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Project Management (Cost Management (Control ((based on planned costs)…

- - - - Rough: 3-5 years before project completion. [-50%, +100%]
      - Budgetary: 1-2 years out. [-10%, +25%]
      - Definitive: 1 year out. [-5%, +10%]
    - - Analogy: Compare with similar projects
      - Bottom-up
      - Parametric modeling
  - - - Earned value: EV = PV * RP
      - Cost variance: CV = EV - AC
      - Schedule variance: SV = EV - PV
      - Cost performance index: CPI = EV / AC
      - Schedule performance index: SPI = EV / PV
      - Estimate at completion: EAC = BAC / CPI
      - estimated_time_to_complete = original_time_estimate / SPI
- - - - Three-point estimate
        
        Optimistic
        
        Most likely
        
        Pessemistic
      - PERT_weighted_average = (optimistic_time + 4*most_likely_time + pessimistic_time) / 6
      - Example: (8d + 4*10d + 24d) / 6 = 12d
  - - - SMART Milestones
        
        Specific
        
        Measurable
        
        Assignable
        
        Realistic
        
        Time-framed
    - - Network diagramming technique. Used to predict project duration
      - The longest path is the critical path
      - Slack/float is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date
      - Free Slack is the amount of time an activity may be delayed without delaying the early start of a succeeding activity or the project finish date
      - Total slack is the amount of time an activity may be delayed from its early start without delaying the project
      - A forward pass through the network diagram determines the early start and finish dates
      - A backward pass determines the late start and finish dates
      - Shorten Project Duration
        
        Adding resources or changing scope
        
        Crashing: add more resources
        
        Fast tracking: overlap activities
- - - - Scope Description
      - Acceptance criteria
      - Deliverables' details
  - - - Analogy
      - Top-down (general to specific)
      - Bottom-up (specific to general)
      - Mind-map
- - - - Fixed price or lump sum
      - Time and material: fixed + reimbursable
      - Unit price: pay per unit of service/product
      - Cost reimbursable: direct & indirect costs
        
        Plus incentive fee
        
        Plus fixed fee
        
        Plus % of costs
- - - - Forming: team members meet and learn about their tasks and opportunities
      - Storming: conflict may happen. Members start trusting each other and establish positions
      - Norming: developing a process of work
      - Performing: focus on reaching the goals
      - Adjourning: break-up after completion
    - - Absence of trust
      - Fear of conflict
      - Lack of commitment
      - Avoidance of accountability
      - Inattention to results
  - - - Reward teams rather than individuals to promote teamwork
      - Allow time for team members to mentor and help each other
    - - Confrontation: face a conflict using problem-solving approach
      - Compromise: give-and-take
      - Smoothing: emphasize areas of agreement
      - Forcing: win-lose
      - Withdrawal
      - Collaborating: consensus
    - - Intrinsic motivation: doing work for one's own enjoyment
      - Extrinsic motivation: doing work for a reward or to avoid penalty
      - Maslow's Hierarchy of Needs
        
        Self-Actualization
        
        Esteem
        
        Social
        
        Safety
        
        Physiological
      - Hygiene factors: negative if not present, but indifferent if present (e.g., larger salaries and more supervision)
      - McGregor's Theory X and Y
        
        Theory X assumes workers dislike and avoid work, so managers must use coercion, threats and various control schemes to get workers to meet objectives
        
        Theory Y assumes individuals enjoy their work
    - - Successful
        
        Expertise (of the project manager)
        
        Work Challenge (challenging enough to be satisfying)
      - Failure
        
        Authority
        
        Money
        
        Penalty
    - - Coercive: threat and punishment
      - Legitimate: authority
      - Expert
      - Reward
      - Referent: charisma
    - - Visionary: new direction
      - Coaching: develops individuals
      - Affiliative: emphasizes team work
      - Democratic: focuses on people's knowledge and skills
      - Pace-setting: sets high standards for performance
      - Commanding: when turnaround is needed
- - - - Brainstorming: generate ideas without judgment
      - The Delphi Technique: repeated rounds of questioning
      - Interviewing people with similar project experience
      - SWOT Analysis
  - - - Risk Register (a table)
      - Risk Probability-and-Impact Matrix
      - Top Ten Risk Item Tracking
      - Watch list: low priority risks
    - - Decision tree analysis: EVM (Expected Monetary Value) = probability_of_event * event_monetary_value
      - Sensitivity analysis uses a model to analyze the expected behavior or performance
      - Monte Carlo analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results
  - - - Avoid: eliminate risk causes
      - Accept
      - Transfer
      - Mitigate: reduce the probability of the risk
    - - Exploit: make it happen
      - Share
      - Enhance: change its size
      - Accept
    - - Residual Risks: remain after all response strategies have been implemented. (e.g., hardware failure)
      - Secondary Risks: a result of implementing a risk response
  - - - Work performance information
      - Change requests
      - Updates to the project management plan, other project documents, and organizational process assets
- - - - Unit Testing: individual components
      - Integration Testing: grouped components
      - System Testing
      - User Acceptance Testing: performed by users
- - - - Be clear from the start
      - Explain the consequences
      - Have a contingency plan
      - Avoid surprises
      - Take a stand
- - - - Status Report: how the project is doing in terms of schedule and resources
      - Progress Report: describe accomplished work
      - Forecasts: predict future status and progress
  - - - Determine if a meeting can be avoided
      - Purpose of meeting
      - Who are the attendees?
      - Prepare agenda
- - - - the document that formally recognizes the existence of a project
      - signed by project stakeholders
    - - Project Introduction
      - Project Organization
      - Processes. Both technical and management
      - Work to be done
      - Budget
      - Schedule
    - - The Baseline is the approved project management plan + approved changes
        
        Change Control Board (CCB)
        
        Provide guidelines for preparing change requests
        
        Evaluate change requests
        
        Approve or reject changes
        
        Manage implementation of approved changes
        
        Objectives
        
        Influence changes
        
        Manage changes
        
        Detect changes
        
        Change Control System
        
        When and how work may be changed
        
        Who is authorized to make changes and how to make them
        
        Configuration Management
        
        Ensure description of project's products are correct and complete
        
        Record and report changes
        
        Audit products to verify conformance to requirements
  - - - Will
      - Need
      - Funds
    - - NPV analysis (discount rate)
      - ROI = (discounted_benefits - discounted_costs) / discounted_costs
      - Payback period analysis