Problem #7

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gvgnaxavtug

Business Finance

University of the Cumberlands

Description

The following Discussion Board research will assist you in determining each of these dimensions. Research at least 2 resources (which may include your textbook) to support your response.

  • What tools, techniques, and methods that you would traditionally use in a larger project would you still incorporate in managing a small project?
  • What do you envision the roles and responsibilities to be for smaller projects?
  • Describe the schedule change management process that you would implement for smaller projects and how this differs from what you might use for larger projects.

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Project Initiation This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Project Initiation • Purpose of initiation phase • Comparing project options • Total cost of ownership • The project charter This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation The Initiation Phase • Business problem or opportunity defined • Solution is defined • Project is formed • Business case created • Project team appointed This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation The Business Case • Problem or opportunity: Detailed description • • • • Introduction Problem/opportunity statement Assumptions and Constraints Alignment with organizational objectives • solutions • AnalyList of alternative sis of benefits, costs, and issues • Description of the preferred solution • Main project Requirements • Potential risks • Summarized plan for implementation • Schedule • Financial analysis This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Comparing Options Weighted Decision Matrix Criteria Weight SJS Enterprises Game Access DVD Link Educational 15% 90 0 0 Sports-related 15% 90 90 90 Secure payment 10% 90 50 50 14.5 12.5 (rows left out here—see textbook) Weighted Project Scores 100% This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). 56 Project Management Chapter 7: Project Initiation Financial Considerations • Can compare projects based on • Net present value • Internal Rate of Return (Return on Investment or ROI) • Payback Analysis This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Net Present Value Analysis • Considers the time value of money • Costs for future years must be discounted to the present time • Tangible benefits also discounted to the present time • Must identify an appropriate discount rate • Take risk into consideration This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation NPV Calculation Rt (1 + i)t • t is the time of the cash flow • Rt is the cash flow at time t • i is the interest rate • Apply the above formula to each annual inflow and outflow of cash • Add all terms together to get the NPV This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation NPV Analysis It means… If… Then… the investment would add value to the firm the project may be accepted NPV > 0 NPV < 0 NPV = 0 the investment would subtract value from the firm the project should be rejected the investment would neither gain nor lose indifferent in the decision value for the firm This project adds no monetary value. Decision should be based on other criteria, e.g., strategic positioning or other factors not explicitly included in the calculation. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Rate of Return (Total benefits – Total costs) / Total costs • Can be used to compare different options • Organization may have a minimum acceptable rate of return for projects This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Payback Analysis • Compares cumulative costs to cumulative benefits • Easiest to see in graphical format • Time on horizontal axis, money on vertical This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Payback Analysis This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation The Project Charter This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Purpose of the Project Charter When signed off, you have approval to proceed to detailed planning, followed by carrying out your project. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Organizational Process Assets • Is there a standard format for project charters? • Is there a standard process for developing and getting approval for a project charter? • What can the PMO do for you? What does the PMO require of you? • Are there applicable “lessons learned” available from other projects? • If you are inexperienced, is there a mentor available? • Etc. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Project Charter – Typical Contents • • • • • • • • • • • Identification section Project purpose or justification Measurable project objectives and related success criteria High-level requirements Assumptions and constraints High-level project description and boundaries High-level risks Summary milestone schedule Summary budget Stakeholder list Approvals This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Identification • Name of the project—make it meaningful • Name, title, department of project sponsor • Name of project manager This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Clear Objective • SMART • • • • • Specific Measurable Acceptable Realistic Time based This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Business Need or Opportunity A concise statement of how the project’s deliverables will contribute to organizational objectives This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Scope • Clearly defines what is in and out of the project Major Milestones • Identifiable points in time • Target dates will be added LATER This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Major Deliverables • Break down the overall objective into smaller measurable units Assumptions • Things you are not certain of but can proceed if you behave as if they are true This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Constraints • Anything that limits your ability to deliver or the range of acceptable solutions Preliminary Cost Estimates • How will the costs be defined and controlled This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Risks • High-level statement about risks identified so far • Include the risk of NOT doing the project This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Stakeholder List • The stakeholders identified so far, including their roles Approval • A place for the project sponsor and the project manager to sign This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Project Initiation: Summary • • • • • The first phase Relationship of project to business objectives is key Compare alternatives using weighted matrix Financial analysis: NPV, ROI, payback Project Charter is the primary output; • it includes the stakeholder list • Completion of Project Initiation is the signal that the project has approval to proceed to the project planning phase. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Questions? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 7: Project Initiation Overview of Project Planning This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Project Planning • After the project charter is approved, the Project Initiation phase is complete and you are ready to proceed to the Project Planning phase. • When the Project Planning phase is complete, you are ready to proceed to Project Implementation This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Project Planning • Project planning is the second major project phase, and the second of the five process groups identified in PMBOK. • After the project charter is approved, the Project Initiation phase is complete and you are ready to proceed to the Project Planning phase. • When the Project Planning phase is complete, you are ready to proceed to Project Implementation This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Purpose of the project planning phase • Establishing business requirements. • Establishing cost, schedule, list of deliverables, and delivery dates. • Establishing resources plan. • Getting management approval and proceeding to the next phase. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Basic processes of project planning • Scope planning • Preparing the Work Breakdown Structure • Project schedule development • Resource planning • Budget planning • Procurement planning • Risk management • Quality planning • Communication planning • Stakeholder management planning This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Scope planning • Determining the scope is a key piece of being able to prepare a plan. • What is in? • What is out? • Make it • Specific • Measurable This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Preparing the WBS Work breakdown structure: • List of all tasks and subtasks required to achieve the scope (produce the deliverables) This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Project Schedule development • How long will each task on the WBS take? • What are the relationships between the tasks? • Independent • Direct Precedence • More complex relationships This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Resource Planning • What resources are required to carry out each task on the WBS? • • • • Human Budget Specialized equipment Etc. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Budget Planning • • • • What is the required budget? When during the project will the amounts be needed? Is an external source of funding required? Etc. This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Procurement Planning • Will equipment/supplies/software/etc. be purchased from another organization in order to carry out the project? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Risk Management • What can you anticipate in the way of unknowns that might impact the project? • Can you eliminate/reduce/mitigate the impacts of these risks? How? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Quality Planning • What is the required quality? • How will it be measured? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Communication Planning • What kinds of communication will be required throughout the project? • With the team • With the sponsor • With other stakeholders • What forms of communication will you use? • Formal, informal, written, oral • What is the planned frequency of communication? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Stakeholder Management Planning • The project initiation phase identified the stakeholders • During the planning phase • Additional stakeholders may be identified • Detailed plans are made about the format and frequency of communications with each stakeholder group • Tools are identified which can be used to track and control the relationships between the stakeholders and the project This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Summary • Project Planning phase includes Scope planning, Work Breakdown Structure, Project schedule development, Resource planning, Budget planning, Procurement planning, Risk management, Quality planning, Communication planning and Stakeholder Management Planning • When the project plan is approved by the sponsor, you are ready to proceed to implementation This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning Questions? This work is licensed under a Creative Commons Attribution 3.0 Unported License (CC-BY). Project Management Chapter 8: Overview of Project Planning
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Running head: PROJECT MANAGEMENT ASSIGNMENT

Project Management Assignment
Name:
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PROJECT MANAGEMENT ASSIGNMENT

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Project Management Assignment
Introduction
Both smaller and larger projects require different types of settings, techniques, and
schedules to undertake. For this, the paper evaluates techniques, schedules, and position of
projects.
Discussing larger and smaller Projects
The technique includes the waterfall approach. It serves as a simple classic approach that
is important in sequencing the performance of tasks. It monitors progre...


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