WHY ARE PROJECTS ALWAYS LATE?
|
|
- Reynard Booth
- 6 years ago
- Views:
Transcription
1 WHY ARE PROJECTS ALWAYS LATE? (what can the Project Manager DO about that?) Craig Henderson, MBA, PMP ARVEST Bank Operations
2 Introduction PM Basics FIO GID KISS (Figure it out) (Get it done) (Keep it simple, sweetie) Predictable Project Delivery - Quality product - On time - On budget
3 Planning FIO Detailed, precise SCOPE Create WBS structure Estimate activity durations Sequence activities Network diagram Develop schedule With all this wonderful work, WHAT COULD POSSIBLY GO WRONG??
4 Planning Estimate Errors? Scope Creep? Execution? Risks?
5 Estimate Errors? Factors influencing estimate quality Planning horizon Immediate events more accurate than distant events Project duration Shorter durations more accurate than long People Resource skill levels Team experience Turnover Productive time (5-6 hours/day?) Project structure & organization Estimate padding (or Understating?!) Organization culture
6 Estimate Errors? Estimate Errors? Tradeoffs Nothing is free (but everything else Costs!) Estimates are not free Better estimates are more expensive Must balance accuracy/cost tradeoff Don t underestimate the estimate
7 Task Data task pred 1 pred 2 Estimate A 3 B A 2 C A 5 D A 4 E B 3 F C 2 G D 8 H E F 4 I H 4 J G 4 K I J 7 What is your project duration estimate?
8 (network diagram reminder) AON (Arrow on Node) ES ID EF SLACK LS Dur LF ES ID EF ES ID EF SLACK SLACK LS Dur LF LS Dur LF ES ID EF SLACK LS Dur LF
9 Network Diagram 5 E 8 3 B H I A 3 8 F C K D G J What is the Critical Path?
10 Critical Path 3 B E H I A C F K D G J
11 Task Data task pred 1 pred 2 Estimate A 3 B A 2 C A 5 D A 4 E B 3 F C 2 G D 8 H E F 4 I H 4 J G 4 K I J 7 CP= Tot CP Est 26 A-D-G-J-K What are our odds of finishing on time, P(26)? 100%? 50% (50/50)? (Something else?)
12 Not So Fast! Task Duration One point? Three point? Distribution? 95% Payback, BEST IN TOWN! (Fitzgerald s Casino, Reno, NV) Feeling lucky, Sucker?!
13 PERT Program Evaluation Review Technique Assumes activity duration is a range statistically following a beta distribution. 3 time estimates for each activity: Expected Optimistic Pessimistic Weighted average represents activity duration distribution. Weighted average and variance for each activity allows computed probability for various project durations.
14 Activity and Project Frequency Distributions
15 Activity Time Calculations The weighted average activity time is computed by the following formula:
16 Activity Time Calculations (cont d) Activity time estimate variability approximated by: Standard deviation for activity: Standard deviation for project: Note standard deviation of activity is squared in this equation; also called variance. This sum includes only activities on the critical path(s) or path being reviewed.
17 Task Data task pred 1 pred 2 a m b A B A C A D A E B F C G D H E F I H J G K I J CP= A-D-G-J-K
18 Task Times task a Est (m) b T(e) sigma sigma^2 A B C D E F G H I J K Totals: CP= A-D-G-J-K CP sigma = % of the time, this project will complete in the range of??
19 Probability of Completing the X Compute the Z value (Z = number of standard deviations from the mean) Then find probability of Z
20 Z Values and Probabilities
21 Possible Project Duration Example Probability project is completed before scheduled time (T S ) of 67 days Probability project is completed by the 60 th day (T S )
22 Probability of finish by Est? Z = ( Mean value) / = ( ) / 2.01 =.083 p(26) = 53% StndDev
23 Possible Project Duration Probability project is completed before scheduled time (T S ) of 26 units Total Z = ( Mean value) / = ( ) / 2.01 =.083 p(26) = 53% StndDev %
24 Monte Carlo Simulation Randomize task times Random normal number Adjusted for µ & σ of each task s distribution Add resulting task times per network diagram Do this many times! Calculate average (expected value) and σ
25 Monte Carlo Simulation in Excel Generate random results for each task Analysis Tool Pack, Random Number Generator Following CP, add times Remember IF statement to check CP length! Calculate average project time/stnd dev Compare to previously computed result
26 Monte Carlo Results T e = Stnd Deviation = 1.83 (Remember, Computed T e = Stnd Dev = 2.0) % change (mean)= 6.36% % change (sigma)= -8.72% How can this be?
27 Monte Carlo CP = A-D-G-J-K BUT Monte Carlo runs showed CP finish of A-C-F-H-I-K = 61.3% Observation CP shifted from original path about 2/3 of the time! The CP shift prevented us from gaining full advantage when the original randomized CP was very early. What is the term for a network like this? CP Results # % A-B-E-H-I-K= % A-C-F-H-I-K= % A-D-G-J-K= %
28 Critical Path, and others 3 B E H I A C F K D G J
29 Monte Carlo Result - Beta Distribution? Total Count of beta CP Results # % A-B-E-H-I-K= % A-C-F-H-I-K= % A-D-G-J-K= % beta
30 Task Data task pred 1 pred 2 a m b A B A C A D A E B F C G D H E F I H J G K I J CP= A-D-G-J-K
31 Management s Project Target Total Count of Random Z Random Z Est CP = 26, T e (computed) = 25.83, T e (simulation) = 27.57
32 Confidence and Completion 95% confidence project will complete by time X 95% Payback, BEST IN TOWN! (Fitzgerald s Casino, Reno, NV) = Z *( StndDev) + Mean = 1.64* = Feeling lucky, Sucker?!
33 Possible Project Duration 95% confidence Project Duration = Z *( StndDev) + Mean = 1.64* = Total % 30.57
34 Probability of finish by Est? P(26)? Z = ( Mean value) / = ( ) /1.83 =.858 p(26) 20% StndDev Feeling lucky, Sucker?!
35 Probability of finish by Est? Total Z = ( Mean value) / = ( ) /1.83 =.858 p(26) 20% StndDev %
36 Project Result Summary CP T(e)= CP sigma = 2.00 Project 95% con= P(26) = 53.32% rlo T(e)= sigma = 1.83 Project 95% con= P(26) = 20%
37 Remember Activity definition and precedence Network diagram Task estimates, and ranges/distributions Calculate Expected Durations on CP Consider Monte Carlo simulation Finally: Calculate Management Duration based on desired confidence/predictability Add this to your Risk Plan and Risk Budget
38 Why are projects always late? Project Managers frequently fail to understand and account for Actual result distributions vary from (point) estimates In their Risk Plans and Budgets Feeling lucky, Sucker?!
39 Questions! Feeling lucky, Sucker?!
CHAPTER 9: PROJECT MANAGEMENT
CHAPTER 9: PROJECT MANAGEMENT The aim is to coordinate and plan a single job consisting lots of tasks between which precedence relationships exist Project planning Most popular planning tools are utilized
More informationProject Planning. Identifying the Work to Be Done. Gantt Chart. A Gantt Chart. Given: Activity Sequencing Network Diagrams
Project Planning Identifying the Work to Be Done Activity Sequencing Network Diagrams Given: Statement of work written description of goals work & time frame of project Work Breakdown Structure Be able
More informationSCHEDULE CREATION AND ANALYSIS. 1 Powered by POeT Solvers Limited
SCHEDULE CREATION AND ANALYSIS 1 www.pmtutor.org Powered by POeT Solvers Limited While building the project schedule, we need to consider all risk factors, assumptions and constraints imposed on the project
More informationProject Management. Chapter 2. Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall
Project Management Chapter 2 02-0 1 What is a Project? Project An interrelated set of activities with a definite starting and ending point, which results in a unique outcome for a specific allocation of
More informationPROJECT MANAGEMENT: PERT AMAT 167
PROJECT MANAGEMENT: PERT AMAT 167 PROBABILISTIC TIME ESTIMATES We need three time estimates for each activity: Optimistic time (t o ): length of time required under optimum conditions; Most likely time
More informationUNIT-II Project Organization and Scheduling Project Element
UNIT-II Project Organization and Scheduling Project Element Five Key Elements are Unique. Projects are unique, one-of-a-kind, never been done before. Start and Stop Date. Projects must have a definite
More informationINSE 6230: Assignment 1 - Winter (0% of final grade) 1. The table below provides information about a short IT project.
INSE 6230: Assignment - Winter 208 (0% of final grade). The table below provides information about a short IT project. Activity Predecessors Duration (Months) A - 2 B - 3 C A 4 D A, B 2 E D 2 F B, C, E
More informationReal-World Project Management. Chapter 15
Real-World Project Chapter 15 Characteristics of Project Unique one-time focus Difficulties arise from originality Subject to uncertainties Unexplained or unplanned events often arise, affecting resources,
More informationTextbook: pp Chapter 11: Project Management
1 Textbook: pp. 405-444 Chapter 11: Project Management 2 Learning Objectives After completing this chapter, students will be able to: Understand how to plan, monitor, and control projects with the use
More informationProject Management Professional (PMP) Exam Prep Course 06 - Project Time Management
Project Management Professional (PMP) Exam Prep Course 06 - Project Time Management Slide 1 Looking Glass Development, LLC (303) 663-5402 / (888) 338-7447 4610 S. Ulster St. #150 Denver, CO 80237 information@lookingglassdev.com
More information6/7/2018. Overview PERT / CPM PERT/CPM. Project Scheduling PERT/CPM PERT/CPM
/7/018 PERT / CPM BSAD 0 Dave Novak Summer 018 Overview Introduce PERT/CPM Discuss what a critical path is Discuss critical path algorithm Example Source: Anderson et al., 01 Quantitative Methods for Business
More informationIntroduction. Introduction. Six Steps of PERT/CPM. Six Steps of PERT/CPM LEARNING OBJECTIVES
Valua%on and pricing (November 5, 2013) LEARNING OBJECTIVES Lecture 12 Project Management Olivier J. de Jong, LL.M., MM., MBA, CFD, CFFA, AA www.olivierdejong.com 1. Understand how to plan, monitor, and
More informationRisk Video #1. Video 1 Recap
Risk Video #1 Video 1 Recap 1 Risk Video #2 Video 2 Recap 2 Risk Video #3 Risk Risk Management Process Uncertain or chance events that planning can not overcome or control. Risk Management A proactive
More informationPoor Man s Approach to Monte Carlo
Poor Man s Approach to Monte Carlo Based on the PMI PMBOK Guide Fourth Edition 20 IPDI has been reviewed and approved as a provider of project management training by the Project Management Institute (PMI).
More informationA convenient analytical and visual technique of PERT and CPM prove extremely valuable in assisting the managers in managing the projects.
Introduction Any project involves planning, scheduling and controlling a number of interrelated activities with use of limited resources, namely, men, machines, materials, money and time. The projects
More informationFormulas to Know for EXAM
Formulas to Know for EXAM Activity & Project Duration Formulas In order to calculate Estimated Activity Duration (EAD) of an activity, Optimistic (O), Most Likely (M) and Pessimistic (P) estimates for
More informationProject Management Techniques (PMT)
Project Management Techniques (PMT) Critical Path Method (CPM) and Project Evaluation and Review Technique (PERT) are 2 main basic techniques used in project management. Example: Construction of a house.
More informationNetwork Analysis Basic Components. The Other View. Some Applications. Continued. Goal of Network Analysis. RK Jana
Network nalysis RK Jana asic omponents ollections of interconnected linear forms: Lines Intersections Regions (created by the partitioning of space by the lines) Planar (streets, all on same level, vertices
More informationProject Management Chapter 13
Lecture 12 Project Management Chapter 13 Introduction n Managing large-scale, complicated projects effectively is a difficult problem and the stakes are high. n The first step in planning and scheduling
More informationProgramme Evaluation and Review Techniques (PERT) And Critical Path Method (CPM) By K.K. Bandyopadhyay. August 2001
Programme Evaluation and Review Techniques (PERT) And Critical Path Method (CPM) By K.K. Bandyopadhyay August 2001 Participatory Research In Asia Introduction Programme Evaluation and Review Technique
More informationAfter complete studying this chapter, You should be able to
Chapter 10 Project Management Ch10: What Is Project Management? After complete studying this chapter, You should be able to Define key terms like Project, Project Management, Discuss the main characteristics
More informationIntroduction to Project Management. Modeling after NYS ITS
Introduction to Project Management Modeling after NYS ITS What is Project Management? Project management is the application of knowledge, skills, tools and techniques to project activities to meet project
More informationGPE engineering project management. Project Management in an Engineering Context
GPE engineering project management Project Management in an Engineering Context Network diagrams in context PM SOW CHARTER SCOPE DEFINITION WBS circulation, negotiation, translation WBS WP à activities
More informationPROJECT MANAGEMENT. Trying to manage a project without project management is like trying to play a football game without a game plan
PROJECT MANAGEMENT Trying to manage a project without project management is like trying to play a football game without a game plan K. Tate (Past Board Member, PMI). Brad Fink 28 February 2013 Executive
More informationPROJECT MANAGEMENT COURSE 5: PROJECT TIME MANAGEMENT. G.N. Sandhy Widyasthana
PROJECT MANAGEMENT COURSE 5: PROJECT TIME MANAGEMENT G.N. Sandhy Widyasthana widyasthana@gmail.com 022 70702020 081 225 702020 1 2 3 Process of identifying the specific actions to be performed to produce
More information1 of 14 4/27/2009 7:45 AM
1 of 14 4/27/2009 7:45 AM Chapter 7 - Network Models in Project Management INTRODUCTION Most realistic projects that organizations like Microsoft, General Motors, or the U.S. Defense Department undertake
More informationCHAPTER 6 CRASHING STOCHASTIC PERT NETWORKS WITH RESOURCE CONSTRAINED PROJECT SCHEDULING PROBLEM
CHAPTER 6 CRASHING STOCHASTIC PERT NETWORKS WITH RESOURCE CONSTRAINED PROJECT SCHEDULING PROBLEM 6.1 Introduction Project Management is the process of planning, controlling and monitoring the activities
More informationFull Monte. Looking at your project through rose-colored glasses? Let s get real.
Realistic plans for project success. Looking at your project through rose-colored glasses? Let s get real. Full Monte Cost and schedule risk analysis add-in for Microsoft Project that graphically displays
More informationProject Planning. Jesper Larsen. Department of Management Engineering Technical University of Denmark
Project Planning jesla@man.dtu.dk Department of Management Engineering Technical University of Denmark 1 Project Management Project Management is a set of techniques that helps management manage large-scale
More informationTeori Pengambilan Keputusan. Week 12 Project Management
Teori Pengambilan Keputusan Week 1 Project Management Project Management Program Evaluation and Review Technique (PERT) Critical Path Method (CPM) PERT and CPM Network techniques Developed in 195 s CPM
More informationProject Management -- Developing the Project Plan
Project Management -- Developing the Project Plan Dr. Tai-Yue Wang Department of Industrial and Information Management National Cheng Kung University Tainan, TAIWAN, ROC 1 Where We Are Now 6 2 Developing
More informationCHAPTER 5 STOCHASTIC SCHEDULING
CHPTER STOCHSTIC SCHEDULING In some situations, estimating activity duration becomes a difficult task due to ambiguity inherited in and the risks associated with some work. In such cases, the duration
More informationCISC 322 Software Architecture
CISC 22 Software Architecture Project Scheduling (PERT/CPM) Ahmed E. Hassan (Edited For Course Presentation, 206) Project A project is a temporary endeavour undertaken to create a "unique" product or service
More informationProject Management. Managing Risk. Clifford F. Gray Eric W. Larson Third Edition. Chapter 7
Project Management THE MANAGERIAL PROCESS Clifford F. Gray Eric W. Larson Third Edition Chapter 7 Managing Risk Copyright 2006 The McGraw-Hill Companies. All rights reserved. PowerPoint Presentation by
More informationPROJECT MANAGEMENT CPM & PERT TECHNIQUES
PROJECT MANAGEMENT CPM & PERT TECHNIQUES FLOW OF PRESENTATION INTRODUCTION NETWORK PLANNING ESTIMATING TIME CPM PERT Project Management Project A project is an interrelated set of activities that has a
More informationSWEN 256 Software Process & Project Management
SWEN 256 Software Process & Project Management Plan: Identify activities. No specific start and end dates. Estimating: Determining the size & duration of activities. Schedule: Adds specific start and end
More informationInternational Project Management. prof.dr MILOŠ D. MILOVANČEVIĆ
International Project Management prof.dr MILOŠ D. MILOVANČEVIĆ Project time management Project cost management Time in project management process Time is a valuable resource. It is also the scarcest. Time
More informationThe Critical Path Method
The Critical Path Method Presented by Antonio Prensa, MBA, PMP, CCP, CSTE for Project Management Institute Puerto Rico Chapter June 2, 22 San Juan, Puerto Rico "I believe that this nation should commit
More informationHaeryip Sihombing 1. Risk. Risk Management
Project Management Managing Risk 7 Haeryip Sihombing Universiti Teknikal Malaysia Melaka (UTeM) BMFP 4542 1 2 Risk Management Process The Risk Event Graph Risk Uncertain or chance events that planning
More informationPass PMP in 21 Days - ITTO Toolbox PROCESS MAP
PROCESS MAP 1 IntEgratIon Pass PMP in 21 Days - ITTO Toolbox InItIatIng PlannIng ExEcutIng MonItorIng & controlling closing Develop Project Charter Develop Project Management Plan Direct & Manage Project
More informationUNIVERSITY OF BOLTON SCHOOL OF ENGINEERING. MSc CIVIL ENGINEERING MSc CONSTRUCTION PROJECT MANAGEMENT SEMESTER ONE EXAMINATION 2017/2018
ENG026 UNIVERSITY OF BOLTON SCHOOL OF ENGINEERING MSc CIVIL ENGINEERING MSc CONSTRUCTION PROJECT MANAGEMENT SEMESTER ONE EXAMINATION 2017/2018 PROJECT MANAGEMENT MODULE NO: CPM7002 Date: 15 January 2018
More informationA METHOD FOR STOCHASTIC ESTIMATION OF COST AND COMPLETION TIME OF A MINING PROJECT
A METHOD FOR STOCHASTIC ESTIMATION OF COST AND COMPLETION TIME OF A MINING PROJECT E. Newby, F. D. Fomeni, M. M. Ali and C. Musingwini Abstract The standard methodology used for estimating the cost and
More informationIE 102 Spring Project Management
IE 102 Spring 2018 Project Management 1 Management of Projects Planning - goal setting, defining the project, team organization Scheduling - relates people, money, and supplies to specific activities and
More informationOptimization Prof. A. Goswami Department of Mathematics Indian Institute of Technology, Kharagpur. Lecture - 18 PERT
Optimization Prof. A. Goswami Department of Mathematics Indian Institute of Technology, Kharagpur Lecture - 18 PERT (Refer Slide Time: 00:56) In the last class we completed the C P M critical path analysis
More informationADVANCED QUANTITATIVE SCHEDULE RISK ANALYSIS
ADVANCED QUANTITATIVE SCHEDULE RISK ANALYSIS DAVID T. HULETT, PH.D. 1 HULETT & ASSOCIATES, LLC 1. INTRODUCTION Quantitative schedule risk analysis is becoming acknowledged by many project-oriented organizations
More informationProbabilistic Completion Time in Project Scheduling Min Khee Chin 1, Sie Long Kek 2, Sy Yi Sim 3, Ta Wee Seow 4
Probabilistic Completion Time in Project Scheduling Min Khee Chin 1, Sie Long Kek 2, Sy Yi Sim 3, Ta Wee Seow 4 1 Department of Mathematics and Statistics, Universiti Tun Hussein Onn Malaysia 2 Center
More informationA Comparison Between the Non-Mixed and Mixed Convention in CPM Scheduling. By Gunnar Lucko 1
A Comparison Between the Non-Mixed and Mixed Convention in CPM Scheduling By Gunnar Lucko 1 1 Assistant Professor, Department of Civil Engineering, The Catholic University of America, Washington, DC 20064,
More informationPOLYTECHNIC OF NAMIBIA
POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF MANAGEMENT PROJECT MANAGEMENT BACHELOR OF BUSINESS ADMINISTRATION 07BBMA SUBJECT CODE: PRM422S DATE: DURATION: MARKS: EXAMINERS: MODERATOR:
More informationProject Risk Management
Project Risk Management Introduction Unit 1 Unit 2 Unit 3 PMP Exam Preparation Project Integration Management Project Scope Management Project Time Management Unit 4 Unit 5 Unit 6 Unit 7 Project Cost Management
More informationConstruction Management
Construction Management 1. Which one of the following represents an activity A. excavation for foundation B. curing of concrete C. setting of question paper D. preparation of breakfast 2. Pick up the incorrect
More informationLecture 3 Project Scheduling
B10 Lecture Project Scheduling Omar El-Anwar, PhD, PMP Network alculations The purpose of conducting network calculations is to know more about the scheduling of activities: When will each activity start?
More informationNPV Method. Payback Period
1. Why the payback method is often considered inferior to discounted cash flow in capital investment appraisal? A. It does not take account of the time value of money B. It does not calculate how long
More informationOutline. Global Company Profile: Bechtel Group. The Importance of Project Management Project Planning Project Scheduling Project Controlling
Project Management Outline Global Company Profile: Bechtel Group The Importance of Project Management Project Planning Project Scheduling Project Controlling Outline - Continued Project Management Techniques:
More informationMODULE: INTRODUCTION TO PROJECT MANAGEMENT / PROJECT MANAGEMENT
Programme BA (Hons) Fashion and Textiles (Top-Up) BA (Hons) Graphic Design with Animation (Top-Up) BA (Hons) Interior Design Cohort FDI- BFT(TP)/14B/PT FDI- BGDA(TP)/14B/PT FDI-BAID/13B/FT Examinations
More informationINSE 6230 Total Quality Project Management Winter 2018 Quiz I. Max : 70 points. This is a closed book exam. Answer all the questions in the booklet.
. Surname, given names: Student Number: INSE 6230 Total Quality Project Management Winter 2018 Quiz I. Max : 70 points This is a closed book exam. Answer all the questions in the booklet. Ensure that your
More informationProject planning and creating a WBS
37E01500 Project Management and Consulting Practice Project planning and creating a WBS Matti Rossi Lecture 3, Tue 28.2.2017 Learning objectives Describe the project time management planning tasks, and
More information06IP/IM74 OPERATIONS RESEARCH
06IP/IM74 OPERATIONS RESEARCH UNIT - 6: PROJECT MANAGEMENT USING NETWORK ANALYSIS (By Dr.G.N.MOHAN BABU, Prof & HOD (I&P Engg), MCE, Hassan 573 021) LEARNING OBJECTIVES OF THE MODULE: By the end of this
More informationCOPYRIGHTED MATERIAL. Index
Index Note to the reader: Throughout this index boldfaced page numbers indicate primary discussions of a topic. Italicized page numbers indicate illustrations. A A+ certification, 28 acceptance criteria
More informationProject Management. Project Mangement. ( Notes ) For Private Circulation Only. Prof. : A.A. Attarwala.
Project Mangement ( Notes ) For Private Circulation Only. Prof. : A.A. Attarwala. Page 1 of 380 26/4/2008 Syllabus 1. Total Project Management Concept, relationship with other function and other organizations,
More informationETSF01: Software Engineering Process Economy and Quality
ETSF01: Software Engineering Process Economy and Quality Dietmar Pfahl Lund University 1. Identify project objectives 0.Select project 2. Identify project infrastructure Project planning steps Review Lower
More informationCAPM Exam Prep.
CAPM Exam Prep (What it really takes to prepare and pass) An ebook by Project Road Training, LLC www.project-road.com Bill Baxter Version 6-1 Project Road Training, LLC has been reviewed and approved as
More informationProject Management Fundamentals
Project Management Fundamentals Course No: B04-003 Credit: 4 PDH Najib Gerges, Ph.D., P.E. Continuing Education and Development, Inc. 9 Greyridge Farm Court Stony Point, NY 10980 P: (877) 322-5800 F: (877)
More informationLine Balancing S K Mondal Chapter 3
Line Balancing S K Mondal Chapter 3 Solution: J G 10 K I 7 L J, H 10 M K 6 N L, M 9 [10-Marks] 6 8 7 10 A D G J 5 B 5 6 E H L 10 9 N Work station number 1 3 4 5 6 4 10 7 4 C F I K M 6 Precedence diagram
More informationAssistance with University Projects? Research Reports? Writing Skills? We have got you covered! www.assignmentstudio.net WhatsApp: +61-424-295050 Toll Free: 1-800-794-425 Email: contact@assignmentstudio.net
More informationThe Project Times and Costs
The Project Times and Costs Not to underestimate the estimate Chapter 5 Defining the Project Step 1: Defining the Scope Step 2: Establishing Priorities Step 3: Creating the Work Breakdown Structure Step
More informationProgram Evaluation and Review Techniques (PERT) Critical Path Method (CPM):
Program Evaluation and Review Techniques (PERT) Critical Path Method (CPM): A Rough Guide by Andrew Scouller PROJECT MANAGEMENT Project Managers can use project management software to keep track of the
More informationCHAPTER 5. Project Scheduling Models
CHAPTER 5 Project Scheduling Models 1 5.1 Introduction A project is a collection of tasks that must be completed in minimum time or at minimal cost. Objectives of Project Scheduling Completing the project
More informationSystems Engineering. Engineering 101 By Virgilio Gonzalez
Systems Engineering Engineering 101 By Virgilio Gonzalez Systems process What is a System? What is your definition? A system is a construct or collection of different elements that together produce results
More informationManagement Management
Project Management Management Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently
More informationMS Project 2007 Page 1 of 18
MS Project 2007 Page 1 of 18 PROJECT MANAGEMENT (PM):- There are powerful environment forces contributed to the rapid expansion of the projects and project management approaches to the business problems
More informationLecture 5: Project Management
Lecture 5: Management organization structure ritical path method (PM) Time/cost tradeoff PM with three activity it time estimates t Readings: hapter 10 Management series of related jobs usually directed
More informationMarket Volatility and Risk Proxies
Market Volatility and Risk Proxies... an introduction to the concepts 019 Gary R. Evans. This slide set by Gary R. Evans is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International
More informationIntegrating Contract Risk with Schedule and Cost Estimates
Integrating Contract Risk with Schedule and Cost Estimates Breakout Session # B01 Donald E. Shannon, Owner, The Contract Coach December 14, 2015 2:15pm 3:30pm 1 1 The Importance of Estimates Estimates
More informationnext level PMP Exam Preparation Formula Guide for the PMP Exam
next Formula Guide for the PMP Exam January 2017 n e x t l e v e l Page 1 What s Included: 1. Earned Value Formulas 2. Formulas 3. Float Formulas 4. Project Selection Formulas 5. Additional Formulas to
More informationSimulation. Decision Models
Lecture 9 Decision Models Decision Models: Lecture 9 2 Simulation What is Monte Carlo simulation? A model that mimics the behavior of a (stochastic) system Mathematically described the system using a set
More informationMaking sense of Schedule Risk Analysis
Making sense of Schedule Risk Analysis John Owen Barbecana Inc. Version 2 December 19, 2014 John Owen - jowen@barbecana.com 2 5 Years managing project controls software in the Oil and Gas industry 28 years
More informationA UNIT BASED CRASHING PERT NETWORK FOR OPTIMIZATION OF SOFTWARE PROJECT COST PRITI SINGH, FLORENTIN SMARANDACHE, DIPTI CHAUHAN, AMIT BHAGHEL
A UNIT BASED CRASHING PERT NETWORK FOR OPTIMIZATION OF SOFTWARE PROJECT COST PRITI SINGH, FLORENTIN SMARANDACHE, DIPTI CHAUHAN, AMIT BHAGHEL Abstract: Crashing is a process of expediting project schedule
More informationSSC-JE STAFF SELECTION COMMISSION CIVIL ENGINEERING STUDY MATERIAL ESTIMATING, COSTING AND VALUATION
1 ` SSC-JE STAFF SELECTION COMMISSION CIVIL ENGINEERING STUDY MATERIAL SSC-JE Civil Engineering 2 Estimating, Costing and Valuation : Estimate, Glossary of technical terms, Analysis of rates, Methods and
More informationComparison between Deterministic and Stochastic Time Estimating Techniques
Comparison between Deterministic and Stochastic Time Estimating Techniques Daketima G. Briggs, Ph.D, PMP Management Department, Faculty of Business, University of Botswana ABSTRACT: This paper started
More informationManaging Projects As Investments: The Benefits Of Computing Critical Path Drag And Drag Cost
Managing Projects As Investments: The Benefits Of Computing Critical Path Drag And Drag Cost ***** A Presentation for PMI Westchester County Chapter by Stephen A. Devaux 6/13/2017 1 The History of PM and
More informationAllocate and Level Project Resources
Allocate and Level Project Resources Resource Allocation: Defined Resource Allocation is the scheduling of activities and the resources required by those activities while taking into consideration both
More informationEXERCISE Draw the network diagram. a. Activity Name A B C D E F G H
XRIS. What do you mean by network analysis? xplain with counter examples.. What are the basic differences between PM and PRT analysis of project work?. State the rule of constructing the network diagram..
More informationStatistical Intervals (One sample) (Chs )
7 Statistical Intervals (One sample) (Chs 8.1-8.3) Confidence Intervals The CLT tells us that as the sample size n increases, the sample mean X is close to normally distributed with expected value µ and
More informationOptimization of Rescheduling and Economy. Analysis of the Implementation of Kwitang Office. Park Building Construction Project in Jakarta
Contemporary Engineering Sciences, Vol. 10, 2017, no. 7, 317-333 HIKARI Ltd, www.m-hikari.com https://doi.org/10.12988/ces.2017.712 Optimization of Rescheduling and Economy Analysis of the Implementation
More informationOptimal Search for Parameters in Monte Carlo Simulation for Derivative Pricing
Optimal Search for Parameters in Monte Carlo Simulation for Derivative Pricing Prof. Chuan-Ju Wang Department of Computer Science University of Taipei Joint work with Prof. Ming-Yang Kao March 28, 2014
More informationProject Management with Brief Information regarding CPM and PERT Methods
99 INTERNATIONAL JOURNAL OF SCIENTIFIC & ENGINEERING RESEARCH, VOLUME 9, ISSUE, JULY-8 Project Management with Brief Information regarding CPM and PERT Methods Rohan Agarwal Guide: Sheetal Patel Abstract
More informationfor Major Infrastructure Projects
for Major Infrastructure Projects Presented by: Pedram Daneshmand Senior Associate Director 4 th Annual Contract Selection and Risk for Major Projects, March 2011 Agenda Brief Introduction Project Delivery
More informationFinal: Total 200 points (3-hour exam)
Final: Total 200 points (3-hour exam) [Engineering Economics] IRR Calculation [15 points] One alternative for improving a company s operations is to do nothing for the next 2 years and then spend $10,000
More informationAppendix A Decision Support Analysis
Field Manual 100-11 Appendix A Decision Support Analysis Section I: Introduction structure development, and facilities. Modern quantitative methods can greatly facilitate this Complex decisions associated
More informationVALLIAMMAI ENGINEERING COLLEGE
VALLIAMMAI ENGINEERING COLLEGE SRM Nagar, Kattankulathur 603 203 DEPARTMENT OF CIVIL ENGINEERING QUESTION BANK VI SEMESTER CE6005 CONSTRUCTION PLANNING AND SCHEDULING Regulation 2013 Academic Year 2017
More informationProgram Evaluation and Review Technique (PERT) in Construction Risk Analysis Mei Liu
Applied Mechanics and Materials Online: 2013-08-08 ISSN: 1662-7482, Vols. 357-360, pp 2334-2337 doi:10.4028/www.scientific.net/amm.357-360.2334 2013 Trans Tech Publications, Switzerland Program Evaluation
More information11/1/2018. Overview PERT / CPM. Network representation. Network representation. Project Scheduling. What is a path?
PERT / CPM BSD Dave Novak Fall Overview Introduce Discuss what a critical path is Discuss critical path algorithm Example Source: nderson et al., 1 Quantitative Methods for Business 1 th edition some slides
More informationProject Management and Cost Control
Project Management and Cost Control What is Project Management Build A A Done Build B B Done Build C JAN FEB MAR APR MAY JUN C Done Build D On time! Ship Unique, one-time operations designed to accomplish
More informationProgramme Evaluation and Review Technique
15 Programme Evaluation and Review Technique LEARNING OBJECTIVES : After studying this chapter, you will be able to : l l l l l l l l l Explain generic term network analysis and such related terms as Critical
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME END SEMESTER EXAMINATION JULY 2016
All Rights Reserved No. of Pages - 10 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME END SEMESTER EXAMINATION JULY 2016 MGT 30725 Project
More informationOutline. Project Management. Introduction. What is a Project?
Outline Project Management Jeffrey Pinto, Ph.D. Penn State Erie What is Project Management? Scope Management Risk Management Planning and Scheduling Project Evaluation and Control Project Termination Introduction
More informationChapter 11: PERT for Project Planning and Scheduling
Chapter 11: PERT for Project Planning and Scheduling PERT, the Project Evaluation and Review Technique, is a network-based aid for planning and scheduling the many interrelated tasks in a large and complex
More informationChapter 16. Random Variables. Copyright 2010 Pearson Education, Inc.
Chapter 16 Random Variables Copyright 2010 Pearson Education, Inc. Expected Value: Center A random variable assumes a value based on the outcome of a random event. We use a capital letter, like X, to denote
More informationSTA Module 3B Discrete Random Variables
STA 2023 Module 3B Discrete Random Variables Learning Objectives Upon completing this module, you should be able to 1. Determine the probability distribution of a discrete random variable. 2. Construct
More informationChapter 5 Discrete Probability Distributions. Random Variables Discrete Probability Distributions Expected Value and Variance
Chapter 5 Discrete Probability Distributions Random Variables Discrete Probability Distributions Expected Value and Variance.40.30.20.10 0 1 2 3 4 Random Variables A random variable is a numerical description
More information