Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

ISOM 300 FINAL NOTES, Study Guides, Projects, Research of Project Management

Virginia State University (VSU)Project Management

ISOM 300 FINAL NOTES ISOM 300 FINAL NOTES

Typology: Study Guides, Projects, Research

2023/2024

Available from 10/05/2023

hesigrader002
hesigrader002 🇺🇸

4.1

(43)

7.7K documents

1 / 17

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
ISOM 300 FINAL NOTES
Project Integration Management
•Unifies the project management knowledge areas
•Consolidates the five project management process groups
Project Charter “The Road Map”
•Broad description of the project’s purpose
•The business need is clearly stated
•Official and written
•Created during initiating process group
•Prepared by the Project Sponsor
•Authorizes the Project Manager (PM)
•makes the PM accountable
Why?
•Business Need
•Market Demand
•Customer Request
•Technological Advance
•Legal Requirement
•Social Need
Project Selection Methods
•Calculates the value of a project
–Benefit-Cost Ratio
–Compares cost to benefit
–Internal Rate of Return (IRR)
–Expected return on a project
–Net Present Value
–Value of project in today’s dollar
–Payback Period
–Time to recover initial investment (costs)
–Return On Investment (ROI)
–Actual return on a project
Typical Components of the Project Charter:
•Project Title and Dates
•Team Name, Project Manager
•Level of Authority
•Project Justification – the need
•Project Description – the solution
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff

Partial preview of the text

Download ISOM 300 FINAL NOTES and more Study Guides, Projects, Research Project Management in PDF only on Docsity!

ISOM 300 FINAL NOTES

Project Integration Management

  • Unifies the project management knowledge areas
  • Consolidates the five project management process groups Project Charter “The Road Map”
  • Broad description of the project’s purpose
  • The business need is clearly stated
  • Official and written
  • Created during initiating process group
  • Prepared by the Project Sponsor
  • Authorizes the Project Manager (PM)
  • makes the PM accountable Why?
  • Business Need
  • Market Demand
  • Customer Request
  • Technological Advance
  • Legal Requirement
  • Social Need Project Selection Methods
  • Calculates the value of a project
  • Benefit-Cost Ratio
  • Compares cost to benefit
  • Internal Rate of Return (IRR)
  • Expected return on a project
  • Net Present Value - Value of project in today’s dollar
  • Payback Period
  • Time to recover initial investment (costs)
  • Return On Investment (ROI)
  • Actual return on a project Typical Components of the Project Charter:
  • Project Title and Dates
  • Team Name, Project Manager
  • Level of Authority
  • Project Justification – the need
  • Project Description – the solution

Project Management Plans

  • Schedule
  • Cost
  • Quality
  • Human Resource
  • Communications
  • Risk
  • Procurement Project Baselines
  • Schedule
  • Cost
  • Quality _~ Scope Baseline ~
  1. Project Scope Statement
  2. WBS
  3. WBS Dictionary_ Knowledge Area Executing Process Group Integration Direct and manage project execution Quality Perform quality assurance Human Resource Acquire project team Develop project team Manage project team Communications Manage project communications Manage stakeholder engagement Procurement Conduct procurement

Project Scope Management

  • Fitness for Use
  • Performance List and describe:
  • Project Constraints – limitations and restrictions
  • Project Exclusions – what is not within the scope
  • Project Assumptions – statements that may or may not be true The WBS is the foundation document for:
  1. Cost Estimating
  2. Cost Budgeting
  3. Resource Planning
  4. Risk Management Planning
  5. Activity Definition Types of WBS ▶ Product-Oriented WBS ◦ Parts list ◦ Process-Oriented WBS ◦ Actions! Five Approaches to WBS Creation
  6. Using guidelines - Some organizations provide guidelines for preparing WBSs
  7. The analogy approach - Review WBSs of similar projects and tailor to your project
  8. The top-down approach - Start with the largest items of the project and break them down
  9. The bottom-up approach - Start with the detailed tasks and roll them up *uncontrollable change referred to as scope creep Time
  • One of the biggest c hallenge s
  • Least amount of flexibility; time passes no matter what
  • Main reason for conflict s on projects - especially during the second half
  • Project network diagram is the preferred technique for showing activity sequence
  • A project network diagram is a schematic display of the logical relationships among project activities Precedence Diagramming Method (PDM) aka Activity on Node (AON)
  • Better at showing different types of dependencies Three Types of Dependencies:
  1. Mandatory: inherent in the nature of the work; hard logic
  2. Discretionary: defined by the project team; soft logic
  3. External: outside of the project’s control
  • You must determine dependencies in order to use critical path analysis Estimating the type and quantities of resources required to perform each schedule activity Resources!
  1. People
  2. Equipment
  3. Materials
  4. Information Duration includes the actual amount of time worked on an activity plus elapsed time PERT is a network analysis technique used to estimate project duration when there is a high degree of uncertainty about the individual activity duration estimates PERT uses probability time estimate of activities Optimistic Most likely Pessimistic PERT weighted average formula: O + 4M + P
  • Adds resources
    • Extra labor, equipment, materials, or information
  • Increase costs
    • Pay for extra resources

Fast tracking activities by doing them in parallel

  • Increases risk
  • Requires more

communication Bar Charts (Gantt Charts)

  • Tool for progress reporting and control
  • Weak planning tool
  • Completed after WBS
    • A standard format for displaying project schedule information
    • List project activities and their corresponding start and finish dates
    • Calendar format

Control schedule

  • Perform reality checks on schedules
  • Allow for contingencies
  • Do not plan for everyone to work at 100 %

capacity all the time

  • Hold progress meetings with stakeholders and

be Clear and Honest in communicating issues

Cost

Types of Estimates:

  1. “Rough” order of magnitude (ROM)
    • Initiating process group

- -50%^ to +100%^ from actual cost

  1. Budgetary
  • Early in the planning process group - -10%^ to +25%^ from actual cost
  1. Definitive
  • Late in the planning process group - -5%^ to +10%^ from actual cost Five Cost Categories:
  1. Direct - direct and cannot be shared
  • team travel, wages
  1. Variable - varies
  • equipment, materials
  1. Fixed - remain constant
  • equipment, fees
  1. Indirect - more than one project
  • software, building utilities, benefits
  1. Sunk - cannot be recovered
  • Expended
  • Should be forgotten Tools and Techniques of Estimate Costs Analogous or Top-down
  • Actual cost of a previous, similar project
  • actual schedule differs from plan Cost Performance Index (CPI)
  • how much for every dollar? Schedule Performance Index (SPI) - using cost to estimate the project schedule (time) progression CPI and SPI less than 100%^ indicates problems ➢ Costing more ➢ Taking longer Estimate at Completion (EAC)
  • estimate of what it will cost to complete the project based on performance to date Estimate to Complete (ETC)
  • how much more? Variance at Completion (VAC)
  • difference between BAC and EAC
  • how much over or under budget at the end of the project?
  • Planned Value (PV) = BAC * %^ of work planned
  • What is the estimated value of the work that the project team planned to have finished?
  • Earned Value (EV) = BAC x %^ of work completed
  • What is the estimated value of the work actually finished?
  • Cost Variance (CV) = EV - AC
    • Difference between estimated and actual cost
    • Negative is over budget. Positive is under budget.
      • Are we under or over budget?
  • Schedule Variance (SV) = EV - PV
    • Difference between scheduled and actual completion times
    • Negative is behind schedule. Positive is ahead of schedule
    • How much are we getting for every dollar?

Cost Performance Index (CPI) of 1 indicates current costs equals planned costs

How much are we getting for every dollar? CPI = EV / AC Schedule Performance Index (SPI) of 1 indicates the project is progressing as scheduled Is the project team ahead or behind schedule? SPI = EV / PV Estimate at Completion (EAC) = BAC/CPI

  • Expected total project cost
  • As of today, how much do we expect the total project to cost? Estimate to Complete (ETC) = EAC – AC As of today, how much more will the team spend? Variance at Completion (VAC) = BAC - EAC How much will the project be over^ or (^) under budget?

 Cause and Effect Diagram  Control Charts  Pareto Analysis  Statistical Sampling  Six Sigma Control Chart ■ display of results of a process over time ■ helps prevent defects ■ in control or out of control The Rule of Seven ■ 7 consecutive nonrandom problems Pareto Analysis  80/20 Rule  Pareto Diagram  histogram Statistical Sampling - inspection ■ Random Sampling ■ Simple random sampling ■ Stratified sampling ■ Multistage sampling ■ Systematic Sampling

Six Sigma projects follow a five-phase improvement process called DMAIC Quality Control ■ Define: Define the problem/opportunity, process, and customer requirements ■ Measure: Define measures, collect, compile, and display data ■ Analyze: Scrutinize process details to find improvement opportunities ■ Improve: Generate solutions and ideas ■ Control: Track and verify the stability of the improvements and the predictability of the solution Modern Quality Management ■ Requires customer satisfaction ■ Prefers prevention to inspection ■ Recognizes management is responsible A large percentage of quality problems are associated with management, not technical issues

HR

Big Five Personality Traits

❖ Openness – strong intellectual curiosity and a preference for novelty and variety ❖ Conscientiousness – disciplined, organized, and achievement-oriented ❖ Extraversion – degree of sociability, assertiveness, and talkativeness ❖ Agreeableness – helpful, cooperative, and sympathetic towards others ❖ Neuroticism – degree of emotional stability

What Is Communication?

  • The transmission of information and meaning from one individual or group to another
  • The process of people sharing thoughts, ideas, and feelings with each other in commonly understandable ways
  • Out of the 20,000 words spoken or heard each day – 4,000 Misunderstood or misinterpreted – 3,000 Slang (double meaning) – 2,000 Hurt others – 2, Mispronounced – 2,000 Grammatically incorrect – 2,000 Unnecessary – 2,000 Not heard
    • 500 Profanity or obscene We typically listen at a 25 % efficiency rate; therefore, 75% of the 2,500 words are: • Forgotten within 5 - 7 minutes • Only 625 words of the 20,000 words spoken or heard today will be remembered for up to two weeks! Bypassing – same word, different meaning Frame of Reference- different understanding, perception, or approach -- the way we each “see the world” Nonverbal According to anthropologist, Edward T. Hall, 60% of all communication is nonverbal • According to Daniel Goleman, 90% of all emotions are expressed nonverbally LISTENING - The Forgotten Skill 2 nd hardest skill to acquire after reading comprehension Occupies 80% of our waking hours Most crucial leadership/management skill 75 % of what gets said is - • Ignored • Misunderstood • Forgotten • Most people listen at a 25% efficiency rate Thinking speed is: 1000 to 3000 words a minute Plan Communications - details how information will be created and dispersed

Risk

Risks identification can occur during initiation of the project • All Risks documents are created during PLANNING PROCESS GROUP • PMBOK® Risks are Assessed and Update throughout the entire project • Hourly, Daily, Weekly, Monthly depending on the risk activity stage and/or process group

After Time and Category is determined - DEVELOP A LIST OF IDENTIFIED RISK Risk Rating Matrix used to sort or rate risks to determine which risk warrant a response • Different matrixes can be used for different risk categories or knowledge areas Include a legend and explanation of the rating system Decision tree Calculates expected monetary value of a decision • Quantifies the overall risk on the project • Used to make decisions about individual risks • Takes into account future events

Stakeholder- Only Exam