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ITTO – Monitoring & Control – Part 4

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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

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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 on cost of quality. DOE designs and sets up experiments to determine the ideal solution

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ITTO – Monitoring & Control – Part 1

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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 Ishikawa diagram helps stimulate thinking and organizes thoughts. This diagram depicts every potential cause and

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Earned Value Management – Forecasting

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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 forecasting method uses historical data to predict future performance. Earned value, moving average, extrapolation, trend estimation, linear prediction,

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Earned Value Management – Analysis

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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

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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 then adding the results of the potential outcomes together. EMV is used in conjunction with

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Project Management Mathematics (Planning) – Part 1

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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 finish date, latest start date, and latest finish date for each activity. This is a schedule network technique that relies on sequential

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Risk Management – Part 3

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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, identified risks, quantified and qualified them. What next? We need to have plan of actions ready at hand to act when a risk occurs. For

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Stake Holder Management – Part 1

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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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Procurement Management – Part 2

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Control Procurement Control Procurements is the process of managing procurement relationships, monitoring contract performance, and making changes and corrections as needed. Both the buyer and the seller will administer the procurement contract for similar purposes. Each must ensure that both parties meet their contractual obligations and that their own legal rights are protected. The Administer Procurements process ensures that the seller’s performance meets procurement requirements and that the buyer performs according to the terms of the legal agreement. Control Procurements includes application of the appropriate project management processes to the contractual relationship(s) and integration of the outputs from these processes

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