Performance measurement
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1 MGT/437 Project Management Session #4 Managing Projects to Achieve Optimal Results University of Phoenix, San José Learning Center 07/06/2004 Brian Smithson 07/06/2004 MGT/437 #4 -- Brian Smithson 1 Agenda Review/Questions Your mini-presentations Session content Performance measurement What to measure How to measure it How to represent it Earned Value Analysis How to communicate it Review and preparation for #5 07/06/2004 MGT/437 #4 -- Brian Smithson 2 rian Smithson 1
2 Review/Questions Homework/Grades Computer/NETg issues Individual Assignment Learning Team Assignment Assigned Reading 07/06/2004 MGT/437 #4 -- Brian Smithson 3 Performance measurement Why measure performance? if you can t measure it, you can t manage it Stakeholders want to know You want to know Nobody likes surprises on projects You, your team, and/or your project, may be getting paid based on performance Typical reports Progress since last report Actual status versus plan (or baseline) Schedule, Cost, and Scope Problems identified, action plans, results Risks identified, occurred, mitigated 07/06/2004 MGT/437 #4 -- Brian Smithson 4 rian Smithson 2
3 What to measure 07/06/2004 MGT/437 #4 -- Brian Smithson 5 How to measure Planned, baselines, and actuals Planned is the plan as originally approved Baseline is the plan with approved changes There should be few baselines Only for significant changes There should be a good reason for measuring against a new baseline instead of against the original plan Actual is the actual status at a particular date Variances Deviations from what was planned (or baselined) 07/06/2004 MGT/437 #4 -- Brian Smithson 6 rian Smithson 3
4 Representing performance Tracking Gantt charts Shows progress toward milestones Indicates original plan and/or baseline plan, plus actual progress Control charts Shows accumulated variances and overall trends Earned Value Simple cost or schedule variances don t tell you enough Earned Value accounts for the value of the work performed and the cost of performing the work at a particular date Earned Value is often a basis for progress payments on projects 07/06/2004 MGT/437 #4 -- Brian Smithson 7 Tracking Gantt chart 07/06/2004 MGT/437 #4 -- Brian Smithson 8 rian Smithson 4
5 Control chart 07/06/2004 MGT/437 #4 -- Brian Smithson 9 Earned Value Components Work packages, schedules, and budgets EV status calculations BCWS = budgeted cost of work scheduled (more modern: PV) BCWP = budgeted cost of work performed (more modern: EV) ACWP = actual cost of work performed (more modern: AC) Schedule variance SV = BCWP BCWS Cost variance CV = BCWP ACWP EV planning calculations BAC = budgeted cost at completion, total BCWS for the project EAC = estimated cost at completion (we ll talk about this) VAC = BAC EAC, variance at completion ETC = EAC = ACWP, estimated amount remaining to complete 07/06/2004 MGT/437 #4 -- Brian Smithson 10 rian Smithson 5
6 EV Charts 07/06/2004 MGT/437 #4 -- Brian Smithson 11 EV Indexes Cost Performance Index CPI = BCWP / ACWP Schedule Performance Index SPI = BCWP / BCWS Percent Complete Index PCI-B = BCWP / BAC PCI-C = ACWP / EAC 07/06/2004 MGT/437 #4 -- Brian Smithson 12 rian Smithson 6
7 Techniques for estimating AC EAC = ACWP + ETC Used when past estimates were not correct EAC = ACWP + (BAC - BCWP) Used when current variances are not typical and are not expected to continue EAC = ACWP + (BAC - BCWP)/CPI Used when current variances are typical and expected to continue 07/06/2004 MGT/437 #4 -- Brian Smithson 13 Communicating performance Have a communication plan as part of your overall project plan What information will be collected, from whom, how often, etc. What reports and analyses will be performed, by whom, how often, etc. Who will receive reports and/or have access to collected information, on what schedule, under what circumstances, etc. 07/06/2004 MGT/437 #4 -- Brian Smithson 14 rian Smithson 7
8 Closing Questions? Assignments See the Course Syllabus for assignments Individual: reading assignment Problem identification assignment (prepare a 5 minute talk) Study for final exam questions multiple choice closed book, closed notes Learning team: Part 4 of project: Project Evaluation, Reporting, and Termination Final project paper Presentation See you next week! 07/06/2004 MGT/437 #4 -- Brian Smithson 15 rian Smithson 8
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Project Cost Management 1 Project Cost Management Processes 1. Estimate Costs 2. Determine Budget 3. Control Costs In some projects, especially with smaller scope, cost estimation and cost budgeting are
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