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Project Management for Sponsors and Stakeholders (Project Risk Management,…
Project Management for Sponsors and Stakeholders
Project Risk Management
Key Concepts
Individual Project Risk
Positive or negative impact on one or more project objectives
Overall Project Risk
Uncertainty on the project as a whole
Exploit or enhance positive risks (Opportunities)
Avoid or mitigate negative risks (Threats)
Tailoring Considerations
Agile/Adaptive Environments
Trends and Emerging Needs
Non-event risks (Variability or Ambiguity risks)
Project Resilience
Integrated risk management
Project Schedule Management
Key Concepts
Select a scheduling method (Critical Path or Agile approach)
Enter Data into a scheduling tool (Create schedule model) and (allow flexibility in the project schedule)
Trend and Emerging Practices
Iterative schedule with a backlog
Rolling wave planning (Agile approach)
Capture the requirements as "user stories"
Prioritize and refine User Stories within each "sprint" (time-boxed period of work)
Welcomes changes throughout the project
On-demand Scheduling
Typically used in Kanban system
Leverages theory-of-constraints
Pulls work from a backlog (pull-based scheduling)
Tailoring Considerations
Life cycle approach should be tailored to your specific sector.
Resource availability
Project dimensions
Technology support
Agile/Adaptive Environments
Project Integration Management
Key Concepts
Provide a PMP
Align all the project's moving pieces
Manage performance and changes
Perform integrated project decisions
Measure and monitor overall progress
Agile/Adaptive Environment
Project manager performs same role as in predictive environment
Team controls the detailed product planning and delivery
Trends and Emerging Practices
Use of automated tools, visual management tools
Project knowledge management, expanding project manager's responsibilities
Hybrid methodologies
Tailoring Considerations
Project Quality Management
Key Concepts
Quality and grade are not the same
Quality - inherent characteristics that fulfill requirements
Grade - same functional use but different technical characteristics
Prevention preferred over inspection
May need to know statistical control
Cost of quality (COQ) - for all investments over the life of the product
Tailoring Considerations
Trends and Emerging Practices
Customer satisfaction when considering produce scope
Continual improvement
Management responsibility
Aim to be Mutually beneficial with suppliers
Agile/Adaptive Environment
Project Resource Management
Key Concepts
Project manager is both leader and manager
Project manager facilitates team formation to make them effective
PM considers various factors than can affect the team, such as...
Agile/Adaptive Environments
Tailoring Needs
Trends and Emerging Practices
Resource management methods that are new
Lean management
Just-in-time (JIT) manufacturing
Kaizen, total productive maintenance (TPM)
Theory of Constraints (TOC)
Emotional Intelligence (EI)
Self-organizing Teams
Virtual teams/ Distributed teams
Project Scope Management
Key Concepts
Product scope
Lists the features and functions
Describes the product, service, or result
Project scope
The work to be performed
Predictive environments work through WBS and formal structures
Agile environments require more stakeholder involvement
Trends and Emerging Practices
Collaborate with business analysts
What are the problems and business needs?
What viable solutions are available?
What are the stakeholders' expectations?
How will one know that the project expectations were met?
Tailoring Considerations
Agile/Adaptive Environment
Establish a process for ongoing discovery and refinement of scope
Bridge the gap between documented and real requirements
The project team must refine the scope as the project progresses so they can respond quickly and agilely.
Project Cost Management
Key Concepts
Capture the cost of project resources
Consider the effects to operating costs
Factor how Stakeholders measure costs (at beginning, throughout, wait till end to budget and pay?)
Determine budget or investment calculations
Trends and Emerging Practices
Expansion of earned value management (EVM)
Concept of Earned Schedule (ES)
Tailoring Considerations
Agile/Adaptive Environment
Project Communications Management
Key Concepts
Wide pervasiveness throughout the project; Communicate clearly and often with others
Exchange information via written, spoken, formal, informal, gestures, media and words
Internal external, formal, informal, hierarchical focus, official unofficial, written, and oral
Reduce miscommunication using 5Cs of written communication
Communication skills such as active listening cultural awareness, managing expectations, enhancing team's skills through communication trainings.
Trends and Emerging Needs
Include stakeholders in project reviews, invite them to project meetings
Increase social computing
Offer multiple channels to communicate
Tailoring Considerations
Agile/Adaptive Environments
Project Procurement Management
Key Concepts
Significant legal obligations and penalties
Ensure the PM knows how to deal with contracts
Contracts capture the relationship btwn buyer and seller
Contracts come in various forms...
Trends and Emerging Needs
Advances in Tools
More advanced risk management
Changing contracting processes
Logistics and supply chain management
Technology and stakeholder relations
Trial engagements
Tailoring Considerations
Agile/Adaptive Environments
Project Stakeholder Management
Key Concepts
Take time to identify, prioritize and engage Stakeholders
Continually communicate with all stakeholders at all levels
Engage all stakeholders throughout the project, not just at the start
Tailoring Considerations
Agile/Adaptive Environments
Trends and Emerging Needs
Traditional Categories: Employees, Suppliers, Shareholders
Look to Broader categories: Regulators, Lobby groups, Environmentalists, Financial organizations, Media, Others who believe they are stakeholders