Project Management Class ( based on PMBOK) - Day 5

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Day 5 - Learn the basics of project management in this 6 day course taught by Joe DiFalco, PMP, PMI-ACP, CSPO, Systems Engineer. This course covers the 5 process groups and the 47 project management processes grouped into 10 knowledge areas: Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resources Management, Project Communications Management, Project Risk Management, Project Procurement Management and Project Stakeholder Management.

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  • Joe: Local entrepreneur with several successful startups under my belt. My first job out of college was with EDS – a big 5, at the time, consulting company. I focused my career on software development and over the years I have worked for large corporations, small, medium and start-up companies (as well as being involved in several successful start ups, most notably co-founding a marketing company). All of that experience is culminating with CVShout - dedicated to helping talented, motivated individuals create a brand for themselves that showcases the talents, expertise and experience to stand out from the crowd so they can go after that dream job.
  • Project Management Class ( based on PMBOK) - Day 5

    1. 1. Project Management Review of the Project Management Body of Knowledge (PMBOK) 5th edition { Joe DiFalco PMP, PMI-ACP, CSPO, Systems Engineer Owner CVShout™ Profile: CVShout.com/joedifalco Contact: joe@cvshout.com
    2. 2. Day 5 Agenda  Day 4 review     Budget Earned value management Follow the Lifecycle – build a schedule Knowledge Areas   Ethics topics Stakeholder topics
    3. 3. From PMBOK 5th Edition Note: the numbers in the chart refer to the chapter in the PMBOK
    4. 4. Review Cost Management Plan • • • • • • Responsibilities Approach Measurement Reporting Variance response Change control
    5. 5. Estimate Costs Reserve analysis: • Account for cost uncertainty • Could be a fixed %, fixed number or some other calculation • CONTINGENCY reserve • Allocated for identified risks or “known-unknowns” • Clearly documented • Part of the cost baseline • MANAGEMENT reserve • Reserved for unforeseen work or “unknown-unknowns” • NOT part of the cost baseline but ARE part of the budget and funding requirements • Management reserves are added to cost baseline as they are approved/used
    6. 6. Determine Budget • • • • Aggregation of the estimated costs of individual activities (work packages) Authorized cost baseline Use this baseline to monitor and control project performance Project budget includes ALL of the funds authorized to execute the project • Cost baseline is the time-phased budget excluding MANAGEMENT reserves
    7. 7. Project Budget Components un-Known un-Knowns This is the level of granularity to track measurement Known un-Knowns
    8. 8. Project Budget Components Contingency vs Management reserves Reserves
    9. 9. Project Budget Components Funds required to start Projected disbursement points Anticipated
    10. 10. From PMBOK 5th Edition Note: the numbers in the chart refer to the chapter in the PMBOK
    11. 11. Control Costs • Monitor project status • In relation to the value of work accomplished • Update project costs • Manage cost baseline • Recognize variance – take corrective action From PMBOK 5th Edition
    12. 12. Control Costs From PMBOK 5th Edition
    13. 13. Control Costs Question: what actions would you expect to take to manage costs? • Follow the management plan • Utilize OPAs that are available • Manage change – • Prevent unnecessary change • Influence factors that cause cost to rise • Communicate approved change requests Exam tips: • Control means measure • Measurement reveals variance – variance is analyzed • Cost management plan tells you what to do to control cost From PMBOK 5th Edition
    14. 14. Earned Value Management (EVM) • Assess project performance and progress • Scope • Schedule • Resource measurements • Progress rules • 50/50 – activity is 50% when started • 20/80 – activity is 20% when started • 0/100 – activity is 100% when completed • Integrates • Scope baseline • Cost baseline • Schedule baseline • Note: the Performance Measurement Baseline (PMB) is the combination of these From PMBOK 5th Edition
    15. 15. Planned Value (PV) The approved budget for the work scheduled to be completed by a specified date. • • • • Scheduled work Work for an activity (work breakdown component) Defines the physical work that SHOULD have been accomplished Total of all PV can be referred to as: • Total PV is also: budget at completion (BAC) From PMBOK 5th Edition
    16. 16. Earned Value (EV) The approved budget for the work actually completed by the specified date • Measure of work performed • Based on PV (authorized budget) • Percent complete of a project • EV cannot be greater than PV • Monitored: • Incrementally – for current status • Cumulatively – performance trends From PMBOK 5th Edition
    17. 17. Actual Cost (AC) • Realized cost incurred • Cost of work performed during a time period • Specific to the work that the EV measured • Corresponds to what was planned – PV • Has no upper limit – it is what it is From PMBOK 5th Edition
    18. 18. Earned Value From PMBOK 5th Edition
    19. 19. Formulas to memorize Schedule Variance (SV) From PMBOK 5th Edition
    20. 20. Formulas to memorize Cost Variance (CV) From PMBOK 5th Edition
    21. 21. Formulas to memorize Schedule Performance Index(SPI) From PMBOK 5th Edition
    22. 22. Formulas to memorize Cost Performance Index(CPI) From PMBOK 5th Edition
    23. 23. Formulas to memorize Estimate at Completion(EAC) From PMBOK 5th Edition
    24. 24. Formulas to memorize Estimate to Complete (ETC) From PMBOK 5th Edition
    25. 25. Formulas to memorize To Complete Performance Index(TCPI) From PMBOK 5th Edition
    26. 26. Formulas to memorize To Complete Performance Index(TCPI) From PMBOK 5th Edition
    27. 27. Formulas to memorize Variance at Completion(VAC) From PMBOK 5th Edition
    28. 28. Earned Value Measurement From PMBOK 5th Edition
    29. 29. Earned Value Measurement From PMBOK 5th Edition
    30. 30. Earned Value Measurement From PMBOK 5th Edition
    31. 31. Earned Value Measurement From PMBOK 5th Edition
    32. 32. Develop Schedule From PMBOK 5th Edition
    33. 33. Ethics From PMBOK 5th Edition
    34. 34. Stakeholder Management From PMBOK 5th Edition
    35. 35. Stakeholder Management From PMBOK 5th Edition
    36. 36. Stakeholder Management From PMBOK 5th Edition
    37. 37. Identify Stakeholders From PMBOK 5th Edition
    38. 38. Identify Stakeholders
    39. 39. Stakeholder Analysis From PMBOK 5th Edition
    40. 40. Identify Stakeholders From PMBOK 5th Edition
    41. 41. Plan Stakeholder Management From PMBOK 5th Edition
    42. 42. Plan Stakeholder Management From PMBOK 5th Edition
    43. 43. Plan Stakeholder Management From PMBOK 5th Edition
    44. 44. Manage Stakeholder Engagement From PMBOK 5th Edition
    45. 45. Manage Stakeholder Engagement
    46. 46. Manage Stakeholder Engagement From PMBOK 5th Edition
    47. 47. Manage Stakeholder Engagement
    48. 48. Control Stakeholder Engagement From PMBOK 5th Edition

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