Enterprise Project Management

Enterprise dispatch Management1. Describe the metrics and characteristics of bem social functions exploitation a circumstantial example.When you focal point on creating something new and unique temporary with explicit start dates and end dates. it means that you argon wee-weeing on stray .you fag say your come across is nail downd when you r for each one the closings and objectives that define before by stakeholders. Some quantifys you brush offnot achieve to the goals or result of the depicts is no longer useful and the confound is canceled. Let me meet one example and explain all characteristics of the stick out .For example you ar working in a clothing factory, you receive an order from school for design special uniform for students now you result crave yourself is it project? The first question is rough uniqueness? yes ,it is new because you design something different . what about limit clock? Yes, you have a short time to hand in your order exactly before t he school starts and when you ship your order, the project go away be completed and you result achieve the goal when the double-decker and students become happy by seeing clothes and always remember A successful project is one that meets the expectations of your stakeholders.PROJECT METRICWhat is metric? gauged is a standard measurement .It will helper you to check your project base on efficiently on death penalty and progress ,productivity,.By using metric you can improve the ability of making decision in your make-up and you can understand your situation and asking yourself which way is working inside the organization and apply the guide and go forward to right direction.Project management metrics can help Project managers toUnderstand your situation in terms of schedule, cost and profitability.Be aw are of fortunesOvercome problems before becoming seriousKeep an eye on project profitabilityEstimate the transaction of your teamEvaluate your work product base on qualityCo mplexity and nature of each project can create different project management metric. We have five classify of metric performance .These five attitude can cover all aspect of project in death penalty process.1. constitute varianceThe purpose of this metric is to measure projects progress and performance against signed baselines. By using this method, in a certain point of time, we can conclude the expected cost and duration of the project.Planned Value (PV) is about how much you political platformned to spend for the planned work.PV at any period = (Planned % Complete) X (BAC) pull in Value (EV) how much you planned to spend for the work you actually did.Actual cost (AC) Actual cost is the exact cost that happened during the project to complete or in west by south process and the cost was recorded. .Schedule Variance (SV)by this method we will measure our project schedule performance. The difference of Earned value and the planned value SV = Earned value- Planned valueIf you get P ositive answer. It means that you are ahead of your schedule.If you get Negative answer. It means that you are behind your schedule.Cost Variance (CV) is the measure of cost performance on the project.earned value (EV) deduct from actual costs (AC).if you get negative CV .It means is too hard to recover to the project.CV = Earned value Actual cost2. Effective use of resourcesTo measure how we use our resources base on productivityUtilization% = Total Effort spent by resource/Total Budgeted Effort for the resource3. Change requests to Scope of work.For the whole project we use the sign celestial orbit by customer , so if any change happen to the sign scope should happen in controlled way.4.Quality of project and meet customer impoverishmentsAs you can see quality is a actually import factor and quality control will happen during the life round if we detect defects in latest stage it will affect to a greater extent(prenominal) .we have several defects such as Defect density = T otal tally of defects found/ Measure of size and defects age(Number of days since the defect is open and not fixed) and Defect resolution rate = Total number of defects resolved/ Total parturiency spent and Number of defects hatched by customer.5 Gross MarginShortest way to understand if your business in on correct track or not and be aware of situation to put in designate margin improvement initiatives.2. Explain the differences between project, program, and portfolio management?Let me explain the differences of them by graph and exampleProject program portfolioProject will create product or service for example take aiming software and process will create result Imagine we want to develop a software for managing our document we will consider this work as a project and then assume that we want to improve our documents management in other words access in a faster, better way to documents this work is program because we focus on result not product. What about portfolio when we i mproved our access in documents management this result will bring benefit such as lessen in current liability or increase companions credit we will consider this benefit as portfolio.In summary programs are group of tie in projects, we will apply similar techniques. Sometimes programs involve aspects of ongoing operations.Portfoliosare collections of programs, sub portfolios, operations, and projects that support strategic business goals or objectives Programs and projects within a portfolio are not necessarily related to one another in a direct way.3. Describe how processes relate to process groups and friendship areas in the PMBOK Guide. Provide a specific example of a process that we covered in one of the first 6 chapters of the book?There are five Process GroupsInitiating Define goals/specifications plan Plan the projectExecuting Schedule the projectMonitoring Controlling Manage the projectClosing Finish the projectWe have ten familiarity areas 1. integration 2.Scope 3.tim e 4.cost 5.quality 6.HR 7. Communications 8 risk 9 .Procurement 10.stakeholdersTen knowledge areas Knowledge Areas are used on most projects most of the time. It is up to the project management team to define the appropriate depth of implementation for each project.We have 44 process the kinship between five process group and ten knowledge .summarize in following table Now let me give you an example to clarify the connection between project management and knowledge area .For example imagine you are a project manager working on project team for a software instruction project. The six-spot factors that you have to calculate in project management software are as fallows 1.Task duration 2.start time 3.finish time 4.precedence relationship 5.resources 6.unit allocationFor example we go through following process to finish the project1.In the first pure tone of the project ,which take ons approving and developing the project consider.2.In the second step make the project management pl an which help you to cover several project activity3.Third step accomplish the project and it is the step that actual work and time happened .4. This step is controlling and monitoring the project5.In the last step , we finish the project.Knowledge areas are separated to keep the same type of accomplishment set in one group.For example you are developing and planning process of the plan for your project. In this process ,to compute the figure you will use devil processes calculate costs and determine budget.4. Describe the purpose and contents of a project shoot?Project get can be very powerful shit because it will give you proper visibility , because it will inform you exactly the roles and responsibilities and put the project in the way of the strategic goals and objectives of the organization. The Project Charter will sign by project sponsor so that the Project Manager is given clear authority by the one sponsor.. harmonise to the (PMBOK), a Project Charter results from one of the following needs, or business requirements1)Demand of grocery2)Need of business3)Request from customer4)Advance in technology5)Social need6)A legal requirementLet me bring one example and explain the contents of project charter imagine we want to renovate a hotel what will be in project charter first The purpose for the project through a description of the business needs that the project is going fulfill then we will explain about background and then about high take aim project approach in this case the project will be divide to two var. first renovation and construction (about 9month) and then re-opening (about 12 month) and then we will clarify business goal for example in this case we have two goals restore the property to profitability and Disassociate the hotel from its previously tarnished image and then what is project goals for example Complete renovation of the hotel onetime .A project charter can be as short as 1 page, and as long as 200 pages. Writing too much de tail in earlystages is difficult, as too much detail may not even be available.5. Describe three classic business train strategies. What is the relationship between business level strategy and project selection?Porter (1980) claimed that there are three generic strategies 1)cost leadership2)differentiation and focus.Cost leadershipIt inform us organization fallowing a cost leadership strategy in order to access competitive advantage and enhance their share in a market by using low cost producers.DifferentiationOrganizations fallowing differentiation method in order to satisfies the desires of their customers This differentiation let the organization to charge more.Best-cost many researchers regard that a combination of strategies could be the topper approach. As a result you can create a sustainable competitive advantage in your organizations and it can effect on your efficiently ,when you combine cost leadership and differentiation, when they provide low-cost products and address customer values .Multiple competing projects, limited skilled resources, sprinkle virtual teams, time to market pressures, and limited capital serve as forces for the emergence of project portfolio management that provides the infrastructure for managing multiple projects and linking business strategy with project selection. Many business man belief that connecting project management with business strategy can significantly enhance the achievement of organizational goals, strategies, and performance. We have mathematic stupefy that can help us to choose better project for investment.Cost-Benefit AnalysisComparing the cost of production or services with the benefitScoring Models check your priority you will allocate weight to the criteria then you will limit which one is more suitable for you.Cash Flow Analysis Techniques1.1 Payback closureThe length of time will take you recoup your initial investment.1.2 Discounted Cash FlowsThe amount of money you invest now in future what wi ll be your value of your money FV = PV(1 + I)n1.3 Net Present Valuevalue of future monies received into todays dollars1.4 Internal Rate of Returnprojects with higher IRR values are by and large considered better than projects with low IRR values.6.Describe the purpose and contents of a project management plan?The purpose of project management is to give tongue to you how you manage well act and monitoring and controlling and closing process in your project and will describe how documents the processes you apply during project .The first process you have to do in planning process group is project management plan ,actually this process base on knowledge area focus mostly on be and preparing ,coordinating , and connect all the various subsidiary project plan into overall project plan.as we know for creating document the plan we need to collect input .Project charter, issue from other process ,Enterprise environment factors and organization process asset are input of project manage ment plan.From chapter one we know the meaning of tailoring in project management we use tailoring to determine which processes to apply to best manage the project.Project charteras we know the charter will tell you about goals of project and the requirements need to get satisfaction from stakeholder. Charter is an input for project management plan why? Because we use the information in charter such as project objective , milestone schedule, requirements, summery of budget for determining which project management processes to use .Output from others processes project management processes include all individual processes that create the process group.Enterprise Environmental factors you have to consider some element when you choose processes to performproject .standard ,company culture and organization structure ,personal administration are elements.Organization process asset some critical elements you should pay attention during choosing processes are plan template, change control p rocedures, performance measurement criteria, historical information, standards, procedures as well you should consider about change control processes I mean your organization has existing change control processes in place ,about templates or financial control .You can use historical data and organization past project in order to decide which process is more suitable for the project .Documenting the project management plan for each processes we do we need output .output usually present in a shape of report or document .in this case you end up with document the project management plan explain about integration, coordinated and subsidiary plans for the processes you apply for the project. According to PMBOK the subsidiary are1) scope management plan2)Requirements management plan 3)schedule management plan 4)cost management plan 4)quality management plan 5)communication managements plan 6)risk management plan 7)procurement management plan 8)processes improvement plan 9)human resource p lan 10)Stakeholder management plan.Actually it not easy to finalize some of these subsidiary plans without thinking or doing processes they are associated with first we should remember updates should occur to the project management plans as subsidiary plans are created or changed.7.Describe the purpose and contents of a work breakdown structure?The purpose of west by south is decompose and break complex activities in smaller components. this is important for the project manager because ,they can see the tasks more effectively than the complex activities.The purpose of developing a WBS and WBS Dictionary are 1)It can help project team to plan logically and complete the project 2) It will help to gather documents and information about work that needs for doing the project 3) some activities are so complex WBS can cause these activities become organize and manageable so we can achieve project objectives. The WBS and WBS Dictionary are not the schedule, tho rather the building blocks t o it. The progression of WBS and WBS Dictionary development is as followsThe contents of WBS are scope management plan, project scope statement , requirements documentation, Enterprise Environment Factors, Organizational Process Assets.WBS include some items, those items are approved through scope statement should detail the bounteous scope of work needed to complete. Breaking down can help us to estimate project cost and time and allocating resources, determining quality control.We need two tools for create WBS process 1)decomposition 2)expert impressionDecomposition is involves breaking down the deliverables into smaller The first level of decomposition is the major deliverable level or subproject level, the second level of decomposition is a further elaboration of the deliverables. Decomposition will occur in five process1)Identify the deliverables and work 2)Organize the WBS 3)Decompose the WBS components into lower -level4) Assign identification codes.5)Verify the WBSWBS leve lsProject manager will determine the number of levels of WBS base on complexity of the project .In a WBS, every level item has a unique assigned number so that work can be identified and track over time. A WBS may have varying numbers of decomposition levels, but there is a general scheme for how to number each level so that tasks are uniquely numbered and correctly summarized. Below is the general convention for how tasks are decomposedLevel 1 Designated by 1.0. This level is the top level of the WBS and is usually the project name. All other levels are subordinate to this level.Level 2 Designated by 1.X (e.g., 1.1, 1.2). This level is the summary level.Level 3 Designated by 1.X.X (e.g., 1.1.1, 1.1.2). This third level comprises the subcomponents to each level 2 summary element. This effort continues down until progressively subordinate levels are assigned for all work undeniable for the entire project.8.Describe the purpose and contents of a project scheduleScheduling will te ll us how to finish in a certain time usually with defined stages, and defined resources. schedule can help us to calculate cost, set expectations plans and coordinate track and report. The schedule shows where you are along the passage to done, how much work is left to be accomplished, how much has been accomplished, who is doing this future work, what they are delivering, and when they plan to deliver it. How to make schedule Step One Define ActivitiesThe goal of the activity definition step is to identify all the tasks required to accomplish the product. In level 3 of WBS(data base) create tables and populates tables.Step Two Sequence Activities1) Do I have anytime to constraint?2) What is the relationship between activities?3) Which activity can be done in parallel?Step Three Estimate occupation Resources Step four Estimate activity duration1) Which is the sequence? 1)what is the level of skill of each resource assigned2) Which are my restrictions (cost/time)? 2)To finalized e ach activity do we need3) For each activity who do I need?Step five develop schedule9) Describe the purpose and contents of a project budget?The purposes of budgeting are for resource allocate resources, planning, coordination, control and motivation. It is also a vital tool for decision making method and monitoring business performance and forecasting income and expenditure. With proper budgeting, limited resources are managed efficiently.Input for determined budget Cost Management PlanIt will show us how we can develop , manage , controlled project costs during project.Scope BaselineScope baseline includes the project scope statement, the WBS, and the WBS dictionary. The scope escribes the constraints of the project you should consider when developing the budgetBasis of EstimatesIt will cover all detail about estimate such as indirect costs.Project scheduleProject schedule will give you helpful information about start and end dates , milestones andby these information yon determin e budget expenditures .Resource CalendarsResource calendars will help you define costs incalendar periods and over the length of the project .They help you to what resources you need.Risk RegisterBefore preparing budget you should consider list of risk that could happen during the projects.Specially risks with high impact or high probability they could add cost to the project.Agreements all cost information such as purchase product , services,Organizational Process Assets will assist you with the work of this process include cost budgeting tools,the policies and procedures your organization (or PMO) may have regarding budgeting exercises.Budget Process Outputs1) Cost baseline2) Project funding requirements3) Project documents updatesWeve covered the project documents updates in other processes. For Determine Budget, you may need to update the risk register, cost estimates, and/or the project schedule.10. Describe the concepts of probability and impact in risk analysis using a speci fic exampleAnalysis RiskWhen the risk identified, the coterminous step is risk analysis. By using risk analysis, we can transform the identified risks into decision-making information. As a result , each risk is considered and a judgment made about the probability and the seriousness of the risk.For each risk, the team must do the following1) Assess the probability of a loss occurring. Some risks are very likely to happen and in the other hand some are very unlikely. Apply a crustal plate that can reflects the perceived likeliness of a risk. Depending upon the degree of detail desired and/or possible, the scale can be numeric, based on a percentage scale, such as 10 percent likely to lose a key team.Team should apply a set numerical probability for each qualitative value (e.g. very improbable= 10 percent, improbable = 25 percent)2) Assess the impact of the loss if the loss were to happen. Then we can estimate the result of riskImpact theoryTrivialMinorModerateMajorExtremeRareLowL owLow sensitiveMediumUn likelyLowLowMediumMediumMediumModerateLowMediumMediumMediumHighLikelyMediumMediumMediumHighHigh actually likelyMediumMediumHighHighHighRisk management is a very important function in todays business world. A probability impact matrix is one of the management tools to evaluate risks in terms of their probability and extent of their impact. In addition, it is a useful framework to decide which risk requires more attention in an organization.The inputs in the probability chart are derived from risk assessment form. So, it can be said the process of making this chart is simple. Probability chart is a table shaped form which incorporates various colors to indicate the probability and impacts of various risks. It has categorized risks into four groups as extreme, high risk, medium and low risk. The detailed explanation of these risks are given belowExtreme These risks are marked with R (red color) in the chart and considered as high priority of importance. Company should give close attention and take early steps to eliminate this kind of risks completely.High risk These kind of risks also require immediate actions or risk management strategies. In the probability impact matrix, these are characterized as H symbol and highlighted in the pink cells. If it is not possible to act immediately to reduce these risks then strict time line should be made to avoid the adverse effects produced from these risks.Medium These risks are denoted by the first letter of medium M and marked in the orange cells. As the name suggested, these kind of risks are characterized middle in the scale of importance. Company dont have to resolve medium risk immediately like extreme and high risk categories. Smart thinking, logical planning these strategies work best to reduce medium risk in an effective manner.Low risk These kind of risks are marked as L and placed in the parking area cells in the probability impact matrix. Low risks require less attention compared to oth er categories and can be ignored without having any adverse effect. But company can implement any available controlling mechanism to reduce low risk.the risk exposure can be careful. Risk exposure is calculated as follows Risk Exposure (RE) = P - CEXAMPLE Imagine furniture factoryRank Risk Probability Impact Risk exp proceeding1. Delay in shipment 50% $ 1000 $ 5000 Weekly status meeting2 Requirements changes 40% $ 7000 $ 2800 Bi-weekly deliverables.3. Aggressive performance requirements 30% $ 9000 $2700 Prototyping, performance examination