Project Management Capstone

Project Management Capstone Class

Course Outline

Initiating a Project Planning Project Work Developing Project Schedules, Cost Estimates, and Budgets Planning Project Quality, Staffing, and Communications Analyzing Risks and Planning Risk Response Planning Project Procurement Executing Project Work Monitoring and Controlling Project Work Monitoring and Controlling Project Schedules and Costs Monitoring and Controlling Project Quality, Staffing, and Communications Monitoring and Controlling Project Risk and Contracts Closing the Project

Initiating a Project

Apply Project Management ProcessesCreate a Project CharterIdentify Stakeholders

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Generic Product Life CycleProjectStartPhase 1Phase 2Phase 3ProjectEnd

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Inputs, Tools and Techniques, and OutputsInputsOutputsTools andTechniquesProject Management Processes

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Process Group InteractionsInitiatingProcessesPlanningProcessesMonitoringAndControllingProcessesExecutingProcessesClosingProcesses

*Fundamentals of project managementUnit objectivesIdentify the features and attributes of a project. Identify the steps and variables of the project management process.

*Fundamentals of project managementTopic A: ProjectTopic B: Project management process

*ProjectA temporary sequence of tasks with a distinct beginning and end that is undertaken to create a unique product or service

*Features of a projectFollows an organized processHas goals based on specific quality standardsUses time, money, resources, and people that are specifically allocated to the projectHas a distinct beginning and endGenerally has time and cost constraintsUsually completed by a team of people

*Initiating a projectA project is initiated by a person or a group who: Recognizes a problem or an opportunityDecides to take action The basic purpose for initiating a project is to accomplish the identified goals

*Attributes of a projectUniqueHas a purpose Has a life cycle Has interdependencies

*Project managementIncludes directing and coordinating various resources throughout the life of a project in order to meet or exceed stakeholder needs and expectations Achieves the objectives for:ScopeQualityTimeCost

*Project vs. program vs. portfolioA program is a logical group of related projects. Projects are managed together in order to gain benefits that are not available from managing them separately. A portfolio of projects that accomplish a strategic business objective - Delivering a strategic business objective takes into consideration multiple aspects of an organization. By this definition, a program may require changes to the organizations structure, policies, processes, procedures, and technology.

*Product and project managementProduct management:Produces a product or a service in an ongoing mannerProject management: Is based on a temporary group of processes that produces a unique product or service

*Project-driven organizationsFoster an environment in which all work is characterized through projectsIn non-project-driven organizations, projects are used only to support product lines.

*Key characteristicPeople To be successful, a project requires a group of dedicated individuals to achieve the project goal.

Progressive ElaborationProgressive elaboration - what this means is that a project begins with a broad scope description and received further elaboration as a project moves forward. The project team will elaborate on the project scope as they receive the full set of deliverables and objectives to be accomplished.

*Fundamentals of project managementTopic A: ProjectTopic B: Project management process

*Project management processFive steps: Initiating Planning Executing Controlling Closing

*InitiatingFormally recognizing a new project Establishing some project goals, objectives, and major milestones

*PlanningDefining resources Developing a scheduleDeveloping a budget

*ExecutingCoordinating personnel and resources in order to achieve the projects goal

*ControllingMeasuring progress toward project objectivesTaking corrective action to bring the project back within the stated goals and objectives

*ClosingGaining acceptance of the final productBringing the project to an orderly conclusionReviewing the lessons learned from the project

*VariablesVariables in the project management process:Project scope managementTime managementEstimating costsQuality standardsHuman resource managementCommunicationRisk management Contracts and procurementStakeholder ManagementIntegration

*Possible pitfallsInappropriate project managerInappropriate team membersInadequately defined tasksUnclear overall project expectationsUnavailability of resourcesLack of support from upper management

Project Management EnvironmentDefining Concepts of Project ManagementWhat is a project?A temporary endeavor undertaken to create a unique product, service or result.

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Project Management EnvironmentDefining Concepts of Project ManagementWhat is project management?the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

One of the techniques used is: Progressive elaboration*

Copyright 2005 Element K Content LLC. All rights reserved.

PMP Exam PREP - FrameworkProjects and Strategic PlanningMarket DemandOrganizational NeedCustomer RequestTechnological advanceLegal requirements

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Project Management EnvironmentYour Role as the Project ManagerCommunicatorInfluencerLeader/MotivatorNegotiatorProblem Solver

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Project Management EnvironmentGeneral management skillsFinancial managementPurchasing and procurementSales and marketingContracts and commercial lawManufacturing and distribution

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Project Management EnvironmentGeneral management skillsLogistics and supply chainPlanning - strategic, tactical, operationalOrganizational structures, behaviors, compensation, career paths, personnel administrationHealth and safetyInformation technology

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Project Management EnvironmentThe Project Management EnvironmentDomainsLinks to ongoing operationsContext of the environmentPoliticalCulturalValuesAttitudesPhysical locations

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Copyright 2005 Element K Content LLC. All rights reserved.

Project Management EnvironmentThe Project Management Environment Product Management Life Cycle vs. Project Management Life Cycle

CreationIdeationIntroductionGrowthMaturityDeclineProduct Management LifecycleProject Management Lifecycle*

StakeholdersThe Project Management Environment StakeholdersThe people who work on the project orThe people affected by the projectProject ManagerCustomer/userOrganizationProject team membersProject management teamSponsorPMO

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Framework*

FrameworkInitiating Process GroupAre the processes used to formally authorize a project or a project phase.

Consists of:Develop Project Charter Identify Stakeholders

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FrameworkPlanning Process GroupAre the processes used to plan and establish the management of a successful project. Consists of:Develop Project Management Plan Plan Scope ManagementCollect RequirementsDefine ScopeCreate WBS

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FrameworkPlanning Process Group

Consists of:Plan Schedule ManagementDefine ActivitiesSequence ActivitiesEstimate Activity ResourcesEstimate Activity DurationsDevelop Schedule*


Consists of:Plan Cost ManagementEstimate Costs Determine BudgetPlan Quality ManagementPlan Human Resource ManagementPlan Communications ManagementPlan Risk ManagementIdentify RisksPerform Qualitative Risk AnalysisPerform Quantitative Risk Analysis*


Consists of:Plan Risk ResponsesPlan Procurement ManagementPlan Stakeholder Management

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FrameworkExecuting Process GroupAre the processes used to complete the work that has been planned in the project management plan.

Consists of:Direct and Manage Project WorkPerform Quality AssuranceAcquire Project TeamDevelop Project TeamManage Project TeamManage CommunicationsConduct ProcurementsManage Stakeholder Engagement

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FrameworkMonitoring and Controlling Process GroupAre the processes used to watch the project work and identify potential problems.

Consists of:Monitor and Control Project WorkPerform Integrated Change ControlValidate ScopeControl ScopeControl ScheduleControl Costs

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FrameworkMonitoring and Controlling Process Group Consists of:Control QualityControl CommunicationsControl RisksControl ProcurementsControl Stakeholder Engagement

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FrameworkClosing Process GroupAre the processes used to formally close a project or a project phase.

Consists of:Close Project or PhaseClose Procurements

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PMP Framework*

*EnvironmentCultural environment Influences team members attitudes and desire to achieve the project goal External environment Includes everything outside the project, such as: Parent organizationPolitical environment Current industrial conditions Geographical setting Social commitments

*Project stakeholderAn individual, a group, or an organization involved in a project or whose interests might be influenced as a result of project achievement

The key stakeholders:

*Stakeholders influenceTheir need to feel appreciated throughout the project processOutlining specific requirements they want the project to meet

*CharacteristicsTopic A: Project environment Topic B: Organizational structureTopic C: Project manager Topic D: Project team

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Develop Project Charter

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Project Stakeholders

Create Project Charter

Include the project and authority identification information.Include a clear, concise description of the business need, opportunity, or threat that the project is intended to address.Include summary descriptions of the product or service of the project.Include a description of the project's relationship to the business need it is intended to address.Consider any known constraints and/or assumptions.Ensure the person with the required knowledge and authority signs the project charter.Distribute the signed charter to the appropriate project stakeholders.

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Identify Stakeholders

Reflective Questions

1. What specific benefits would creating an effective charter bring to your organization?

Planning Project Work

Develop a Project Management Plan Collect RequirementsCreate a Scope Statement Develop a Work Breakdown Structure (WBS)

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Develop Project Management Plan Process

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Plan Scope Management

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Collect Requirements

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Scope Definition Process

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Product Analysis

TechniqueDescriptionFunctional analysisAnalyzing all of the things that a product does, including primary and related functions, to identify unnecessary functions that might drive up cost on a product.Value engineering and value analysisIdentifying and developing the cost versus benefits ratio for each function of a product. A method for controlling costs while maintaining performance and quality standards. Very common in military and construction contracts.Quality function deployment

Systems engineeringIdentifying what the customer's needs are, and translating those needs into technical requirements. Appropriate for each stage of the product development cycle. Analyzing products holistically, integrating factors such as users, usage environment, and related hardware or software with which the product must function.

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Alternatives generation

TechniqueDescriptionLateral thinkingA creative approach to problem solving in which the team attempts to think about a problem in new ways and generate a fresh solution.BrainstormingA general creativity technique for generating possible alternatives. Brainstorming methods can be structured or unstructured in approach. The goal is to generate as many ideas as possible from as many team members as possible.Delphi techniqueA group technique that extracts and summarizes anonymous group input to choose among various alternatives. Often used to arrive at an estimate or forecast.

Create A Scope Statement

Refine the project objectives, deliverables, and product scope description.Reexamine the project requirements.Review the project boundaries.Update the preliminary project constraints, risks, and assumptions.Create schedule milestones.Include a revised overall cost estimate and define any cost limitations.Identify and document known risks.Map out the internal organization.Document project specifications and approval requirements.Finalize the procedure for accepting completed products.

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Work Breakdown Structure Process


1. What are some elements that would typically be included in an effective project management plan?

2. What are the benefits of creating a work breakdown structure for your project management plan?

Developing Project Schedules, Cost Estimates, and Budgets

Create an Activity ListCreate a Project Network Diagram Estimate Activity Resources Estimate Activity Durations Identify the Critical Path Develop a Project Schedule Estimate Project Costs Establish a Cost Baseline

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Activity List

Complete?Activity Write Script Schedule Narrator Record NarrationEdit NarrationMix Narration with MusicCreate Master PSA

Activity

An element of project work that requires an action to produce a deliverable.Typically has an expected duration.Usually consumes costs and resources.

Examples of activities:Revise user manualDig footersReserve conference room

Plan Schedule Management

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Activity Definition

Create Activity List

Gather inputs and resource materials.Decompose each work package in the WBS into activities required to produce the deliverable.Consult records of similar projects to identify possible activities.Consult subject matter experts about unfamiliar activity.Ensure activities listed are necessary and sufficient to successfully complete. the work package.

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Activity List ExampleWork Package WBS#: 1.1.3.1 Title: Initial Web site DesignWork package assigned to: Amy PhillipsDescription: Approved color online comps of home page and at least one other page of company Web site. Design should include interface elements and proposed functionality.WBS#ActivityResponsiblePartyEstimated Duration(Hours)1.1.3.1.11.1.3.1.21.1.3.1.31.1.3.1.41.1.3.1.5Research requirementsProduce paper comps of 3 designsReview comps & select designProduce online comps of selected designReview and approve online comps

Historical Records ProjectHistorical records of two similar projects

WBS:2.1.4Title:New SidewalkAssigned to: Peter SingletaryDescription: Install sidewalk over existing lawn.#Activity2.1.4.1Excavate Lawn2.1.4.2Build Forms2.1.4.3Pour Concrete2.1.4.4Remove Forms

WBS:2.2.9Title:Sidewalk RemovalAssigned to: Johnny ComelatelyDescription: Remove existing sidewalk and replace with new grass.#Activity2.2.9.1Remove Sidewalk2.2.9.2Replace Topsoil2.2.9.3Lay Sod

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Sidewalk Replacement Work Package Activity List

WBS:2.3.3Title:Sidewalk ReplacementAssigned to:Description: Replace old concrete sidewalk (approx. 100 yds long) with curved concrete sidewalk from front porch to street (approx. 200 yds long).#Activity

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Network DiagramsStartFinishADBECF

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Activity Sequencing

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Activity Dependencies

DependencyDescriptionMandatoryInherent to the work itself.DiscretionaryDefined by the project management team.ExternalDepend on input from outside the project activities.

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Precedence Relationships

RelationshipDescriptionFinish-to-start (FS)Activity A must finish before activity B can start.Finish-to-finish (FF)Activity A must finish before activity B can finish.Start-to-start (SS)Activity A must start before activity B can start.Start-to-finish (SF)Activity A must start before activity B can finish.

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Finish-to-Start (FS) ExampleA10 daysB4 daysA (10 days)B (4 days)B cant start untilA is finished14 days

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Finish-to-Finish (FF) ExampleA10 daysB4 daysA (10 days)B (4 days)B cant finishuntil A finishesA (10 days)B (4 days)FF14 days (Worst Case)10 days (Best Case)

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Start-to-Start (SS) ExampleA10 daysB4 daysA (10 days)B (4 days)B cant startuntil A startsA (10 days)B (4 days)SS10 days (Best Case)14 days (Worst Case)

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Start-to-Finish (SF) ExampleA10 daysB4 daysA (10 days)B (4 days)A (10 days)A must start before B can finishB (4 days)10 days (Best Case)14 days (Worst Case)SF

Lag

The permit application takes six weeks to process.The adhesive must dry until its tacky before the laminate can be installed.

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Finish-to-Start (FS) Relationship with LagA10 daysB4 daysB (4 days)Lag (4 days)A (10 days)Lag 418 days

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Start-to-Start Relationship with LagA10 daysB4 daysA (10 days)B (4 days)Lag (3 days)B cant start until A startsLag 310 days

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Lead ExampleA8 daysB6 daysA (8 days)B (6 days)4 daysFS-410 days

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PDM DiagramStartFinishABCDEFGHIJ

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Blank Activity Precedence Chart

WBS:2.3.3Title:Sidewalk ReplacementAssigned to: Jack MatermanDescription: Replace old concrete sidewalk (approx. 100 yds long) with curved concrete sidewalk from front porch to street (approx. 200 yds long).#ActivityPredecessor2.3.3.1Remove Sidewalk2.3.3.2Excavate Lawn2.3.3.3Build Forms2.3.3.4Pour Concrete2.3.3.5Replace Topsoil2.3.3.6Lay Sod2.3.3.7Remove Forms

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Completed Activity Precedence Chart

WBS:2.3.3Title:Sidewalk ReplacementAssigned to: Jack MatermanDescription: Replace old concrete sidewalk (approx. 100 yds long) with curved concrete sidewalk from front porch to street (approx. 200 yds long).#ActivityPredecessor2.3.3.1Remove Sidewalk3.3.4.42.3.3.2Excavate Lawn2.3.3.12.3.3.3Build Forms2.3.3.22.3.3.4Pour Concrete2.3.3.32.3.3.5Replace Topsoil2.3.3.32.3.3.6Lay Sod2.3.3.52.3.3.7Remove Forms2.3.3.4 and 2.3.3.6

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Completed Sidewalk Replacement Work Package Network Diagram2.3.3.1

Remove Old Sidewalk2.3.3.2

ExcavateLawn2.3.3.3

BuildForms2.3.3.7

RemoveForms2.3.3.4

PourConcrete2.3.3.5

ReplaceTopsoil2.3.3.6

LaySod

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Activity Resource Estimating

Estimate Activity Resources

Determine what resources are necessary to complete each activity.Determine what quantity of resources is necessary to complete each activity.Generate possible alternatives for unavailable resources.Analyze the scope statement.Consider organizational policies that could affect resource acquisition and usage.Identify and use expert judgment resources.Analyze the resources already available.

Activity Duration Estimates

Number of work units required to complete the activity.Assumptions made when making the estimates.Range of variance for the estimate.

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Activity Duration Estimating

Analogous Estimating

The amount and reliability of historical information.The similarity of the historical project on which the estimates are based.The expertise and relevancy of the expert judgment used to make the estimates.

Estimate Activity Durations

Involve the work package owners.Consult historical information.Determine which work unit you will use.Consider resource requirements and capabilitiesDetermine the appropriate estimation method to use.Modify the constraints and assumptions from the other planning processes.Verify the accuracy of your estimates.Consider the need for reserve time.Include the list of assumptions made in the creation of estimates.Include a range of variance for each estimate.

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Critical Path

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Schedule Development

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Schedule Network Analysis Methods

MethodDescriptionCritical path (CPM)Uses a sequential finish-to-start network logic and calculates one early and late start and finish date for each activity using a single duration estimate.Critical chainConsiders resource limitations and adjusts the schedule as appropriate to work within those limitations.What-if scenarioAllows you to plan for unexpected issues or problems that will interfere with the schedule.Resource levelingAllows you to readjust the work as appropriate and addresses scheduling activities when critical resources are only available at certain times.

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Project Schedule

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Network Diagram with Dates ExampleES0EF10LS0LF10DU104.2.1ActivityAES10EF25LS10LF25DU154.2.2ActivityBES61EF66LS61LF66DU54.2.8ActivityHES37EF50LS48LF61DU134.2.5ActivityEES29EF37LS40LF48DU84.2.4ActivityDES25EF29LS36LF40DU44.2.3ActivityCES25EF41LS25LF41DU164.2.6ActivityFES49EF61LS49LF61DU124.2.7ActivityG3 Feb14 Feb14 Feb7 Mar28 Apr6 May7 Mar31 Mar10 Apr28 Apr7 Mar13 Mar13 Mar25 Mar25 Mar13 AprFS 8

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Fast-TrackingDevelop ProductDevelop ProductWrite ManualWrite ManualNormalFast-tracked

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Crash Costs Example

Normal Time(wk)Crash Time(wk)Normal Cost($)Crash Cost($)CrashCost($/wk)A10815,00023,0004,000B121110,00014,5004,500C865,0008,0001,500D636,0007,500500E9612,00018,0002,000Totals453448,00071,000Totals

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Plotting Crash Costs34Total Project Duration (weeks)Total Project Cost ($)Minimum Total Crash CostCrash BCrash ACrash ECrash CCrash DNormal Operations

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Critical Path ActivityB(6)C(6)D(6)E(10)F(20)A(13)G(5)

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Calculated Crash Costs per Week

Normal Time(wk)Crash Time(wk)Normal Cost($)Crash Cost($)CrashCost($/wk)A131025,00043,0006,000B642,0004,0001,000C653,0005,0002,000D623,0004,000250E1073,0009,0002,000F201350,00064,0002,000G536,0008,0001,000

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Simulation

TechniqueDescriptionMonte Carlo analysisUses the optimistic, most likely, and pessimistic estimates for variables in the model and simulates various outcomes of the project schedule to provide a statistical distribution of the calculated results.What-if analysisSimulates different scenarios using the project's logic network to assess the feasibility of the schedule under adverse conditions.

Develop a Project Schedule

Perform a mathematical analysis to determine the time periods within which the activities could be scheduled.Evaluate constraints and assumptions made during other planning processes.Consider the availability of your resources.Consult project and resource calendars and assign dates to activities.Calculate possible project durations under different assumptions using simulation.Consider international issues, if applicable.Select the most appropriate project management software.

Develop a Project Schedule (cont.)

Review rough drafts of the schedule with the project team.Choose the format in which youll publish the schedule.Distribute the preliminary schedule to appropriate parties.Perform schedule compression, if applicable.Review any schedule changes with key stakeholders.Baseline the schedule and distribute to the team.

Plan Cost Management

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Cost Estimating

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Estimating Techniques Pros and Cons

TechniqueProsConsAnalogousCan ensure no work is inadvertently omitted from work estimates.Can sometimes be difficult for lower-level managers to apportion cost estimates.Bottom-upIs very accurate and gives lower-level managers more responsibility.May be very time consuming and can only be used after the WBS has been well-defined.ParametricUsing parametric models is not time consuming.May be inaccurate, depending on the integrity of the historical information used.

Estimate Project Costs

Involve the work package owners.Gather relevant input information that may help you prepare the estimates.Determine which estimating technique to use.Look for alternative costing options.Determine the units of measure that will be used.Consider possible risks that could impact cost.Ensure all cost estimates are assigned to the appropriate account according to the chart of accounts.Make sure your cost estimates include key elements.

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Cost Budgeting

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Cost BaselineCostTimePlanned Costs

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Cost Assignment Methods

MethodDescription0/100 percent ruleNo credit is given to work until it is completed.50/50 percent ruleFifty percent credit is given when the activity begins and fifty percent credit is given when the work is completed. Percentage complete ruleCompletion percentages are estimated and assessed at specific reporting intervals. Weighted milestonesThe total work package value is divided up and assigned to milestone intervals within the work package.

Establish a Cost Baseline

Gather inputs you will need to establish the baseline.Determine when activities will take place using the project schedule.Using one of the four methods of assigning costs, allocate funds for each activity or work package for the time period in which they will occur.Consider adding contingency amount to accommodate the risk of incurring extra expenses.Total the costs for each time period.Plot the costs for each time period. Publish and distribute the cost baseline to the appropriate stakeholders.


1. What are some of the different ways of identifying the critical path of a project?

2. What are some elements of a typical schedule management plan?

Planning Project Quality, Staffing, and Communications

Create a Quality Management Plan Document Roles, Responsibilities, and Reporting Relationships Acquire Project Team Create a Communications Management Plan

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Quality Planning

Quality

Total Quality Management (TQM)Standards and regulationsISO 9000 SeriesStandards example

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Cost of Quality

Type of CostDescriptionPreventionThe up-front costs of programs or processes needed to meet customer requirements, or to design in quality.AppraisalThe costs associated with evaluating whether the programs or processes meet requirements.FailureThe costs associated with making the product or service acceptable to the customer after it fails internal testing and before it's delivered to the customer

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Cause-and-Effect DiagramMachineMethodMaterialRejectedImagesNon-standardSoftwarePersonnelEnvironmentMac or PCWrong specsIncompatibleFile formatsPoor trainingNo stylebookInexperienceOverworkedPoor specsLateStoryboardsLow moraleNoiseMeasurement

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Process FlowchartPressurization testX-ray the weld todetect micro-fracturesFracturesdetected?Connect pressure unitto open end of pipePressurization testPressurization testYesNoYesNoCABGrind out the old weldPrepare the weldsurfaceApply the new weldTest completeTimeelapsed?Leaksdetected?

Benchmarking

Which products or services to offer and which features should be included?What processes are other groups using to achieve customer satisfaction?What metrics or goals are used to measure the processes or products that achieve customer satisfaction?

Design of Experiments

Which variable has the greatest effect?What is the relationship between each variable and the quality (customer-focused) specifications?What is the best value for each variable in order to optimize quality or value?

Create a Quality Management Plan

Review the organizations quality policy.Review the product description to identify customer/stakeholder quality.Determine cost of quality trade-offs.Ensure your quality management plan:Describes the resource required to implement quality management.Includes quality management roles and responsibilities.Is as detailed and formal as required, based on the project needs.

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Human Resource Planning

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Human Resources Plan

ItemDescriptionStaff acquisitionConsider whether you will use team members from within the organization or from external sources, the costs associated with the level of expertise required for the project, and physical location of resources. TimetableOptimize the use of people on the project to keep the project on time and within budget.Release criteriaDevelop a method and timetable for releasing resources to help control project costs by using team members expertise or skills as they are needed. Training needsA training plan can be developed for team members who need to improve their competency levels or who may need to obtain certifications that will benefit the project.Recognition and rewardsCreate incentives for meeting milestones or other project deliverables, which can have a positive effect on moraleComplianceAny compliance issues should be stipulated in the staffing management plan.SafetyProjects performed where specific safety precautions must be taken can have documented policies and procedures for the protection of team members.

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Communications Planning

Communications Technology

How quickly must the information reach the audience?Will there be feedback from the communication?What technology will the audience need to receive the communication?Are there technical difficulties or learning curve issues to address?Are there access or security issues with the communications technology?Is the particular mode of technology likely to become outdated?What is the relative cost of each technology?

Create a Communications Management Plan

Determine the communication needs of project stakeholders.Analyze the value to the project of providing the information.Evaluate any constraints and assumptions.Determine the appropriate communications technologies to use for communicating project information.Ensure the communications management plan details who gets what information when and in what format.Integrate the communications management plan into the overall project plan.Distribute the communications management plan to project stakeholders.


1. What specific benefits would enlisting stakeholder support bring to your quality, resource, and communications planning efforts?

2. What are some factors you will consider when determining a structure for your quality organization?

Analyzing Risks and Planning Risk Response

Create a Risk Management Plan Identify Project Risks and Triggers Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Develop a Risk Response Plan

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Risk Management Plan

Risk

Risk ComponentsA measure of probability that the risk event will occur.The impact of the risk occurring on a project.

Risk ClassificationsBusiness risk versus insurable risk.Effect-based classification.Source-based classification.Level of uncertainty.

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Levels of Uncertainty

TypeDescriptionKnownItems that you are aware of and that will affect you, but you have no control over.Known-unknownItems that will affect you, although you are not able to predict how or how much they will affect you.Unknown-unknownItems beyond your ability to foresee.

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Risk Tolerance

ClassificationDescriptionRisk-averterNot likely to take a risk that is considered a high risk.Risk-seekerPrefers an uncertain outcome and may be willing to pay a penalty to take a high risk.Risk-neutralTolerance to risk is proportional to the amount of money at stake.

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Decision-Making

ElementDescriptionCertaintyCompletely sure of the states of nature to be faced and their respective payoffs.RiskKnown states of nature and their respective payoffs, but probability must be assigned to the occurrence of each state of nature.UncertaintyEach state of nature must be estimated and payoffs may be unknown.

Create a Risk Management Plan

Determine how you will organize your projects risk management team.Conduct risk planning meetings to develop the risk management plan.Establish a budget for risk management.Consult your organizations risk management policy for compliance.Use a risk management plan template, if available.Describe the approaches, tools, and data sources that may be used to perform risk management activities for the project. Determine the schedule for performing risk management activities.Determine how your team will document risk response efforts.Determine how lessons learned will be documented.Include organizational and stakeholders risk thresholds.

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Project Risks and Triggers

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Risk Identification

Risk Categories

Technical changesChanges to industry standards during a projectReliance on unproven or complex technologyUnrealistic performance goals

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Information-Gathering Techniques

TechniqueDescriptionBrainstormingUsed to identify overall project risks or may focus in on the risks within a particular project segment or work package.Delphi techniqueGenerates a consensus among project risk experts who anonymously submit their risk list to a facilitator.InterviewingUsed to get information from people with a wide experience across many projects.Root cause identificationUsed to find and group the risks by cause.Strengths, weaknesses, opportunities, and threats (SWOT) analysisExamines the project from the perspective of strengths, weaknesses, opportunities, and threats.

Identify Project Risks and Triggers

Review outputs from other planning processes.Use one or more risk identification techniques to identify risks and their possible triggers.Use a consistent method to identify project risks and triggers.Think outside the box.Apply the method to identify project risks and triggers consistently.Consult relevant historical information.Group identified risks into categories.Determine triggers for each identified risk.

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Qualitative Risk Analysis

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Probability ScaleNo ProbabilityCertainty0.1.3.5.7.91.0

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Probability/Impact Risk Rating Matrix1.350.750.154.952.750.557.654.250.850.9Very High0.5Medium0.1Very LowVery Low1.5Medium5.5Very High8.5ProbabilityImpact

Perform Qualitative Risk Analysis

Examine the list of identified risks.Analyze the data available for each risk to assign a data precision ranking score.Determine the organization's risk threshold for this project.Analyze the assumptions identified during risk identification as potential risks.Analyze the probability and impact of each identified risk using well-defined probability and impact scales. Determine the risk factor scores of each risk using a probability/impact risk rating matrix.Prioritize the risks according to the risk management plan.Identify risks that require additional analysis.Determine the overall risk ranking for the project.Determine all changes to the risk register.

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Quantitative Risk Analysis

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Quantitative Analysis Methods

MethodDescriptionSensitivity analysisPlaces a value on the effect of changing a single variable within a project by analyzing that effect on the project plan.Expected monetary value (EMV) analysisAssesses the average outcome of both known and unknown scenarios.Decision tree analysisFactors both probability and impact for each variable, indicating the decision providing the greatest expected value when all uncertain implications and subsequent decisions are quantified.Modeling and simulationUses models that calculate potential impact of events on the project, based on random input values.

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Decision TreeA $100,000B $125,000C $135,0000.7 x $100,000 = $70,0000.3 x -$10,000 = -$3,0000.5 x -$10,000 = -$5,0000.5 x $60,000 = $30,0000.2 x $20,000 = $4,0000.8 x -$10,000 = -$8,000

Perform Quantitative Risk Analysis

Consult historical information.Use the appropriate interviewing technique and obtain probability distributions.Depict the distributions in a PDF.Perform a sensitivity analysis.Use decision tree analysis technique.Conduct a project simulation.Prioritize the quantified risks.

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Risk Response Planning

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Negative Risk Strategies

StrategyDescriptionRisk avoidanceInvolves changing the project plan to prevent a potentially detrimental risk condition or event from happening.Risk transferenceShifts the impact of a risk event and ownership of the risk response to a third party.Risk mitigationAttempts to reduce the probability or impact of a potential risk event to an acceptable level.

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Positive Risk Strategies

StrategyDescriptionRisk exploitationOften used when a project team wants to make sure that a positive risk is fully realized.Risk sharingEntails partnering up with another party in an effort to giveyour team the best chance of seizing the opportunity.Risk enhancementAttempts to increase the probability that an opportunity will occur.

Develop a Risk Response Plan

Examine each identified risk to determine its causes and how it might affect project objectives.Brainstorm possible response strategies for each risk.Choose the response strategy that is most likely to be effective for each identified risk.Develop specific actions for implementing the chosen strategy.Identify backup strategies for risks with high risk factor scores.Determine the amount of contingency reserves necessary to deal with accepted risks.Determine how much of a contingency reserve you should set aside for unknown risks.Consult the risk management plan for the description of the content and format of the risk response plan.Incorporate the risk response plan into the overall project plan.Examine trends in analysis results that may guide response strategies.


1. How could you and your organization benefit from comprehensive risk panning?

2. What tools and techniques could you use to effectively identify, rank, prioritize, and quantify risks for future projects you manage?

Planning Project Procurement

Prepare a Contract Statement of Work Prepare a Procurement Document

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Plan Procurements

Specifications

Specification TypeDescriptionDesignDetail what is required in terms of physical characteristics.PerformanceSpecify measurable capabilities the end product must achieve in terms of operational characteristics.FunctionalDefine what the deliverable is required to do, but not necessarily how to do it.

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Make-or-Buy Analysis

QuestionConsiderationHow will the options affect project cost, time, or quality?For instance, if current personnel must be retrained for services requiring a new skill set, it may be less expensive to outsource those services.Will this service be an ongoing need for the company?If the organization will continue to need a specific skill set--evenfor future, unrelated projects--it may be a worthwhile investment totrain current personnel to perform that service.Do the project's time constraints accommodate the learning curve inherent to newly trained personnel?While it may make financial sense to develop an in-house solution, there may not be enough time to train personnel and/or implement the necessary policies and equipment to produce that solution.

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Contracts

Contract TypeDescriptionFixed-priceSeller agrees to perform the work at the negotiated contract value. Also known as a lump-sum contract. Cost-reimbursableSeller receives a refund of the expenses incurred while providing a service or producing a product, plus a fee representing seller profit. Time and Material (T&M)Buyer pays to the seller a pre-negotiated hourly rate and full reimbursement for materials used to complete the contract.

Prepare a Statement of Work (SOW)

Review the product description to ensure that you fully understand the scope of the work being procured.Consult technical experts to clearly and concisely define specifications.Use a standard form or template, if available.Present the information in a logical sequence.Use consistent terminology and level of detail throughout the SOW.Determine whether any collateral services will be required of the seller.Determine the acceptable criteria for the product or service.Make sure your SOW includes all key elements.Have a knowledgeable third party review the SOW for completeness and correctness.

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Evaluation Criteria

Objective Criteria Subjective Criteria Ph.D. chemist with at least five years experience in chromatographic research Experienced laboratory chemist with background in chromatography 80,000 - 90,000 square foot storage area within three miles of Dallas-Fort Worth Airport 80,000+ square foot storage area near Dallas-Fort Worth Airport

Prepare a Procurement Document

Examine the procurement need and determine which procurement document to use.Use standard procurement forms or templates if available.Develop a strong set of evaluation criteria based on the real needs of your project.Leave yourself some room to select from a range of capabilities and experience.Determine how you want the prospective sellers to respond.Examine the relevant SOW and modify if necessary.Ensure the procurement document is structured to facilitate consistent, comparable responses from sellers.Include other relevant information.


1. How could your organization benefit from procurement and solicitation planning?

2. What tools and techniques could you use to prepare better statements of work and procurement documents for future projects you manage?

Plan Stakeholder Management

Executing Project Work

Manage Project Execution Perform Quality Assurance Develop the Project Team Distribute Project Information Request Seller Responses Select Sellers

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Direct and Manage Project Execution*

Project Management Information System (PMIS)

Includes formal and informal techniques.May be computerized or manual.Collects information on what work has and has not been accomplished in each work package.Collects information on how actual work results compare with planned work results.*

Common PMIS Problems

Reacting to lagging indicators.Managing symptoms rather than problems.Over-reliance on PMIS communication.Invalid data in the PMIS.Too much information.

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Directing and Managing Project Execution

Comply with organizational policies and procedures.Design and implement a work authorization system to formally sanction work to commence on an activity or deliverable.Create a PMIS that is workable for your project.Assign responsibility for day-to-day operation of the PMIS.Evaluate the effectiveness of the PMIS for your project.

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Perform Quality Assurance*

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Quality Audits*

TopicDescriptionQuality management policyMay be evaluated to determine how well management uses quality data and how well others in the organization understand how the data is being used.Collection and use of informationMay be evaluated to determine how well the project team is collecting, distributing, and using quality data.Analytical methodsMay be evaluated to determine if the best analytical methods are being used consistently and how well their results are being used.Cost of qualityMay be evaluated to determine the most effective proportion between prevention, inspection, and costs of repair or rework.Quality process designMay be evaluated to determine how process design, process analysis, and statistical process control should be used to establish and improve the capability of a process.

Performing Quality Assurance

Ensure that qualified auditors conduct quality audits.Use one or more quality assurance tools and techniques to determine the causes of project quality problems.Identify and implement the appropriate actions to take to increase the efficiency and effectiveness of the project teams work results to improve quality.

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Acquire Project Team*

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Develop Project Team*

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Team Development*

StageDescriptionFormingAllowing team members to get to know each other and trust one another. StormingResolving conflict and achieving consensus. NormingLess structured and more informal focusing on maintaining momentum. PerformingLess structured and more informal focusing on sustaining momentum.

Reward and Recognition

Tied to performance.Based on the results of a pre-established evaluation process.Reward outcomes that are within the team members control.Consider cultural differences when providing recognition.

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Co-location*

Co-located TeamsVirtual Teams Improved communication Shared team identity Enhanced team performance Enhanced team spirit Hampered communication Difficulty bonding Lack of team identity Lose sight of team members contributions

Training

Provide specific performance targets.Present relevant information and opportunities for practice.Provide feedback to the trainee during training.Provide an evaluation mechanism.

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Conflict Management Approaches*

ItemDescriptionConfrontationIdentifying the underlying problem and working out solutions in a way that allows all parties to work through their disagreements. CompromiseFinding a middle ground that satisfies all parties to some degree. SmoothingDe-emphasizes differences between points of view and focuses on commonalities. ForcingRequires others to yield to the point of view of one side or another. WithdrawalAvoiding or retreating from the conflict or potential conflict and allowing the involved parties to work out the conflict on their own.

Developing the Project Team

Recognize the project teams current stage of development and be proactive in making the team as productive as possible.Develop and implement a formal reward and recognition system tied to performance.Consider co-location to enhance the teams ability to perform together and improve communication.Provide appropriate training to help team members gain new or enhanced skills.Manage conflict using the appropriate approach based on the circumstances and individuals involved.

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Manage Project Team*

Managing a Project Team

Establish good communication among team members.Monitor performance of team members on an ongoing basis.Consider having a quality audit.Manage conflict within the team.Establish an issues log to track and assign project issues.*

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Manage Communications*

Distributing Project Information

Create and distribute planned requests for project information in accordance with the communications management plan.Use effective communication skills to exchange information.Use an information retrieval system to provide stakeholders access to project information.Select the appropriate information distribution method for distributing project information.Monitor the communications system for feedback to ensure messages are getting through as planned.Analyze effects on project execution and control when unexpected information requests surface.

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Manage Stakeholder Expectations

Follow the communications plan and obtain stakeholder feedback.Hold meetings with stakeholders.Be flexible in communications for senior management.Assign, track, and resolve open issues.Process change requests in order to update the communications plan.Take corrective action to bring project performance in line with stakeholder expectations.Document lessons learned.*

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Conduct Procurements*

Conduct Procurements

Gather and review all of your procurement documents.Obtain or develop a qualified sellers list.Determine how and to whom you will request seller responses.Hold a bidders conference to allow prospective sellers to ask questions and acquire information.

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Sample Weighted Scorecard*

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Contract Negotiation*

StageDescriptionIntroductionAll parties become acquainted and the overall attitude of the negotiation is establishednormally led by the buyers team leader. ProbingEach side attempts to learn more about the others real position. BargainingGive-and-take discussions take place to arrive at the best possible agreement for all. ClosureThe tentative agreement is revised and everyone has an opportunity to tweak the results. AgreementThe team tries to ensure that all parties clearly understand and agree to all terms and conditions of the contract.

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Manage Stakeholder Engagement

Monitoring and Controlling Project Work

Control and Monitor Project Work Manage Changes to Performance Baselines Review Deliverables and Work Results Control Project Scope*

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Monitor and Control Project Work*

Monitoring and Controlling Project Work

Compare and evaluate project performance to the project plan.Analyze, track, and monitor risks.Maintain accurate information.Provide information to support status reporting, progress, and forecasting.Provide forecasts to update recent cost and schedule information.Monitor the execution of approved changes.*

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Integrated Change Control

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Causes of Project Changes

CauseDescriptionInaccurate initial estimatesInaccuracies may range from lack of experience, information, or precedence to inaccurate data, excessive optimism, technological difficulties, and unreliable resources.Specification changesProject work can open up new avenues of development and design that were not considered during the initial planning of the project work and scope.New regulationsNew governmental or industry-specific regulations may be enacted. This can be especially true for very lengthy projects.

Change Control System

What will be measured?What standards will be used?How much variance is allowable?How and when will team members report measurements results?What corrective actions will be taken?How will information and updates be recorded and communicated?

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Revision Request Example*

Validate Scope*

Inspection

Compare the baseline specifications, schedules, and budgets to actual project costs.Determine the likelihood that remaining deliverables will be completed as projected.Identify actions needed to ensure work results will meet specifications, scope, schedule, and budget goals.*

Reviewing Deliverables and Work Results

Prepare for scope verification inspection.Conduct an inspection to review deliverables and work results.Prepare an inspection report.Provide the report to key stakeholders.Distribute formal acceptance documentation to project stakeholders according to the communications management plan.

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Scope Control*

Controlling Project Scope

Develop and implement a scope change control system.Evaluate change requests.Identify and document corrective actions to bring expected future performance in line with planned performance.Ensure formal agreements are reached and new specifications detailed when project scope is expanded.Revise cost, schedule, or quality baselines to reflect changes, if necessary.Use performance measurement techniques to monitor changes.Document lessons learned.

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1. How have you prepared for a scope verification inspection? Were your efforts successful? Why or why not?

2. Are project control processes in your organization effective? Why or why not? How can they be improved?

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Monitoring and Controlling Project Schedule and Costs

Control the Project Schedule Control Project Costs*

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Schedule Control*

EVM Equations*

MeasurementEquationSchedule varianceSV = EV - PVSchedule performance indexSPI = EV / PVCost varianceCV = EV ACCost performance indexCPI = EV / AC

Playground Construction Gantt ChartActivityEst.CostA$6,000BCDEF$50,000$12,000$16,000$25,000$10,0001 2 3 4 5 6 7 8 Reporting PeriodsStatus to DatePlanned durationActual work completed to date*

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Software Development Gantt ChartStatus to DateActivityStatusAFBCDEFFFNFNFNS1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16FloatWeeksFNFNS= Finished= Not Finished= Not StartedScheduled durationActual duration*

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Schedule Control Chart1 2 3 4 5 6 7 8Schedule StatusAhead ofSchedule0BehindScheduleDuration UnitsReporting Periods*

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Schedule VarianceSV = EV PV *

VariableDescriptionSVThe measured difference between the planned or scheduled completion of an activity and the actual completion of that activity. EVThe composite measurement of both actual cost and time performance in relation to scheduled or planned cost and time performance. PVThe budgeted portion of the approved cost estimate to be spent during a specific time period to complete the scheduled work.

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Normal SPI Curve1 2 3 4 5 6 7 8Schedule StatusSPI 1.0Reporting Periods*

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Potential SPI Curve for Construction Project1 2 3 4 5 6 7 8Schedule StatusSPI 1.0Reporting Periods*

Controlling the Project Schedule

Develop and implement a schedule change control system.Evaluate change requests.Use performance measurement techniques to monitor changes and compare actual schedule performance to planned performance.Analyze the results of your performance measurements.Identify and document corrective actions taken to bring expected future project schedule performance in line with planned performance.Revise cost, schedule, or quality baselines to reflect changes, if necessary.Document lessons learned.

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Cost Control*

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Graphic Performance Report*

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Performance Reviews*

TechniqueDescriptionVariance analysisComparing actual project performance to projected performance.Trend analysisInspecting project performance over a period of time to determine if performance is increasing or decreasing.Earned value techniqueComparing projected performance to actual performance.

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Cost Variance (CV)1 2 3 4 5 6 7 8Status to DateReporting Periods500400300200100$ (K)(AC )(EV )CVcc *

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Cost Performance Index (CPI)1 2 3 4 5 6 7 8Schedule StatusCPI 1.0Reporting Periods*

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EAC*

Common FormulasDescriptionEAC = AC + ETC This method requires making a new estimate to complete (ETC) all remaining project work and adding that estimate to the actual costs (AC) incurred to date. EAC = AC + BAC - EV This method uses the sum of the actual costs (AC) to date and the budget at completion (BAC) minus the earned value (EV) of work completed to date. EAC = (AC +(BAC-EV)/CPI) This method involves adding the actual costs (AC) to the difference of the budget at completion (BAC) and the earned value (EV) and then dividing that value by the cumulative cost performance index (CPI).

Controlling Project Costs

Develop and implement a cost change control system.Evaluate change requests.Use performance measurement techniques to monitor changes and compare actual cost performance to planned performance.Analyze the results of your performance measurements.Identify and document corrective actions to take to bring expected future project cost performance in line with planned performance.Revise cost, schedule, or quality baselines to reflect changes, if necessary.Use performance measurement techniques.Document lessons learned.

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Cost Baseline*

WeekTotal Budgeted Cost (K)12345678910Conduct Planning Meetings62121Arrange Location734Arrange Staffing523Publicize Event711113Hold Event33Total285424131233Cumulative591115161920222528


1. What performance measurement techniques have you used to measure schedule performance? What did those measurements tell you about the schedule performance?

2. How could using earned value management help you to control project costs on future projects?

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Monitoring and Controlling Project Quality, Staffing, and Communications

Perform Quality Control Manage Project Team Report Project Performance Manage Stakeholders

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Perform Quality Control*

Variability Above the Upper Control Limit (UCL)UCLIndicates InstabilityLCLUCLLCLXX*

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Variability Below the Lower Control Limit (LCL)UCLIndicates InstabilityLCLUCLLCLXX*

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Pareto Diagram ExampleCauses of Failure100%60%80%40%0%20%400240320160080ABCDE# FailuresCumulative Percentage of Failures*

Statistical Sampling

Attributes sampling data is data that is counted.Number of employees participating in profit sharing.Number of customer complaint calls.Number of returned items.Variables sampling data is data measured on a continuous scale.TimeTemperatureWeight

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Performing Quality Control

Conduct inspections to detect quality errors as work results are produced.Use Pareto diagrams to focus corrective actions on the problems having the greatest overall effect on quality performance.Use control charts to analyze and communicate the variability of a process or project activity over time.Identify ways to eliminate causes of unsatisfactory results to minimize rework.Initiate process adjustments.Continue to monitor, measure, and adjust quality throughout the project life cycle.

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Control Communications*


1. What quality control methods have you used on projects that you have managed? Were they effective? Why or why not?

2. What types of performance reports have you prepared? Were they effective for the audience and information being reported? Why or why not?

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Monitoring and Controlling Project Risk and Contracts

Monitor and Control Project Risk Administer a Contract

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Risk Monitoring and Control*

Monitoring and Controlling Project Risk

Consult the risk response plan to identify risks and triggers.Monitor the environment for any new risks.Monitor the effectiveness of the risk response, contingency, and fallback plans.Deal with unforeseen risks by systematically planning a reasoned response.Update project documentation as changes are indicated.Manage the contingency reserve.

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Control Procurements*

Contract Change Requests*

ChangeDescriptionAdministrativeThese are the non-substantive and most common changes to the way the contract is administered.Contract modificationThis is a substantive change to the contract requirements such as a new deadline or a change to the product requirements.Supplemental agreementThis is an additional agreement related to the contract but negotiated separatelyConstructiveThese are changes that the seller may have caused through action or inaction.Termination of contractA contract may be terminated due to seller default or for customer convenience. Defaults are typically due to non-performance such as late deliveries, poor quality, or non-performance of some or all project requirements.

Legal Issues

WarrantiesWaiversContract breaches*

Administering a Contract

Index and store all contract correspondence for ease of retrieval.Develop and implement an effective contract change control system.Evaluate the risk of each contract change request.Document all contract changes and incorporate any effects of the changes into the project plan.Develop and implement an effective performance reporting system.Set performance milestones to monitor project progress.Address performance reporting specifications imposed on the seller in the contract.Conduct site visits to determine how the sellers work is progressing.Submit approved invoices for payment.

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Control Stakeholder Engagement

Closing the Project

Close a Project or PhaseClose Procurements

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Close Procurements*

Procurement Audit

Did the supplier complete the work as specified?Were all terms and conditions of the contract met?Were the quality, cost, and timeliness of the suppliers work acceptable?Was the supplier able to accommodate requested changes?How well did the suppliers staff work with yours?Was their ample and effective communication?What lessons were learned from this contract?

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Close Project or Phase*

Closing the Project

Gather and organize performance measurement documentation.Release project resources.Update records.Analyze project success and effectiveness.Prepare a final project report.Obtain project approval from customer.Archive indexed project records.Celebrate the success of the project.*

Closing a Contract

Ensure the supplier has provided all required products or services.Ensure any buyer-furnished property or information was returned.Settle any outstanding contract issues.Conduct a procurement audit to evaluate the suppliers performance.Address any outstanding invoices and payments.Archive complete contract file with the project archives.Provide the seller with formal written notice that the contract has been completed.

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1. In your experience, which aspect of closing a project have you found to be the most challenging? Why? 2. What tools and techniques could you use to effectively close future projects you manage? Explain.

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******Transition from the last topic: Lets start then with some fundamental definitions

Setup: What is a project? From the perspective of the PMBOK guide it is[cover the slide]

Debrief: provide an example of a product service or result. Product = new buildingService = Best Buy building a new service offering of fixing MP3 playersResult = a think tank creating a new white paper on a research subject.

*Transition from the last topic: so now that we know what a project is, what is project management

Setup: [cover the slide]Youll notice the word technique. The fundamental technique used in project management is the term progressive elaborationThat is taking a concept and breaking into smaller pieces of work until, you have the ability to execute the pieces of work.Think of progressive elaboration as a pyramid with the small point at the top and the larger portions on the bottom. You progressively build a tiny point into the flown blown pyramid base.

*Transition from the last topic: Part of the framework that you need to be aware of in order to pass the test is how the three domains of organizational project management work together.

Setup: you can see here that project management is the fundamental building block for the other domains. Where the strategy of the organization is fed to the portfolio and is delivered by project management. Organizations start projects because of five reasons. They are:[cover the slide]

*Transition from the last topic: The exam and the exam specification talk a lot about the role of the project manager.

Setup: the fundamental role of the project manager is that of communicator. In fact it is said that 90% of the project managers job is communication. The other roles you expect to see a project manager take on are:Influencer in organizations where the pm does not have the appropriate power the role of influencer is very importantThe project manager is expected to be a leader. And to appropriately motivate the project team to success.Project managers will need to act as a negotiator when ever appropriate. And finally the project manager acts as a problem solver, always working on keeping the project on track

*Transition from the last topic: in addition to the roles we've just discussed the project manager is expected to have general management skills that will assist them in managing the project. You may see questions on the exam regarding these general management skills

Setup: [cover the list of skills]

*Transition from the last topic: [continue list from last slide]

*Transition from the last topic: lets continue of discussion of the project management framework. Weve already talked about the domain of project management and the position of project management within those domains.

Setup: You also need to understand project managements position in relation to ongoing operations. Project management hands off its work to ongoing operations and all of the project management work is influenced by the organizational environment. According to the PMBOK guide those influencers can be [cover the list in the slide]

*Transition from the last topic: The organization continues to influence the project management environment because of the work the organization performs.

Setup: in this example you see an organization which produces products. It has a product management lifecycle. Within that lifecycle we can see the project management lifecycle, thus the influence of the organization on project management

Debrief: Dont confuse the project management process groups with the project management lifecycle. They are two different things and most exams will have at least one question on the differences.

*Transition from the last topic: now lets discuss the people involved in the project management environment.

Setup: the PMBOK guide considers the people who work on the project or the people affected by the project to be stakeholders. Here is a list of who is considered to be a stakeholder:[cover the list]

*Transition from the last topic: The next element of the project management framework are the actual processes that are used during the life of the project. These processes are categorized in two ways by process group and knowledge area.

Setup: Lets discuss process groups first. The PMBOK guide describes five process groups for the project management lifecycle. Dont confuse these process groups with project phases. They are not phases, they are instead groupings of processes. The five process groups are:Initiating, Planning, executing, monitoring and controlling, and closing. The interaction between the process groups is as follows:The initiating process group authorizes and defines the initial information regarding the project. It turns over to the planning process group this information. The planning process group progressively elaborates the concept into a project management plan that is baselined and approved. This project management plan is then used as the basis of the projects execution. As the executing processes are performed work performance information and deliverables are created. The monitoring and controlling process groups reviews the work performance information and recommends then approves or rejects correction actions, defect repairs, and change requests .Monitoring and controlling has the corrective actions, repairs and change requests worked with the executing processes. When all deliverables have been completed the processes of the closing process group are then performed. Now lets look at each of the process groups again.*Transition from the last topic: the first process group is Initiating

Setup: [cover the slide]Well spend the next five days covering each of these processes in depth.

*Transition from the last topic: the second process group is planning. This process group contains the majority of processes.

Setup: [cover the slide]

*Setup: [cover the slide]



*Transition from the last topic: the third process group is the executing process group.


*Transition from the last topic: the fourth process group is the monitoring process group.


Debrief:


*Transition from the last topic: and the last process group if the closing process group.


*Transition from the last topic: Now that we have covered the process groups, it now time to talk about the knowledge areas.

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Documents

Project Management Capstone