This document discusses using risk analysis software to summarize the results of a cost and schedule risk assessment for an environmental remediation project. Key benefits of the analysis include ranking projects based on risk, developing optimal strategies, tracking project performance, and identifying cost and schedule drivers. The analysis found that the most likely total project cost was $4.8 million and completion date of October 2011, but costs could range from $4.2-6.3 million and completion from August 2011 to September 2012 due to risks like soil volumes and contractor injuries.
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Does Better Scheduling Drive Execution Success?Acumen
This white paper outlines the statistics that support the relationship between better schedules and better execution. Based on an ongoing research study conducted by Acumen, this paper is the hard proof of a need for better planning across all industries.
Most Popular 20 Evergreen Project Management TermsSHAZEBALIKHAN1
Project management requires a deep understanding of the jargon and terminology for effective implementation of practices. The article presents 20 popular and common terms of project management
Project Time Estimation 6 Powerful Tips & TricksSHAZEBALIKHAN1
Check out the 6-time estimation methods for project & activity duration. The approaches are used worldwide and are proven to be effective and powerful.
i just found this on the internet and i began to like it. It\'s our topic at school that\'s why i download it. I just want to share it. it\'s really a nice and creative presentation. It makes the topic more simple and clear.
Does Better Scheduling Drive Execution Success?Acumen
This white paper outlines the statistics that support the relationship between better schedules and better execution. Based on an ongoing research study conducted by Acumen, this paper is the hard proof of a need for better planning across all industries.
Most Popular 20 Evergreen Project Management TermsSHAZEBALIKHAN1
Project management requires a deep understanding of the jargon and terminology for effective implementation of practices. The article presents 20 popular and common terms of project management
Project Time Estimation 6 Powerful Tips & TricksSHAZEBALIKHAN1
Check out the 6-time estimation methods for project & activity duration. The approaches are used worldwide and are proven to be effective and powerful.
How Does MS Project Works 6- Task Controlling FactorsSHAZEBALIKHAN1
MS Project is scheduling software. It takes multiple factors into account to schedule a task. The article explains all the inputs and their respective effect on the scheduling ability of the MS Project.
My 5 Learnings of Waterfall Project ManagementSHAZEBALIKHAN1
The waterfall technique is also called the traditional method of project management. Learn about the 5 key takeaways and how you can implement the techniques in your project.
Project management project using different approaches financial and non-financial to find the right project for the company. Approaches such as NPV method, multi weighted scoring matrix, project portfolio matrix, defining the scope, WBS, OBS, Top and bottom down and up, PERT, Gantt Chart, Resource allocation,Earned value charts, etc.
As far as any project cycle is concerned, it’s important to give it a good closure in the form of PPT presentation slide. This project closure is generally the fourth or last stage in any planned project PowerPoint layout. The Project Closure PowerPoint Presentation Slides ensure that project is brought to near completion mode in a carefully structured or professional manner. Whether you are presenting on project completion, project issue, termination or execution, the PPT template ensures every section or segment is given right amount of space and importance. Confirmation about the fact that the work has been rightly done, gaining a formal acceptance and finally completing off with performance rating, all this can be easily recorded and maintained using this presentation layout. As part of management process, it’s important to use professional designs and PPT template to put forward all the deliverables to the customers and timely updating all the stakeholders regarding all project activities. Each PowerPoint slide makes the concept visually engaging and easy to understand. Get folks eager for an exciting experience with our Project Closure Powerpoint Presentation Slides. They ensure a bigger headcount. https://bit.ly/3suHPoS
This presentation covers business English vocabulary related to projects and project management. Visit www.BusinessEnglishPod.com to view the video version of this presentation.
Program Management 2.0: Work Breakdown StructureJohn Carter
From a course titled Program Management 2.0, this presentation pulls together a suite of tools for creating a Work Breakdown Structure - which is very helpful for tracking the true project a project is making. It lends itself to also communicate the earned value of a project - so teams and managers can see what is done, and what is left to do.
Managing the Construction Claims EffectivelySHAZEBALIKHAN1
The article aims to explain the types of construction claims and their respective root causes. In the end, the best practices to minimise the claim are explained. A case study on time and cost overrun will detail out what claims arises due to delay.
How Does MS Project Works 6- Task Controlling FactorsSHAZEBALIKHAN1
MS Project is scheduling software. It takes multiple factors into account to schedule a task. The article explains all the inputs and their respective effect on the scheduling ability of the MS Project.
My 5 Learnings of Waterfall Project ManagementSHAZEBALIKHAN1
The waterfall technique is also called the traditional method of project management. Learn about the 5 key takeaways and how you can implement the techniques in your project.
Project management project using different approaches financial and non-financial to find the right project for the company. Approaches such as NPV method, multi weighted scoring matrix, project portfolio matrix, defining the scope, WBS, OBS, Top and bottom down and up, PERT, Gantt Chart, Resource allocation,Earned value charts, etc.
As far as any project cycle is concerned, it’s important to give it a good closure in the form of PPT presentation slide. This project closure is generally the fourth or last stage in any planned project PowerPoint layout. The Project Closure PowerPoint Presentation Slides ensure that project is brought to near completion mode in a carefully structured or professional manner. Whether you are presenting on project completion, project issue, termination or execution, the PPT template ensures every section or segment is given right amount of space and importance. Confirmation about the fact that the work has been rightly done, gaining a formal acceptance and finally completing off with performance rating, all this can be easily recorded and maintained using this presentation layout. As part of management process, it’s important to use professional designs and PPT template to put forward all the deliverables to the customers and timely updating all the stakeholders regarding all project activities. Each PowerPoint slide makes the concept visually engaging and easy to understand. Get folks eager for an exciting experience with our Project Closure Powerpoint Presentation Slides. They ensure a bigger headcount. https://bit.ly/3suHPoS
This presentation covers business English vocabulary related to projects and project management. Visit www.BusinessEnglishPod.com to view the video version of this presentation.
Program Management 2.0: Work Breakdown StructureJohn Carter
From a course titled Program Management 2.0, this presentation pulls together a suite of tools for creating a Work Breakdown Structure - which is very helpful for tracking the true project a project is making. It lends itself to also communicate the earned value of a project - so teams and managers can see what is done, and what is left to do.
Managing the Construction Claims EffectivelySHAZEBALIKHAN1
The article aims to explain the types of construction claims and their respective root causes. In the end, the best practices to minimise the claim are explained. A case study on time and cost overrun will detail out what claims arises due to delay.
Project Plan Development - A FlackVentures Training ExampleKate Pynn
Project planning is the construction of a dynamic agreement across diverse functional groups involved in a project. This agreement specifies:
Goals and deliverables of the project
What is being developed
Major activities that will be performed to achieve those goals
The assumptions that were made
Major risks, as they become known
Let’s face it; working in today’s world of work can mean days in chaotic, fast-paced, time- and resource-strained organizations. This course is designed for busy leaders who need checklists and tools to drive the success of their market with minimal investment of time and budget.
6. Why does project management methodology matter?
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Varying versions exist but cartoon seems to have been documented first in John Oakland's book Total Quality Management.
7. Project Planning and Control
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Develop Work
Breakdown Structure
Define resources, costs,
and durations
Schedule work packages
using network logic
Team consensus on
baseline cost-loaded
schedule
Plan
Track progress against
the baseline
Analyze Earned Value
metrics
Corrective action and
change management
Do – Check – Assess
8. The Work Breakdown Structure (WBS)
A deliverables-oriented decomposition of the work to be
executed by the project team to accomplish project objectives
and create the desired deliverables with each descending level
representing an increasingly detailed definition of the project
work
Deliverable: Any measurable, tangible or verifiable item that
must be produced to complete a project
In Practical Terms
The WBS is what to deliver
It is a fundamental tool to properly manage
the project scope
9. Common language for all team members
Defines and outlines scope
Work Breakdown Structure
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Site
Project CProject BProject A
ExcavationDewateringSite Prep Restoration
Site Controls
Setup
Build Access
Road
Remove and
Stockpile OB
Build Decon
Pad
10. Determine the Resources and Quantity of Resources Required
for Work Packages
Estimate the Cost of Work Packages
Estimate the Duration of Work Packages
Plan Resources and Estimate Cost and Duration
11. Shows how changes in one task impact other tasks
Facilitates scheduling (and rescheduling) of people and equipment
Promotes analysis of tradeoffs and potential corrective action
Assign Network Logic
12. How is this project doing?
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Planned Cost
Actual Cost
Current Time
TIME
COST
13. Management Reserve
Earned Value Curve
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Planned Value
BAC
Actual Cost
Schedule Variance
Cost Variance
EAC
Current Time Planned
Completion
Date
Estimated
Completion
Date
TIME
COST
Earned Value
14. Earned value metric calculations provide holistic
understanding of project progress
15. Earned Value Analysis
*Source: Modified from Practice Standard for Earned Value Management 2005
Early warning system
• Early corrective action – cost/schedule variance correction
• Scope management – change orders for new scope
18. WBS Best Practices
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The names of the WBS elements should be easy to understand and
convey meaning to all project participants and stakeholders
The work packages should account for 2 to 10% of the total project
budget (exceptions can occur for very large or very small projects)
Activities or should not have durations beyond two project reporting
periods
Do not use the same task heading for activities performed by two
separately responsible groups
Include task and/or work packages in the WBS for work that will
performed outside parties, even if they do not involve a cost
(regulatory review, peer assists)
Break down items such as permits, regularly scheduled field events
and reports into their component activities
19. Whenever possible obtain estimates from individuals who have
performed similar activities in past
Have people who are responsible for performing a given task
provide duration estimates
Make all estimates realistic. It is best to consider most likely
amount of time needed, without a pessimistic or optimistic view
In general assume a normal workweek and normal workday
Use days as the time unit
Be willing to breakdown into smaller WBS elements if there is
difficulty in estimating the duration of a particular activity
Do not assume that office workers will have 8 hours of
uninterrupted time. Assume that office workers are 70%
productive and adjust durations accordingly
Duration Estimating Best Practices
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20. Do not link Summary Tasks
PM and Oversight tasks
Start when project starts and finishes when the last activity finishes
Set Constraints as little as possible
Instead, consider using Deadlines as they do not directly affect project
scheduling dates
For risk modeling you should not have any “must start” , “must finish or
similar constraints
Maximize concurrency whenever possible
Multiple finish to start activities off a given milestone
Use of start to start logic connectors
Minimize discretionary dependencies
Network Scheduling Best Practices
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22. Site Background Information
Former specialty petroleum manufacturing facility
Objective to prepare site for sale and use as mixed
commercial / residential redevelopment
Project scope of work includes
Removing and properly disposing of asbestos and regulated wastes from
manufacturing plant
Demolishing the building structure
Excavating and properly disposing of soil having concentrations above
residential standards
Dewatering during excavation and discharging water to a publically owned
treatment works
Obtaining all necessary permits prior to performing field activities
Business plan called for completing project by September
30, 2011 at cost of $4.6 million
23. Risk Elements included in Model Structure
Probabilistic cost and duration input parameters
Probabilistic resource assignments (i.e. employs
RiskProjectResouceUse function) and resource unit prices
Durations for Level of effort or “hammock task” such as
project management or driven by the uncertain duration
of other tasks and network logic
Project risk register to address low probability high impact
events (i.e., makes use of RiskProjectAddDelay function)
24. General Notes on Environmental Remediation Projects
Notorious for going over budget and schedule
One of the largest uncertainties is always associated with
the volume of impacted material (soil, sediments) that
must be addressed
Another large source of uncertainty is permitting and
regulatory approvals.
The percentage of cost for project management higher
than in other construction industries
Project carrying costs can be high
26. Model Cost Results
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Statistic Cost Duration Fnish Date
Minimum $4,220,738 123 days 8/29/2011
Maximum $6,293,115 388 days 9/13/2012
Mean $4,831,976 161 days 10/23/2011
Std Deviation $253,967 29 days 42 Days
Mode $4,459,579 150 days 10/6/2011
10% Perc $4,564,216 138 days 9/20/2011
25% Perc $4,660,188 145 days 9/29/2011
50% Perc $4,789,165 153 days 10/11/2011
75% Perc $4,948,141 165 days 10/27/2011
90% Perc $5,159,512 200 days 12/19/2011
31. Trend Data for Probabilistic Earned Value Analysis
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0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
CumulativeCost
Deterministic
Minimum
20 Perc%
Mean
80 Perc%
Maximum
32. Actual Results
Project was completed for a cost of $ 4.9 Million and in
May of 2012
Soil volume was 20% greater than planned
The selected contractor had an injury even at another site
which created a stop work order at this site
33. Summary Cost Schedule Risk Analysis
Powerful tool for communicating potential cost and
schedule outcomes
Enhances ability to identify and manage cost and schedule
drivers
Simplifies estimating cost trends and improves net
present value analysis
Opens the door for probabilistic earned value analysis –
control chart approach
CSRA should remain dynamic and re-visited throughout
project life cycle