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12.06.2015, admin  
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This material is intended to provide project leaders with a foundational understanding of leading practice project management processes, activities, tools, techniques, and deliverables as prescribed the Project Management Institute (PMI). By the end of the seminar, students will have learnt: the importance of Careers in their lives, the Career Planning Process, How to explore their careers and Identify their strengths and weaknesses for specific careers. Creating an Action Plan will improve their self-awareness, research, decision-making and time management skills.
One thing which every Project Manager will be expected to deliver no matter how small a project might be is a plan. The idea behind this is to give the Project Manager and Stakeholders a clear idea of what needs to be delivered and when. The daily status and Timesheets of employees and consultants can easily be captured and reported using VeTMS. Activity duration estimates, like the activity list and the WBS, don't come from the project manager—they come from the people completing the work. Costs associated with projects are not just the costs of goods procured to complete the project. Indirect costs These costs are representative of more than one project (utilities for the performing organization, access to a training room, project management software license, and so on).
Variable costs These costs vary, depending on the conditions applied in the project (the number of meeting participants, the supply and demand of materials, and so on). Fixed costs These costs remain constant throughout the project (the cost of a piece of rented equipment for the project, the cost of a consultant brought onto the project, and so on).
Most risks, especially the probable, high-impact, negative ones, need to pass through quantitative analysis to determine how much the risk may cost the project in time and cost. Lessons-learned documentation can help the project team estimate the current project if the lessons are from a similar project scope. It's risky to sometimes use just one cost estimate for a project's activity, especially when it's work that hasn't been completed before. Actual cost (AC) Actual cost is the actual amount of monies the project has required to date. A schedule variance (SV) is the value that represents the difference between where the project was planned to be at a certain point in time and where the project actually is.
The cost performance index (CPI) shows the amount of work the project is completing per dollar spent on the project. Kaizen is a quality management philosophy of applying continuous small improvements to reduce costs and ensure consistency or project performance. Top management should define the quality policy; this is part of the organizational process assets. The measurements taken by the project manager and the project team to inspect the project deliverables' quality are fed back into the QA process. QC is also not only concerned with the product the project is creating, but with the project management processes.
The schedule development is the instruction regarding the start and finish date for a project activity. Role of HRM on Organisational CultureHRM practices aim to develop strategies that provide fit between the style of management and the overallbusiness strategy while maintaining employee well-being and increased performance at work.
This process calls on the project manager and the project team to identify the logical relationships between activities and the preferred relationship between those activities. A three-point estimate requires that for each activity, optimistic, most likely, and pessimistic time estimates be created.
And like any project work, you don't know how much it's really going to cost until you pay for it. The cost change control system is part of the integrated change control system and documents the procedures to request, approve, and incorporate changes to project costs.


For example, if a project has a budget of $100,000 and $35,000 has been spent on the project to date, the AC of the project would be $35,000. Any variance at the end of the project is calculated by subtracting the actual costs (ACs) of the project work from the budget at completion (BAC). When work is completed correctly the first time as expected, the project does not have to spend additional funds to redo the work. Activities on the critical path may not be delayed; otherwise, the project end date will be delayed. The project manager must rely on time estimates to predict the cost of the labor to complete the project work. So throughout the project, a variance is any result that is different from what is planned or expected. The types of quality management activities that guarantee quality may not be needed for every project. However, a CPI over 1.00 does not necessarily mean that the project is performing well either. It could mean that estimates were inflated or that an expenditure for equipment is late or sitting in accounts payable and has not yet been entered into the project accounting cycle.
It also means if you need to change the dates when tasks will be delivered it becomes a major exercise as the plan will need to be updated and then baselined again. The precedence diagramming method (PDM) is the most common method of arranging the project work visually. Float, or slack, is the amount of time a task can be delayed without delaying the project's completion. Direct costs These costs are attributed directly to the project work and cannot be shared among projects (airfare, hotels, long distance phone charges, and so on).
Past projects within the performing organization can be used as a reference to predict costs and time. Earned value management (EVM) is the process of measuring the performance of project work against a plan to identify variances.
The project must satisfy the customer requirements by delivering what it promised in order to satisfy the needs of the customer. There are several inputs the project manager and the project team will need to prepare for QA. Any change requests, defect repairs, corrective actions, or preventive actions that have been taken in the project should be documented and submitted to the QA process. The project time management includes the necessary processes to finish the project on time.
Management rolesOne of the most important pieces of research into the job of a manager comes from Henry Mintzberg. Every Company that bills for services or performs project-oriented work can benefit from Varsun Time Management System (VeTMS). Lead time is considered a negative value because time is subtracted from the downstream activity to bring successor activities closer to the start of the project. Consider an activity to add software to an existing network server in a technology project. Of course, you don't actually know how much the project will cost until it's completely finished.
The project manager adds a "start no earlier than" constraint to the activity to ensure the activity begins on a Saturday when the server is not in use by the organization. There can be more than one critical path in a project, and it's possible for the critical path to change as the project proceeds. Another approach is to create a slush fund for the entire project for identified risks and "known unknowns." The final approach is an allotment of funds for categories of components based on the WBS and the project schedule.


At the end of year one, the project team has planned that the project be 60 percent complete. Root cause analysis is needed so the project manager can determine the cause and apply corrective actions. There are many approaches to using activity sequencing: a project manager and the project team can use software programs, the approach can be done manually, or the team can manually do the scheduling and then transfer the schedule into a PMIS. These databases provide estimates of what the project should cost based on the variables of the project, resources, and other conditions.
This plan defines how the project team will implement and fulfill the quality policy of the performing organization.
Quality control (QC) requires the project manager, or another qualified party, to monitor and measure project results to determine that the results are up to the demands of the quality standards. The idea of time is inherent to the very definition of a project in that all projects are temporary. If the project work has been done before in past projects, the level of confidence in the duration estimate is probably high. It is calendar based and relies on both the project network diagram and the accuracy of time estimates.
For example, for a project that has a budget of $200,000 and has earned or completed 10 percent of the project value, the EV is $20,000.
The wine must be aged a specific amount of time before the winemaking process can continue. When a cost change enters the system, there is appropriate paperwork, a tracking system, and procedures the project manager must follow to obtain approval on the proposed change. The experience of the project should be of quality—not just the product the project creates. A project network diagram (PND) illustrates the flow of the project work and the relationship between the work packages.
You can also use the critical path to determine the earliest date for when the project may be completed. For example, consider a project with a budget of $200,000 that's expected to last two years. Thus, the process requires a set amount of time so it may "finish no earlier than" the determined time.
Based on risk analysis, the project manager creates a special budget just for the impact of project risks: the risk contingency reserve. In addition, the cost of the equipment and materials needed to complete the project work must be factored into the project expenses. The most common is to set aside an allotment of funds for the identified risks within the project.
EVM is an important part of cost control since it allows a project manager to predict future variances from the expenses to date within the project. Caution must be taken that the records referenced are accurate, somewhat current, and reflective of what was actually experienced in the historical project. Thus, the planned value (PV) for 60 percent completion equates to $120,000—the expected worth of the project work at the end of year one. Consider a project manager that demands the project team work extreme hours to meet an unrealistic deadline; team morale suffers and likely so does the project work the team is completing. Within this short, limited time, the project manager must create something: a product or a service.



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