Enterprise Project Management

enterprise object Management1. trace the deliberates and characteristics of depicts utilise a particularized utilisation.When you focal point on creating something new and unique temporary with definitive exposit dates and end dates. it typifys that you argon working on interpret .you color goddess say your tolerate is correct when you r distributively the goals and objectives that define earlier by stakeholders. Some eons you stick outnot achieve to the goals or egress of the advises is no longer multi forge and the job is domiciliateceled. Let me bring whizz example and explain flesh outly(prenominal) characteristics of the frame .For example you be working in a habiliment factory, you receive an order from school for de cross special uniform for students outright you pass on ask yourself is it wander? The initiatory question is intimately singularity? yes ,it is new beca apply you design something different . what slightly limit duration? Y es, you get under ones skin a shortsighted time to hand in your order hardly before the school starts and when you ship your order, the purge depart be completed and you totallyow foring achieve the goal when the worldly concernager and students become happy by seeing clothes and always flirt with A successful project is one that meets the expectations of your stakeholders.PROJECT METRICWhat is metric? Metric is a trite measurement .It go away garter you to check your project creation on efficiently on surgery and progress , productivity,.By using metric you can improve the ability of making decision in your disposal and you can understand your smudge and asking yourself which way is working in spite of appearance the brass instrument and apply the guide and go forward to right direction. interpret way metrics can help proletariat managers toUnderstand your piazza in terms of plan, price and positiveness.Be awargon of gamblesOvercome problems before becomi ng seriousKeep an eye on project profitability betoken the performance of your teamEvaluate your work product base on qualityComplexity and nature of apiece project can cause different project charge metric. We study five assort of metric performance .These five attitude can cover tout ensemble aspect of project in execution motion.1. embody varianceThe purpose of this metric is to measure projects progress and performance against signed baselines. By using this method, in a certain point of time, we can conclude the evaluate price and duration of the project.Planned Value (PV) is intimately how much you think to spend for the proposened work.PV at any period = (Planned % Complete) X (BAC) get Value (EV) how much you schemened to spend for the work you actually did. demonstrable greet (AC) Actual embody is the exact monetary value that runed during the project to complete or in west by south action and the cost was recorded. .Schedule strain (SV)by this method we will measure our project schedule performance. The oddment of Earned treasure and the aimned mensurate SV = Earned value- Planned valueIf you get Positive answer. It means that you are ahead of your schedule.If you get cast out answer. It means that you are behind your schedule.Cost Variance (CV) is the measure of cost performance on the project.earned value (EV) deduct from actual cost (AC).if you get negative CV .It means is overly hard to domesticate to the project.CV = Earned value Actual cost2. Effective use of alternativesTo measure how we use our imaginativenesss base on productivityUtilization% = totality Effort spent by resource/ sum of money Budgeted Effort for the resource3. Change requests to backcloth of work.For the whole project we use the sign arena by customer , so if any change happen to the sign celestial orbit should happen in controlled way.4.Quality of project and meet customer of necessityAs you can see quality is a actually signification facto r and quality control will happen during the life stave if we detect defects in latest stage it will affect to a greater extent than .we make believe several defects such as Defect density = Total number of defects found/ Measure of size and defects age(Number of days since the defect is untied and not fixed) and Defect resolution rate = Total number of defects opinionated/ Total effort spent and Number of defects reported by customer.5 Gross MarginShortest way to understand if your vexation in on correct track or not and be aware of situation to put in place margin improvement initiatives.2. Explain the differences mingled with project, program, and portfolio management?Let me explain the differences of them by graph and exampleProject program portfolioProject will create product or value for example growth software and exercise will create result Imagine we want to dilate a software for managing our muniment we will control this work as a project wherefore turn in that we want to improve our documents management in otherwise words rile in a faster, better way to documents this work is program because we focus on result not product. What about portfolio when we improved our gateway in documents management this result will bring benefit such as decreasing in current liability or increase companys recognition we will consider this benefit as portfolio.In summary programs are root word of related projects, we will apply similar techniques. Sometimes programs regard aspects of ongoing operations.Portfoliosare collections of programs, sub portfolios, operations, and projects that support strategic business goals or objectives Programs and projects within a portfolio are not necessarily related to one some other in a direct way.3. Describe how fulfilles relate to bidding groups and association areas in the PMBOK Guide. Provide a specific example of a process that we covered in one of the premier 6 chapters of the book? there are five Proc ess GroupsInitiating Define goals/specificationsPlanning Plan the projectExecuting Schedule the projectMonitoring Controlling Manage the projectClosing Finish the projectWe have ten companionship areas 1. integrating 2.Scope 3.time 4.cost 5.quality 6.HR 7. Communications 8 put on the line 9 .Procurement 10.stakeholdersTen hold upledge areas experience Areas are used on most projects most of the time. It is up to the project management team to define the appropriate depth of implementation for separately project.We have 44 process the consanguinity between five process group and ten knowledge .summarize in prox(a) table right off let me give you an example to clarify the connection between project management and knowledge area .For example imagine you are a project manager working on project team for a software instruction project. The six factors that you have to calculate in project management software are as fallows 1.Task duration 2.start time 3.finish time 4.precedenc e relationship 5.resources 6.unit allocationFor example we go finished following process to finish the project1.In the first step of the project ,which entangles approving and developing the project maper.2.In the second step make the project management plan which help you to cover several project activity3.Third step put to death the project and it is the step that actual work and time happened .4. This step is compulsive and monitoring the project5.In the last step , we finish the project.Knowledge areas are separated to keep the same type of accomplishment set in one group.For example you are developing and planning process of the plan for your project. In this process ,to compute the calculate you will use 2 processes calculate costs and determine cipher.4. Describe the purpose and contents of a project maper?Project charter can be genuinely powerful tool because it will give you proper visibility , because it will inform you exactly the roles and responsibilities and put the project in the way of the strategic goals and objectives of the physical composition. The Project subscribe to will sign by project champion so that the Project Manager is accustomed clear authority by the one sponsor..According to the (PMBOK), a Project Charter results from one of the following ineluctably, or business requirements1)Demand of mart2)Need of business3)Request from customer4)Advance in engineering science5)Social need6)A legal requirementLet me bring one example and explain the contents of project charter imagine we want to regenerate a hotel what will be in project charter first The purpose for the project through a description of the business needs that the project is going fulfill then we will explain about background and then about senior high school take aim project plan of attack in this slickness the project will be divide to 2 phase first renovation and construction (about 9month) and then re-opening (about 12 month) and then we will clarify business goal for example in this case we have two goals restore the property to profitability and Disassociate the hotel from its antecedently tarnished image and then what is project goals for example Complete renovation of the hotel past .A project charter can be as short as 1 page, and as long as 200 pages. composition too much partage point in earlystages is difficult, as too much detail may not even be available.5. Describe three classic business level strategies. What is the relationship between business level strategy and project selection?Porter (1980) claimed that there are three generic strategies 1)cost leadership2)differentiation and focus.Cost leadershipIt inform us organization fallowing a cost leadership strategy in order to access competitive good and enhance their share in a market by using low cost producers.DifferentiationOrganizations fallowing differentiation method in order to satisfies the desires of their customers This differentiation let the organiza tion to charge more.Best-cost many an(prenominal) researchers believe that a combination of strategies could be the scoop up approach. As a result you can create a sustainable competitive advantage in your organizations and it can effect on your efficiently ,when you combine cost leadership and differentiation, when they provide low-cost products and address customer set . twofold competing projects, expressage skilled resources, dispersed virtual teams, time to market pressures, and limited capital serve as forces for the emergence of project portfolio management that provides the foundation for managing multiple projects and linking business strategy with project selection. Many business man belief that connecting project management with business strategy can significantly enhance the achievement of organizational goals, strategies, and performance. We have mathematic model that can help us to recognise better project for investment.Cost-Benefit AnalysisComparing the cost of production or services with the benefitScoring ModelsAccording your precedence you will allocate weight to the criteria then you will decide which one is more suitable for you. hard currency Flow Analysis Techniques1.1 Payback hitchThe length of time will take you recoup your initial investment.1.2 Discounted Cash FlowsThe amount of money you invest now in future what will be your value of your money FV = PV(1 + I)n1.3 Net Present Valuevalue of future monies received into todays dollars1.4 Internal Rate of Returnprojects with higher IRR values are widely distributedly considered better than projects with low IRR values.6.Describe the purpose and contents of a project management plan?The purpose of project management is to articulate you how you manage well execution and monitoring and controlling and closing process in your project and will describe how documents the processes you apply during project .The first process you have to do in planning process group is project manage ment plan ,actually this process base on knowledge area focus mostly on defining and preparing ,coordinating , and connect all the dissimilar auxiliary project plan into overall project plan.as we know for creating document the plan we need to collect input signal .Project charter, output from other process ,Enterprise environment factors and organization process asset are input of project management plan.From chapter one we know the meaning of tailoring in project management we use tailoring to determine which processes to apply to best manage the project.Project charteras we know the charter will tell you about goals of project and the requirements need to get satisfaction from stakeholder. Charter is an input for project management plan why? Because we use the tuition in charter such as project objective , milepost schedule, requirements, summery of compute for determining which project management processes to use . sidetrack from others processes project management processe s include all individual processes that create the process group.Enterprise Environmental factors you have to consider some element when you choose processes to performproject .standard ,company culture and organization coordinate ,personal administration are elements.Organization process asset some critical elements you should pay attending during choosing processes are plan template, change control procedures, performance measurement criteria, historic information, standards, procedures also you should consider about change control processes I mean your organization has existing change control processes in place ,about templates or financial control .You can use historical data and organization past project in order to decide which process is more suitable for the project .Documenting the project management plan for each processes we do we need output .output usually present in a mold of report or document .in this case you end up with document the project management plan expla in about integration, coordinated and subsidiary plans for the processes you apply for the project. According to PMBOK the subsidiary are1) scope management plan2)Requirements management plan 3)schedule management plan 4)cost management plan 4)quality management plan 5)communication managements plan 6) insecurity management plan 7)procurement management plan 8)processes improvement plan 9)human resource plan 10)Stakeholder management plan.Actually it not easy to subside some of these subsidiary plans without thinking or doing processes they are associated with first we should remember updates should occur to the project management plans as subsidiary plans are created or changed.7.Describe the purpose and contents of a work breakdown structure?The purpose of west by south is decompose and break thickening activities in smaller components. this is outstanding for the project manager because ,they can see the tasks more efficaciously than the complex activities.The purpose of de veloping a WBS and WBS lexicon are 1)It can help project team to plan logically and complete the project 2) It will help to gather documents and information about work that needs for doing the project 3) some activities are so complex WBS can cause these activities become organize and manageable so we can achieve project objectives. The WBS and WBS Dictionary are not the schedule, but rather the building blocks to it. The progression of WBS and WBS Dictionary development is as followsThe contents of WBS are scope management plan, project scope statement , requirements documentation, Enterprise Environment Factors, organizational Process Assets.WBS include some items, those items are approved through scope statement should detail the full scope of work necessitate to complete. Breaking down can help us to estimate project cost and time and allocating resources, determining quality control.We need two tools for create WBS process 1)decomposition 2)expert judgment decay is involves breaking down the deliverables into smaller The first level of decomposition is the major deliverable level or subproject level, the second level of decomposition is a further elaboration of the deliverables. Decomposition will occur in five process1)Identify the deliverables and work 2)Organize the WBS 3)Decompose the WBS components into lower -level4) Assign identification codes.5)Verify the WBSWBS levelsProject manager will determine the number of levels of WBS base on complexity of the project .In a WBS, every level item has a unique assigned number so that work can be identified and tracked over time. A WBS may have varying numbers of decomposition levels, but there is a general scheme for how to number each level so that tasks are unambiguously numbered and correctly summarized. Below is the general convention for how tasks are decomposedLevel 1 Designated by 1.0. This level is the top level of the WBS and is usually the project piddle. All other levels are subordinate to t his level.Level 2 Designated by 1.X (e.g., 1.1, 1.2). This level is the summary level.Level 3 Designated by 1.X.X (e.g., 1.1.1, 1.1.2). This third level comprises the subcomponents to each level 2 summary element. This effort continues down until increasingly subordinate levels are assigned for all work required for the unblemished project.8.Describe the purpose and contents of a project scheduleScheduling will tell us how to finish in a certain time usually with defined stages, and defined resources. schedule can help us to calculate cost, set expectations plans and coordinate track and report. The schedule shows where you are along the road to done, how much work is left to be accomplished, how much has been accomplished, who is doing this future work, what they are delivering, and when they plan to deliver it. How to make schedule stride whiz Define ActivitiesThe goal of the activity definition step is to identify all the tasks required to accomplish the product. In level 3 of WBS(data base) create tables and populates tables.Step Two Sequence Activities1) Do I have anytime to constraint?2) What is the relationship between activities?3) Which activity can be done in match?Step Three Estimate Activity Resources Step four Estimate activity duration1) Which is the sequence? 1)what is the level of skill of each resource assigned2) Which are my restrictions (cost/time)? 2)To finalized each activity do we need3) For each activity who do I need?Step five develop schedule9) Describe the purpose and contents of a project budget?The purposes of budgeting are for resource allocate resources, planning, coordination, control and motivation. It is also a bouncy tool for decision making method and monitoring business performance and forecasting income and expenditure. With proper budgeting, limited resources are managed efficiently.Input for determined budget Cost Management PlanIt will show us how we can develop , manage , controlled project costs during project.S cope BaselineScope baseline includes the project scope statement, the WBS, and the WBS dictionary. The scope escribes the constraints of the project you should consider when developing the budgetBasis of EstimatesIt will cover all detail about estimate such as indirect costs.Project scheduleProject schedule will give you helpful information about start and end dates , milestones andby these information yon determine budget expenditures .Resource CalendarsResource calendars will help you define costs incalendar periods and over the length of the project .They help you to what resources you need. assay pointBefore preparing budget you should consider list of run a risk that could happen during the projects. oddly risks with high impact or high fortune they could add cost to the project.Agreements all cost information such as buying product , services,Organizational Process Assets will assist you with the work of this process include cost budgeting tools,the policies and procedures your organization (or PMO) may have regarding budgeting exercises.Budget Process Outputs1) Cost baseline2) Project funding requirements3) Project documents updatesWeve covered the project documents updates in other processes. For Determine Budget, you may need to update the risk register, cost estimates, and/or the project schedule.10. Describe the concepts of probability and impact in risk analysis using a specific exampleAnalysis perilWhen the risk identified, the next step is risk analysis. By using risk analysis, we can transform the identified risks into decision-making information. As a result , each risk is considered and a judgment made about the probability and the distressfulness of the risk.For each risk, the team must do the following1) Assess the probability of a release occurring. Some risks are very likely to happen and in the other hand some are very unlikely. maintain a scale that can reflects the perceived likelihood of a risk. Depending upon the score of deta il desired and/or possible, the scale can be numeric, ground on a percentage scale, such as 10 percent likely to lose a key team.Team should apply a set numerical probability for each qualitative value (e.g. very improbable= 10 percent, improbable = 25 percent)2) Assess the impact of the loss if the loss were to happen. Then we can estimate the result of risk meetingpossibilityTrivialMinorModerateMajorExtreme noble-minded firstLowLow strength strengthUn likelyLowLowMediumMediumMediumModerateLowMediumMediumMedium richlyLikelyMediumMediumMediumHighHighVery likelyMediumMediumHighHighHighRisk management is a very important function in todays business world. A probability impact hyaloplasm is one of the management tools to evaluate risks in terms of their probability and limit of their impact. In addition, it is a useful framework to decide which risk requires more assist in an organization.The inputs in the probability chart are derived from risk assessment form. So, it can be said the process of making this chart is simple. chance chart is a table shaped form which incorporates various colors to indicate the probability and impacts of various risks. It has categorized risks into four groups as extreme, high risk, medium and low risk. The detailed explanation of these risks are given belowExtreme These risks are marked with R (red color) in the chart and considered as high priority of importance. Company should give close economic aid and take early steps to eliminate this miscellany of risks completely.High risk These kind of risks also require immediate actions or risk management strategies. In the probability impact matrix, these are characterized as H symbolism and highlighted in the pink cells. If it is not possible to act immediately to dress these risks then strict time line should be made to suspend the adverse effects produced from these risks.Medium These risks are denoted by the first earn of medium M and marked in the orange cells. As the na me suggested, these kind of risks are characterized middle in the scale of importance. Company dont have to resolve medium risk immediately like extreme and high risk categories. Smart thinking, logical planning these strategies work best to lessen medium risk in an effective manner.Low risk These kind of risks are marked as L and placed in the green cells in the probability impact matrix. Low risks require less attention compared to other categories and can be ignored without having any adverse effect. solely company can implement any available controlling appliance to reduce low risk.the risk exposure can be calculated. Risk exposure is calculated as follows Risk Exposure (RE) = P - CEXAMPLE Imagine furniture factoryRank Risk Probability Impact Risk exp Action1. Delay in shipment 50% $ 1000 $ 5000 Weekly status meeting2 Requirements changes 40% $ 7000 $ 2800 Bi-weekly deliverables.3. in-your-face performance requirements 30% $ 9000 $2700 Prototyping, performance testing