeout.Focuses on organizational planning, staff acquisition, and team development.Details on how communication can be improved.

Project Phases & Project Life CycleProjects are temporary endeavors to create a unique product or service. All projects must have an end date. Between the project launch and the coveted end date, project will pass through multiple phases and each phase will have its deliverables. A project phase allows a project manager to see the project as a whole and still focus on completing the project one phase at a time. Consider a project to create a new electronic gadget. This gadget will have several phases to complete from concept to completion: product description, prototype, revision, testing and

Each project will have its own logical phases to completion, goals and deliverables andphase allows a project to move into the next phase.

, as a whole, is known as the project life cycle. Project Life cycle define the beginning, middle, and end of a project. Projects have a greater risk and uncertainty in the early phases of the life

Project Life Cycle StagesWhen a project is proposed, planned at a high level, and key participants, commit to it in broad terms.Starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept

Includes authorizing, executing, monitoring, and controlling work until the customer accepts the project

All activities after customer acceptance to ensure project is completed, lessons are learned, resources are recognized, and contributions are rewarded.

is interested in understanding

required to complete the project vision. Project management includes work processes that initiate, plan, execute, and close work. Work processes require

The project team carries out the work le the project manager schedules, monitors, and controls the various project

Deals with the planning, creation, protection and fulfillment of the project scope.Covers activities, their characteristics, and how they fit into the project schedule.Concerned with the planning, estimating, budgeting, and control of costs.

Involves planning, solicitation, contract administration, and contract closeout.Focuses on organizational planning, staff acquisition, and team development.

Projects are temporary endeavors to create a unique product or service. All projects must have an end date. ted end date, project will pass through multiple phases and each phase

as a whole and still focus on reate a new electronic gadget. This gadget will

have several phases to complete from concept to completion: product description, prototype, revision, testing and the completion of a

Project Life cycle define the Projects have a greater risk and uncertainty in the early phases of the life

When a project is proposed, planned at a high level, and key participants, commit to it in broad terms.Starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept

Includes authorizing, executing, monitoring, and controlling work until the customer accepts the project

All activities after customer acceptance to ensure project is completed, lessons are learned, resources are


Fig 1: Project Life Cycle Stages

Fig 2: Project Life Cycle for Quality Improvement Projects

3. Project StakeholdersStakeholders are those folks and organizations who are actively involved in the project, or will be affected by its outcome – in other words, people, groups, businesses, customers, and communities that hathe project.

Project Manager Person who is accountable for managing the project.Project Customer Person or group that will use the project deliverable.Performing Organization Entity that employs the Project Team Collection of individuals that will work together to ensure success of the project.Project Sponsor Has the power to authorize and sanction the project work and is ultimately

responsible fo

3.1. Roles & Responsibilities The project manager has primary responsibility for the quality of a project’s deliverables and its successful completion. To succeed, the project manager must work closely with the project resources are applied. The project manager also has responsibility for planning and ensuring that the project is successfully completed on time and within budget.Responsibilities:

Implement project policies and procedures Acquire resources through negotiation with project owners and resource managers.


Quality Improvement Projects

Stakeholders are those folks and organizations who are actively involved in the project, or will be affected by its in other words, people, groups, businesses, customers, and communities that have a vested interest in

Key Project StakeholdersPerson who is accountable for managing the project.Person or group that will use the project deliverable.Entity that employs the people responsible for completing the project work.Collection of individuals that will work together to ensure success of the project.Has the power to authorize and sanction the project work and is ultimately responsible for project success.

Roles & Responsibilities of a Project ManagerThe project manager has primary responsibility for the quality of a project’s deliverables and its successful completion. To succeed, the project manager must work closely with the project owner to ensure that adequate resources are applied. The project manager also has responsibility for planning and ensuring that the project is successfully completed on time and within budget.

Implement project policies and proceduresAcquire resources through negotiation with project owners and resource managers.

Stakeholders are those folks and organizations who are actively involved in the project, or will be affected by its ve a vested interest in

people responsible for completing the project work.Collection of individuals that will work together to ensure success of the project.Has the power to authorize and sanction the project work and is ultimately

The project manager has primary responsibility for the quality of a project’s deliverables and its successful owner to ensure that adequate

resources are applied. The project manager also has responsibility for planning and ensuring that the project is


Ensure adequate technical proficiency to meet project requirements and arrange for training. Establish and maintain quality in project. Identify and procure tools to be used o Monitor project progress against schedule and budget plans Ensure resources are focused on correct activities. Engage with management to ensure project awareness and prompt issue resolution.

4. Key General Management SkillsThere is more to project management than just getting the work done. Inherent to the process of project management are general management skills that allow the project manager to complete the project with some level of efficiency and control.

Leading the project team Excellent communication skills Negotiating project terms and conditions Active problem solving Influencing the organization

Matrix Organization & Composite Organization

Organizational Type ProsStrong Matrix Project team

from 50 to 990% of its duration. The project manager has a high level of authority. This model provides good communication

Balanced Matrix The project manager has balanced project authority with management. This model allows efficient use of functional resources.

Weak Matrix The project manager has little project authority and acts as a project coordinator.

Composite Ideal for organizations with recurring projects, such as manufacturing. Everyone on the project knows who is in charge: the functional manager.

5. Project ProcessesProcesses are a series of actions with a common, parent goal, to create a result. Processes are not the individual activities, but the control of individual activities to comThere are two types of processes:Product Oriented Processes: These processes are the activities that complete a project’s phase and life cycle. In other words, product oriented processes within a project complete phases, which in tuThe processes within a project are unique to each project.Project Management Processes: These processes are the activities that are universal to all projects. These activities comprise the bulk of the project management body of knprojects from construction to technology.


Ensure adequate technical proficiency to meet project requirements and arrange for training.Establish and maintain quality in project.Identify and procure tools to be used on the project.Monitor project progress against schedule and budget plans and raise concerns as appropriate.Ensure resources are focused on correct activities.Engage with management to ensure project awareness and prompt issue resolution.

agement SkillsThere is more to project management than just getting the work done. Inherent to the process of project management are general management skills that allow the project manager to complete the project with some

Excellent communication skillsNegotiating project terms and conditions

Composite Organization

ConsProject team may be assigned to a project from 50 to 990% of its duration. The project manager has a high level of authority. This model provides good communication

Competition among project teams still exists. Overall costs may also increase due to redundant administramong projects.

The project manager has balanced project authority with management. This model allows efficient use of functional resources.

The functional manager and the project manager may battle for project team members’ time. Project team may feel they are reporting to multiple bosses.

The project manager has little project authority and acts as a project coordinator.

The project is more a part of the functional department operations than a separate activity.resources may be divided amongst too many projects at once.

Ideal for organizations with recurring projects, such as manufacturing. Everyone on the project knows who is in charge: the functional manager.

The project manager has litauthority and may be known as a project expeditor.

Processes are a series of actions with a common, parent goal, to create a result. Processes are not the individual activities, but the control of individual activities to complete a project phase.

These processes are the activities that complete a project’s phase and life cycle. In other words, product oriented processes within a project complete phases, which in turn complete the project. The processes within a project are unique to each project.

These processes are the activities that are universal to all projects. These activities comprise the bulk of the project management body of knowledge and these processes are common to all projects from construction to technology.

Ensure adequate technical proficiency to meet project requirements and arrange for training.

and raise concerns as appropriate.

There is more to project management than just getting the work done. Inherent to the process of project management are general management skills that allow the project manager to complete the project with some

Competition among project teams still exists. Overall costs may also increase due to redundant administrative staff

The functional manager and the project manager may battle for project team

time. Project team may feel they are reporting to multiple bosses.The project is more a part of the functional department operations than a separate activity. Project team resources may be divided amongst too many projects at once.The project manager has little project authority and may be known as a

Processes are a series of actions with a common, parent goal, to create a result. Processes are not the individual

These processes are the activities that complete a project’s phase and life cycle. In rn complete the project.

These processes are the activities that are universal to all projects. These owledge and these processes are common to all


The two process types are interrelated and interdependent. Thus, a project manager must be familiar with the product oriented processes in order to apply the project maproject manager should be familiar with both how a house is constructed and the various phases involved in that construction in order to effectively apply the project management processes.

6. Process GroupsThe process groups are a collection of activities that contribute to the control and implementation of the project management life cycle. The output of one process group will act as input for another process group.The following are five project managementInitiating: The project is authorized.Planning: Project objectives are determined, as well as how to reach those objectives with the given constraints.Executing: The project is executed utilizing acquired resources.Controlling: Project performance is monitored and measured to ensure the project plan is being implemented to design specifications and requirements.Closing: The project and its various phases are brought to a formal end.

7. Defining Project Scope ManagementProject scope management constitutes the processes that the project includes all of the work required, and only the work required, to complete the project successfully. Project Scope Management has several purposes:

It defines what work is needed to complete the project objec It determines what is included in the project. It serves as a guide to determine what work is not needed to complete the project objectives. It serves as point of reference for what is not included in the project. It guides the project manager on

The following table lists the inputs, tools and techniques, and outputs of scope planning.InputsProduct DescriptionProject CharterConstraintsAssumptions

7.1. Scope StatementThe scope statement is a document that describes the work, and only the required work, necessary to meet the project objectives. The scope statement establishes a common vision among the project stakeholders to establish the point and purpose of the project work. It is used as a baseline against which all future made to determine if proposed changes or work results are aligned with expectations. The scope statement, may, with adequate reason, be updated to reflect changes in the projereferences the following:Project Justification: Identifies the business needs of the project. It answers why the project has been authorized.Project’s Product: The scope statement reiterates the details of the project product.Project Deliverables: The high-level deliverables of the project should be identified. These deliverables, when predefined metrics are met, signal that project scope has been completed. When appropriate, it should also list what deliverables are excluded from the project deliverables. For ex: a project to create a new food product may state that it is not including the packaging of the food product as part of the project. Items and features not listed as part of the project deliverables should be assumed toProject Objectives: Project objectives are specific conditions that determine the success of a project. Conditions are typically cost, schedule, and quality metrics. Vague metrics, such as customer satisfaction, increase the risk for the project, as the metric “customer satisfaction” is subjective and not


The two process types are interrelated and interdependent. Thus, a project manager must be familiar with the product oriented processes in order to apply the project management processes. To use a real world example, a project manager should be familiar with both how a house is constructed and the various phases involved in that construction in order to effectively apply the project management processes.

The process groups are a collection of activities that contribute to the control and implementation of the project management life cycle. The output of one process group will act as input for another process group.The following are five project management process groups:

Project objectives are determined, as well as how to reach those objectives with the given constraints.The project is executed utilizing acquired resources.

performance is monitored and measured to ensure the project plan is being implemented to design specifications and requirements.

The project and its various phases are brought to a formal end.

Defining Project Scope Managementment constitutes the processes that the project includes all of the work required, and only

the work required, to complete the project successfully. Project Scope Management has several purposes:It defines what work is needed to complete the project objectives.It determines what is included in the project.It serves as a guide to determine what work is not needed to complete the project objectives.It serves as point of reference for what is not included in the project.It guides the project manager on decision to add, change, or remove the work of the project.

the inputs, tools and techniques, and outputs of scope planning.Tools and Techniques OutputsProduct Analysis Scope StatementBenefit/Cost Analysis Supporting DetailAlternatives Identification Scope Management PlanExpert Judgment

The scope statement is a document that describes the work, and only the required work, necessary to meet the project objectives. The scope statement establishes a common vision among the project stakeholders to establish

t work. It is used as a baseline against which all future project decisions are made to determine if proposed changes or work results are aligned with expectations. The scope statement, may, with adequate reason, be updated to reflect changes in the project work.

Identifies the business needs of the project. It answers why the project has been authorized.The scope statement reiterates the details of the project product.

level deliverables of the project should be identified. These deliverables, when predefined metrics are met, signal that project scope has been completed. When appropriate, it should also list

rom the project deliverables. For ex: a project to create a new food product may state that it is not including the packaging of the food product as part of the project. Items and features not listed as part of the project deliverables should be assumed to be excluded.

Project objectives are specific conditions that determine the success of a project. Conditions are typically cost, schedule, and quality metrics. Vague metrics, such as customer satisfaction, increase the risk for

ect, as the metric “customer satisfaction” is subjective and not quantified.

The two process types are interrelated and interdependent. Thus, a project manager must be familiar with the nagement processes. To use a real world example, a

project manager should be familiar with both how a house is constructed and the various phases involved in that

The process groups are a collection of activities that contribute to the control and implementation of the project management life cycle. The output of one process group will act as input for another process group.

Project objectives are determined, as well as how to reach those objectives with the given constraints.

performance is monitored and measured to ensure the project plan is being implemented to

ment constitutes the processes that the project includes all of the work required, and only the work required, to complete the project successfully. Project Scope Management has several purposes:

It serves as a guide to determine what work is not needed to complete the project objectives.

decision to add, change, or remove the work of the project.

Scope StatementSupporting DetailScope Management Plan

The scope statement is a document that describes the work, and only the required work, necessary to meet the project objectives. The scope statement establishes a common vision among the project stakeholders to establish

project decisions are

ct work. It includes or

Identifies the business needs of the project. It answers why the project has been authorized.

level deliverables of the project should be identified. These deliverables, when predefined metrics are met, signal that project scope has been completed. When appropriate, it should also list

rom the project deliverables. For ex: a project to create a new food product may state that it is not including the packaging of the food product as part of the project. Items and features not listed

Project objectives are specific conditions that determine the success of a project. Conditions are typically cost, schedule, and quality metrics. Vague metrics, such as customer satisfaction, increase the risk for


The following table depicts the Inputs, Outputs and Tools and Techniques of Scope DefinitionInputs Tools and TechniquesScope Statement Work Breakdown Structure Constraints DecompositionAssumptionsOther planning outputsHistorical information

7.2. Creating the Work Breakdown StructureThe Work Breakdown Structure (WBS) is an organized collection of the project deliverable to be created by project work. A WBS breaks down into a deliverablecannot complete the activity alone. Tindividuals close to the work and will be completing the actual activities within the project phases. The smallest element in the WBS is called the Work Package. WBS also identifies the relationship between work packages.

Fig 3: A sample WBS for a technology project

Some essential elements about the WBS: Serves as the project scope baseline. One of the most important project management tools. Serves as the foundation for planning, estimating, and project control. Visualizes the entire project. Work not included in the WBS is not part of the project. Builds team consensus and buy Serves as a control mechanism to keep the project on track. Allows for accurate cost and time estimates. Serves as deterrent to scope change.

WBS is an input to five core processes:

PM Activities

Planning

Meetings

Schedule

Budgeting

Training

Development

Courseware

WBT

Handouts

Classes

WBS

Cost Estimating

Cost Budgeting

Resource Planning


The following table depicts the Inputs, Outputs and Tools and Techniques of Scope DefinitionTools and Techniques OutputsWork Breakdown Structure template Work Breakdown StructureDecomposition Scope statement updates

Creating the Work Breakdown StructureThe Work Breakdown Structure (WBS) is an organized collection of the project deliverable to be created by project

A WBS breaks down into a deliverable-oriented collection of manageable pieces. The project manager cannot complete the activity alone. The input and guidance of the project team is required as they are the individuals close to the work and will be completing the actual activities within the project phases. The smallest element in the WBS is called the Work Package. WBS also identifies the relationship between work

Fig 3: A sample WBS for a technology project

Some essential elements about the WBS:Serves as the project scope baseline.

most important project management tools.Serves as the foundation for planning, estimating, and project control.

Work not included in the WBS is not part of the project.Builds team consensus and buy-in to the project.

s as a control mechanism to keep the project on track.Allows for accurate cost and time estimates.Serves as deterrent to scope change.

OS Rollout

Testing

Planning

Scenario

Simulations

Pilots

Lab

Rollout

IT Dept

Sales

AA's

Education

HR

Accounting

Documentation

Courseware

Operations

Versioning

Issues

Knowledge Management

WBS

Resource Planning

Risk Management

Activity Definition

Work Breakdown StructureScope statement updates

The Work Breakdown Structure (WBS) is an organized collection of the project deliverable to be created by project The project manager

he input and guidance of the project team is required as they are the individuals close to the work and will be completing the actual activities within the project phases. The smallest element in the WBS is called the Work Package. WBS also identifies the relationship between work


8. Estimating Cost and Developing BudgetCost estimating is the process of calculating the costs of the identified resources required to complete the project work. It relies on several project componentsrelies on historical information and policies from the performing organization.

8.1. Cost Estimating InputsUsing the Work Breakdown Structure:planning, risk management planning, and activity definition.Relying on Resource Requirements: The project will have some requirement for resources equipment must all be accounted for.Calculating Resource Rates: The estimator should know how much each resource costs. There are four categoriesof cost:Direct Costs: Attributed directly to the project work and cannot be shared among projects.Variable Costs: Costs that vary depending on the conditions applied in the project.Fixed Costs: Costs that remains constant throughout the project.Indirect Costs: Costs that are representative of more than one project.

8.2. Estimating Activity DurationsEstimates of the duration of the activities, which predict the length of the project, are needed for decisions on financing the project.

8.3. Analyzing Cost Estimating ResultsThe output of cost estimating is the actual cost estimates of the resources required to the complete the project work. The cost of the project is expressed in monetary terms so that the management can compare projects based on costs. The estimate can be presented n detail against the WBS components or summarized in terms of a grand total, by phases of the project, or by major deliverables. Each resource in the project must be accounted for and assigned to a cost category. Categories incluLabor Costs, Material Costs, Travel Costs, Supplies, Hardware Costs, Software Costs etc.

8.4. Cost BudgetingCost Budgeting is the process of assigning a cost to an individual work package. The aim is to assign costs to the work in the project so that the work may be measured for performance.

Cost Estimates Predicted costs for the project workWork Breakdown Structure Deliverable of the project as it’s what the project is buyingProject Schedule It’s needed to Risk Management Plan It provides the probability of identified risks and their associated costs.

8.5. Developing the project BudgetThe tools and techniques used to create the project cost estimates are Analogous Budgeting: Form of expert judgment that uses a topaccurate than other methods.Parametric Budgeting: Uses a parametric model to extrapolate what costs cost/unit). Also includes variables and points based on conditions.Bottom-up Budgeting: Most reliable approach, though it takes the longest to create. Starts at zero and requires each work package to be accounted forComputerized Tools: Software programs that are used in estimating can be used to help predict the project budget with some accuracy.


Estimating Cost and Developing BudgetCost estimating is the process of calculating the costs of the identified resources required to complete the project work. It relies on several project components from the Initiation and planning process groups. The process also relies on historical information and policies from the performing organization.

Using the Work Breakdown Structure: It’s an input to five major planning processes: cost estimating, planning, risk management planning, and activity definition.

The output of resource planning serves as a key input for estimating costl have some requirement for resources – the skills of the labor, the ability of materials, or the function of

The estimator should know how much each resource costs. There are four categories

Attributed directly to the project work and cannot be shared among projects.Costs that vary depending on the conditions applied in the project.

Costs that remains constant throughout the project.Costs that are representative of more than one project.

Estimating Activity DurationsEstimates of the duration of the activities, which predict the length of the project, are needed for decisions on

Estimating ResultsThe output of cost estimating is the actual cost estimates of the resources required to the complete the project

The cost of the project is expressed in monetary terms so that the management can compare projects based estimate can be presented n detail against the WBS components or summarized in terms of a grand

total, by phases of the project, or by major deliverables. Each resource in the project must be accounted for and assigned to a cost category. Categories include the following:Labor Costs, Material Costs, Travel Costs, Supplies, Hardware Costs, Software Costs etc.

Cost Budgeting is the process of assigning a cost to an individual work package. The aim is to assign costs to the so that the work may be measured for performance.

Inputs to Cost BudgetingPredicted costs for the project workDeliverable of the project as it’s what the project is buyingIt’s needed to determine when the amount in the budget will be spent.It provides the probability of identified risks and their associated costs.

Developing the project BudgetThe tools and techniques used to create the project cost estimates are also used to create the project budget.

Form of expert judgment that uses a top-down approach to predict costs. Generally, it’s less

Uses a parametric model to extrapolate what costs will be for a project (ex: cost/hr and cost/unit). Also includes variables and points based on conditions.

Most reliable approach, though it takes the longest to create. Starts at zero and requires each work package to be accounted for.

Software programs that are used in estimating can be used to help predict the project budget

Cost estimating is the process of calculating the costs of the identified resources required to complete the project lanning process groups. The process also

s an input to five major planning processes: cost estimating, resource

estimating cost. The the skills of the labor, the ability of materials, or the function of

The estimator should know how much each resource costs. There are four categories

Estimates of the duration of the activities, which predict the length of the project, are needed for decisions on

The output of cost estimating is the actual cost estimates of the resources required to the complete the project The cost of the project is expressed in monetary terms so that the management can compare projects based

estimate can be presented n detail against the WBS components or summarized in terms of a grand total, by phases of the project, or by major deliverables. Each resource in the project must be accounted for and

Cost Budgeting is the process of assigning a cost to an individual work package. The aim is to assign costs to the

determine when the amount in the budget will be spent.It provides the probability of identified risks and their associated costs.

also used to create the project budget.down approach to predict costs. Generally, it’s less

will be for a project (ex: cost/hr and

Most reliable approach, though it takes the longest to create. Starts at zero and requires

Software programs that are used in estimating can be used to help predict the project budget


8.6. Earned Value Management It is the process of measuring performance of project work against a plan to identify variances.Planned Value (PV): It is the work scheduled and the authorized budget to accomplish that work. For ex: if a project has a budget of $10,000 and month six represents 50% of the project work, the PV for that month is $5,000. PV is also known as Budget Cost of Work Schedule (BCWS).Earned Vale (EV): It is the physical work completed till date and the authorized budget for that work. For Ex: If a project has a budget of $10,000 and the work completed till date represents 25% of the entire project work, its EVis $2,500. EV is also known as Budgeted Cost of Work Performed (BCWP).Actual Cost (AC): It is the actual amount of monies the project has incurred till date. For ex: if a project has a budget of $10,000 and $5,000 has been spent on the project till date,known as Actual Cost of Work Performed (ACWP).

9. Creating the Network DiagramA network diagram shows the relationship of the work activities and how the work will progress from start to completion. A network diagram visualizes the project work. These diagrams can vary from being extremely complex to easy to create and configure.

9.1. Precedence Diagram MethodThe PDM is the most common method of arranging the project work visually. It puts the activities in boxes called nodes, and connects the boxes with arrows. The arrows represent the relationship and dependencies of work packages.

Relationships between activities in a PDM constitute one of four different types:Finish-to-Start (FS): It means task A must be completed before Task B.Start-to-Start (SS): It means Task A must start before Task B can start.Finish-to Finish (FF): It means Task A must complete before Task B does.Start-to-Finish (SF): It requires that Task A

9.2. Arrow Diagramming MethodADM approach uses arrows to represent the activities. The arrows are connected on nodes. ADM only uses finishto-start relationships. ADM is an example of Activity

9.3. Conditional Diagramming MethodCDMs are more complex and structure than ADM or PDM. CDM includes system dynamics and graphical evaluation and review technique (GERT). These models allow for loops and conditional branching. GERT also alloprobabilistic clarification of work package estimates.

10.Creating the Project ScheduleCreating the project schedule is part of the planning process group. It is calendar based and relies on the project network diagram and the accuracy of time estimatscope in the shortest amount of time possible without incurring exceptional costs, risks, or a loss of quality.

Start

C


Earned Value Management is the process of measuring performance of project work against a plan to identify variances.

It is the work scheduled and the authorized budget to accomplish that work. For ex: if a project has a budget of $10,000 and month six represents 50% of the project work, the PV for that month is $5,000. PV is

of Work Schedule (BCWS).It is the physical work completed till date and the authorized budget for that work. For Ex: If a

project has a budget of $10,000 and the work completed till date represents 25% of the entire project work, its EVis $2,500. EV is also known as Budgeted Cost of Work Performed (BCWP).

It is the actual amount of monies the project has incurred till date. For ex: if a project has a budget of $10,000 and $5,000 has been spent on the project till date, then the AC would be $5,000. AC is alknown as Actual Cost of Work Performed (ACWP).

Creating the Network DiagramA network diagram shows the relationship of the work activities and how the work will progress from start to

visualizes the project work. These diagrams can vary from being extremely complex to easy to create and configure.

Precedence Diagram MethodThe PDM is the most common method of arranging the project work visually. It puts the activities in boxes called

des, and connects the boxes with arrows. The arrows represent the relationship and dependencies of work

Relationships between activities in a PDM constitute one of four different types:It means task A must be completed before Task B.

It means Task A must start before Task B can start.It means Task A must complete before Task B does.

It requires that Task A to start so that Task B may finish.

Arrow Diagramming MethodADM approach uses arrows to represent the activities. The arrows are connected on nodes. ADM only uses finish

start relationships. ADM is an example of Activity-on-Arrow (AOA) networks.

Conditional Diagramming MethodCDMs are more complex and structure than ADM or PDM. CDM includes system dynamics and graphical evaluation and review technique (GERT). These models allow for loops and conditional branching. GERT also alloprobabilistic clarification of work package estimates.

Creating the Project ScheduleCreating the project schedule is part of the planning process group. It is calendar based and relies on the project network diagram and the accuracy of time estimates. The point of the project schedule is to complete the project scope in the shortest amount of time possible without incurring exceptional costs, risks, or a loss of quality.

A B

D

End

It is the work scheduled and the authorized budget to accomplish that work. For ex: if a project has a budget of $10,000 and month six represents 50% of the project work, the PV for that month is $5,000. PV is

It is the physical work completed till date and the authorized budget for that work. For Ex: If a project has a budget of $10,000 and the work completed till date represents 25% of the entire project work, its EV

It is the actual amount of monies the project has incurred till date. For ex: if a project has a the AC would be $5,000. AC is also

A network diagram shows the relationship of the work activities and how the work will progress from start to visualizes the project work. These diagrams can vary from being extremely

The PDM is the most common method of arranging the project work visually. It puts the activities in boxes called des, and connects the boxes with arrows. The arrows represent the relationship and dependencies of work

ADM approach uses arrows to represent the activities. The arrows are connected on nodes. ADM only uses finish-

CDMs are more complex and structure than ADM or PDM. CDM includes system dynamics and graphical evaluation and review technique (GERT). These models allow for loops and conditional branching. GERT also allows for

Creating the project schedule is part of the planning process group. It is calendar based and relies on the project es. The point of the project schedule is to complete the project

scope in the shortest amount of time possible without incurring exceptional costs, risks, or a loss of quality.


10.1. Applying Mathematical AnalysisMathematical analysis is the process of factorinwith the project network diagrams. Three common methods for mathematical analysis are:Program Evaluation and Review Technique (PERT): activities will end. It uses “Pessimistic”, “Optimistic” and “completed.Formula: (O+4M+P)/6Graphical Evaluation and Review Techniqueof activities and is based on probable estimates. Activities within GERT are dependent on other upstream activities. For ex: the results of work package may determine if additional testing is needed, rework is required, or the project may continue as planned.Critical Path Method (CPM): It is the most commonly used method for calculating finish time of a project. It uses a “forward” pass and “backward” pass to reveal which activities are considered critical. Activities on the critical path should not be delayed; else the project end date will be delayed. The critical path is defined as the path with the longest duration to complete. Activities not on the critical path have some float (slack) that allows some amount of delay without delaying the project end date.Three different kinds of float:Free Float: Total time a single activity can be delayed without delaying the early start of any successor activities.Total Slack: Total time for which an activity can be delayed without delaying project comProject Slack: Total time the project can be delayed without passing the customer expected completion date.

10.2. Examining the Project scheduleProject schedule can be presented in many different formats:Project Network Diagrams: Illustrates the flowproject end date and dates associated with each project activity.Bar Charts: Shows the start and end dates for the project, and are listed down the left hand side and a time scale is shown along the bottom. interrelationships of activities and if one activity is These are easy to read and these scheduling bar charts are also called Gantt Charts.Milestone Charts: These plot out the high level deliverables and external interfaces, such as customer walk through, against a calendar. These are similar to Gantt charts, but with less detail regarding i

11.Project Integration ManagementIt is the art and science of ensuring that your project moves forward, that your plan is fully developed and properly implemented. It is made up of the dayparts of the project work together.

It requires expertise, as the project manager will have to negotiate with the stakeholders for a resolution to competing objectives.

It requires proper organization as project manager will have to develop, coproject plan.

It requires the ability to accomplish the project plan. It required leadership, record

changes throughout the project implementation. It requires flexibility and adaptability throughout the project execution.

12.Project Quality ManagementQuality management is the process to ensure the project is completed with no deviatiThere are several quality management philosophies:


Applying Mathematical AnalysisMathematical analysis is the process of factoring theoretical early and latest start and finish dates for each activity with the project network diagrams. Three common methods for mathematical analysis are:Program Evaluation and Review Technique (PERT): PERT uses a weighted average method to predict wh

It uses “Pessimistic”, “Optimistic” and “Most likely” estimate to predict when the project will be

Graphical Evaluation and Review Technique (GERT): GERT uses conditional advancement, branching, of activities and is based on probable estimates. Activities within GERT are dependent on other upstream activities. For ex: the results of work package may determine if additional testing is needed, rework is required, or the

It is the most commonly used method for calculating finish time of a project. It uses a “forward” pass and “backward” pass to reveal which activities are considered critical. Activities on the critical path

d not be delayed; else the project end date will be delayed. The critical path is defined as the path with the Activities not on the critical path have some float (slack) that allows some amount of

roject end date.

Total time a single activity can be delayed without delaying the early start of any successor activities.Total time for which an activity can be delayed without delaying project completion.

Total time the project can be delayed without passing the customer expected completion date.

Examining the Project scheduleProject schedule can be presented in many different formats:

Illustrates the flow of work, relationship between activities, critical path, and expected project end date and dates associated with each project activity.

Shows the start and end dates for the project, and the activity duration against a calendar. listed down the left hand side and a time scale is shown along the bottom. But these do not show

interrelationships of activities and if one activity is delayed, it is not obvious that how will it affect other activities. scheduling bar charts are also called Gantt Charts.

These plot out the high level deliverables and external interfaces, such as customer walk through, against a calendar. These are similar to Gantt charts, but with less detail regarding individual activities.

Project Integration Managementart and science of ensuring that your project moves forward, that your plan is fully developed and properly

is made up of the day-to-day processes the project manager relies on to ensure that all of the

requires expertise, as the project manager will have to negotiate with the stakeholders for a resolution

It requires proper organization as project manager will have to develop, co-ordinate, and record the

It requires the ability to accomplish the project plan.It required leadership, record-keeping, and political savvy as there may be a need to deal with potential changes throughout the project implementation. It requires flexibility and adaptability throughout the project execution.

Project Quality ManagementQuality management is the process to ensure the project is completed with no deviations from the requirements. There are several quality management philosophies:

g theoretical early and latest start and finish dates for each activity

PERT uses a weighted average method to predict when the ikely” estimate to predict when the project will be

GERT uses conditional advancement, branching, and looping of activities and is based on probable estimates. Activities within GERT are dependent on other upstream activities. For ex: the results of work package may determine if additional testing is needed, rework is required, or the

It is the most commonly used method for calculating finish time of a project. It uses a “forward” pass and “backward” pass to reveal which activities are considered critical. Activities on the critical path

d not be delayed; else the project end date will be delayed. The critical path is defined as the path with the Activities not on the critical path have some float (slack) that allows some amount of

Total time a single activity can be delayed without delaying the early start of any successor activities.pletion.

Total time the project can be delayed without passing the customer expected completion date.

of work, relationship between activities, critical path, and expected

he activity duration against a calendar. Activities But these do not show

, it is not obvious that how will it affect other activities.

These plot out the high level deliverables and external interfaces, such as customer walk ndividual activities.

art and science of ensuring that your project moves forward, that your plan is fully developed and properly to ensure that all of the

requires expertise, as the project manager will have to negotiate with the stakeholders for a resolution

ordinate, and record the

o deal with potential

ons from the requirements.


Total Quality Management: The organization strives for constant improvement for products and business practices.Kaizen: The organization applies small changes to products and prand provide overall quality improvement.Marginal Analysis: The cost of quality is not greater than the increased sales because of the level of quality implemented. Ideally, the revenue generated because of thequality.

12.1. Implementing Quality Control Quality control monitors specific results within a project. Concerned that the results must satisfy relevant quality standards. Can rely on root cause analysis used to Completed through inspection.

12.2. Charting Quality ControlFishbone Diagram: It’s a cause effect diagram that illustrates the factors which may issues or problems. It’s also known as Ishikawa diagraFlow Charts: They demonstrate how a system works from start to finish, and how system components are integrated.Pareto Charts: These histograms are related to Pareto’s 80/20 rule which says “80% of the problems come from 20% of the issues.” This diagram charts the problems, categories, and frequency. Project team should first solve the larger problems and then move to smaller issues.Control Charts: These charts plot out the results of the inspections against a mean to examine performance against expected results. Upper and lower control limits are typically set +or the control limit value are considered out of coto determine why the result occurred.

12.3. Evaluating Quality Costs The cost of quality is the amount of money the organization must spend on the quality standards. The cost of nonconformance

demands. Optimal quality is reached when the cost of quality meets or exceeds the incremental cost to achieve

quality.

12.4. Implementing Quality Assurance Monitors overall results. May use a QA program to set quality standards. Represents the implementation of the quality plan.

13.Project Human Resource ManagementProject Human Resource Management is the ability to lead, direct, and orchestrate the project team, the customers, project partners, contributors, and any other stakeholders to achieve the desired results for the project purpose.

It focuses on utilizing the people involved in the project in the most effective way. Because projects are often similar, the project managers can rely on

historical projects. Staffing Management plan describes the process that the project manager must follow to bring resources

onto a project, or to dismiss them when the resources are no longer needed. The policies and procedures of the performing organization should be documented within the staffing

management plan to ensure the guidelines are followed as management intends.


The organization strives for constant improvement for products and business

The organization applies small changes to products and processes to improve consistency, reduce costs, and provide overall quality improvement.

The cost of quality is not greater than the increased sales because of the level of quality implemented. Ideally, the revenue generated because of the quality improvements far exceeds the cost of the

Implementing Quality ControlQuality control monitors specific results within a project.

oncerned that the results must satisfy relevant quality standards.cause analysis used to eliminate unsatisfactory results.

ompleted through inspection.

Charting Quality ControlIt’s a cause effect diagram that illustrates the factors which may be contributing to quality

issues or problems. It’s also known as Ishikawa diagram.They demonstrate how a system works from start to finish, and how system components are

These histograms are related to Pareto’s 80/20 rule which says “80% of the problems come from m charts the problems, categories, and frequency. Project team should first solve

the larger problems and then move to smaller issues.These charts plot out the results of the inspections against a mean to examine performance

against expected results. Upper and lower control limits are typically set +or – 3/6 sigma. Results that are beyond the control limit value are considered out of control and they have an assignable cause that requires investigation to determine why the result occurred.

Evaluating Quality CostsThe cost of quality is the amount of money the organization must spend on the quality standards.The cost of nonconformance to quality is the money or event attributed to not satisfying the quality

Optimal quality is reached when the cost of quality meets or exceeds the incremental cost to achieve

Implementing Quality Assurance

e a QA program to set quality standards.Represents the implementation of the quality plan.

Project Human Resource ManagementProject Human Resource Management is the ability to lead, direct, and orchestrate the project team, the

s, contributors, and any other stakeholders to achieve the desired results for the project

It focuses on utilizing the people involved in the project in the most effective way.Because projects are often similar, the project managers can rely on templates to re-create the success of

Staffing Management plan describes the process that the project manager must follow to bring resources onto a project, or to dismiss them when the resources are no longer needed.

rocedures of the performing organization should be documented within the staffing to ensure the guidelines are followed as management intends.

The organization strives for constant improvement for products and business

ocesses to improve consistency, reduce costs,

The cost of quality is not greater than the increased sales because of the level of quality quality improvements far exceeds the cost of the

be contributing to quality

They demonstrate how a system works from start to finish, and how system components are

These histograms are related to Pareto’s 80/20 rule which says “80% of the problems come from m charts the problems, categories, and frequency. Project team should first solve

These charts plot out the results of the inspections against a mean to examine performance 3/6 sigma. Results that are beyond

ntrol and they have an assignable cause that requires investigation

The cost of quality is the amount of money the organization must spend on the quality standards.to quality is the money or event attributed to not satisfying the quality

Optimal quality is reached when the cost of quality meets or exceeds the incremental cost to achieve

Project Human Resource Management is the ability to lead, direct, and orchestrate the project team, the s, contributors, and any other stakeholders to achieve the desired results for the project

create the success of

Staffing Management plan describes the process that the project manager must follow to bring resources

rocedures of the performing organization should be documented within the staffing


The project manager should not forget to involve other stakeholders: customers, management, indivcontributors, project sponsor, and any other stakeholder unique to the project.

Organizational planning calls on the project manager to identify the roles and responsibilities of the project and the reporting relationship within the organization.

Reporting relationships can be internal (management) or external (customer/community). The relationships and the procedure to communicate with these projects interfaces must be documented.

Project performance improvements must be noted in an honest appraisal effort and contributions to the project.

Special care to involve the project team must be given when the team is scattered geographically.

14.Project Communications ManagementThe most important skill a project manager should possProject Communications Management centers on determining who needs what information and when? And accordingly it produces a plan to provide the needed information.PCM includes generating, collecting, disseminating, and stosuccessful communication. It is the key link between people, ideas and information.PCM includes four processes, which may overlap each other and other knowledge areas. The four processes are:Communication Planning: The planning manager will need to identify the stakeholders and their communications needs and determine how to fulfill their requirements.Information Distribution: The project manager will need to get the correct information on ththe appropriate stakeholders.Performance Reporting: The project manager will rely on EVM and other performance measurement to create status reports, measure performance, and forecast project conditions.Administrative Closure: The project manager will need a routine of documentation, communication, and information distribution to close out a phase or a project.

15.Project Risk ManagementRisks are uncertain events that can affect a project’s objectives for good or bad. Risk management pldetermining how the risk management activities within the project will take place. It is basically the determination of how to manage project risks. Risk management planning is accomplished through planning meetings with the project team, management, customers, and other key stakeholders. The output of risk management planning is the risk management plan.Risks can be placed into following major categories:

Technical Risks Quality or Performance Risks Project Management Risks Organizational Risks External Risks

Project files from published information and previous projects can serve as input to risk identification.The Delphi technique allows participants to identify risk anonymously without fear of embarrassment. A survey allows results to be shared with all participants for comments on each other’s anonymous inputs. Rounds of surveying and analysis can create consensus on the major project risks.Triggers are warning signs that a risk is about to happen or risk has happened.

15.1. Analyzing Identified Risks Risks can be ranked by ordinal ranking by using such indicators as very low, low, moderate, high, and very

high.


The project manager should not forget to involve other stakeholders: customers, management, indivcontributors, project sponsor, and any other stakeholder unique to the project.Organizational planning calls on the project manager to identify the roles and responsibilities of the project and the reporting relationship within the organization.

orting relationships can be internal (management) or external (customer/community). The relationships and the procedure to communicate with these projects interfaces must be documented.Project performance improvements must be noted in an honest appraisal of the project team members’ effort and contributions to the project.Special care to involve the project team must be given when the team is scattered geographically.

Project Communications ManagementThe most important skill a project manager should possess is effective communication. Project Communications Management centers on determining who needs what information and when? And accordingly it produces a plan to provide the needed information.PCM includes generating, collecting, disseminating, and storing communication. Successful projects require successful communication. It is the key link between people, ideas and information.PCM includes four processes, which may overlap each other and other knowledge areas. The four processes are:

The planning manager will need to identify the stakeholders and their communications needs and determine how to fulfill their requirements.

The project manager will need to get the correct information on the correct schedule to

The project manager will rely on EVM and other performance measurement to create status reports, measure performance, and forecast project conditions.

oject manager will need a routine of documentation, communication, and information distribution to close out a phase or a project.

Project Risk ManagementRisks are uncertain events that can affect a project’s objectives for good or bad. Risk management pldetermining how the risk management activities within the project will take place. It is basically the determination of how to manage project risks. Risk management planning is accomplished through planning meetings with the

ent, customers, and other key stakeholders. The output of risk management planning is

major categories:

Project files from published information and previous projects can serve as input to risk identification.allows participants to identify risk anonymously without fear of embarrassment. A survey ared with all participants for comments on each other’s anonymous inputs. Rounds of

surveying and analysis can create consensus on the major project risks.Triggers are warning signs that a risk is about to happen or risk has happened.

RisksRisks can be ranked by ordinal ranking by using such indicators as very low, low, moderate, high, and very

The project manager should not forget to involve other stakeholders: customers, management, individual

Organizational planning calls on the project manager to identify the roles and responsibilities of the

orting relationships can be internal (management) or external (customer/community). The relationships and the procedure to communicate with these projects interfaces must be documented.

of the project team members’

Special care to involve the project team must be given when the team is scattered geographically.

Project Communications Management centers on determining who needs what information and when? And

Successful projects require

PCM includes four processes, which may overlap each other and other knowledge areas. The four processes are:The planning manager will need to identify the stakeholders and their communications

e correct schedule to

The project manager will rely on EVM and other performance measurement to create

oject manager will need a routine of documentation, communication, and

Risks are uncertain events that can affect a project’s objectives for good or bad. Risk management planning is determining how the risk management activities within the project will take place. It is basically the determination of how to manage project risks. Risk management planning is accomplished through planning meetings with the

ent, customers, and other key stakeholders. The output of risk management planning is

Project files from published information and previous projects can serve as input to risk identification.allows participants to identify risk anonymously without fear of embarrassment. A survey ared with all participants for comments on each other’s anonymous inputs. Rounds of

Risks can be ranked by ordinal ranking by using such indicators as very low, low, moderate, high, and very


Risks can also be analyzed using a cardinal ranking system of numerical values that are assigned to each risk based on its impact and pr

An overall project risk ranking can be used to compare the current projects with other projects in the organization.

The risks can be moved into quantitative analysis for further study. Risks are assigned numeric values.

15.2. Risk Management MethodsThe Monte Carlo Simulation can determine the likelihood of the project’s success, predict the costs of a specific risk exposure, and identify realistic time, scope, and cost objectives. Interviews with stakeholders and subject matter experts are an excellent start for quantitative risk analysis.Decision Trees help determine the cost, benefit, and value of multiple decisions. They are based on he cost of the decision and the probability of completing an objective.

15.3. Responding to Identified Risks Risk thresholds, defined in risk management planning, describe the acceptable level of risk within a

company. Risk owners are the individuals or groups that are responsible for a risk response, and should participate

in the risk response planning. Risk avoidance changes the project plan to avoid the risk. Risk transference moves the risk consequence to a third party. Risk Mitigation involves actions designed to reduce likelihood of a risk occurring, reduce the impact of a

risk on the project objectives, or both. Risk Acceptance acknowledges the risk exists but the risk is not worthy of a more in Residual Risks are risks that remain after avoidance, transference, mitigation, and acceptance.

15.4. Iterative Risk Management Identified risks must be tracked, Issue logs, action-item lists, jeopardy warnings, and escalation notices are all types of communication

reports the project team and risk owners must use to document and track identified risks. Risk response audits measure the success

quality values gained or lost by the risk responses. Earned Value analysis can measure project performance, but it can also predict and signal pending risks

within the project.

16.Why Projects Fails? Not enough resources are available for project completion. Not enough time has been given to the project. Project expectations are unclear. Changes in the scope are not understood or agreed upon by all parties involved. Stakeholders disagree regarding expectations for the project. Adequate project planning is not used. Lack of effective leadership and management. Ambiguous communications and conflicts among team members.

Efficient Project management with effective management skills projects also successful and result in utmost customer satisfaction.


Risks can also be analyzed using a cardinal ranking system of numerical values that are assigned to each risk based on its impact and probability.An overall project risk ranking can be used to compare the current projects with other projects in the

The risks can be moved into quantitative analysis for further study.Risks are assigned numeric values.

Risk Management Methodscan determine the likelihood of the project’s success, predict the costs of a specific

risk exposure, and identify realistic time, scope, and cost objectives. Interviews with stakeholders and subject ent start for quantitative risk analysis.

help determine the cost, benefit, and value of multiple decisions. They are based on he cost of the decision and the probability of completing an objective.

Responding to Identified Risksolds, defined in risk management planning, describe the acceptable level of risk within a

Risk owners are the individuals or groups that are responsible for a risk response, and should participate

changes the project plan to avoid the risk.Risk transference moves the risk consequence to a third party.Risk Mitigation involves actions designed to reduce likelihood of a risk occurring, reduce the impact of a risk on the project objectives, or both.

isk Acceptance acknowledges the risk exists but the risk is not worthy of a more in-depth response.Residual Risks are risks that remain after avoidance, transference, mitigation, and acceptance.

Iterative Risk ManagementIdentified risks must be tracked, monitored for warning signs, and documented.

item lists, jeopardy warnings, and escalation notices are all types of communication reports the project team and risk owners must use to document and track identified risks.

dits measure the success of the responses and the effectiveness of the cost, scope, and quality values gained or lost by the risk responses.Earned Value analysis can measure project performance, but it can also predict and signal pending risks

Not enough resources are available for project completion.Not enough time has been given to the project.Project expectations are unclear.Changes in the scope are not understood or agreed upon by all parties involved.

lders disagree regarding expectations for the project.Adequate project planning is not used.Lack of effective leadership and management.Ambiguous communications and conflicts among team members.

Project management with effective management skills can make even the most difficult and compprojects also successful and result in utmost customer satisfaction.

Risks can also be analyzed using a cardinal ranking system of numerical values that are assigned to each

An overall project risk ranking can be used to compare the current projects with other projects in the

can determine the likelihood of the project’s success, predict the costs of a specific risk exposure, and identify realistic time, scope, and cost objectives. Interviews with stakeholders and subject

help determine the cost, benefit, and value of multiple decisions. They are based on he cost of the

olds, defined in risk management planning, describe the acceptable level of risk within a

Risk owners are the individuals or groups that are responsible for a risk response, and should participate

Risk Mitigation involves actions designed to reduce likelihood of a risk occurring, reduce the impact of a

depth response.Residual Risks are risks that remain after avoidance, transference, mitigation, and acceptance.

item lists, jeopardy warnings, and escalation notices are all types of communication reports the project team and risk owners must use to document and track identified risks.

of the responses and the effectiveness of the cost, scope, and

Earned Value analysis can measure project performance, but it can also predict and signal pending risks

can make even the most difficult and complex

project management and quality control guide

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