Module One: Project Management and the Role of the Project Manager New construction projects are a familiar sight in Dubai, UAE Copyright © 2014 MindEdge Inc. All rights reserved. Duplication prohibited. Module One: Project Management and the Role of the Project Manager Project management is both an art and a science. To effectively manage projects, practitioners need a unique combination of skills, expertise, and knowledge, to help teams bring their projects to completion in the most productive and efficient way possible. A talented project manager who can employ the concrete tools, techniques, and methodologies—as well as the less-concrete "soft skills"—can be the difference between a successful project and an unmitigated disaster. This course will help you explore both the theory and the practice necessary to successfully understand and manage projects. As you progress through the course, you'll learn the terminology, processes, and key concepts that are essential to effective project management. You'll explore the five stages of a project's life cycle, and you'll examine important project elements—such as integration management, scheduling, costing, quality, control, risk management, procurement, and stakeholder engagement—that must be monitored, evaluated, and executed throughout a project. You'll also identify the roles that project managers and stakeholders play in developing and managing efficient projects in their organization, to ensure that they will meet requirements and reach a successful conclusion. Learning Objectives After completing this module, you should be able to: 1. Examine the concept of a project management office 2. Differentiate common organizational structures and explain how the structure of the organization can affect project processes and activities 3. Identify project stakeholders and recognize the need to engage stakeholders throughout the project life cycle 4. Examine the selection process and key attributes of a successful project manager 5. Describe the characteristics and dynamics of high-performing teams 6. Describe the methods for conflict resolution employed by project managers Understanding Projects and Project Management Practitioners often talk about completing projects and employing project management, but organizations may define these terms differently, based on their size, complexity, or corporate culture. To ensure that we are defining these terms similarly, let's take a closer look at them before we move forward. What is a Project? A project is a series of carefully planned activities that creates a unique end result. A project is not an ongoing process—each project has a defined beginning and end. There is a specified budget and schedule for the project and each project is designed with a specific output in mind. Projects are executed within an organizational setting and, as such, must fit into the management structure of the organization. To be of value, projects must fit wi ...

1. Module One: Project Management and the Role of the Project
Manager
New construction projects are a familiar sight in Dubai, UAE
Copyright © 2014 MindEdge Inc. All rights reserved.
Duplication prohibited.
Module One: Project Management and the Role of the Project
Manager
Project management is both an art and a science. To effectively
manage projects, practitioners
need a unique combination of skills, expertise, and knowledge,
to help teams bring their
projects to completion in the most productive and efficient way
possible. A talented project
manager who can employ the concrete tools, techniques, and
methodologies—as well as the
less-concrete "soft skills"—can be the difference between a
successful project and an
unmitigated disaster.
This course will help you explore both the theory and the
practice necessary to successfully
understand and manage projects. As you progress through the
course, you'll learn the
terminology, processes, and key concepts that are essential to
effective project management.
You'll explore the five stages of a project's life cycle, and you'll

2. examine important project
elements—such as integration management, scheduling, costing,
quality, control, risk
management, procurement, and stakeholder engagement—that
must be monitored, evaluated,
and executed throughout a project. You'll also identify the roles
that project managers and
stakeholders play in developing and managing efficient projects
in their organization, to
ensure that they will meet requirements and reach a successful
conclusion.
Learning Objectives
After completing this module, you should be able to:
1. Examine the concept of a project management office
2. Differentiate common organizational structures and explain
how the structure of the
organization can affect project processes and activities
3. Identify project stakeholders and recognize the need to
engage stakeholders throughout
the project life cycle
4. Examine the selection process and key attributes of a
successful project manager
5. Describe the characteristics and dynamics of high-performing
teams
6. Describe the methods for conflict resolution employed by
project managers
Understanding Projects and Project Management
Practitioners often talk about completing projects and
employing project management, but

3. organizations may define these terms differently, based on their
size, complexity, or corporate
culture. To ensure that we are defining these terms similarly,
let's take a closer look at them
before we move forward.
What is a Project?
A project is a series of carefully planned activities that creates a
unique end result. A
project is not an ongoing process—each project has a defined
beginning and end. There is
a specified budget and schedule for the project and each project
is designed with a
specific output in mind.
Projects are executed within an organizational setting and, as
such, must fit into the
management structure of the organization. To be of value,
projects must fit within both
tactical (short-term) and strategic (long-term) corporate goals.
Individual projects
generally represent only part of the greater whole of an
organization's short- or long-term
plans. While a project may be important on its own merits, it is
not more important than
the organization's strategic mission and overall goals.
What is Project Management?
Project management is the application of resources and the
administration of knowledge,
tools, and skills to meet project objectives.

4. To be an effective project practitioner, you'll need
to recognize that neither time nor other resources
are infinite, so they must be managed carefully.
The art of project management is in realizing that
a project's constraints are connected and must be
addressed together to ensure success.
Traditionally, project management practitioners
have talked of a triple constraint, to guarantee that
the interplay of scope, time, and cost are taken into
consideration when projects are managed. More
recently, additional constraints—including quality,
resources, risk, and other project parameters—have been
included in this list to broaden
the practitioner's view of factors that need to be closely
integrated and monitored to meet
project objectives.
Changing one constraint will most likely affect other
constraints, which could benefit or
hinder the progress of your project.
What is a Project Manager?
A project manager is the person assigned by the appropriate
entities to successfully guide
the project to meet its objectives. This person is ultimately
responsible for all aspects of
the project as he or she oversees each project stage. The project
manager has also been
authorized to apply the necessary resources to ensure project
completion.
An effective project manager knows what role his or her project
plays in the broader

5. organizational context. Each project will be subject to
prioritization within its
organization; the forces (problems, opportunities, and
requirements) that drive the
organization will help determine the investment, timing, and
emphasis that will be placed
on a given project.
There are several other definitions that we should cover, to
familiarize you with the terms
we'll use throughout this course.
T e r m D e f i n i t i o n
Project
Life
Cycle
The series of stages (Initiating, Planning, Executing,
Monitoring and
Controlling, and Closing) needed to complete a project
Scope An explanation of the work included in the project
Baseline A tool used to compare expected performance to actual
results. Baselines are
often created to measure a project's scope, cost, and schedule
performance.
Budget An aggregation of the expected costs to complete the
project
Charter A foundational document that sets the initial
expectations for the project

6. Program A group of projects that, because they are related in
some way, can be managed
together, to reap benefits that would not be available if the
projects were
managed separately
Portfolio A group of projects and/or programs that are
undertaken to meet an
organization's strategic objectives
Project Success Factors
Factors that Contribute to Project Success
There are many factors that help determine whether a project
will succeed. Projects need to
be well-understood and well-supported by the organization that
administers them. The
project's objectives or goals must be clearly stated, and team
members need to be empowered
to reach these goals. Team members need to communicate and
work well together, and they
need to know what is expected of them.
The table below contains some general ideas about why some
projects fail and why some
projects succeed.
W h y d o s o m e p r o j e c t s s u c c e e d ? W h y d o s o
m e p r o j e c t s f a i l ?
1. executive level support and financial
backing
2. a well-defined project charter

7. 3. strong project management
4. working chemistry among team players
5. good decision-making structure
6. effective communication
7. alignment of team member goals
1. lack of alignment to organizational
objectives
2. poorly defined scope
3. unrealistic expectations
4. lack of executive support and financial
backing
5. insufficient project management
6. team member personality conflicts
7. organizational politics
Seeing the Bigger Picture
To increase the likelihood of success, projects
may be compiled into larger groups and managed
in a coordinated way. Because individual projects
generally represent only part of the greater whole
of the organization's short- or long-term goals,
projects must fit within both tactical (short-term)
and strategic (long-term) corporate goals, and
should be aligned with organizational strategy to
increase the business value of the organization. The alignment
of projects, programs, and
portfolios with organizational strategies helps to ensure their
success and to allow the
organization to realize its objectives. Project practitioners
should continually monitor their

8. organizations' strategic plans, and if corporate strategies
change, they should alert executives
and project sponsors to suggest that projects be realigned to the
new organizational direction.
Programs
When projects are grouped together in a coordinated way
(because they have similar
attributes or goals), these groups are often characterized as
programs. An organization might
have several projects that are separately managed but that share
the intent of advancing a
certain goal, or program, of the organization. That goal might
be to minimize the
organization's environmental impact, in which case the program
might be broken down into
individual projects (or even into sub-projects)—one project
might assess the current
environmental impact of the organization; another might assess
the current and projected
impacts of competing organizations; while still another project
might include testing new
methods of manufacture.
Portfolios
Programs can then be grouped together into an organization's
portfolio of projects. The
collected programs only need to be related in that they meet the
strategic business objectives
of the organization (like increasing market share, optimizing the
use of company resources, or
increasing sustainability). The centralized management of this

9. collection of programs or
projects in an organization is called portfolio management.
Organizational Structures
Project management success often hinges on the ability of
project practitioners to function
within an organization's existing structure. The reporting
structures and authority channels
inherent in certain organizational structures can dramatically
enhance—or hinder—the
management of projects.
Several organizational structures are described below, along
with the effect that each
environment has on how projects are managed.
Projectized Organizations
In a projectized organization (or a project-
based organization), project practitioners and
staff are arranged in "self-contained" units
that report directly to a project manager. In a
projectized organization, authority may be
spread out, and roles and responsibilities are
often shared by project team members.
Because project staff report directly to a
project manager, it is in this type of
organization that the project manager has the most authority.
Functional Organizations
Functional organizations contain a top-down
and linear structure. This means that projects

10. are often located within a function like
manufacturing and that project managers sit
within that function, report to a functional
head, and have limited authority. This
organization is the most hierarchical, and
functional managers or department heads
have the most authority in functional
organizations.
Matrix Organizations
Often organizations are a blend of the structures listed above so
they are referred to as matrix
organizations. A matrix organization can further be described as
operating with a weak,
balanced, or strong matrix. A weak matrix organization has
many aspects of a functional
organization: often, the project manager acts as a project
coordinator or expeditor with
limited authority, and team members spend more time on the
tasks in their functional
departments than on project work. A strong matrix organization
has many aspects of a
projectized organization: the project manager has considerable
independence and authority,
and team members spend more of their time working directly on
projects. In a balanced
matrix, the role of the project manager is still critical, but his or
her power over a project and
its budget are limited.
A composite organization tends to share
many characteristics of a functional
organization, although it also contains
special project teams that operate in a
project-based way: these project teams will

11. often work under their own set of
operating procedures and have their own
full-time staff culled from different
functional departments.
Organizational Assets and Environmental Factors
Projects do not operate in a vacuum; they are susceptible to the
many factors around them. In addition, they should capitalize on
knowledge gained from past projects and should learn from the
success and mistakes of those that have preceded them. These
surrounding enterprise environmental factors should be
accounted
for, and the internal organizational process assets should be
leveraged to ensure successful project completion.
Enterprise Environmental Factors
Enterprise environmental factors include any or all external
environmental factors as well as
all internal organizational environmental factors that may
influence the project's success.
External factors can include governmental and industry
standards, marketplace conditions,
commercial databases, and the political climate. Internal factors
can include organizational
culture, structure, infrastructure, human resources, personnel
administration, governance
policies, and project management systems or software.
These factors may affect any or all of the enterprises involved
in the project so a thorough
investigation should be conducted to ensure project success.

12. Organizational Process Assets
Organizational process assets include any or all process-related
assets (from any or all of the
organizations involved in the project) that are or can be used to
influence the project's
success. These process assets include formal and informal
plans, policies, and procedures.
The process assets also include an organization's knowledge
bases such as lessons learned
and historical information.
One such asset might be the completed schedules from a
similar, recently completed project.
Another example might be a financial database that can be used
either to find out information
on a particular project or to draw conclusions about all the
projects of a certain type.
A particularly helpful organizational process asset would be a
completed project management
plan from a successfully completed project, to use as a
"template" or "sample" to prepare for
an upcoming project.
The project management plan is a living document that helps
project practitioners coordinate
and execute the project. The project management plan has a
number of subsidiary plans,
including the scope management plan, the requirements
management plan, the cost
management plan, the schedule management plan, the quality
management plan, the human
resource management plan, the risk management plan, the
process improvement plan, the
communications management plan, the procurement

13. management plan, and the stakeholder
management plan.
It may also include a milestone list and milestone schedule, the
resource list and resource
calendar, the risk register and risk breakdown structure, the
project scope statement, the work
breakdown structure, the change control systems, and the cost,
quality, and schedule
baselines.
Any resource used to move a project forward more smoothly—
including the project
management plan—should be subject to progressive elaboration
and rolling wave planning.
For example, the technical requirements for a product might
shift as customer feedback is
received. To allow for response to such customer input
(sometimes called the Voice of the
Customer), a project management system must be flexible, not
rigid.
Project management plans will also need to take into account
the enterprise environmental
factors of all other organizations involved in the project.
The Project Management Office
Project Management Office (PMO)
So who manages a project? The easy answer would be that
project managers manage
projects. However, there are often many more people involved
in the management of a

14. project than just the project manager.
In some organizations, a project management office (PMO) is
created to coordinate and
oversee project activities. The PMO may be tasked with
establishing project priorities,
managing the project portfolio, allocating project resources,
providing plans or forecasts of
performance, and/or supporting the project team in its
execution.
A PMO can exist in any organizational structure, whether it is a
functional organization, a
matrix organization, or a projectized organization. As shown in
the figure below, the
authority of the PMO increases as the organizational structure
moves from a specialty-based
(functional) organization to a project-based (projectized) one.
Types of PMOs
A project management office may be designated as supportive,
controlling, or directive,
depending on the degree of control and influence allowed by the
performing organization and
project stakeholders.
Regardless of type, the PMO will generally play a large part in
developing the project
management system to help oversee the project. Systems do not
have to be as complex as the
word might imply; systems are just integrated pieces designed
for a common goal, such as the
production of goods (products made for sale). For example, a

15. tool such as a computer
application is one part of a system that helps move a project
forward more smoothly.
Where Does the PMO Fit within the Organizational Hierarchy?
Notice, in the organizational chart below, that the PMO resides
beneath the executive
sponsorship and maintains communication with advisors but can
also act as a center of
expertise for the various departments collaborating on a project.
P r o j e c t M a n a g e m e n t O f f i c e s
P M O
T y p e R o l e C o m m o n A c t i v i t i e s
D e g r e e
o f
C o n t r o l
Supportive Consultant Provides templates and training to
project
participants
Serves as a project repository for project
information
Coordinates and disseminates best practices
and lessons learned from other projects
Low
Controlling Compliance
group
Specifies tools, forms, templates,

16. methodologies, and framework to be used on
projects
Ensures conformity to project regulations
and governance mandates
Moderate
Directive Manager Provides direct management of project
activities
High
This illustrates the need to ensure that the PMO continues to
serve the "lower" branches of
the organizational chart while still keeping an eye on satisfying
the requests and requirements
of the "upper" levels of the chart as well.
Stakeholders
There are many people who can influence and/or
be influenced by a project. Collectively, these
people are known as stakeholders.
A stakeholder is an individual, group, or
organization (e.g., customer, sponsor, performing
organization, or the public) who may affect, be
affected by, or perceive itself to be affected by a
decision, activity, or outcome of a project.
Stakeholder interests may be positively or
negatively affected by execution or completion of
the project. A stakeholder may also exert
influence over the project and its deliverables.

17. Examples of some of the parties who might be considered
stakeholders of a project include:
supervisors
shareholders
the government
senior executives
suppliers
trade associations
co-workers
lenders
the media
customers
analysts
the public
prospective clients
future recruits
the community
sponsors
the project management team
the project manager
Stakeholders can be divided into two groups: positive
stakeholders, who will benefit from the
project's success, and negative stakeholders, who view a
negative outcome as a success.
Because stakeholders may be able to exert influence over a
project or its results, their
interests should be carefully monitored to ensure positive
project conclusions.
The Project Team

18. One very important subgroup of stakeholders includes the
people who are responsible for the
successful completion of a project–namely, the project team.
A project team may include the following people:
Project staff: the people who do the work of the project
Project management staff: the people who manage the work of
the project
Supporting experts: the people who help create and develop the
project management plan
Sellers: the vendors, contractors, and suppliers who help create
the project deliverables
Users and customer representatives: the people who advise the
team and accept the
project deliverables
Business partners: external collaborators who fulfill a specific
role, provide special
expertise, or have some special relationship with the performing
organization
Members of the project team may be dedicated full-time to the
project or may be part-time
participants. (If team members are part-time participants, they
may be shared with other
projects or with functional departments within an organization.)
In some cases, projects may
include a combination of full-time dedicated participants and
part-time team members,
working together as needed to fulfill project obligations.
Project teams may be co-located or may exist as a virtual team,
depending on project needs
and the geographic distribution of skilled contributors. If a
virtual configuration is necessary,

19. project managers should take special care to ensure proper
communication and interaction
among participants; additional tools may be needed to ensure
satisfactory team interaction,
and accommodations may have to be made to account for
cultural, time zone, and language
differences.
Stakeholder Engagement and Management
Stakeholders can make or break a project. For example, a
quality-assurance director who has
not actively been following a project may suddenly find his
department over-extended when
asked to quickly assess the project's performance; because he
has not been actively engaged
in the project, he may become angry about the unexpected work
and actively resist or inhibit
project progress. Or a financial officer who has little interest in
a project may simply be
uninformed about its strategic value to the organization, and so
in meetings with a CEO, may
treat the project as a budget line item that should be scratched
off the books. To avoid
problems like these, it is important for project managers to
clearly identify all stakeholders,
ensure effective and ongoing communication with them, and
monitor interactions to ensure
that project objectives are understood and appreciated.
Stakeholders should be engaged throughout the project and
stakeholder engagement should
be carefully managed and nurtured to ensure the project meets
its objectives to the

20. satisfaction of all involved. Generally, stakeholders who are
respected and kept informed
about a project will be the most supportive of it. Those who are
ignored or forgotten could
negatively impact the project and quickly derail its progress if
their needs are not met.
Stakeholder Prioritization
To run a project effectively, project practitioners must identify
key stakeholders and consider
their impact on the project. If a project leader or project
manager does not identify and
consult with a high-power/high-interest stakeholder early in the
process, he or she may be
forced to respond to potentially project-changing suggestions
late in the process, threatening
project delay and budgetary overages. Not adequately
identifying and managing around
negative stakeholders, who may benefit from the project's
failure, may also endanger the
project. For example, a project manager must recognize that
competing departments or
organizations may not provide objective information or input,
and/or may seek to delay or
block the project.
Power/Attitude/Interest Grid
You should have a clear understanding of how your
stakeholders feel about your project and how and
when to communicate most effectively with them.
Engaging stakeholders in a conversation will help
you gauge a number of factors. For instance, how
emotional are they about the outcome of the project?
How much information do they want from you? Are

21. they motivated by a financial element of the project?
Does their opinion influence any other stakeholders?
Once you have a handle on stakeholder opinions, you
can use a priorities grid (like the one shown here) to
summarize how best to proceed. The easiest way to
organize stakeholder priorities is to create a code for
each type of stakeholder. The code can use colors or
shapes or both. For instance, inhibitor stakeholders can be
represented by a red X, neutral
stakeholders can be represented by yellow squares, and
supporters can be represented by
green circles.
In the stakeholder power and interest chart to the
right, Jeff is a supporter of the project and has a lot of
interest and power. Sarah and Jeremy are blockers,
and both need monitoring. Considering Sarah's
power, project leaders should be concerned about her
influences and should take steps toward keeping her
satisfied and informed. Don and Margaret are neutral
stakeholders but because Margaret has shown high
interest in the project, it would be best to be proactive
and keep her informed about the project, to avoid the
potential interruptions that may occur as she looks
for project information.
Salience Models
A salience model is another tool project practitioners can use to
rank and prioritize
stakeholders along three dimensions—their power, the urgency
of their need, and their
legitimacy of involvement.

22. Salience models are usually depicted as Venn diagrams, with
seven zones spread across three
intersecting circles. Those stakeholders who fall into the
intersecting areas of the circles need
to be more closely monitored and their needs satisfied if the
project is to be considered a
success. Those individuals or groups who fall outside of the
circles in the diagram are
considered non-stakeholders—investing time and/or resources
on this group will not result in
improvements or project success.
Stakeholders in zone 7 (the central zone) are considered critical
stakeholders—these people
(or organizations) have definitive power, legitimacy, and
urgency. Zone 7 stakeholders have a
vested interest in the project, place high demands upon it, and
have the power to authorize its
progress or to halt it altogether; as such, they should be a high
priority for project teams and
should be actively monitored and engaged to help the project
meet its objectives.
Stakeholders in zone 5 have both power and urgency; whether
or not they are legitimately
stakeholders in the project, such stakeholders must be satisfied
as to its value and progress.
The Project Life Cycle
The Project Life Cycle and Project Governance
Project practitioners will need to understand the project life
cycle to guide their project with

23. appropriate governance. Given the constraints defined for the
project, project governance will
require that they provide for the creation of certain outcomes or
outputs, as outlined in the
illustration below.
The governance provided will help define specific solutions for
the following variables in
each project:
Each stage's technical work
The outcomes or deliverables due to the customer or sponsor
How deliverables will be assessed and reviewed
Who is involved in each stage
How each stage is controlled
Project Life Cycle Approaches
Several alternative life cycle approaches can be used to guide
projects to their completion.
These alternatives can be placed on a continuum, with a
predictive approach at one end of the
spectrum and an adaptive approach on the other.
Predictive Life Cycles
In a predictive life cycle approach, a comprehensive plan is
created at the beginning of a
project and any changes to the plan are carefully evaluated and
controlled. (Although an
extensive plan is developed at project initiation, rolling wave
planning and progressive
elaboration are often employed to assist in project execution.)
Scope, time, and cost

24. estimates are determined early in project plan development, and
a series of sequential
stages are initiated, executed, and monitored to complete
project objectives.
Predictive cycles tend to be described as "Waterfall" approaches
because once a stage is
complete, practitioners tend not to revisit the unique activities
in that stage again; this is
similar to the idea that, once water that travels over a waterfall,
it is difficult to bring back
uphill.
Predictive approaches are frequently used when project
deliverables are well-understood
or when deliverables need to be completely finished before they
can be used by
stakeholders.
Iterative and Incremental Life Cycles
Iterative life cycles and incremental life cycles are often
described as "mini-Waterfall"
approaches—practitioners using these approaches run through
all project stages
sequentially but may repeat stages several times to add
enhancements to a product or
service under development. A rudimentary vision of the finished
product is created at the
project's inception but scope details are delayed until the
beginning of each iteration.
Changes to project scope continue to be controlled, limiting the
modifications allowed
during project execution.
Iterative and incremental life cycles are often used in projects

25. with changing scope
(especially large or complex projects) and in projects where
interim deliverables can be
developed that stakeholders may be able to use as finished
products.
Adaptive Life Cycles
An adaptive life cycle is similar to an iterative and incremental
cycle in that it enhances
products or services incrementally but does so in very short
iterations of fixed time and/or
cost.
In an adaptive life cycle, an initial high-level list of
requirements is developed by
stakeholders, but then the team is allowed to choose which
requirements to work on in
each iteration. Stakeholders are continuously involved in the
refinement of requirements
and the review of deliverables, and changes are embraced as
indicators of stakeholders'
up-to-the-moment needs. Teams utilizing adaptive life cycle
approaches tend to employ
Agile methodologies because these techniques allow team
members to adapt quickly to
changing customer requirements without completely disrupting
their project work.
Adaptive approaches are particularly useful in business
environments where customer
requests change rapidly, when the entire scope of a project is
difficult to define up front,

26. or when deliverables can be created that can be used by
customers before products are
completely finished.
Note: The project life cycle depicted in the graphic above can
still be used to illustrate
Agile or adaptive life cycles; it would just be modified to
include different outputs and
would happen in shorter iterations and time frames.
Project Stages
Because all projects are different, there is no standard way to
manage a project. However
projects do have certain stages in common. Identifying and
naming these project stages
makes it possible to discuss the accumulated knowledge of
countless project managers and
practitioners.
So what exactly is a project stage? For the purposes of this
course, we will say that a project
stage is a related group of activities that the project team must
perform to reach a
predetermined set of results, such as the creation of a
deliverable.
The Five Project Stages
P r o j e c t S t a g e s
Initiating Stage: The part of the project that focuses on defining
what the project will
attempt to accomplish
Planning Stage: The part of the project where the project

27. manager and project team plan
the work that will help the project achieve its objectives
Executing Stage: The part of the project where the "actual
work" is done
Monitoring and Controlling Stage: The part of the project where
work is compared to
expectations to ensure it is proceeding as expected
Closing Stage: The part of the project where the project
manager and project team finalize
all activities and formally close the project
With each of these stages, the completion of a deliverable (or
deliverables) marks the end of
the current stage, allowing you to proceed to the next stage.
The Interaction of Project Stages
Although the stages must be performed in some sequence, they
usually overlap and iterate.
The outputs for one stage will become the input for another.
Initiating
The Initiating stage launches a project. It is often performed by
an organization or
program—like a sponsor or senior management—that is outside
of the project.
Feasibility studies may be conducted. Documentation that
outlines the project's
objectives and how they relate to those of the organization at
large should emerge. And

28. the resources needed for the project are identified.
A project manager is assigned and any applicable organizational
assets, such as
procedures, guidelines, standards, and templates used on
previous projects, will be
assessed for their relevancy and usefulness to the project.
The project charter is approved, signaling the formal
authorization of the project.
Initiating
Planning
Executing Monitoring
and
Controlling
Closing
Planning
Once a project is formally authorized and its scope and
objectives are broadly defined, a
detailed breakdown of the project will need to be created.
This breakdown begins with a project plan. The project plan is a
summary or detailed
explanation of:
The project life cycle
The processes that will be used and how they will be used

29. The tools and techniques to accomplish the project
Plans to deal with risk and change
The process for maintaining the integrity of the product and the
project
Instructions for conducting management reviews
Executing
Executing essentially encompasses any actions necessary to do
the work of the project.
Executing processes include performing quality checks,
assisting and developing the
project team, communicating, and interacting with sellers or
potential sellers.
This is the stage where the majority of the project budget will
be used and the
deliverables that satisfy the project objectives will be created.
Monitoring and Controlling
Monitoring and Controlling occurs throughout the project.This
stage involves checking
performance with an eye toward effective change management
and an attention to detail.
In Monitoring and Controlling, information on performance and
progress is collected
and distributed. Changes, such as alterations to scope and
schedules, are also identified
and managed.
Monitoring and Controlling processes also involve managing
stakeholder expectations,
tracking and reacting to risk, and monitoring contracts between
buyers and sellers.

30. Closing
Closing is the final stage. It is often divided into a contract
closure procedure (settling
all contract terms and conditions) and an administrative closure
procedure (capturing,
analyzing, and archiving records, such as lessons learned).
The Project Life Cycle: Change and Cost
As a project progresses from beginning to end, the cost of
changes increases, while the
influence of the stakeholders decreases. The risks of a project
failing are also greatest at the
beginning of the project, with a progressively higher likelihood
of completion as the project
proceeds.
The cost and staffing levels over the project life cycle are
illustrated in the image below.
In the initial stages of a project, cost and staffing levels are
low. Notice how they trend
upward as the project approaches its middle and then decrease
as the project nears
completion.
Project Phases
It is important to be clear that these five stages are not
synonymous with project phases
because they do not exactly coincide with the phases of a
project. Projects may have multiple

31. phases—a design phase, a development phase, a testing phase,
etc.—and each of these phases
may have its own initiating, planning, executing, monitoring
and controlling, and closing
processes.
The boundary between phases is usually set at the point when
different organizations or
different skills sets are required to contribute to a project, and
the end of a phase is usually
marked by the production of a deliverable.
Common problems in managing phases of a project include:
Starting a project with the wrong objective
Completing a phase prematurely
Lingering on one phase for too long
Not conducting a final-stage "lessons learned" project review
Not incorporating lessons learned from previous phases or
projects into current work
A project will often be assessed before the next phase begins.
Assessment allows practitioners
to discover problems or errors in the project while these
problems are still comparatively
inexpensive to fix. If the project was designed to fulfill
objectives that are no longer required,
or if the risk in continuing is too great, the next phase might not
receive authorization.
Selecting a Project Manager
Because project managers are so important to the management
of projects, the abilities, skill,

32. and integrity of the project leader or project manager may be
the most important factors to
ensure project success.
In fact, in a 2004 research study from Portland State University
in Oregon called Criteria for
Project Assignments in Multiple-Project Environments, the
credibility of the project manager
was viewed as the number one constraint of a project. Looking
at this conclusion inversely,
this means that people perceive trust in the project manager as
critical to project success.
Selecting a project manager is a critical decision. As a logistical
step, it's important to ask for
recommendations on people who would make an effective
project manager or to look for
organizations that could make such recommendations. Once
candidates are selected and/or
interviewed, it is important to check references asking: Would
you employ this person again?
Why or why not?
It is important to recognize that a candidate who has listed the
project manager role on his or
her resume may not be necessarily right for the job. Rather,
many experts suggest selecting
candidates with the following characteristics:
demonstrated leadership skills—ideally someone who has shown
honesty and
accountability for a project of relatable size and scope
a solid understanding of how to proactively plan, estimate, and
budget from the
beginning of a project
experience in building work plans and demonstrated proficiency

33. in at least one project
management tool
the ability to articulate processes for managing risk, scope,
communication, and quality
a recognition that a project manager does not "own" the project
and a willingness to
spread and share responsibility
evidence of aptitude in decision-making, negotiating, problem-
solving, goal-setting, and
motivating/coaching others
strong oral and written communication skills
It's clear from this list that good project management requires
many general management
skills.
Key Competencies
Another way to look for the optimal traits and characteristics of
project managers is to review
the Portland State Research findings on the impact of project
manager competencies on
project success. In that study, an expert panel was asked to
evaluate the relative importance of
project managers' competencies to the success of new product
development projects.
Competencies were ranked in six areas: administrative,
business/strategic, multiple project
management, interpersonal, intrapersonal, and technical. (The
panel assumed that the projects
took place in a multi-project environment.)
The top competencies for each of these six areas were:

34. Administrative: Monitoring/control
Business/strategic: Business sense
Multiple project management: Experience
Interpersonal: Leadership
Intrapersonal: Organization and discipline
Technical: Knowledge of product applications
In selecting a project manager, it is helpful to first consider the
nature of the project and
which competencies and skills are likely to be required. Then
try to find candidates with the
desired experience and skills.
Best Practices: Project Team Leadership
Effective project managers empower team members to complete
project tasks, but teams still
need strong leadership from project leaders to help them
complete project objectives. Without
solid leadership, teams often struggle to remain focused on
customer requirements and fail to
evolve and develop new skills.
By integrating the following ideas into your leadership
practices, you can effectively lead
your teams to successfully accomplish project goals:
Provide accountability and team guidance
Maintain a balance between a long-range, strategic approach
and short-term tactical
decisions. Work with the team to achieve immediate results, but
remember to also keep
an eye on long-term problem-solving and decision-making
issues.
Help the team understand the project's purpose and goals.

35. Clearly state the organization's
expectations of the team, and continually reinforce the project's
stated intention and
success criteria.
Don't evade your responsibility as a project leader and project
manager. Empower the
team to make the decisions that are within their control, but
don't sidestep your duties.
Don't leave team members to make decisions where they lack
appropriate authority or
don't have the proper context.
Maintain a constant flow of information
Use graphic visual displays to summarize the team's work and
keep stakeholders aware of
team progress. (This will relieve the team from constantly
having to answer questions.)
Regularly update these displays so that the most-recent
information is available to
everyone at all times.
Use direct, unambiguous language to present information and to
clearly express your
thoughts and ideas.
Encourage participation in the decision-making process. Value
the input of others by
collecting ideas and opinions before making decisions.
Set project boundaries but allow the work to adapt
Set boundaries for the project but allow practices to evolve
within those boundaries.
Remove redundancy and waste, and review practices regularly
to ensure that they remain

36. efficient and effective.
Make sure that the team objectives are aligned with project
requirements. Keep the team
focused on meeting objectives and satisfying customer needs.
Enforce a disciplined project approach. Make sure that the team
follows project
guidelines and practices to meet goals and objectives.
Develop the team
Make sure team members continue to learn new skills, apply
new tools and techniques,
and improve individual and team competencies. Provide training
opportunities and
encourage exploration and continuous improvement.
Express a belief in your team members' abilities to solve
problems and develop solutions.
Encourage autonomy so team members exercise their own
judgment (while they stay
within project boundaries), and express trust in team decisions.
Motivate the team
Establish high expectations for yourself and your team. Expect
team members to adopt a
belief that they will continue to achieve goals and produce
successful outcomes each time
they take on new challenges.
Keep team members engaged. Exhibit enthusiasm and
excitement for team progress and
celebrate the team's successes.
Adjust your leadership style as the team matures
Recognize that "command-and-control" policies and practices
will hamper team progress.

37. Remember that you are providing information and helping the
team to shape processes to
achieve results—you are not micro-managing their tasks.
As processes become part of a team's daily practice, adjust your
leadership style from one
that "guides and teaches" to one that "shares and interacts."
When you spend less time
teaching the team how to work, you can spend more time
immersing yourself in the work
itself.
Don't try to solve the team's problems. Expose problems and
help the team develop
solutions as they see fit.
By focusing on supporting and enabling the team, effective
project leaders eliminate
distractions and provide a framework within which the team can
do what they do best—create
products that meet requirements.
Managing Stakeholder Expectations
On any project, expectations—about what the project is for,
how it should be run, and what
the end result should look like—will inevitably be made by the
people in and around the
project. While effective project managers work to ensure that
these stakeholder and
participant expectations will be met, they also need to manage
those expectations to keep
them aligned with any changes to the project's goals or
objectives. They need to continually
communicate and work with stakeholders, to guarantee that
expectations remain realistic and

38. that notions of success are based on the evolving project
objectives. Changing plans will need
to be discussed with affected parties, and the project manager
may be called upon to help
these groups adjust and resolve any issues that occur as
expectations are refashioned.
The Issue Log
As changes are discussed with stakeholders, these conversations
may uncover new issues that
need to be investigated and addressed. As with all other issues
on the project, these issues
should be documented in an issue log.
The issue log helps the project manager and project
management team decide how they will
focus their efforts and keep the project on track. Any time an
issue is discovered, the project
manager (or appropriate team member) will need to update the
issue log with all pertinent
information, which will then allow the project management
team to prioritize and plan for the
issue's resolution. Each issue should be assigned an owner who
is responsible for
communicating about the issue with the appropriate parties, and
for tracking and resolving the
issue by a set target date. Documenting (and continually
updating) all issues will ensure that a
shared understanding of each issue exists and that plans for how
it will be addressed and
resolved have been thought through.
Resolving Issues
When an issue is uncovered, the project team can respond with a

39. range of responses that will
depend on the issue itself and on the abilities of the people on
the team. The response will
need to take into account stakeholder management strategies,
but generally, the issue should
be addressed with stakeholders promptly and sincerely.
If the project's budget includes management reserves set aside
for potential issues, the project
management team may need approval to apply these reserves to
resolve the issue. Changes to
the project activities may also need to be made, and while a
change should not be
implemented without considering the impacts on the project's
baselines and the work of the
project team, project managers should not be resistant to change
out of principle or
stubbornness. It is all too common for project managers to
become so invested in their ideas
about how projects should be run that they are resistant to
changes necessary to bring the
project to success.
If planned project activities do need to be changed to ensure
that the project meets acceptance
criteria, change requests may need to be submitted and project
documents may need to be
updated. Regardless of the specific management decisions
made, the issue log will need to be
updated to reflect the issue's resolution. This updated issue log
will become an important
document for future projects, as the lessons learned from
resolving the issues can help other
teams avoid similar problems or use the relevant information to
resolve their own problems.

40. Satisfying Stakeholders
The satisfaction of stakeholders will rely on the interpersonal
skills of the project manager,
who may need to use decision-making, negotiation, or conflict
management skills to ensure
project success. These skills may help soothe stakeholders and
assure them that the project
remains on track to meet the contracted project criteria. While
not every issue that arises
needs to be addressed, those that do will need to be carefully
considered to prevent project
delays or incomplete requirements that may upset or anger
stakeholders.
Forming the Project Team
To complete a project successfully, the project manager will
need to compile a project team.
But the process of putting together a team may not be easy—
human resources, like most
other resources on a project, are limited and may have to be
shared with other departments or
projects. In addition, team members may not possess the
necessary skills to complete needed
activities so those skills will need to be procured or acquired in
some form. But for the project
to be completed successfully, the project manager will have to
ensure that an effective team
can be created, with people whose skills and abilities will
contribute the most to achieving the
project's goals.
Staffing the Project

41. Putting together and managing a project team is a
multidimensional activity. It involves:
recruiting the team
assessing their skill sets and interest in the project
ensuring that those people with the appropriate skill sets will be
available when needed
developing, motivating, coaching, and evaluating team members
personally modeling the behaviors of an ideal team player,
including exhibiting respect
for others and resolving conflicts when they occur
In addition, there are constraints that will affect the project and
its roles and responsibilities.
For example, a weak matrix organization may grant the project
manager less authority; there
may be union contracts that can hamper or limit staffing
choices; or budgetary constraints
may limit travel or staffing. All of these factors will need to be
taken into account as the
project manager completes the project roster.
Negotiating for Services
Even after deciding who he or she would like to have on the
team, the project manager may
need to negotiate for their services—with functional managers
(in a functional organization)
or other project managers (in projectized organizations). This
negotiation should ideally be
done face-to-face, with a copy of important project documents
(like the project charter) sent
to the other negotiating party in advance. (An email
summarizing the project's sponsor, intent,
objectives, duration, and time frame can also be used.) The

42. project manager might also
specify the name(s) of potential team candidate(s) or their
required skill sets. Negotiations
should be done in good faith, with a win-win result as the goal
of both parties. If the other
party in the negotiation responds unenthusiastically to the
request, the project manager may
want to strategize possible compromises, including the
replacement of an employee pulled
away, or some other compensatory mechanism.
Virtual Teams
In some instances, it may be possible to create a virtual team to
complete project activities.
Virtual teams are groups of people with a shared goal who
fulfill project obligations with
little or no time spent meeting face-to-face. Virtual teams can
make some projects (that might
otherwise have been postponed or canceled due to travel
expenses) possible or easier to
complete. A virtual team may also be more productive because
it may bring together:
people from diverse geographic areas, with differing ideas or
viewpoints
an expert who is crucial to project success but cannot be co-
located with the rest of the
team
employees with necessary skills who work from home offices or
remote locations
The limitations that used to prevent these individuals from

43. collaborating are now moot
because advances in technology have, in effect, shortened the
distance between these people.
It is important to remember, however, that new technologies
require new management
competencies. In virtual environments, the project manager
should give special consideration
to the way that communication is planned and executed, as some
communications may
require more time and emphasis because of cultural differences
and the reduced face time
shared between managers and the project team.
Training the Staff
If team members have some but not all of the necessary skills
for the project, the project
manager may need to provide appropriate training to build
competencies, or to assign them to
work with a senior project team member to gain the needed
skills. Training may be formal
(such as classroom-, online-, or computer-based training) or it
may be informal coaching,
mentoring, or job shadowing. If mentoring or job shadowing is
used, the time spent on these
activities should be factored into role and responsibility
descriptions and time estimates.
Building a High-performing Team
Developing a Team, Rather than a Group
In many projects, an empowered or high-performing team will
greatly increase the possibility
of project success, so one key responsibility of the project
manager is to develop this highly

44. functioning team out of a collection of people.
Empowered or high-performing teams communicate freely,
exchange input and feedback, and
discuss ideas openly. These team members work effectively
together, are more enthusiastic
and committed, and resolve conflicts more quickly without
intervention. And working on
these types of teams encourages people to internalize the teams'
goals and be more highly
motivated, more excited, more creative, and harder working.
Any high-performing team possesses four common
characteristics: complementary skills;
pursuit of a common goal; a shared approach and performance
measurements; and mutual
accountability. Each of these characteristics is described in
more detail in the presentation
below:
Challenges
There are, however, challenges to working with such teams.
Although a team leader/manager
does not play a traditional supervisory role when working with
an empowered team, she does
have a critical role to play in laying the groundwork for the
team's success. Indeed, a team
leader can help workers collaborate successfully as an
empowered team in three primary
ways.

45. Workers who are not used to being on an empowered team may
initially be uncomfortable
with the increased accountability that comes from working on
such a team and they may be
uneasy depending on their colleagues to such a great degree. A
team leader should recognize
this challenge and help employees deal with the stress of it.
Employees new to an empowered team environment may also
find it difficult to tolerate
constructive criticism from coworkers who are not their
supervisors. Moreover, workers may
be unaccustomed to giving constructive criticism to their peers.
A leader can use team-
building and training exercises to address the issue.
Finally, communication is essential to the success of an
empowered team. While team
members may have little difficulty expressing their own
opinions, they often fail to listen
carefully to the opinions and ideas of other team members. A
team leader can use training
exercises to instill the skill of careful listening.
Signs of Dysfunction
Project managers must also become comfortable identifying
signs that their team is breaking
down. Oftentimes, chronic complaining about progress or
workload to one another or to the
project manager, apathy, poor communication, and missed
deadlines are red flags. When a
project manager intervenes in such a situation, it is often
helpful to call a meeting where team
members can air their concerns, and the project management
team can gather information to

46. decide on a course of action, which might be additional training
that will allow staff to
complete work with less frustration, or the project management
team might decide to use
other team development techniques. Whatever intervention
technique is chosen, it should be
implemented quickly to address the problem before it adversely
affects the project.
Team Building and Team Dynamics
As a project team leader embarks on managing a group, he or
she should be aware of certain
common team dynamics. Bruce Tuckman's model of group
development is a good framework
to apply. This model suggests that every team goes (in order)
through the stages of forming,
storming, norming, performing, and adjourning.
Forming
In the early stages of a team's development, the forming of the
group takes place. From a
work perspective, the group meets, learns about the project,
agrees on goals, and then
begins working on tasks. From a behavioral perspective, the
team members tend to act
independently and are on their best behavior. This stage is
important because the group
gets to know one another and grows more friendly.
Because team members are just getting adjusted to new project
tasks and new coworkers,

47. the team leader needs to be directive during the Forming stage.
Storming
After leaving the Forming stage, teams enter the Storming
stage. In this stage, different
ideas and/or approaches compete for consideration by the group.
The team members feel
more open with one another and confront different ideas and
perspectives. During
Storming, team members deal with questions that include how
the team will function
independently and collectively, as well as what leadership
model will be adopted. The
length of the Storming stage varies by team. The maturity of the
group members typically
determines when the team moves out of this stage.
During the Storming stage, the team leader should focus on two
areas:
Emphasizing tolerance of team members and their differences
Continuing to be directive in guiding decision-making
Norming
After the Storming stage concludes, teams enter the Norming
stage. After weathering the
conflict of Storming, team members modify their behavior as
they develop team-oriented
work habits. This results in more natural teamwork. The group
begins to build internal
trust, and motivation increases as the team becomes more
comfortable with the project.
The team leader plays a more participative role than in the

48. earlier stages. With the group
members working more cooperatively and effectively, they can
be expected to take more
responsibility for decision-making.
Performing
High-performing teams reach what is called the Performing
stage, when a team finds
ways to accomplish its work effectively without inappropriate
conflict or the need for
external supervision. Team members become interdependent.
Conflict is handled through
means that are acceptable to the team.
The team leader plays a participative role during the Performing
stage, since the team
makes most of the necessary decisions.
Adjourning
As the project comes to a close, teams enter an Adjourning
stage that offers a sense of
closure for the current project and acts as a stepping-off point
for future projects. This
completion stage gives team members a chance to recognize
their achievements and say
goodbye to each other before they move on to new roles and
activities. This can be a
difficult time for some team members because the relationships
that have developed
during the project are coming to an end and practitioners may
be beginning new
assignments that are not well-defined.

49. In the Adjourning stage, team leaders may need to rely on their
"soft skills" to alleviate
concerns and enable team members to appropriately shift their
focus to their new
activities. Leaders may be called upon to provide guidance to
group members and to
assist in these transitions, to reduce uncertainty and ensure a
smooth progression to
subsequent work.
Project managers need to understand that teams will progress
through these stages at different
rates—some teams may progress quickly while others move
more slowly through the stages.
And teams may also become "stuck" in certain stages and will
need encouragement and
training before they can progress to the next stage.
Barriers to Leading a High-Performing Team
What barriers can prevent a team leader and his high-
performing team from succeeding?
There are five factors that team leaders must address, or they
may find team performance
suffering. They are:
1. Company culture trumps personal leadership style.
2. Organizational structure may limit leadership authority.
3. Team development stages affect project output.
4. Different leadership styles are needed for different team
development stages.
5. Teams must be cultivated.

50. CPMPurchase price$ 760,000.00N25I3.50%compounded
monthlyMortgage amount$
532,000.00PMT($2,663.32)MonthBeginning
balancePMTInterest PrincipalEnding balanceEnding
Balance($0.00)1$532,000.00$2,663.32$1,551.67$1,111.65$530,
888.352$530,888.35$2,663.32$1,548.42$1,114.89$529,773.463
$529,773.46$2,663.32$1,545.17$1,118.14$528,655.314$528,65
5.31$2,663.32$1,541.91$1,121.41$527,533.915$527,533.91$2,6
63.32$1,538.64$1,124.68$526,409.236$526,409.23$2,663.32$1,
535.36$1,127.96$525,281.277$525,281.27$2,663.32$1,532.07$
1,131.25$524,150.028$524,150.02$2,663.32$1,528.77$1,134.55
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7.6210$521,877.62$2,663.32$1,522.14$1,141.17$520,736.4511
$520,736.45$2,663.32$1,518.81$1,144.50$519,591.9512$519,5
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,396.07$2,663.32$1,421.57$1,241.75$486,154.3340$486,154.33
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,089.09$2,663.32$1,388.59$1,274.72$474,814.3649$474,814.36
$2,663.32$1,384.88$1,278.44$473,535.9250$473,535.92$2,663.
32$1,381.15$1,282.17$472,253.7551$472,253.75$2,663.32$1,3
77.41$1,285.91$470,967.8452$470,967.84$2,663.32$1,373.66$
1,289.66$469,678.1853$469,678.18$2,663.32$1,369.89$1,293.4
2$468,384.7554$468,384.75$2,663.32$1,366.12$1,297.20$467,
087.5655$467,087.56$2,663.32$1,362.34$1,300.98$465,786.58
56$465,786.58$2,663.32$1,358.54$1,304.77$464,481.8157$464
,481.81$2,663.32$1,354.74$1,308.58$463,173.2358$463,173.23
$2,663.32$1,350.92$1,312.40$461,860.8359$461,860.83$2,663.
32$1,347.09$1,316.22$460,544.6160$460,544.61$2,663.32$1,3
43.26$1,320.06$459,224.5561$459,224.55$2,663.32$1,339.40$
1,323.91$457,900.6462$457,900.64$2,663.32$1,335.54$1,327.7
7$456,572.8663$456,572.86$2,663.32$1,331.67$1,331.65$455,
241.2264$455,241.22$2,663.32$1,327.79$1,335.53$453,905.68
65$453,905.68$2,663.32$1,323.89$1,339.43$452,566.2666$452
,566.26$2,663.32$1,319.98$1,343.33$451,222.9367$451,222.93
$2,663.32$1,316.07$1,347.25$449,875.6868$449,875.68$2,663.
32$1,312.14$1,351.18$448,524.5069$448,524.50$2,663.32$1,3
08.20$1,355.12$447,169.3770$447,169.37$2,663.32$1,304.24$
1,359.07$445,810.3071$445,810.30$2,663.32$1,300.28$1,363.0
4$444,447.2672$444,447.26$2,663.32$1,296.30$1,367.01$443,
080.2573$443,080.25$2,663.32$1,292.32$1,371.00$441,709.25
74$441,709.25$2,663.32$1,288.32$1,375.00$440,334.2575$440
,334.25$2,663.32$1,284.31$1,379.01$438,955.2476$438,955.24

52. $2,663.32$1,280.29$1,383.03$437,572.2177$437,572.21$2,663.
32$1,276.25$1,387.07$436,185.1578$436,185.15$2,663.32$1,2
72.21$1,391.11$434,794.0479$434,794.04$2,663.32$1,268.15$
1,395.17$433,398.8780$433,398.87$2,663.32$1,264.08$1,399.2
4$431,999.6381$431,999.63$2,663.32$1,260.00$1,403.32$430,
596.3182$430,596.31$2,663.32$1,255.91$1,407.41$429,188.90
83$429,188.90$2,663.32$1,251.80$1,411.52$427,777.3884$427
,777.38$2,663.32$1,247.68$1,415.63$426,361.7585$426,361.75
$2,663.32$1,243.56$1,419.76$424,941.9986$424,941.99$2,663.
32$1,239.41$1,423.90$423,518.0987$423,518.09$2,663.32$1,2
35.26$1,428.06$422,090.0388$422,090.03$2,663.32$1,231.10$
1,432.22$420,657.8189$420,657.81$2,663.32$1,226.92$1,436.4
0$419,221.4190$419,221.41$2,663.32$1,222.73$1,440.59$417,
780.8291$417,780.82$2,663.32$1,218.53$1,444.79$416,336.03
92$416,336.03$2,663.32$1,214.31$1,449.00$414,887.0393$414
,887.03$2,663.32$1,210.09$1,453.23$413,433.8094$413,433.80
$2,663.32$1,205.85$1,457.47$411,976.3395$411,976.33$2,663.
32$1,201.60$1,461.72$410,514.6196$410,514.61$2,663.32$1,1
97.33$1,465.98$409,048.6297$409,048.62$2,663.32$1,193.06$
1,470.26$407,578.3798$407,578.37$2,663.32$1,188.77$1,474.5
5$406,103.8299$406,103.82$2,663.32$1,184.47$1,478.85$404,
624.97100$404,624.97$2,663.32$1,180.16$1,483.16$403,141.8
1101$403,141.81$2,663.32$1,175.83$1,487.49$401,654.32102$
401,654.32$2,663.32$1,171.49$1,491.83$400,162.50103$400,1
62.50$2,663.32$1,167.14$1,496.18$398,666.32104$398,666.32
$2,663.32$1,162.78$1,500.54$397,165.78105$397,165.78$2,66
3.32$1,158.40$1,504.92$395,660.86106$395,660.86$2,663.32$
1,154.01$1,509.31$394,151.56107$394,151.56$2,663.32$1,149.
61$1,513.71$392,637.85108$392,637.85$2,663.32$1,145.19$1,
518.12$391,119.72109$391,119.72$2,663.32$1,140.77$1,522.5
5$389,597.17110$389,597.17$2,663.32$1,136.33$1,526.99$388
,070.18111$388,070.18$2,663.32$1,131.87$1,531.45$386,538.7
3112$386,538.73$2,663.32$1,127.40$1,535.91$385,002.82113$
385,002.82$2,663.32$1,122.92$1,540.39$383,462.43114$383,4
62.43$2,663.32$1,118.43$1,544.89$381,917.54115$381,917.54
$2,663.32$1,113.93$1,549.39$380,368.15116$380,368.15$2,66

53. 3.32$1,109.41$1,553.91$378,814.24117$378,814.24$2,663.32$
1,104.87$1,558.44$377,255.80118$377,255.80$2,663.32$1,100.
33$1,562.99$375,692.81119$375,692.81$2,663.32$1,095.77$1,
567.55$374,125.26120$374,125.26$2,663.32$1,091.20$1,572.1
2$372,553.15121$372,553.15$2,663.32$1,086.61$1,576.70$370
,976.44122$370,976.44$2,663.32$1,082.01$1,581.30$369,395.1
4123$369,395.14$2,663.32$1,077.40$1,585.91$367,809.22124$
367,809.22$2,663.32$1,072.78$1,590.54$366,218.68125$366,2
18.68$2,663.32$1,068.14$1,595.18$364,623.50126$364,623.50
$2,663.32$1,063.49$1,599.83$363,023.67127$363,023.67$2,66
3.32$1,058.82$1,604.50$361,419.17128$361,419.17$2,663.32$
1,054.14$1,609.18$359,809.99129$359,809.99$2,663.32$1,049.
45$1,613.87$358,196.12130$358,196.12$2,663.32$1,044.74$1,
618.58$356,577.54131$356,577.54$2,663.32$1,040.02$1,623.3
0$354,954.25132$354,954.25$2,663.32$1,035.28$1,628.03$353
,326.21133$353,326.21$2,663.32$1,030.53$1,632.78$351,693.4
3134$351,693.43$2,663.32$1,025.77$1,637.54$350,055.88135$
350,055.88$2,663.32$1,021.00$1,642.32$348,413.56136$348,4
13.56$2,663.32$1,016.21$1,647.11$346,766.45137$346,766.45
$2,663.32$1,011.40$1,651.92$345,114.54138$345,114.54$2,66
3.32$1,006.58$1,656.73$343,457.80139$343,457.80$2,663.32$
1,001.75$1,661.57$341,796.24140$341,796.24$2,663.32$996.9
1$1,666.41$340,129.83141$340,129.83$2,663.32$992.05$1,671
.27$338,458.55142$338,458.55$2,663.32$987.17$1,676.15$336
,782.41143$336,782.41$2,663.32$982.28$1,681.04$335,101.37
144$335,101.37$2,663.32$977.38$1,685.94$333,415.43145$333
,415.43$2,663.32$972.46$1,690.86$331,724.58146$331,724.58
$2,663.32$967.53$1,695.79$330,028.79147$330,028.79$2,663.
32$962.58$1,700.73$328,328.06148$328,328.06$2,663.32$957.
62$1,705.69$326,622.36149$326,622.36$2,663.32$952.65$1,71
0.67$324,911.69150$324,911.69$2,663.32$947.66$1,715.66$32
3,196.04151$323,196.04$2,663.32$942.66$1,720.66$321,475.3
7152$321,475.37$2,663.32$937.64$1,725.68$319,749.69153$31
9,749.69$2,663.32$932.60$1,730.71$318,018.98154$318,018.9
8$2,663.32$927.56$1,735.76$316,283.22155$316,283.22$2,663
.32$922.49$1,740.82$314,542.39156$314,542.39$2,663.32$917

54. .42$1,745.90$312,796.49157$312,796.49$2,663.32$912.32$1,7
50.99$311,045.50158$311,045.50$2,663.32$907.22$1,756.10$3
09,289.39159$309,289.39$2,663.32$902.09$1,761.22$307,528.
17160$307,528.17$2,663.32$896.96$1,766.36$305,761.81161$3
05,761.81$2,663.32$891.81$1,771.51$303,990.30162$303,990.
30$2,663.32$886.64$1,776.68$302,213.62163$302,213.62$2,66
3.32$881.46$1,781.86$300,431.76164$300,431.76$2,663.32$87
6.26$1,787.06$298,644.70165$298,644.70$2,663.32$871.05$1,
792.27$296,852.43166$296,852.43$2,663.32$865.82$1,797.50$
295,054.93167$295,054.93$2,663.32$860.58$1,802.74$293,252
.19168$293,252.19$2,663.32$855.32$1,808.00$291,444.19169$
291,444.19$2,663.32$850.05$1,813.27$289,630.92170$289,630
.92$2,663.32$844.76$1,818.56$287,812.36171$287,812.36$2,6
63.32$839.45$1,823.86$285,988.50172$285,988.50$2,663.32$8
34.13$1,829.18$284,159.31173$284,159.31$2,663.32$828.80$1
,834.52$282,324.79174$282,324.79$2,663.32$823.45$1,839.87
$280,484.92175$280,484.92$2,663.32$818.08$1,845.24$278,63
9.69176$278,639.69$2,663.32$812.70$1,850.62$276,789.07177
$276,789.07$2,663.32$807.30$1,856.02$274,933.05178$274,93
3.05$2,663.32$801.89$1,861.43$273,071.62179$273,071.62$2,
663.32$796.46$1,866.86$271,204.76180$271,204.76$2,663.32$
791.01$1,872.30$269,332.46181$269,332.46$2,663.32$785.55$
1,877.76$267,454.70182$267,454.70$2,663.32$780.08$1,883.2
4$265,571.45183$265,571.45$2,663.32$774.58$1,888.73$263,6
82.72184$263,682.72$2,663.32$769.07$1,894.24$261,788.4818
5$261,788.48$2,663.32$763.55$1,899.77$259,888.71186$259,8
88.71$2,663.32$758.01$1,905.31$257,983.40187$257,983.40$2
,663.32$752.45$1,910.87$256,072.54188$256,072.54$2,663.32
$746.88$1,916.44$254,156.10189$254,156.10$2,663.32$741.29
$1,922.03$252,234.07190$252,234.07$2,663.32$735.68$1,927.
63$250,306.43191$250,306.43$2,663.32$730.06$1,933.26$248,
373.18192$248,373.18$2,663.32$724.42$1,938.90$246,434.281
93$246,434.28$2,663.32$718.77$1,944.55$244,489.73194$244,
489.73$2,663.32$713.10$1,950.22$242,539.51195$242,539.51$
2,663.32$707.41$1,955.91$240,583.60196$240,583.60$2,663.3
2$701.70$1,961.62$238,621.98197$238,621.98$2,663.32$695.9

55. 8$1,967.34$236,654.64198$236,654.64$2,663.32$690.24$1,973
.07$234,681.57199$234,681.57$2,663.32$684.49$1,978.83$232
,702.74200$232,702.74$2,663.32$678.72$1,984.60$230,718.14
201$230,718.14$2,663.32$672.93$1,990.39$228,727.75202$228
,727.75$2,663.32$667.12$1,996.19$226,731.56203$226,731.56
$2,663.32$661.30$2,002.02$224,729.54204$224,729.54$2,663.
32$655.46$2,007.86$222,721.68205$222,721.68$2,663.32$649.
60$2,013.71$220,707.97206$220,707.97$2,663.32$643.73$2,01
9.59$218,688.38207$218,688.38$2,663.32$637.84$2,025.48$21
6,662.91208$216,662.91$2,663.32$631.93$2,031.38$214,631.5
2209$214,631.52$2,663.32$626.01$2,037.31$212,594.21210$21
2,594.21$2,663.32$620.07$2,043.25$210,550.96211$210,550.9
6$2,663.32$614.11$2,049.21$208,501.75212$208,501.75$2,663
.32$608.13$2,055.19$206,446.57213$206,446.57$2,663.32$602
.14$2,061.18$204,385.38214$204,385.38$2,663.32$596.12$2,0
67.19$202,318.19215$202,318.19$2,663.32$590.09$2,073.22$2
00,244.97216$200,244.97$2,663.32$584.05$2,079.27$198,165.
70217$198,165.70$2,663.32$577.98$2,085.33$196,080.36218$1
96,080.36$2,663.32$571.90$2,091.42$193,988.95219$193,988.
95$2,663.32$565.80$2,097.52$191,891.43220$191,891.43$2,66
3.32$559.68$2,103.63$189,787.80221$189,787.80$2,663.32$55
3.55$2,109.77$187,678.03222$187,678.03$2,663.32$547.39$2,
115.92$185,562.11223$185,562.11$2,663.32$541.22$2,122.09$
183,440.01224$183,440.01$2,663.32$535.03$2,128.28$181,311
.73225$181,311.73$2,663.32$528.83$2,134.49$179,177.24226$
179,177.24$2,663.32$522.60$2,140.72$177,036.52227$177,036
.52$2,663.32$516.36$2,146.96$174,889.56228$174,889.56$2,6
63.32$510.09$2,153.22$172,736.33229$172,736.33$2,663.32$5
03.81$2,159.50$170,576.83230$170,576.83$2,663.32$497.52$2
,165.80$168,411.03231$168,411.03$2,663.32$491.20$2,172.12
$166,238.91232$166,238.91$2,663.32$484.86$2,178.45$164,06
0.46233$164,060.46$2,663.32$478.51$2,184.81$161,875.65234
$161,875.65$2,663.32$472.14$2,191.18$159,684.47235$159,68
4.47$2,663.32$465.75$2,197.57$157,486.90236$157,486.90$2,
663.32$459.34$2,203.98$155,282.92237$155,282.92$2,663.32$
452.91$2,210.41$153,072.51238$153,072.51$2,663.32$446.46$

56. 2,216.86$150,855.65239$150,855.65$2,663.32$440.00$2,223.3
2$148,632.33240$148,632.33$2,663.32$433.51$2,229.81$146,4
02.52241$146,402.52$2,663.32$427.01$2,236.31$144,166.2124
2$144,166.21$2,663.32$420.48$2,242.83$141,923.38243$141,9
23.38$2,663.32$413.94$2,249.37$139,674.01244$139,674.01$2
,663.32$407.38$2,255.93$137,418.07245$137,418.07$2,663.32
$400.80$2,262.51$135,155.56246$135,155.56$2,663.32$394.20
$2,269.11$132,886.44247$132,886.44$2,663.32$387.59$2,275.
73$130,610.71248$130,610.71$2,663.32$380.95$2,282.37$128,
328.34249$128,328.34$2,663.32$374.29$2,289.03$126,039.322
50$126,039.32$2,663.32$367.61$2,295.70$123,743.61251$123,
743.61$2,663.32$360.92$2,302.40$121,441.22252$121,441.22$
2,663.32$354.20$2,309.11$119,132.10253$119,132.10$2,663.3
2$347.47$2,315.85$116,816.25254$116,816.25$2,663.32$340.7
1$2,322.60$114,493.65255$114,493.65$2,663.32$333.94$2,329
.38$112,164.27256$112,164.27$2,663.32$327.15$2,336.17$109
,828.10257$109,828.10$2,663.32$320.33$2,342.99$107,485.12
258$107,485.12$2,663.32$313.50$2,349.82$105,135.30259$105
,135.30$2,663.32$306.64$2,356.67$102,778.62260$102,778.62
$2,663.32$299.77$2,363.55$100,415.08261$100,415.08$2,663.
32$292.88$2,370.44$98,044.64262$98,044.64$2,663.32$285.96
$2,377.35$95,667.28263$95,667.28$2,663.32$279.03$2,384.29
$93,283.00264$93,283.00$2,663.32$272.08$2,391.24$90,891.7
5265$90,891.75$2,663.32$265.10$2,398.22$88,493.54266$88,4
93.54$2,663.32$258.11$2,405.21$86,088.33267$86,088.33$2,6
63.32$251.09$2,412.23$83,676.10268$83,676.10$2,663.32$244
.06$2,419.26$81,256.84269$81,256.84$2,663.32$237.00$2,426.
32$78,830.52270$78,830.52$2,663.32$229.92$2,433.40$76,397
.12271$76,397.12$2,663.32$222.82$2,440.49$73,956.63272$73
,956.63$2,663.32$215.71$2,447.61$71,509.02273$71,509.02$2,
663.32$208.57$2,454.75$69,054.27274$69,054.27$2,663.32$20
1.41$2,461.91$66,592.36275$66,592.36$2,663.32$194.23$2,46
9.09$64,123.27276$64,123.27$2,663.32$187.03$2,476.29$61,6
46.98277$61,646.98$2,663.32$179.80$2,483.51$59,163.47278$
59,163.47$2,663.32$172.56$2,490.76$56,672.71279$56,672.71
$2,663.32$165.30$2,498.02$54,174.69280$54,174.69$2,663.32

57. $158.01$2,505.31$51,669.38281$51,669.38$2,663.32$150.70$2
,512.62$49,156.77282$49,156.77$2,663.32$143.37$2,519.94$4
6,636.82283$46,636.82$2,663.32$136.02$2,527.29$44,109.532
84$44,109.53$2,663.32$128.65$2,534.66$41,574.86285$41,574
.86$2,663.32$121.26$2,542.06$39,032.81286$39,032.81$2,663.
32$113.85$2,549.47$36,483.33287$36,483.33$2,663.32$106.41
$2,556.91$33,926.43288$33,926.43$2,663.32$98.95$2,564.37$
31,362.06289$31,362.06$2,663.32$91.47$2,571.84$28,790.222
90$28,790.22$2,663.32$83.97$2,579.35$26,210.87291$26,210.
87$2,663.32$76.45$2,586.87$23,624.00292$23,624.00$2,663.3
2$68.90$2,594.41$21,029.59293$21,029.59$2,663.32$61.34$2,
601.98$18,427.61294$18,427.61$2,663.32$53.75$2,609.57$15,
818.04295$15,818.04$2,663.32$46.14$2,617.18$13,200.86296$
13,200.86$2,663.32$38.50$2,624.81$10,576.04297$10,576.04$
2,663.32$30.85$2,632.47$7,943.57298$7,943.57$2,663.32$23.1
7$2,640.15$5,303.42299$5,303.42$2,663.32$15.47$2,647.85$2,
655.57300$2,655.57$2,663.32$7.75$2,655.57($0.00)
Graph CPM
Interest 1551.6666666666667 1548.4243520459183
1545.1725806741924 1541.9113249692989
1538.6405572685997 1535.360249828773
1532.0703748255808 1528.7709043536288
1525.4618104261338 1522.1430649746835
1518.8146398489998 1515.4765068166998
1512.1286375630552 1508.7710036907545
1505.4035767196594 1502.0263280865654
1498.6392291449581 1495.242251164771
1491.8353653321419 1488.4185427491675
1484.9917544336595 1481.5549713188977
1478.1081642533848 1474.6513040005975
1471.1843612387393 1467.7073065604925
1464.2201104 727674 1460.7227433964529
1457.2151756661663 1453.6973775299994
1450.1693191492686 1446.630970598261
1443.0823018639794 1439.5232828458895
1435.9538833556635 1432.3740731169244

58. 1428.7838217649889 1425.1830988466102
1421.5718738197199 1417.9501160531674
1414.3177948264629 1410.6748793295135
1407.0213386623648 1403.3571418349368
1399.6822577667624 1395.9966552867224
1392.3003031327823 1388.5931699517262
1384.8752242988924 1381.1464346379046
1377.4067693404052 1373.6561966857882
1369.8946848609287 1366.1222019599134
1362.3387159837698 1358.544194840196
1354.7386063432866 1350.9219182132615
1347.0940980761902 1343.2551134637195
1339.4049318127954 1335.5435204653897
1331.6708466682205 1327.7868775724762
1323.8915802335362 1319.9849216106909
1316.0668685668622 1312.1373878683223
1308.1964461844118 1304.2440100872566
1300.2800460514845 1296.3045204539414
1292.3173995734057 1288.3186495903017
1284.3082365864136 1280.2861265445974
1276.2522853484927 1272.2066787822325
1268.1492725301543 1264.0800321765075
1259.9989232051623 1255.9059109993177
1251.800960841206 1247.6840379117998
1243.5551072905162 1239.4141339549203
1235.261082780429 1231.095918540012
1226.9186059038941 1222.7291094392538
1218.5273936099252 1214.3134227760943
1210.0871611939981 1205.848573015621
1201.5976222883901 1197.3342729548715
1193.0584888524634 1188.7702337130897
1184.4694711628933 1180.1561647219253
1175.8302778038376 1171.4917737155722
1167.1406156570495 1162.7767667208561
1158.4001898919321 1154.010848047257
1149.6087039555352 1145.1937202768788

59. 1140.7658595624932 1136.3250842543575
1131.8713566849062 1127.4046390767107
1122.9248935421581 1118.4320820831297
1113.926166590679 1109.4071088447088
1104.8748705136459 1100.3294131541177
1095.770698210624 1091.1986870152118
1086.6133407871464 1082.0146206325826
1077.4024875442344 1072.7769024010452
1068.1378259678552 1063.4852188950683
1058.8190417183191 1054.1392548581377
1049.4458186196141 1044.7386931920616
1040.0178386486784 1035.2832149462108
1030.5347819246108 1025.7724993066977
1020.9963266978158 1016.2062235854913
1011.4021493390892 1006.5840632094684
1001.7519243286362 996.90569170940159
992.04532424502759 987.17078070888249
982.28201975409036 977.37899991318
972.46167959773356 967.53001709803391
962.58397058271009 957.62349809838304
952.64855756931013 947.65910679702756
942.65510345999235 937.63650511322419
932.60326918794453 927.5553529912163
922.49271370558097 917.41530838869573
912.32309397296956 907.21602726519768
902.09406494619452 896.95716357042784
891.80527956564856 886.638369232522
881.45638874425697 876.25929414623477
871.04704135563486 865.81958616106238
860.57688422217223 855.31889106929373
850.0455621030527 844.75685259399336
839.45271768219948 834.13311237691289
828.7979915561524 823.44730996633143
818.08102222187335 812.6990828048273
807.30144606448164 801.88806621697665
796.45889734491629 791.01389339697926

60. 785.55300818752733 780.07619539621464
774.58340856759378 769.07460111072271
763.54972629876931 758.00873726861425
752.45158702045455 746.87822841740444
741.28861418509553 735.68269691127546
730.06042904540698 724.42176289826284
718.76665064152303 713.09504430736763
707.40689578807098 701.70215683559309
695.98077906117044 690.24271393490574
684.487912785356 678.71632679912034
672.92790702042453 667.12260435070766
661.300369548204 655.46115322752655
649.60490585924697 643.73157776947664
637.84111913944446 631.93348000507478
626.00861025656297 620.06645963795154
614.10697774670246 608.13011403327039
602.13581780067432 596.12403820406655
590.09472425030197 584.04782479750554
577.98328855463842 571.90106408106305
565.80109978610619 559.68334392862266
553.54774461655461 547.39424980649312
541.22280730323564 535.03336475934361
528.82586967469854 522.60026939605666
516.35651111660195 510.09454187549892
503.81430855744264 497.51575789220874
491.19883645420123 484.86349066199955
478.50966677790393 472.13731090747962
465.74636899910001 459.33678684348752
452.90851007325455 446.46148416244176
439.99565442605575 433.51096601960535
427.00736393863605 420.48479301826387
413.94319793270739 407.38252319481802
400.80271315560975 394.20371200378719
387.58546376527175 380.94791230272739
374.29100131508386 367.61467433705974
360.91887473868297 354.20354572481102

61. 347.46863033464865 340.71407144126488
333.93981175110872 327.14579380352296
320.33195997025683 313.49825245497692
306.64461329277748 299.77098434968826
292.87730732218171 285.96352373667827
279.02957494905053 272.07540214412546
265.10094633 518599 258.10614836347048
251.09094889767084 244.05528843342924
236.9991072928336 229.92234562391118
222.82494340012116 215.70684041984507
208.56797630587644 201.40829050490882
194.22772228702163 187.02621074516568
179.80369479464593 172.56011317260388
165.2954044374975 158.00950696858041
150.70235896537898 143.37389844716822
136.02406325244598 128.65279103840581
121.26001928040806 113.84568527144944
106.40972612163137 98.952078757626325
91.472679922142945 83.971466173389388
76.448373884535314 68.903339243172084
61.336298250771534 53.747186722143148
46.135940284889607 38.502494378860739
30.84678425560595 23.168744977825
15.468311418817192 7.7454182619289433
Principal 1111.6507271138355 1114.8930417345839
1118.1448131063098 1121.4060688112033
1124.6768365119026 1127.9571439517292
1131.2470189549215 1134.5464894268734
1137.8555833543685 1141.1743288058187
1144.5027539315024 1147.8408869638024
1151.188756217447 1154.5463900897478
1157.9138170608428 1161.2910656939368
1164.6781646355441 1168.0751426157312
1171.4820284483603 1174.8988510313347
1178.3256393468428 1181.7624224616045
1185.2092295271175 1188.6660897799047

62. 1192.133032541763 1195.6100872200097
1199.0972833077349 1202.5946503840494
1206.102218114336 1209.6200162505029
1213.1480746312336 1216.6864231822412
1220.2350919165228 1223.7941109346127
1227.3635104248388 1230.9433206635779
1234.53357201551 33 1238.1342949338921
1241.7455199607823 1245.3672777273348
1248.9995989540394 1252.6425144509888
1256.2960551181375 1259.9602519455655
1263.6351360137398 1267.3207384937798
1271.0170906477199 1274.7242238287761
1278.4421694816099 1282.1709591425977
1285.9106244400971 1289.661197094714
1293.4227089195736 1297.1951918205889
1300.9786777967324 1304.7731989403062
1308.5787874372156 1312.3954755672407
1316.223295704312 1320.0622803167828
1323.9124619677068 1327.7738733151125
1331.6465471122817 1335.530516208026
1339.4258135469661 1343.3324721698114
1347.25052521364 1351.1800059121799
1355.1209475960904 1359.0733836932457
1363.0373477290177 1367.0128733265608
1370.9999942070965 1374.9987441902006
1379.0091571940886 1383.0312672359048
1387.0651084320095 1391.1107149982697
1395.1681212503479 1399.2373616039947
1403.3184705753399 1407.4114827811845
1411.5164329392962 1415.6333558687024
1419.7622864899861 1423.9032598255819
1428.0563110000733 1432.2214752404902
1436.3987878766081 1440.5882843412485
1444.7900001705771 1449.003971004408
1453.2302325865041 1457.4688207648812
1461.7197714921122 1465.9831208256307

63. 1470.2589049280389 1474.5471600674125
1478.8479226176089 1483.161229058577
1487.4871159766647 1491.82562006493
1496.1767781234528 1500.5406270596461
1504.9172038885702 1509.3065457332452
1513.708689824967 1518.1236735036234
1522.551534218009 1526.9923095261447
1531.446037095596 1535.9127547037915
1540.3925002383442 1544.8853116973726
1549.3912271898232 1553.9102849357935
1558.4425232668564 1562.9879806263846
1567.5466955698782 1572.1187067652904
1576.7040529933558 1581.3027731479197
1585.9149062362678 1590.5404913794571
1595.1795678126471 1599.8321748854339
1604.4983520621831 1609.1781389223645
1613.8715751608881 1618.5787005884406
1623.2995551318238 1628.0341788342914
1632.7826118558914 1637.5448944738046
1642.3210670826866 1647.1111701950108
1651.9152444414131 1656.733330571034
1661.5654694518662 1666.4117020711005
1671.2720695354747 1676.1466130716199
1681.0353740264118 1685.9383938673222
1690.8557141827687 1695.7873766824682
1700.733423197792 1705.6938956821191
1710.6688362111922 1715.6582869834747
1720.6622903205098 1725.6808886672779
1730.7141245925577 1735.7620407892859
1740.8246800749212 1745.9020853918064
1750.9942998075326 1756.1013665153046
1761.2233288343077 1766.3602302100744
1771.5121142148537 1776.6790245479801
1781.8610050362454 1787.0580996342674
1792.2703524248673 1797.4978076194398
1802.7405095583299 1807.9985027112084

64. 1813.2718316774494 1818.560541186509
1823.8646760983029 1829.1842814035895
1834.51940222435 1839.8700838141708
1845.2363715586289 1850.6183109756748
1856.0159477160205 1861.4293275635255
1866.8584964355859 1872.303500383523
1877.764385592975 1883.2411983842876
1888.7339852129085 1894.2427926697796
1899.767667481733 1905.3086565118879
1910.8658067600477 1916.4391653630978
1922.0287795954068 1927.6346968692269
1933.2569647350952 1938.8956308822394
1944.5507431389792 1950.2223494731347
1955.9104979924314 1961.6152369449092
1967.3366147193319 1973.0746798455966
1978.8294809951462 1984.6010669813818
1990.3894867600777 1996.1947894297946
2002.0170242322984 2007.8562405529756
2013.7124879212552 2019.5858160110256
2025.4762746410579 2031.3839137754276
2037.3087835239394 2043.2509341425507
2049.2104160337999 2055.187279747232
2061.1815759798278 2067.1933555764358
2073.2226695302002 2079.2695689829966
2085.3341052258638 2091.4163296994393
2097.5162939943962 2103.6340498518794
2109.7696491639476 2115.9231439740092
2122.0945864772666 2128.2840290211589
2134.4915241058038 2140.7171243844455
2146.9608826639005 2153.2228519050032
2159.5030852230598 2165.8016358882933
2172.118557326301 2178.4539031185027
2184.8077270025983 2191.1800828730225
2197.5710247814022 2203.9806069370147
2210.4088837072477 2216.8559096180607
2223.3217393544464 2229.8064277608969

65. 2236.3100298418663 2242.8326007622381
2249.3741958477949 2255.9348705856842
2262.5146806248927 2269.1136817767151
2275.7319300152303 2282.369481477775
2289.0263924654182 2295.7027194434427
2302.3985190418193 2309.1138480556911
2315.8487634458534 2322.6033223392374
2329.3775820293936 2336.1715999769795
2342.9854338102455 2349.8191413255254
2356.6727804877246 2363.546409430814
2370.4400864583204 2377.3538700438239
2384.2878188314517 2391.241991636377
2398.2164474453161 2405.2112454170319
2412.2264448828314 2419.262105347073
2426.3182864876685 2433.3950481565912
2440.4924503803809 2447.6105533606574
2454.7494174746257 2461.9091032755932
2469.089671493 4806 2476.2911830353364
2483.5136989858565 2490.7572806078983
2498.0219893430049 2505.3078868119219
2512.6150348151232 2519.9434953333339
2527.2933305280562 2534.6646027420966
2542.0573745000943 2549.4717085090529
2556.9076676588711 2564.3653150228761
2571.8447138583592 2579.345927607113
2586.8690198959671 2594.4140545373302
2601.9810955297307 2609.5702070583593
2617.1814534956125 2624.8148994016415
2632.4706095248962 2640.1486488026771
2647.8490823616849 2655.5719755185733
CAMPurchase price$760,000.00N25I3.50%Mortgage
amount$532,000.00Constant
amortization$1,773.33YearBeginning
balancePMTPrincipalInterestEnding
balance1$532,000.00$3,325.00$1,773.33$1,551.67$530,226.672
$530,226.67$3,319.83$1,773.33$1,546.49$528,453.333$528,45

66. 3.33$3,314.66$1,773.33$1,541.32$526,680.004$526,680.00$3,3
09.48$1,773.33$1,536.15$524,906.675$524,906.67$3,304.31$1,
773.33$1,530.98$523,133.336$523,133.33$3,299.14$1,773.33$
1,525.81$521,360.007$521,360.00$3,293.97$1,773.33$1,520.63
$519,586.678$519,586.67$3,288.79$1,773.33$1,515.46$517,81
3.339$517,813.33$3,283.62$1,773.33$1,510.29$516,040.0010$
516,040.00$3,278.45$1,773.33$1,505.12$514,266.6711$514,26
6.67$3,273.28$1,773.33$1,499.94$512,493.3312$512,493.33$3,
268.11$1,773.33$1,494.77$510,720.0013$510,720.00$3,262.93
$1,773.33$1,489.60$508,946.6714$508,946.67$3,257.76$1,773.
33$1,484.43$507,173.3315$507,173.33$3,252.59$1,773.33$1,4
79.26$505,400.0016$505,400.00$3,247.42$1,773.33$1,474.08$
503,626.6717$503,626.67$3,242.24$1,773.33$1,468.91$501,85
3.3318$501,853.33$3,237.07$1,773.33$1,463.74$500,080.0019
$500,080.00$3,231.90$1,773.33$1,458.57$498,306.6720$498,3
06.67$3,226.73$1,773.33$1,453.39$496,533.3321$496,533.33$
3,221.56$1,773.33$1,448.22$494,760.0022$494,760.00$3,216.3
8$1,773.33$1,443.05$492,986.6723$492,986.67$3,211.21$1,77
3.33$1,437.88$491,213.3324$491,213.33$3,206.04$1,773.33$1,
432.71$489,440.0025$489,440.00$3,200.87$1,773.33$1,427.53
$487,666.6726$487,666.67$3,195.69$1,773.33$1,422.36$485,8
93.3327$485,893.33$3,190.52$1,773.33$1,417.19$484,120.002
8$484,120.00$3,185.35$1,773.33$1,412.02$482,346.6729$482,
346.67$3,180.18$1,773.33$1,406.84$480,573.3330$480,573.33
$3,175.01$1,773.33$1,401.67$478,800.0031$478,800.00$3,169.
83$1,773.33$1,396.50$477,026.6732$477,026.67$3,164.66$1,7
73.33$1,391.33$475,253.3333$475,253.33$3,159.49$1,773.33$
1,386.16$473,480.0034$473,480.00$3,154.32$1,773.33$1,380.9
8$471,706.6735$471,706.67$3,149.14$1,773.33$1,375.81$469,
933.3336$469,933.33$3,143.97$1,773.33$1,370.64$468,160.00
37$468,160.00$3,138.80$1,773.33$1,365.47$466,386.6738$466
,386.67$3,133.63$1,773.33$1,360.29$464,613.3339$464,613.33
$3,128.46$1,773.33$1,355.12$462,840.0040$462,840.00$3,123.
28$1,773.33$1,349.95$461,066.6741$461,066.67$3,118.11$1,7
73.33$1,344.78$459,293.3342$459,293.33$3,112.94$1,773.33$
1,339.61$457,520.0043$457,520.00$3,107.77$1,773.33$1,334.4

67. 3$455,746.6744$455,746.67$3,102.59$1,773.33$1,329.26$453,
973.3345$453,973.33$3,097.42$1,773.33$1,324.09$452,200.00
46$452,200.00$3,092.25$1,773.33$1,318.92$450,426.6747$450
,426.67$3,087.08$1,773.33$1,313.74$448,653.3348$448,653.33
$3,081.91$1,773.33$1,308.57$446,880.0049$446,880.00$3,076.
73$1,773.33$1,303.40$445,106.6750$445,106.67$3,071.56$1,7
73.33$1,298.23$443,333.3351$443,333.33$3,066.39$1,773.33$
1,293.06$441,560.0052$441,560.00$3,061.22$1,773.33$1,287.8
8$439,786.6753$439,786.67$3,056.04$1,773.33$1,282.71$438,
013.3354$438,013.33$3,050.87$1,773.33$1,277.54$436,240.00
55$436,240.00$3,045.70$1,773.33$1,272.37$434,466.6756$434
,466.67$3,040.53$1,773.33$1,267.19$432,693.3357$432,693.33
$3,035.36$1,773.33$1,262.02$430,920.0058$430,920.00$3,030.
18$1,773.33$1,256.85$429,146.6759$429,146.67$3,025.01$1,7
73.33$1,251.68$427,373.3360$427,373.33$3,019.84$1,773.33$
1,246.51$425,600.0061$425,600.00$3,014.67$1,773.33$1,241.3
3$423,826.6762$423,826.67$3,009.49$1,773.33$1,236.16$422,
053.3363$422,053.33$3,004.32$1,773.33$1,230.99$420,280.00
64$420,280.00$2,999.15$1,773.33$1,225.82$418,506.6765$418
,506.67$2,993.98$1,773.33$1,220.64$416,733.3366$416,733.33
$2,988.81$1,773.33$1,215.47$414,960.0067$414,960.00$2,983.
63$1,773.33$1,210.30$413,186.6768$413,186.67$2,978.46$1,7
73.33$1,205.13$411,413.3369$411,413.33$2,973.29$1,773.33$
1,199.96$409,640.0070$409,640.00$2,968.12$1,773.33$1,194.7
8$407,866.6771$407,866.67$2,962.94$1,773.33$1,189.61$406,
093.3372$406,093.33$2,957.77$1,773.33$1,184.44$404,320.00
73$404,320.00$2,952.60$1,773.33$1,179.27$402,546.6774$402
,546.67$2,947.43$1,773.33$1,174.09$400,773.3375$400,773.33
$2,942.26$1,773.33$1,168.92$399,000.0076$399,000.00$2,937.
08$1,773.33$1,163.75$397,226.6777$397,226.67$2,931.91$1,7
73.33$1,158.58$395,453.3378$395,453.33$2,926.74$1,773.33$
1,153.41$393,680.0079$393,680.00$2,921.57$1,773.33$1,148.2
3$391,906.6780$391,906.67$2,916.39$1,773.33$1,143.06$390,
133.3381$390,133.33$2,911.22$1,773.33$1,137.89$388,360.00
82$388,360.00$2,906.05$1,773.33$1,132.72$386,586.6783$386
,586.67$2,900.88$1,773.33$1,127.54$384,813.3384$384,813.33

68. $2,895.71$1,773.33$1,122.37$383,040.0085$383,040.00$2,890.
53$1,773.33$1,117.20$381,266.6786$381,266.67$2,885.36$1,7
73.33$1,112.03$379,493.3387$379,493.33$2,880.19$1,773.33$
1,106.86$377,720.0088$377,720.00$2,875.02$1,773.33$1,101.6
8$375,946.6789$375,946.67$2,869.84$1,773.33$1,096.51$374,
173.3390$374,173.33$2,864.67$1,773.33$1,091.34$372,400.00
91$372,400.00$2,859.50$1,773.33$1,086.17$370,626.6792$370
,626.67$2,854.33$1,773.33$1,080.99$368,853.3393$368,853.33
$2,849.16$1,773.33$1,075.82$367,080.0094$367,080.00$2,843.
98$1,773.33$1,070.65$365,306.6795$365,306.67$2,838.81$1,7
73.33$1,065.48$363,533.3396$363,533.33$2,833.64$1,773.33$
1,060.31$361,760.0097$361,760.00$2,828.47$1,773.33$1,055.1
3$359,986.6798$359,986.67$2,823.29$1,773.33$1,049.96$358,
213.3399$358,213.33$2,818.12$1,773.33$1,044.79$356,440.00
100$356,440.00$2,812.95$1,773.33$1,039.62$354,666.67101$3
54,666.67$2,807.78$1,773.33$1,034.44$352,893.33102$352,89
3.33$2,802.61$1,773.33$1,029.27$351,120.00103$351,120.00$
2,797.43$1,773.33$1,024.10$349,346.67104$349,346.67$2,792.
26$1,773.33$1,018.93$347,573.33105$347,573.33$2,787.09$1,
773.33$1,013.76$345,800.00106$345,800.00$2,781.92$1,773.3
3$1,008.58$344,026.67107$344,026.67$2,776.74$1,773.33$1,0
03.41$342,253.33108$342,253.33$2,771.57$1,773.33$998.24$3
40,480.00109$340,480.00$2,766.40$1,773.33$993.07$338,706.
67110$338,706.67$2,761.23$1,773.33$987.89$336,933.33111$3
36,933.33$2,756.06$1,773.33$982.72$335,160.00112$335,160.
00$2,750.88$1,773.33$977.55$333,386.67113$333,386.67$2,74
5.71$1,773.33$972.38$331,613.33114$331,613.33$2,740.54$1,
773.33$967.21$329,840.00115$329,840.00$2,735.37$1,773.33$
962.03$328,066.67116$328,066.67$2,730.19$1,773.33$956.86$
326,293.33117$326,293.33$2,725.02$1,773.33$951.69$324,520
.00118$324,520.00$2,719.85$1,773.33$946.52$322,746.67119$
322,746.67$2,714.68$1,773.33$941.34$320,973.33120$320,973
.33$2,709.51$1,773.33$936.17$319,200.00121$319,200.00$2,7
04.33$1,773.33$931.00$317,426.67122$317,426.67$2,699.16$1
,773.33$925.83$315,653.33123$315,653.33$2,693.99$1,773.33
$920.66$313,880.00124$313,880.00$2,688.82$1,773.33$915.48

69. $312,106.67125$312,106.67$2,683.64$1,773.33$910.31$310,33
3.33126$310,333.33$2,678.47$1,773.33$905.14$308,560.00127
$308,560.00$2,673.30$1,773.33$899.97$306,786.67128$306,78
6.67$2,668.13$1,773.33$894.79$305,013.33129$305,013.33$2,
662.96$1,773.33$889.62$303,240.00130$303,240.00$2,657.78$
1,773.33$884.45$301,466.67131$301,466.67$2,652.61$1,773.3
3$879.28$299,693.33132$299,693.33$2,647.44$1,773.33$874.1
1$297,920.00133$297,920.00$2,642.27$1,773.33$868.93$296,1
46.67134$296,146.67$2,637.09$1,773.33$863.76$294,373.3313
5$294,373.33$2,631.92$1,773.33$858.59$292,600.00136$292,6
00.00$2,626.75$1,773.33$853.42$290,826.67137$290,826.67$2
,621.58$1,773.33$848.24$289,053.33138$289,053.33$2,616.41
$1,773.33$843.07$287,280.00139$287,280.00$2,611.23$1,773.
33$837.90$285,506.67140$285,506.67$2,606.06$1,773.33$832.
73$283,733.33141$283,733.33$2,600.89$1,773.33$827.56$281,
960.00142$281,960.00$2,595.72$1,773.33$822.38$280,186.671
43$280,186.67$2,590.54$1,773.33$817.21$278,413.33144$278,
413.33$2,585.37$1,773.33$812.04$276,640.00145$276,640.00$
2,580.20$1,773.33$806.87$274,866.67146$274,866.67$2,575.0
3$1,773.33$801.69$273,093.33147$273,093.33$2,569.86$1,773
.33$796.52$271,320.00148$271,320.00$2,564.68$1,773.33$791
.35$269,546.67149$269,546.67$2,559.51$1,773.33$786.18$267
,773.33150$267,773.33$2,554.34$1,773.33$781.01$266,000.00
151$266,000.00$2,549.17$1,773.33$775.83$264,226.67152$264
,226.67$2,543.99$1,773.33$770.66$262,453.33153$262,453.33
$2,538.82$1,773.33$765.49$260,680.00154$260,680.00$2,533.
65$1,773.33$760.32$258,906.67155$258,906.67$2,528.48$1,77
3.33$755.14$257,133.33156$257,133.33$2,523.31$1,773.33$74
9.97$255,360.00157$255,360.00$2,518.13$1,773.33$744.80$25
3,586.67158$253,586.67$2,512.96$1,773.33$739.63$251,813.3
3159$251,813.33$2,507.79$1,773.33$734.46$250,040.00160$25
0,040.00$2,502.62$1,773.33$729.28$248,266.67161$248,266.6
7$2,497.44$1,773.33$724.11$246,493.33162$246,493.33$2,492
.27$1,773.33$718.94$244,720.00163$244,720.00$2,487.10$1,7
73.33$713.77$242,946.67164$242,946.67$2,481.93$1,773.33$7
08.59$241,173.33165$241,173.33$2,476.76$1,773.33$703.42$2

70. 39,400.00166$239,400.00$2,471.58$1,773.33$698.25$237,626.
67167$237,626.67$2,466.41$1,773.33$693.08$235,853.33168$2
35,853.33$2,461.24$1,773.33$687.91$234,080.00169$234,080.
00$2,456.07$1,773.33$682.73$232,306.67170$232,306.67$2,45
0.89$1,773.33$677.56$230,533.33171$230,533.33$2,445.72$1,
773.33$672.39$228,760.00172$228,760.00$2,440.55$1,773.33$
667.22$226,986.67173$226,986.67$2,435.38$1,773.33$662.04$
225,213.33174$225,213.33$2,430.21$1,773.33$656.87$223,440
.00175$223,440.00$2,425.03$1,773.33$651.70$221,666.67176$
221,666.67$2,419.86$1,773.33$646.53$219,893.33177$219,893
.33$2,414.69$1,773.33$641.36$218,120.00178$218,120.00$2,4
09.52$1,773.33$636.18$216,346.67179$216,346.67$2,404.34$1
,773.33$631.01$214,573.33180$214,573.33$2,399.17$1,773.33
$625.84$212,800.00181$212,800.00$2,394.00$1,773.33$620.67
$211,026.67182$211,026.67$2,388.83$1,773.33$615.49$209,25
3.33183$209,253.33$2,383.66$1,773.33$610.32$207,480.00184
$207,480.00$2,378.48$1,773.33$605.15$205,706.67185$205,70
6.67$2,373.31$1,773.33$599.98$203,933.33186$203,933.33$2,
368.14$1,773.33$594.81$202,160.00187$202,160.00$2,362.97$
1,773.33$589.63$200,386.67188$200,386.67$2,357.79$1,773.3
3$584.46$198,613.33189$198,613.33$2,352.62$1,773.33$579.2
9$196,840.00190$196,840.00$2,347.45$1,773.33$574.12$195,0
66.67191$195,066.67$2,342.28$1,773.33$568.94$193,293.3319
2$193,293.33$2,337.11$1,773.33$563.77$191,520.00193$191,5
20.00$2,331.93$1,773.33$558.60$189,746.67194$189,746.67$2
,326.76$1,773.33$553.43$187,973.33195$187,973.33$2,321.59
$1,773.33$548.26$186,200.00196$186,200.00$2,316.42$1,773.
33$543.08$184,426.67197$184,426.67$2,311.24$1,773.33$537.
91$182,653.33198$182,653.33$2,306.07$1,773.33$532.74$180,
880.00199$180,880.00$2,300.90$1,773.33$527.57$179,106.672
00$179,106.67$2,295.73$1,773.33$522.39$177,333.33201$177,
333.33$2,290.56$1,773.33$517.22$175,560.00202$175,560.00$
2,285.38$1,773.33$512.05$173,786.67203$173,786.67$2,280.2
1$1,773.33$506.88$172,013.33204$172,013.33$2,275.04$1,773
.33$501.71$170,240.00205$170,240.00$2,269.87$1,773.33$496
.53$168,466.67206$168,466.67$2,264.69$1,773.33$491.36$166

71. ,693.33207$166,693.33$2,259.52$1,773.33$486.19$164,920.00
208$164,920.00$2,254.35$1,773.33$481.02$163,146.67209$163
,146.67$2,249.18$1,773.33$475.84$161,373.33210$161,373.33
$2,244.01$1,773.33$470.67$159,600.00211$159,600.00$2,238.
83$1,773.33$465.50$157,826.67212$157,826.67$2,233.66$1,77
3.33$460.33$156,053.33213$156,053.33$2,228.49$1,773.33$45
5.16$154,280.00214$154,280.00$2,223.32$1,773.33$449.98$15
2,506.67215$152,506.67$2,218.14$1,773.33$444.81$150,733.3
3216$150,733.33$2,212.97$1,773.33$439.64$148,960.00217$14
8,960.00$2,207.80$1,773.33$434.47$147,186.67218$147,186.6
7$2,202.63$1,773.33$429.29$145,413.33219$145,413.33$2,197
.46$1,773.33$424.12$143,640.00220$143,640.00$2,192.28$1,7
73.33$418.95$141,866.67221$141,866.67$2,187.11$1,773.33$4
13.78$140,093.33222$140,093.33$2,181.94$1,773.33$408.61$1
38,320.00223$138,320.00$2,176.77$1,773.33$403.43$136,546.
67224$136,546.67$2,171.59$1,773.33$398.26$134,773.33225$1
34,773.33$2,166.42$1,773.33$393.09$133,000.00226$133,000.
00$2,161.25$1,773.33$387.92$131,226.67227$131,226.67$2,15
6.08$1,773.33$382.74$129,453.33228$129,453.33$2,150.91$1,
773.33$377.57$127,680.00229$127,680.00$2,145.73$1,773.33$
372.40$125,906.67230$125,906.67$2,140.56$1,773.33$367.23$
124,133.33231$124,133.33$2,135.39$1,773.33$362.06$122,360
.00232$122,360.00$2,130.22$1,773.33$356.88$120,586.67233$
120,586.67$2,125.04$1,773.33$351.71$118,813.33234$118,813
.33$2,119.87$1,773.33$346.54$117,040.00235$117,040.00$2,1
14.70$1,773.33$341.37$115,266.67236$115,266.67$2,109.53$1
,773.33$336.19$113,493.33237$113,493.33$2,104.36$1,773.33
$331.02$111,720.00238$111,720.00$2,099.18$1,773.33$325.85
$109,946.67239$109,946.67$2,094.01$1,773.33$320.68$108,17
3.33240$108,173.33$2,088.84$1,773.33$315.51$106,400.00241
$106,400.00$2,083.67$1,773.33$310.33$104,626.67242$104,62
6.67$2,078.49$1,773.33$305.16$102,853.33243$102,853.33$2,
073.32$1,773.33$299.99$101,080.00244$101,080.00$2,068.15$
1,773.33$294.82$99,306.67245$99,306.67$2,062.98$1,773.33$
289.64$97,533.33246$97,533.33$2,057.81$1,773.33$284.47$95
,760.00247$95,760.00$2,052.63$1,773.33$279.30$93,986.6724