Scope Management – Part 1

PROJECT SCOPE MANAGEMENT “Scope” is a common term we use in our day to day life. I mean in our day to day professional life. It simply means, what is for you and what is not for you? To speak in terms of project management the term “Scope” mainly speaks about requirements. What are the requirements we are asked to work on and what are the requirements we are not supposed to work on or accept? These two questions are what we will be discussing all through scope management. To help the organization to not to waste resources, reduce cost, …

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ITTO – Monitoring & Control – Part 4

Project Management Mathematics IV- Monitoring & Control This is in continuation of the article Project Management Mathematics III- Monitoring & Control. Continuous probability distributions (particularly beta and triangular distributions) are commonly used in Perform Quantitative Risk Analysis. According to the PMBOK® Guide, continuous probability distributions include normal, lognormal, triangular, beta, and uniform distributions. Distributions are graphically displayed and represent both the probability and time or cost elements. This article will cover the following continuous distributions. Triangular and Beta distribution Uniform distribution Normal  or Bell distribution Triangular and Beta distribution Triangular distributions use estimates based on the three-point estimate (the pessimistic, …

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ITTO – Monitoring & Control – Part 2

Table Of ContentsProject Management Mathematics II- Monitoring & ControlDesign of ExperimentsBenchmarkingRun ChartAdditional quality planning tools Project Management Mathematics II- Monitoring & Control This is in continuation of the article project management mathematics I – Monitoring & Control. This article will cover the following tools of Plan Quality. Design of Experiments Benchmarking Run Chart Additional quality planning tools Design of Experiments Design of experiments (DOE) is a statistical technique that identifies the elements or variables that will have the greatest effect on overall project outcomes. This technique can be applied to determine the number and types of tests and their impact …

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ITTO – Monitoring & Control – Part 1

Table Of ContentsProject Management Mathematics I- Monitoring & ControlCause and effect diagramControl chartsHistogram FlowchartPareto chartChecksheetsScatter diagram Project Management Mathematics I- Monitoring & Control This article will cover the Ishikawa’s seven basic tools of Quality. Cause-and-effect diagram Control charts Histogram Flowchart Pareto chart Checksheets Scatter diagram Cause and effect diagram It is also known as fishbone diagram which are very helpful to find the root cause of the defect. The causes are found by looking at the problem statement and asking “why” until the actionable root cause has been identified or until the reasonable possibilities on each fishbone have been exhausted. This …

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Earned Value Management – Forecasting

Table Of ContentsEarned Value Management –ForecastingEarned Value Management (EVM)Estimate at Completion (EAC)Estimate to Completion (ETC)Variance at Completion (VAC) Earned Value Management –Forecasting This is in continuation with the article Earned Value Management –Analysis, where all the definition and formula for planned value, actual cost and earned value concept was discussed in detail. Forecasting Methods Forecasting involves examining the actual project performance data to date and making predictions about future project performance based on this data. According to the PMBOK® Guide, forecasting methods fall into four different categories and each category has several types of forecasting methods. Time series methods: This …

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Earned Value Management – Analysis

Earned Value Management (EVM) is a methodology that combines scope, schedule, and cost to assess the project performance and progress. It is project management techniques which can be applied to all projects in any industry.EVM develops and monitor 3 key dimensions for each work package and control account: PV, EV and AC. Acronym Term Description PV Planned Value Work planned at the starting with respect to time. Example –If total time planned to do the work is 10 months ,then after 5 months the planned value is 50% work EV Earned Value Value of work actually completed AC Actual Cost Cost …

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Project Management Mathematics (Planning) – Part 4

Table Of ContentsProject Management Mathematics IV- PlanningExpected Monetary ValueDecision Tree AnalysisRisk Probability and impact Calculations Project Management Mathematics IV- Planning This article will cover the following tools and technique of Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis. Expected Monetary Value Decision Tree Risk probability and impact calculations Expected Monetary Value Expected monetary value (EMV) analysis is a statistical technique that calculates the average, anticipated future impact of the decision. EMV is calculated by multiplying the probability of the risk by its impact for two or more potential outcomes (for example a good outcome and a poor outcome) and …

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Project Management Mathematics (Planning) – Part 1

Table Of ContentsProject Management Mathematics I – PlanningCritical Path MethodCalculating Float using Forward and Backward PassCritical Chain MethodSchedule CompressionResource Optimization TechniquesModeling Techniques Project Management Mathematics I – Planning This article will cover the following tools and technique of Develop Schedule, out of which the last three are common tools and techniques of Control schedule. Critical Path Method Critical Chain Method Schedule Compression Resource Optimization Techniques Modeling Techniques Critical Path Method Critical path method (CPM) is a schedule method, which determines the amount of float, or schedule flexibility, for each of the network paths by calculating the earliest start date, earliest …

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Risk Management – Part 3

Table Of ContentsPROJECT RISK MANAGEMENTPlan Risk ResponsesPlan Risk Responses: InputsPlan Risk Responses: OutputsPlan Risk Responses: OutputsControl RisksControl Risks: InputsControl Risks: OutputsControl Risks: Tools and Techniques PROJECT RISK MANAGEMENT This is the third and last in the series of articles on RISK Management. After discussing 4 of the 6 processes, we are left with Plan Risk Responses and Control Risks now. The earlier 4 processes were in planning part and the remaining two now are in action part of risk management process. Let us start looking into them. Plan Risk Responses Plan Risk Responses: Inputs We have planned the risk management, …

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Stake Holder Management – Part 1

Stakeholder Management – I Who is a stakeholder? Any person or group or an organization, which is effected or impacted by the project directly or indirectly, positively or negatively is called as stake holder. Even with a slightest interest in the project or on its outcome, anyone and everyone can be taken as a stakeholder of the project. Project stakeholders are individuals, groups, or organizations who may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a project. They are comprised of persons and organizations such as customers, sponsors, the performing organization, …

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