Project Management Class ( based on PMBOK) - Day 5

Download Project Management Class ( based on PMBOK) - Day 5

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Day 5 - Learn the basics of project management in this 6 day course taught by Joe DiFalco, PMP, PMI-ACP, CSPO, Systems Engineer. This course covers the 5 process groups and the 47 project management processes grouped into 10 knowledge areas: Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resources Management, Project Communications Management, Project Risk Management, Project Procurement Management and Project Stakeholder Management.

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  • 1.Project Management Review of the Project Management Body of Knowledge (PMBOK) 5th edition{Joe DiFalco PMP, PMI-ACP, CSPO, Systems Engineer Owner CVShoutProfile: CVShout.com/joedifalco Contact: joe@cvshout.com

2. Day 5 Agenda Day 4 review Budget Earned value management Follow the Lifecycle build a scheduleKnowledge Areas Ethics topics Stakeholder topics 3. From PMBOK 5th EditionNote: the numbers in the chart refer to the chapter in the PMBOK 4. Review Cost Management Plan Responsibilities Approach Measurement Reporting Variance response Change control 5. Estimate CostsReserve analysis: Account for cost uncertainty Could be a fixed %, fixed number or some other calculation CONTINGENCY reserve Allocated for identified risks or known-unknowns Clearly documented Part of the cost baseline MANAGEMENT reserve Reserved for unforeseen work or unknown-unknowns NOT part of the cost baseline but ARE part of the budget and funding requirements Management reserves are added to cost baseline as they are approved/used 6. Determine Budget Aggregation of the estimated costs of individual activities (work packages) Authorized cost baseline Use this baseline to monitor and control project performance Project budget includes ALL of the funds authorized to execute the project Cost baseline is the time-phased budget excluding MANAGEMENT reserves 7. Project Budget Components un-Known un-KnownsThis is the level of granularity to track measurementKnown un-Knowns 8. Project Budget Components Contingency vs Management reservesReserves 9. Project Budget Components Funds required to startProjected disbursement pointsAnticipated 10. From PMBOK 5th EditionNote: the numbers in the chart refer to the chapter in the PMBOK 11. Control Costs Monitor project status In relation to the value of work accomplished Update project costs Manage cost baseline Recognize variance take corrective actionFrom PMBOK 5th Edition 12. Control CostsFrom PMBOK 5th Edition 13. Control Costs Question: what actions would you expect to take to manage costs? Follow the management plan Utilize OPAs that are available Manage change Prevent unnecessary change Influence factors that cause cost to rise Communicate approved change requests Exam tips: Control means measure Measurement reveals variance variance is analyzed Cost management plan tells you what to do to control costFrom PMBOK 5th Edition 14. Earned Value Management (EVM) Assess project performance and progress Scope Schedule Resource measurements Progress rules 50/50 activity is 50% when started 20/80 activity is 20% when started 0/100 activity is 100% when completed Integrates Scope baseline Cost baseline Schedule baseline Note: the Performance Measurement Baseline (PMB) is the combination of these From PMBOK 5th Edition 15. Planned Value (PV) The approved budget for the work scheduled to be completed by a specified date. Scheduled work Work for an activity (work breakdown component) Defines the physical work that SHOULD have been accomplished Total of all PV can be referred to as: Total PV is also: budget at completion (BAC)From PMBOK 5th Edition 16. Earned Value (EV) The approved budget for the work actually completed by the specified date Measure of work performed Based on PV (authorized budget) Percent complete of a project EV cannot be greater than PV Monitored: Incrementally for current status Cumulatively performance trendsFrom PMBOK 5th Edition 17. Actual Cost (AC) Realized cost incurred Cost of work performed during a time period Specific to the work that the EV measured Corresponds to what was planned PV Has no upper limit it is what it isFrom PMBOK 5th Edition 18. Earned ValueFrom PMBOK 5th Edition 19. Formulas to memorize Schedule Variance (SV)From PMBOK 5th Edition 20. Formulas to memorize Cost Variance (CV)From PMBOK 5th Edition 21. Formulas to memorize Schedule Performance Index(SPI)From PMBOK 5th Edition 22. Formulas to memorize Cost Performance Index(CPI)From PMBOK 5th Edition 23. Formulas to memorize Estimate at Completion(EAC)From PMBOK 5th Edition 24. Formulas to memorize Estimate to Complete (ETC)From PMBOK 5th Edition 25. Formulas to memorize To Complete Performance Index(TCPI)From PMBOK 5th Edition 26. Formulas to memorize To Complete Performance Index(TCPI)From PMBOK 5th Edition 27. Formulas to memorize Variance at Completion(VAC)From PMBOK 5th Edition 28. Earned Value MeasurementFrom PMBOK 5th Edition 29. Earned Value MeasurementFrom PMBOK 5th Edition 30. Earned Value MeasurementFrom PMBOK 5th Edition 31. Earned Value MeasurementFrom PMBOK 5th Edition 32. Develop ScheduleFrom PMBOK 5th Edition 33. EthicsFrom PMBOK 5th Edition 34. Stakeholder ManagementFrom PMBOK 5th Edition 35. Stakeholder ManagementFrom PMBOK 5th Edition 36. Stakeholder ManagementFrom PMBOK 5th Edition 37. Identify StakeholdersFrom PMBOK 5th Edition 38. Identify Stakeholders 39. Stakeholder AnalysisFrom PMBOK 5th Edition 40. Identify StakeholdersFrom PMBOK 5th Edition 41. Plan Stakeholder ManagementFrom PMBOK 5th Edition 42. Plan Stakeholder ManagementFrom PMBOK 5th Edition 43. Plan Stakeholder ManagementFrom PMBOK 5th Edition 44. Manage Stakeholder EngagementFrom PMBOK 5th Edition 45. Manage Stakeholder Engagement 46. Manage Stakeholder EngagementFrom PMBOK 5th Edition 47. Manage Stakeholder Engagement 48. Control Stakeholder EngagementFrom PMBOK 5th Edition