Chapter 13 – Solving common project problems
1. Responsibility beyond your authority
• Ask your sponsor to publish a charter for all the stakeholders. Make sure that it strongly designates your authority on this project
• Explain the reason behind the project, and give them the background necessary to understand its importance to the organization
• Involve them in setting up your primary means of communication.
• Make assignments easy to understand and track
• Show them how they fit into the project
• Give them updates on the project even during times when they aren’t actively involved.
• Develop a strong relationship with your sponsor by keeping him or her informed of your plans and your progress.
2. Disaster Recovery
• Start at the beginning with the project
• Using the work breakdown structure and critical path analysis, figure out the best possible schedule scenario, assuming infinite resources.
• Use the actual performance so far to create realistic estimates, and include the team in the estimating process.
• Frequent status meetings focused on completing near-term tasks will keep you on top of progress and allow you to solve problems early.
3. Reducing the time to market
• Fast, focused performance demands a solid foundation. Getting agreement on authority, decision structures, and responsibilities among the participating groups will ensure that you don’t waste time fighting organizational battles during the project.
• Choose a several review points where you can reevaluate the functions of the products against the available resources and deadlines.
• Develop a detailed plan for every phase.
• Build quality checks into the project every step of the way.
• Be clear about responsibilities and track schedule progress rigorously.
Sunday, August 7, 2011
BUS 528 - Chapter 12 Ideas
Chapter 12 Measuring Progress – Ideas
1. Use the 0-50-100 Rule to record completion of tasks
a. 0 percent complete: The task has not begun
b. 50 percent complete: The task has been started but not finished
c. 100 percent complete: The task is complete
2. Measuring cost performance
Measuring cost accurately is critical as a project progresses because cost measures productivity. Every work package has cost estimates for labor, equipment, and materials. As each one is executed, be sure to capture the actual costs comparing planned and actual costs will tell you whether the project is progressing as planned.
3. Earned value reporting
Comparing planned cash flow with actual cash flow has its uses, but it doesn’t tell you whether the project will be over or under budget. To get the true picture of cost performance, the planned and actual costs for all completed tasks need to be compared. This is accomplished with a technique called earned value reporting. Earned value reporting uses cost data to give more accurate cost and schedule reports. It does this by combining cost and schedule status to provide a complete picture of the project.
4. The work breakdown structure is critical
The secret to making earned value work is in the work breakdown structure (WBS). Each task on the WBS must be a discrete task that meets these criteria:
a. It must has defined start and finish dates
b. The task must produce a tangible outcome whose completion can be objectively assessed
c. Costs must be assigned to the task, even if they are only labor costs.
1. Use the 0-50-100 Rule to record completion of tasks
a. 0 percent complete: The task has not begun
b. 50 percent complete: The task has been started but not finished
c. 100 percent complete: The task is complete
2. Measuring cost performance
Measuring cost accurately is critical as a project progresses because cost measures productivity. Every work package has cost estimates for labor, equipment, and materials. As each one is executed, be sure to capture the actual costs comparing planned and actual costs will tell you whether the project is progressing as planned.
3. Earned value reporting
Comparing planned cash flow with actual cash flow has its uses, but it doesn’t tell you whether the project will be over or under budget. To get the true picture of cost performance, the planned and actual costs for all completed tasks need to be compared. This is accomplished with a technique called earned value reporting. Earned value reporting uses cost data to give more accurate cost and schedule reports. It does this by combining cost and schedule status to provide a complete picture of the project.
4. The work breakdown structure is critical
The secret to making earned value work is in the work breakdown structure (WBS). Each task on the WBS must be a discrete task that meets these criteria:
a. It must has defined start and finish dates
b. The task must produce a tangible outcome whose completion can be objectively assessed
c. Costs must be assigned to the task, even if they are only labor costs.
Friday, July 29, 2011
BUS 528 - Chapter 11 Ideas
Chapter 11 Clear Communication among Project Stakeholders – Ideas
=================================================
1. Project communication
Communication ranks high among the factors leading to the success of a project. Specifically, what is required is constant, effective communication among everyone involved in the project:
a. Communication within the team
b. Communication with management and customers
c. Change management
d. Closeout reporting
2. Making task assignments clear
a. Explain the deliverables
b. Be clear about the level of effort expected and the due dates
c. If you know of any obstacles can expect or special information they will need, make sure they know it, too.
3. Project status meetings
Keeping a project on track requires regularly scheduled meetings to both share information and make decisions.
a. Increase team cohesion
b. Keep the team informed about project developments from sources external to the team
c. Identify potential problems or share solutions to common problems
d. Ensure that the team understands the progress of the project and works together to determine any necessary changes to the project plan
e. Make sure that the entire team shares the responsibility of meeting all the project objectives
4. The change management process
There are two parts to the change management process: the steps leading up to the initial approval of a product and the process for controlling changes to that product.
The basic components common to every change management process:
a. Identification of deliverables
b. Creation of the intermediate deliverables
c. Stakeholder evaluation / modification
d. Formal acceptance
e. The recording of change requests
f. Evaluation of requests and recommendation
g. Ongoing stakeholder evaluation / modification
h. Formal acceptance
5. Project managers need to get the tone for project communications by
a. The discipline they display in suing the communication channels
b. The attitude that they display when interacting with any stakeholder
Along with the structures to enable communication, a project manager needs strong communication skills. Negotiating, listening, conflict resolution, writing, and many more skills affect our ability to work the many people we encounter on every project.
=================================================
1. Project communication
Communication ranks high among the factors leading to the success of a project. Specifically, what is required is constant, effective communication among everyone involved in the project:
a. Communication within the team
b. Communication with management and customers
c. Change management
d. Closeout reporting
2. Making task assignments clear
a. Explain the deliverables
b. Be clear about the level of effort expected and the due dates
c. If you know of any obstacles can expect or special information they will need, make sure they know it, too.
3. Project status meetings
Keeping a project on track requires regularly scheduled meetings to both share information and make decisions.
a. Increase team cohesion
b. Keep the team informed about project developments from sources external to the team
c. Identify potential problems or share solutions to common problems
d. Ensure that the team understands the progress of the project and works together to determine any necessary changes to the project plan
e. Make sure that the entire team shares the responsibility of meeting all the project objectives
4. The change management process
There are two parts to the change management process: the steps leading up to the initial approval of a product and the process for controlling changes to that product.
The basic components common to every change management process:
a. Identification of deliverables
b. Creation of the intermediate deliverables
c. Stakeholder evaluation / modification
d. Formal acceptance
e. The recording of change requests
f. Evaluation of requests and recommendation
g. Ongoing stakeholder evaluation / modification
h. Formal acceptance
5. Project managers need to get the tone for project communications by
a. The discipline they display in suing the communication channels
b. The attitude that they display when interacting with any stakeholder
Along with the structures to enable communication, a project manager needs strong communication skills. Negotiating, listening, conflict resolution, writing, and many more skills affect our ability to work the many people we encounter on every project.
Thursday, July 28, 2011
BUS 528 - Chapter 10 Building a High-Performance Project Team
Control and meeting blogs
6.B. After you have read Ch10. Deliberately examine "Effective Meeting Guidelines" (around p. 275) Recall the last meeting you have chaired or participated, analyze the meeting by EACH of the guidelines. How effective was the meeting? How many guidelines it followed and how many it did not? Which guideline(s) will would have helped the meeting most? (30-90 min, insert in your blog)
6.C. Apply as many "guidelines" as possible to the next meeting you chair or organize before the end of the semester. If you don't have the opportunity so far, volunteer to organize the next one! Your superviser and colleagues will be impressed! Reflect your experience in your blog. (optional, extra credit!!, due by the end of the semester)
===========================================================
6.B. I had the meeting guidelines as follows and it seemed to be very helpful:
• Before the meeting
1. A meeting invitation is sent with time, location and agenda with major topics to be discussed
• During the meeting
1. Start on time
2. Use the agenda to structure the meeting
• Ending the meeting
1. Summarize the meeting by reviewing the decisions and action items
2. Be clear about the next meeting date
3. End on time
• After the meeting
Send out meeting minutes
6.C. With the above guideline (6.B), I added the following that made the meeting much more efficient and productive:
In the agenda, I assigned a time frame and a topic leader for every topic, so people know the objective of the discussion.
During the meeting, I reviewed the process and set ground rules and determine how decisions would be made (by consensus); summarized comments and brought the group to a decision.
Ending the meeting, I wrapped up the meeting with an evaluation of the meeting process.
The sooner the meeting minutes issued, the more likely people would be to read and respond to them.
6.B. After you have read Ch10. Deliberately examine "Effective Meeting Guidelines" (around p. 275) Recall the last meeting you have chaired or participated, analyze the meeting by EACH of the guidelines. How effective was the meeting? How many guidelines it followed and how many it did not? Which guideline(s) will would have helped the meeting most? (30-90 min, insert in your blog)
6.C. Apply as many "guidelines" as possible to the next meeting you chair or organize before the end of the semester. If you don't have the opportunity so far, volunteer to organize the next one! Your superviser and colleagues will be impressed! Reflect your experience in your blog. (optional, extra credit!!, due by the end of the semester)
===========================================================
6.B. I had the meeting guidelines as follows and it seemed to be very helpful:
• Before the meeting
1. A meeting invitation is sent with time, location and agenda with major topics to be discussed
• During the meeting
1. Start on time
2. Use the agenda to structure the meeting
• Ending the meeting
1. Summarize the meeting by reviewing the decisions and action items
2. Be clear about the next meeting date
3. End on time
• After the meeting
Send out meeting minutes
6.C. With the above guideline (6.B), I added the following that made the meeting much more efficient and productive:
In the agenda, I assigned a time frame and a topic leader for every topic, so people know the objective of the discussion.
During the meeting, I reviewed the process and set ground rules and determine how decisions would be made (by consensus); summarized comments and brought the group to a decision.
Ending the meeting, I wrapped up the meeting with an evaluation of the meeting process.
The sooner the meeting minutes issued, the more likely people would be to read and respond to them.
BUS 528 - Chapter 10 Ideas
Chapter 10 Building a High-Performance Project Team – Ideas
===============================================
1. Team building is every project leader’s responsibility
It is the project manager responsibility to optimize the team members’ performance. Team building is every bit as essential as project definition and planning.
The project team does need to meet and talk periodically, but individuals are able to accomplish their own responsibilities independently of other team members. Consider these two variables:
a. Individuals must cooperate in order to complete their tasks
b. The team has a whole product or service to produce rather than individual components
2. The challenge of building project teams
Every project team faces two central challenges, two obstacles to becoming a high-performing team:
a. Project teams form to solve complex problems, and they must solve those problems together
b. Project teams are temporary and so they must learn to work together
3. A framework for building high-performance teams
A positive team environment, collaborative problem solving capability, and leadership; these are the three primary components of a high performance team.
4. Building a positive team environment
We want the people on our teams to hold themselves mutually accountable to a common goal. The team members want to trust each other and to be treated with respect. They also want to accomplish something, to know their energy and talents are producing results. Ground rules, listening skills, meeting management, and the actions that build team identity all work together to create a positive team environment.
5. Collaborative problem solving
A mature high-performance team combines the four components: Using a structured approach to problem solving provides focus and a common language. The ability to switch among decision modes leverages the strength of group decisions while maintaining momentum. Conflict management skills enable individuals to bring contrasting perspective to build better ideals and maintain team relationships. The culture and habits of continuous learning promote the creativity necessary to discover the best solutions.
===============================================
1. Team building is every project leader’s responsibility
It is the project manager responsibility to optimize the team members’ performance. Team building is every bit as essential as project definition and planning.
The project team does need to meet and talk periodically, but individuals are able to accomplish their own responsibilities independently of other team members. Consider these two variables:
a. Individuals must cooperate in order to complete their tasks
b. The team has a whole product or service to produce rather than individual components
2. The challenge of building project teams
Every project team faces two central challenges, two obstacles to becoming a high-performing team:
a. Project teams form to solve complex problems, and they must solve those problems together
b. Project teams are temporary and so they must learn to work together
3. A framework for building high-performance teams
A positive team environment, collaborative problem solving capability, and leadership; these are the three primary components of a high performance team.
4. Building a positive team environment
We want the people on our teams to hold themselves mutually accountable to a common goal. The team members want to trust each other and to be treated with respect. They also want to accomplish something, to know their energy and talents are producing results. Ground rules, listening skills, meeting management, and the actions that build team identity all work together to create a positive team environment.
5. Collaborative problem solving
A mature high-performance team combines the four components: Using a structured approach to problem solving provides focus and a common language. The ability to switch among decision modes leverages the strength of group decisions while maintaining momentum. Conflict management skills enable individuals to bring contrasting perspective to build better ideals and maintain team relationships. The culture and habits of continuous learning promote the creativity necessary to discover the best solutions.
BUS 528 - Chapter 9 Ideas
Chapter 9 Balancing the Trade-off among Cost, Schedule, and Quality – Ideas
====================================================
1. Three most common project constraints:
a. Time
b. Money
c. Resources
If one or more of these constraints is a factor, the project will need to be balanced: that is, the balance between the cost, schedule, and quality of the product will need to be reconsidered.
2. Three levels of balancing a project:
Balancing a project can take place at one of three different levels of authority in an organization, depending on the kind of change needed:
a. Project
b. Business case
c. Enterprise
3. Balancing at the project level
a. Re-estimate the project
This is the “optimist’s choice”. This involves checking your original assumptions in the statement of work and the work package estimates. Perhaps your growing knowledge of the project will allow you to reduce your pessimistic estimates.
b. Change task assignments to take advantage of schedule float
It involves moving people to critical path tasks from tasks that are not on the critical path in order to reduce the duration of the critical path.
c. Add people to the project
d. Increase productivity by using experts from within the firm
e. Increase productivity by using experts from outside the firm
f. Outsourcing the entire project or a significant portion of it
g. Crashing a schedule
h. Working overtime
4. Balancing at the business case level
This reevaluation requires the authorization of all the stakeholders.
a. Reduce the product scope
b. Fixed-phase scheduling
c. Fast-tracking
d. Phased product delivery
e. Do it twice – quickly and correctly
f. Change the profit requirement
5. Balancing at the enterprise level
Enterprise-level balancing mainly confronts the constraints of insufficient equipment, personnel, and budget. At the enterprise level, the firm decides which projects to pursue, given finite resource.
The alternatives that are successful at the enterprise level are variations of the ones applied at the project ad business case levels:
a. Outsourcing
b. Phased product delivery
c. Shifting work to the customer
d. Reducing product scope
e. Using productivity tools
====================================================
1. Three most common project constraints:
a. Time
b. Money
c. Resources
If one or more of these constraints is a factor, the project will need to be balanced: that is, the balance between the cost, schedule, and quality of the product will need to be reconsidered.
2. Three levels of balancing a project:
Balancing a project can take place at one of three different levels of authority in an organization, depending on the kind of change needed:
a. Project
b. Business case
c. Enterprise
3. Balancing at the project level
a. Re-estimate the project
This is the “optimist’s choice”. This involves checking your original assumptions in the statement of work and the work package estimates. Perhaps your growing knowledge of the project will allow you to reduce your pessimistic estimates.
b. Change task assignments to take advantage of schedule float
It involves moving people to critical path tasks from tasks that are not on the critical path in order to reduce the duration of the critical path.
c. Add people to the project
d. Increase productivity by using experts from within the firm
e. Increase productivity by using experts from outside the firm
f. Outsourcing the entire project or a significant portion of it
g. Crashing a schedule
h. Working overtime
4. Balancing at the business case level
This reevaluation requires the authorization of all the stakeholders.
a. Reduce the product scope
b. Fixed-phase scheduling
c. Fast-tracking
d. Phased product delivery
e. Do it twice – quickly and correctly
f. Change the profit requirement
5. Balancing at the enterprise level
Enterprise-level balancing mainly confronts the constraints of insufficient equipment, personnel, and budget. At the enterprise level, the firm decides which projects to pursue, given finite resource.
The alternatives that are successful at the enterprise level are variations of the ones applied at the project ad business case levels:
a. Outsourcing
b. Phased product delivery
c. Shifting work to the customer
d. Reducing product scope
e. Using productivity tools
Sunday, July 24, 2011
BUS 528 - Chapter 8 Ideas
1. Follow the Golden Rules:
a. Have the right people make the estimates
b. Base the estimate on experience
c. Don’t negotiate the estimate –negotiate the equilibrium
2. Estimating techniques:
a. Phased Estimating
Phased estimating is a favorite among project managers because it requires cost and schedule commitments for only one phase of the project at a time. It breaks down the full product life cycle into phases, each of which is considered a project.
b. Apportioning
Also known as top-down estimating, apportioning begins with a total project estimate, then assigns a percentage of that total to each of the phases and tasks of the project. Although apportioning is rarely as accurate as a bottom-up estimate, it is an appropriate technique for selecting which projects to pursue.
c. Bottom-up estimating
Bottom-up estimating requires the most effort, but it is also the most accurate. As the name implies, all the detailed tasks are estimated and then combined, or “rolled up”.
3. Building the detailed budget estimate
The detailed estimate is the standard for keeping costs in line. Forecasting cash flow enables the project’s funding to be planned and available when needed. Sources of data for the detailed budget:
• Internal labor cost
• Use the burdened labor rate
• Don’t leave out the cost of staffing the project
• Internal equipment cost
• Estimating equipment that will be used up
• Estimating equipment used on multiple projects
• External labor and equipment costs
• Materials costs
4. Generating the cash flow schedule
Knowing when money will be spent is almost as important as knowing how much will be spent. Companies that depend on operations to generate the cash to fund projects need to control the rate at which money goes into the project.
a. Have the right people make the estimates
b. Base the estimate on experience
c. Don’t negotiate the estimate –negotiate the equilibrium
2. Estimating techniques:
a. Phased Estimating
Phased estimating is a favorite among project managers because it requires cost and schedule commitments for only one phase of the project at a time. It breaks down the full product life cycle into phases, each of which is considered a project.
b. Apportioning
Also known as top-down estimating, apportioning begins with a total project estimate, then assigns a percentage of that total to each of the phases and tasks of the project. Although apportioning is rarely as accurate as a bottom-up estimate, it is an appropriate technique for selecting which projects to pursue.
c. Bottom-up estimating
Bottom-up estimating requires the most effort, but it is also the most accurate. As the name implies, all the detailed tasks are estimated and then combined, or “rolled up”.
3. Building the detailed budget estimate
The detailed estimate is the standard for keeping costs in line. Forecasting cash flow enables the project’s funding to be planned and available when needed. Sources of data for the detailed budget:
• Internal labor cost
• Use the burdened labor rate
• Don’t leave out the cost of staffing the project
• Internal equipment cost
• Estimating equipment that will be used up
• Estimating equipment used on multiple projects
• External labor and equipment costs
• Materials costs
4. Generating the cash flow schedule
Knowing when money will be spent is almost as important as knowing how much will be spent. Companies that depend on operations to generate the cash to fund projects need to control the rate at which money goes into the project.
BUS 528 - Chapter 7 Ideas
1. A realistic scheduling usually tops the list to make a project successful. A realistic schedule:
a. Includes a detailed knowledge of the work to be done
b. Has task sequence in the correct order
c. Accounts for external constraints beyond the control of the team
d. Can be accomplished on time, given the availability of skilled people and enough equipment
2. Planning a project is important. The detailed plan includes:
a. Build a work breakdown structure
b. Identify task relationship
c. Estimate work packages
d. Calculate initial schedule
e. Assign and level resources
3. Identify task relationship
There are two basic rules when graphing task relationships with a network diagram:
1) Define task relationships only between work packages
2) Task relationships should reflect only sequence constraints between work packages, not resource constraints.
Milestones are useful markers. It is useful to show major progress points, but the real progress indicators remain the detailed work packages.
4. Estimate work packages:
In order to determine the cost and duration of an entire project, it’s necessary to build a cost and schedule estimate for each work packages: this is called bottom-up estimating. A lot of information is generated in the estimating process, so it is critical to record it in a systematic manner.
Cost estimates come from four sources:
a. Labor estimates
b. Equipment estimates
c. Materials estimates
d. Fixed-price bids
Grantt chart display both the schedule information and the task relationships – it is like MS Project software.
5. Assign and level resources
The goal of resource leveling is to optimize the use of people and equipment assigned to the project. It is most productive to have consistent, continuous use of few resources possible. It seeks to avoid repeatedly adding and removing resources time and again throughout the project. Resource leveling is the last step in creating a realistic schedule. It confronts the reality of limited people and equipment and adjusts the schedule to compensate.
With this realistic scheduling in mind, I will use my time resource wisely in order to complete my Capstone project on time.
a. Includes a detailed knowledge of the work to be done
b. Has task sequence in the correct order
c. Accounts for external constraints beyond the control of the team
d. Can be accomplished on time, given the availability of skilled people and enough equipment
2. Planning a project is important. The detailed plan includes:
a. Build a work breakdown structure
b. Identify task relationship
c. Estimate work packages
d. Calculate initial schedule
e. Assign and level resources
3. Identify task relationship
There are two basic rules when graphing task relationships with a network diagram:
1) Define task relationships only between work packages
2) Task relationships should reflect only sequence constraints between work packages, not resource constraints.
Milestones are useful markers. It is useful to show major progress points, but the real progress indicators remain the detailed work packages.
4. Estimate work packages:
In order to determine the cost and duration of an entire project, it’s necessary to build a cost and schedule estimate for each work packages: this is called bottom-up estimating. A lot of information is generated in the estimating process, so it is critical to record it in a systematic manner.
Cost estimates come from four sources:
a. Labor estimates
b. Equipment estimates
c. Materials estimates
d. Fixed-price bids
Grantt chart display both the schedule information and the task relationships – it is like MS Project software.
5. Assign and level resources
The goal of resource leveling is to optimize the use of people and equipment assigned to the project. It is most productive to have consistent, continuous use of few resources possible. It seeks to avoid repeatedly adding and removing resources time and again throughout the project. Resource leveling is the last step in creating a realistic schedule. It confronts the reality of limited people and equipment and adjusts the schedule to compensate.
With this realistic scheduling in mind, I will use my time resource wisely in order to complete my Capstone project on time.
Sunday, July 3, 2011
BUS 528 - Chapter 6 Ideas
1. One of the most important techniques in project management is to breakdown a project into manageable components. The work breakdown structure (WBS, also known as task list) is the tools for breaking down a project into its component parts. If done well, if can become the secret to successful project management.
2. The work breakdown structure identifies all the tasks in a project. The WBS clarifies and provides necessary details for a number of project management activities. Building a WBS helps to:
a. Provide a detailed illustration of project scope
b. Monitor progress
c. Create accurate cost and time
d. Build project teams, Support collaboration
3. Understanding the WBS
The WBS breaks all the work in the project into separate tasks (tasks may also be referred to as activities). There are two kinds of tasks on a WBS: summary tasks and work packages. Each of the separate tasks is called a work package. By performing all these simple work packages, you accomplish a summary task.
4. Building a WBS:
a. Start from the top
b. List all task required to produce deliverables
c. Break down the task into smaller component
- the top task become summary task, be sure that summary tasks are meaningful
d. Organize the components
e. Estimate the resource to the work package
f. Estimate the time
g. Assign the work package to team/person
5. WBS: The Key to Success
• Has to start from the top – It is a top-down decomposition, need to make sure the work packages are subsets of summary tasks.
• Work packages must add up to the summary task - Component should add up to the overall goal
• Each component named as "activity that produce a product". This means giving each task a descriptive name that includes a strong verb – the activity – and a strong noun – the product.
• Right level of detail
- 8/80 rule: No task should be smaller than 8 labor hours or larger than 80.
- reporting period rule: No task should be longer than the distance between two status points. In other words, if you hold weekly status meeting, then no task should be longer than one week.
Breakdown the project into smaller components, do the tasks piece by piece - doing this way will make the project easier to accomplish.
2. The work breakdown structure identifies all the tasks in a project. The WBS clarifies and provides necessary details for a number of project management activities. Building a WBS helps to:
a. Provide a detailed illustration of project scope
b. Monitor progress
c. Create accurate cost and time
d. Build project teams, Support collaboration
3. Understanding the WBS
The WBS breaks all the work in the project into separate tasks (tasks may also be referred to as activities). There are two kinds of tasks on a WBS: summary tasks and work packages. Each of the separate tasks is called a work package. By performing all these simple work packages, you accomplish a summary task.
4. Building a WBS:
a. Start from the top
b. List all task required to produce deliverables
c. Break down the task into smaller component
- the top task become summary task, be sure that summary tasks are meaningful
d. Organize the components
e. Estimate the resource to the work package
f. Estimate the time
g. Assign the work package to team/person
5. WBS: The Key to Success
• Has to start from the top – It is a top-down decomposition, need to make sure the work packages are subsets of summary tasks.
• Work packages must add up to the summary task - Component should add up to the overall goal
• Each component named as "activity that produce a product". This means giving each task a descriptive name that includes a strong verb – the activity – and a strong noun – the product.
• Right level of detail
- 8/80 rule: No task should be smaller than 8 labor hours or larger than 80.
- reporting period rule: No task should be longer than the distance between two status points. In other words, if you hold weekly status meeting, then no task should be longer than one week.
Breakdown the project into smaller components, do the tasks piece by piece - doing this way will make the project easier to accomplish.
BUS 528 - Chapter 5 Ideas
1. Risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives. The key word is systematic, because the more disciplined the approach, the more we are able to control and reduce the risk.
2. The risk management advantage:
• Known unknowns represent identified potential problems, such as the possibility of a strike when a labor contract expires. We don’t know exactly what will happen, but we do know it has a potential to damage our project and we can prepare for it.
• Unknown unknowns are the problems that arrive unexpectedly.
The risk management advantage is that fewer problems catch the project team off guard.
3. All project management is risk management
Risk management happens repeatedly throughout the project. Risk management activities relate to definition, planning and control stages. A risk management plan should be updated regularly, especially when old risks disappear and new risk occurs.
4. Business risk versus project risk
Business risk is inherent in all business activities, but it is seldom the project manager’s job to manage it; that responsibility lies with the owner of the project. Selecting the right project is business risk. Managing uncertainty to meet the stakeholders’ objectives is project risk.
5. The risk management framework
a. identify Risks
b. Analyze and Prioritize
c. Develop Response Plans
d. Implement and plan and continue monitor new risks
Identify the risks of the project and develop a response strategy to the risks. When risk does happen, you know how to response to it.
2. The risk management advantage:
• Known unknowns represent identified potential problems, such as the possibility of a strike when a labor contract expires. We don’t know exactly what will happen, but we do know it has a potential to damage our project and we can prepare for it.
• Unknown unknowns are the problems that arrive unexpectedly.
The risk management advantage is that fewer problems catch the project team off guard.
3. All project management is risk management
Risk management happens repeatedly throughout the project. Risk management activities relate to definition, planning and control stages. A risk management plan should be updated regularly, especially when old risks disappear and new risk occurs.
4. Business risk versus project risk
Business risk is inherent in all business activities, but it is seldom the project manager’s job to manage it; that responsibility lies with the owner of the project. Selecting the right project is business risk. Managing uncertainty to meet the stakeholders’ objectives is project risk.
5. The risk management framework
a. identify Risks
b. Analyze and Prioritize
c. Develop Response Plans
d. Implement and plan and continue monitor new risks
Identify the risks of the project and develop a response strategy to the risks. When risk does happen, you know how to response to it.
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