project management class ( based on pmbok) - day 5
DESCRIPTION
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.TRANSCRIPT
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{
Project Management
Joe DiFalcoPMP, PMI-ACP, CSPO, Systems Engineer
Owner CVShout™
Profile: CVShout.com/joedifalcoContact: [email protected]
Review of the Project Management Body of Knowledge (PMBOK) 5th edition
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Day 4 review Budget Earned value management Follow the Lifecycle – build a schedule
Knowledge Areas Ethics topics Stakeholder topics
Day 5 Agenda
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From PMBOK 5th Edition
Note: the numbers in the chart refer to the chapter in the PMBOK
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Review Cost Management Plan
• Responsibilities• Approach• Measurement• Reporting• Variance response• Change control
Example
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Estimate Costs
Reserve 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
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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
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Project Budget ComponentsKnown un-Knowns
un-Known un-Knowns
This is the level of granularity to track measurement
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Project Budget Components
Reserves
Contingency vs Management reserves
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Project Budget ComponentsAnticipated
Funds required to start
Projected disbursement points
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From PMBOK 5th Edition
Note: the numbers in the chart refer to the chapter in the PMBOK
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Control Costs
From PMBOK 5th Edition
• Monitor project status• In relation to the value of work accomplished
• Update project costs• Manage cost baseline• Recognize variance – take corrective action
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Control Costs
From PMBOK 5th Edition
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Control Costs
From PMBOK 5th Edition
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 cost
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Earned Value Management (EVM)
From PMBOK 5th Edition
• 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
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Planned Value (PV)
From PMBOK 5th Edition
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)
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Earned Value (EV)
From PMBOK 5th Edition
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 trends
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Actual Cost (AC)
From PMBOK 5th Edition
• 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 is
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Earned Value
From PMBOK 5th Edition
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Formulas to memorizeSchedule Variance (SV)
From PMBOK 5th Edition
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Formulas to memorizeCost Variance (CV)
From PMBOK 5th Edition
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Formulas to memorizeSchedule Performance Index(SPI)
From PMBOK 5th Edition
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Formulas to memorizeCost Performance Index(CPI)
From PMBOK 5th Edition
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Formulas to memorizeEstimate at Completion(EAC)
From PMBOK 5th Edition
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Formulas to memorizeEstimate to Complete (ETC)
From PMBOK 5th Edition
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Formulas to memorizeTo Complete Performance Index(TCPI)
From PMBOK 5th Edition
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Formulas to memorizeTo Complete Performance Index(TCPI)
From PMBOK 5th Edition
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Formulas to memorizeVariance at Completion(VAC)
From PMBOK 5th Edition
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Earned Value Measurement
From PMBOK 5th Edition
Examples
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Earned Value Measurement
From PMBOK 5th Edition
Exercise
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Earned Value Measurement
From PMBOK 5th Edition
Status after 1 hour
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Earned Value Measurement
From PMBOK 5th Edition
Use EVM to forecast
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Develop Schedule
From PMBOK 5th Edition
Construct a House
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Ethics
From PMBOK 5th Edition
Code of Ethics andProfessional Conduct
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Stakeholder Management
From PMBOK 5th Edition
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Stakeholder Management
From PMBOK 5th Edition
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Stakeholder Management
From PMBOK 5th Edition
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Identify Stakeholders
From PMBOK 5th Edition
Inputs
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Identify StakeholdersTools & Techniques
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Stakeholder AnalysisTools & Techniques
From PMBOK 5th Edition
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Identify Stakeholders
From PMBOK 5th Edition
Outputs
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Plan Stakeholder Management
From PMBOK 5th Edition
Inputs
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Plan Stakeholder Management
From PMBOK 5th Edition
Tools & Techniques
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Plan Stakeholder Management
From PMBOK 5th Edition
Outputs
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Manage Stakeholder Engagement
From PMBOK 5th Edition
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Manage Stakeholder EngagementInputs Comm Mgmt
Stake Mgmt
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Manage Stakeholder Engagement
From PMBOK 5th Edition
Tools & Techniques
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Manage Stakeholder Engagement
Outputs
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Control Stakeholder Engagement
From PMBOK 5th Edition
Inputs
Tools & TechniquesOutputs