Project Management Life Cycle The Project Management Life

Project Management Life Cycle Progression of Risk SD OV # - 2 Copyright ©

Setting Up for Success Three Factors of Success SD OV # - 3 Copyright

Setting Up for Success Initiation Phase of the Project Management Life Cycle SD OV

The Project Team Membership during Project Management Life Cycle SD OV # - 5

The Project Team Matrixed Organization Chart SD OV # - 6 Copyright © 2000

The Project Team Building Flow Chart SD OV # - 7 Copyright © 2000

Risk Management Sources of Risk SD OV # - 8 Copyright © 2000 Element

Risk Management Risk Prioritization Chart SD OV # - 9 Copyright © 2000 Element

Risk Management Approaches • Avoid It – work around so risk never occurs •

Project Plans Vocabulary Moment – Work Breakdown Structure (WBS): • Chart breakdown of milestones

Project Plans Work Breakdown Structure (Hierarchy Format) SD OV # - 12 Copyright ©

Project Plans Vocabulary Moment – Network Logic Diagram: • Scheduling tool that displays interrelationships

The Project Schedule Network Logic Diagram SD OV # - 14 Copyright © 2000

Project Tracking and Control Bar Chart of Actual versus Estimated Costs SD OV #

Project Tracking and Control Variables in Earned Value Analysis – Budgeted Cost for Work

Project Tracking and Control Variables in Earned Value Analysis – Actual Cost for Work

Project Tracking and Control Earned Value Calculations – To calculate variances that show the

Project Tracking and Control Earned Value Calculations – To calculate both cost and schedule

Project Tracking and Control Earned Value Calculations – To calculate the result of variance

Project Reports Reporting Format: Bar Chart • Visually summarizes and highlights key points •

Project Reports Reporting Format: Table • Itemizes information • Allows readers to pick out

Project Reports Reporting Format: S-Curves • Visually displays interrelationships between 2 different types of

Project Close-Out Phase of the Project Management Life Cycle SD OV # - 25

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Risk Management Approaches • Avoid It – work around so risk never occurs • Accept It – live with the consequences • Transfer It – share the risk • Mitigate It SD – prepare through contingency planning OV # - 10 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Plans Vocabulary Moment – Work Breakdown Structure (WBS): • Chart breakdown of milestones and tasks that must be accomplished in a project – Work Packages: • Detailed tasks, used in assigning, estimating, scheduling, and controlling project work SD OV # - 11 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Plans Vocabulary Moment – Network Logic Diagram: • Scheduling tool that displays interrelationships among project work packages SD OV # - 13 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Variables in Earned Value Analysis – Budgeted Cost for Work Scheduled (BCWS): • The amount you budget for a task between its start date and today Example: • You expected a task to take 10 days and cost $1, 000 • Today is day 3 • The BCWS on day 3 = $300 SD OV # - 16 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Variables in Earned Value Analysis – Budgeted Cost for Work Performed (BCWP): • The percentage of the task budget that corresponds to the task’s completion status • Also known as Earned Value Example: • The $1, 000 task is only 10% complete on day 3 • The BCWP = $100 SD OV # - 17 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Variables in Earned Value Analysis – Actual Cost for Work Performed (ACWP): • The actual cost of the task so far Example: • You have spent $500 of your $1, 000 by day 3 • The ACWP = $500 SD OV # - 18 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Earned Value Calculations – To calculate variances that show the interrelation between cost and schedule: Acronym Variance Calculations CV Cost Variance BCWP — ACWP SV Schedule Variance BCWP — BCWS SD OV # - 19 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Earned Value Calculations – To calculate both cost and schedule variances in terms of percentages: Acronym Variance Calculations CVP Cost Variance Percentage CV BCWP • divides cost variance by budgeted cost • negative value means a cost overrun SVP SD Schedule Variance Percentage SV BCWS • divides schedule variance by budgeted cost to date • negative value means the work is behind schedule OV # - 20 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Tracking and Control Earned Value Calculations – To calculate the result of variance trends over time: Acronym Variance Calculations EAC Estimate at Completion (Original Cost ACWP) ÷ BCWP • Recalculates the cost or completion date based on performance to date SD OV # - 21 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Reports Reporting Format: Bar Chart • Visually summarizes and highlights key points • Can be used to show progress to-date • Can be used to display simple variance data SD OV # - 22 Copyright © 2000 Element K Content LLC. All rights reserved.

Project Reports Reporting Format: S-Curves • Visually displays interrelationships between 2 different types of data (for example, cost and time) • Useful for showing cumulative data and forecasting trends SD OV # - 24 Copyright © 2000 Element K Content LLC. All rights reserved.