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Lecture 4: Fundamentals of Project Planning - Coggle Diagram
Lecture 4: Fundamentals of Project Planning
Introduction
Definition
Benefits
Time Management
Cost Control
Resource Optimization
Risk Identification and Management
Stakeholder Satisfaction
Estimating Time and Cost
Factors influencing the quality of estimates
Planning range
events occur in the near or far future
Past experience
Project duration
How long the project will take?
People
Project Structure and Organization
Padding Estimates
contingencies to account for uncertainties, risks and unknowns in project estimates
Project Uniqueness
unforeseen challenges
Other (Non project) factors
regulatory changes, market conditions and external events
Estimating Guidelines
Responsibilities
assign estimation tasks to those moset familiar with the work
Multiple Perspectives
Utilize input from several individuals with relevant experience or knowledge of the task
reconciling differences
more balance and realistic estimation
reducing extreme errors
Normal conditions
normal working conditions, efficient methods and standard resource levels
Consistent Time units
Independence
treat each task as independent of others within the Work Breakdown Structure
Contingencies
Risk Assessment
Methods
Top-down estimating approach
Consensus method
Ratio method
Apportion method
Function Point Method
Learning curve method
Bottom-up estimating approach
Template methods
Parametric method
Range estimating
Types of costs for estimation
Direct costs
Direct project overhead costs
General and administrative (G&A) overhead costs