Principles of Project Management
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1 IPM 2012 Conference Principles of Project Management David Radkovich, PMP, EVP Subsystem Technologies Karen Jordan, PMP Subsystem Technologies 1
2 About today's group How many of you are attending your first EVM conference? How many of you are new to EVM? How many of you are Project Managers? Earned Value Analyst? Any Project Management Professionals (PMP s)? Any Earned Value Professionals (EVP s) Does anyone have over three years experience in EVM? How many of you support the Government? Other industries? 2
3 Agenda Brief introduction to Project Management and PMI Brief Intro to Earned Value Some Examples of how EVM can help with Project Management Basic introduction to PMI s Project Management processes and how they relate to EVM We will cover as many of PMI s 42 processes as we have time, but I suspect we will not get through them all 3
4 PMI Who is PMI and CPM PMI is the world s leading not-for-profit membership association for the project management profession, with more than half a million members and credential holders in more than 185 countries. Our worldwide advocacy for project management is supported by our globally-recognized standards and credentials, our extensive research program, and our professional development opportunities. College of Performance Management We are an international, non-profit professional organization dedicated to the disciplines of project management and performance measurement. We assist the earned value professional and project manager in professional growth and promote the application of earned value management. We are a growing body of professionals dedicated to managing projects on time and on budget. 4
5 PMI Facts 5
6 What is a Project? PMI s definition: It s a temporary group activity designed to produce a unique product, service or result. A project is temporaryin that it has a defined beginning and end in time, and therefore defined scope and resources. From Wikipedia the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A projectis a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), [1] undertaken to meet unique goals and objectives, [2] typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), [3] which are repetitive permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies. 6
7 What is Project Management? The application of knowledge, skills and techniques to execute projects effectively and efficiently. It s a strategic competency for organizations, enabling them to tie project results to business goals and thus, better compete in their markets. 7
8 Portfolio, Program, and Project Management? Portfolio Program Ford manufactures and sells different cars Ford manufactures different models of Mustang Project Ford has a project to manufacture Mustang GT 8
9 Type of organizations? Project Characteristic Functional Matrix Projectized Project manager s authority None to little Limited to high High to full Project manager s role Part-time Part-time / full-time Full-time PM Administrative None to part- Part-time / Full-time staff time full-time Project budget controlled by Functional Manager Functional Manager, Project Manager or both Project Manager Resource availability None to little Limited to high High to full 9
10 Introduction to the PMBOK PMI s Project Management Body of Knowledge (PMBOK) Represents generally recognized good practices in the profession while reflecting project management s continually evolving knowledge First developed as a white paper in the 1983 PMI Ethics, Standards and Accreditation Report, the PMBOK Guide has become the foremost global standard for the practice of project management 10
11 Introduction to the PMBOK Members of PMI get access to electronic copy, but anyone can buy it Please keep in mind the PMBOK is all about What to Do, not How to do it. Many third party study guides available Example of a source for templates /OHA/admin/bpm/pmo/docs/PCoE_PMBOK_4TH_EDITION_ TEMPLATES.doc 11
12 Introduction to the PMBOK 42 Processes 5 Process groups 9 Knowledge area All have: Inputs Tool and Techniques Outputs Key points 12
13 Knowledge Area s Project Integration Management Project Scope Management Project Time Management Project Cost Management Project Quality Management Project Human Resource Management Project Communications Management Project Risk Management Project Procurement Management 13
14 Example ITTO Inputs Tools & Techniques Outputs 1. Project Scope Statement 2. Cost Management Plan 3. Schedule Management Plan 4. Communications Management Plan 5. EEFs 6. OPAs 1. Planning meetings and analysis Example of ITTO 1. Risk Management Plan Plan Risk Management Process PMBOK 4 th Ed, P
15 Definition of EVM PMI - Earned Value Management (EVM)- Management methodology for integrating scope, schedule, and resources for objectively measuring project performance and progress. Wikipedia -a project managementtechnique for measuring project performance and progress in an objective manner Dave s Basic project management with an emphasis on cost and schedule control 15
16 EVMS Introduction: we must compare BCWS BCWP ACWP EAC BAC EVMS Building Blocks Plan Budget Planned Value (PV) Should Do Status Performance Earned Value (EV) Did Do Actual Costs (AC) Cost Estimate At Complete Latest Revised Estimate Budget At Complete Total Budget & Work Outputs Schedule Variance (SV) = BCWP BCWS SV% = SV / BCWS SPI = BCWP / BCWS Cost Variance (CV) = BCWP ACWP CV% = CV / BCWP CPI = BCWP / ACWP EAC ACWP = Estimate To Complete (ETC) Variance At Complete = BAC -EAC TCPI = BAC BCWP cum EAC ACWP cum
17 CPM s knowledge 17
18 BRAND IDENTITY GUIDELINES Project Management Institute 18
19 How does EVM Relate to Project Management? Project managers are expected to know the progress of their project at all times. Are you meeting expectations? Staying within budget? Staying on schedule? These can be tough questions to answer without the use of Earned Value Management (EVM). 19
20 What PMBOK Knowledge area s involve EVM? Project Integration Management Project Scope Management Project Time Management Project Cost Management Project Quality Management Project Human Resource Management Project Communications Management Project Risk Management Project Procurement Management 20
21 Example of Process Flow diagram Control Cost Process PMBOK page
22 Example of Using EVM in Project Management CPI and SPI Cancellation of A-12 contract Example for Project David worked on 22
23 Good or Bad? CPI = For every $1.00 we spent we got $1.32 worth of work done SPI = For every $1.00 of work we had scheduled we got $.81 worth of work done 23
24 Help!!! Slide: # 24
25 Slide: # 25
26 Government PM EAC Contractor EAC 26
27 Example from real project In August 2006 BAC (Contract)was $30,063K When Program was terminated in October 2009 contract value was $54,900K with over $1,000K in additional change requests submitted Was SCI-based EAC a reasonable floor? (SCI=CPI*SPI) (BAC/CPI*SPI) Completion Data Statistical & Independent Forecast Data ($K) % SPT BAC ($K) LRE ($K) VAC ($K) TCPI-BAC TCPI-EAC 3 PER AVG 6 PER AVG CUM CPI COST & SCH CPI*SPI , , , , , , , , L A S T T H R E E M O N T H S , , , , , , , , , , , , , , , , , , , , , , , , Figures from August 2006 WinSight Report 27
28 Some Certifications Project Management Professional (PMP) Project Management Institute (PMI) ( Earned Value Professional (EVP) AACEi ( AACEi has several other certifications around cost estimating CPM s Certificate Program 28
29 PMP Requirements 200 Question 4 hour exam PMI s PMP Handbook 29
30 Experience requirements At least 8 full years of professional experience, of which up to 4 years may be substituted by a college/university degree. Related degrees include: engineering, building construction, construction technology, business, economics, accounting, construction management, architecture, computer science, mathematics, etc. Submit application and fees EVP Requirements AACE Members US$ Non-Members US$ for the regular fee, subtract $50 for the early fee. Submit the application, work/education verification and fees, at least 40 days before the next exam date to be scheduled at an exam site. Document experience/education Applications are reviewed and verified. Please submit a copy of college degree(s) with your application, plus any letters that could expedite the verification process. Pass the examination To become EVP certified, an overall passing score must be achieved, as determined by the Certification Board. Parts II, III and IV consist of a combination of compound questions and multiple choice questions; all must be answered. 30
31 Project Integration Management Chapter 4 Develop Project Charter (4.1) Develop Project Direct and Manage Management Plan Project Execution (4.2) (4.3) Monitor and Control Project Work (4.4) Perform Integrated Change Control (4.5) Close Project or Phase (4.6) 31
32 Develop Project Charter 4.1 Inputs Project Statement of Work Business Case Contract Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Outputs Project Charter 32
33 Develop Project Charter 4.1 Importance Of The Project Charter 33
34 Develop Project Management Plan 4.2 Inputs Project Charter Outputs from Planning Processes Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Outputs Project Management Plan 34
35 Develop Project Management Plan 4.2 The Project Management Plan 35
36 Direct and Manage Project Execution 4.3 Inputs Project Management Plan Approved Change Requests Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Project Management Information Systems Outputs Deliverables Work Performance Information Change Requests Project Management Plan Updates Project Document Updates 36
37 Direct and Manage Project Execution 4.3 During the Executing processes, you should continually compare and monitor project performance against the baseline so that corrective actions can be taken and implemented at the right time to prevent disaster The PMBOK Guide says, this process also requires implementing corrective actions to bring the work of the project back into alignment with the project plan, preventive actions to reduce the probability of negative consequences, and defect repairs to correct product defects discovered during the quality processes 37
38 Monitor and Control Project Work 4.4 Inputs Project Management Plan Performance Reports Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Outputs Change Requests Project Management Plan Updates Project Document Updates 38
39 Monitor and Control Project Work 4.4 The process is concerned with monitoring all the processes in the Initiating, Planning, Executing, and Closing process groups Using this process, you ll collect data, measure results, and report on performance information 39
40 Perform Integrated Change Control 4.5 Inputs Project Management Plan Work Performance Information Change Requests Enterprise Environmental Factors Tools & Techniques Expert Judgment Change Control Meetings Outputs Change Requests Status Updates Project Management Plan Updates Project Document Updates 40
41 Perform Integrated Change Control
42 Close Project or Phase 4.6 Inputs Project Management Plan Accepted Deliverables Organizational Process Assets Tools & Techniques Expert Judgment Outputs Final Product, Service, or Result Transition Organizational Process Assets Updates 42
43 Project Scope Management -Chapter 5 Collect Requirements (5.1) Define Scope (5.2) Create WBS (5.3) Verify Scope (5.4) Control Scope (5.5) 43
44 Why do we need scope Management? 44
45 Why do we need scope Management? Processes to ensure the project includes all the work required and only the work required to complete the project successfully Alleviates gold plating, which increases variability and risk Primarily concerned with defining and controlling what is and is not included in the project The term scope refers to project and product scope The 100% rule WBS represents all the work and nothing but the work that is required. All the work packages must roll up to the higher levels. This is where most projects fail! 45
46 Collect Requirement 5.1 Inputs Project Charter Stakeholder Register Tools & Techniques Interviews Focus Groups Facilitated Workshops Group Creativity Techniques Group Decision Making Techniques Questionnaires and Surveys Observations Prototypes Outputs Requirements Documentation Requirements Management Plan Requirements Traceability Matrix 46
47 Define Scope 5.2 Inputs Project Charter Requirements Documentation Organizational Process Assets Tools & Techniques Expert Judgment Product Analysis Alternative Identification Facilitated Workshops Outputs Project Scope Statement Project Document Updates 47
48 Create WBS 5.3 Inputs Project Scope Statement Requirements Documentation Organizational Process Assets Tools & Techniques Decomposition Outputs WBS WBS Dictionary Scope Baseline Project Document Updates 48
49 Sample WBS Level 1 ACME Housing Corporation 1 Level 2 House Building Project 1.1 Control Account Level Level 3 Concrete Framing Plumbing Electrical Interior Roofing Level 4 Pour Foundation Install Patio Frame Exterior Walls Frame Interior Walls Install Water Lines Install Gas Lines Install Wiring Install Outlets/ Switches Install Drywall Install Carpets Install Felt Install Shingles Stairway Install Roofing Trusses Install B/K Fixtures Work Package / Planning Package Level Install Fixtures Install Painting Install Vents
50 Verify Scope 5.4 Inputs Project Management Plan Requirements Documentation Requirements Traceability Matrix Validated Deliverables Tools & Techniques Inspection Outputs Accepted Deliverables Change Request Project Document Updates 50
51 Control Scope 5.5 Inputs Project Management Plan Work Performance Information Requirements Documentation Requirements Traceability Matrix Organizational Process Assets Tools & Techniques Variance Analysis Outputs Work Performance Measurements Organizational Process Assets Updates Change Requests Project management Plan Updates Project Document Updates 51
52 Work Breakdown Structure (WBS) Organization Breakdown Structure (OBS) Hardware Major Subsystem 2 Sub Sub Sub Sub Sub Sub 1A 1B 2A 2B 3A 3B System (Contract Level) Training Project Mgt Data Spares Company Manufacturing Tooling Factory Sheet Metal Shop Machine Shop Elect Subassembly Final Assembly Improper (WBS/OBS interface too low) Mfg. Eng
53 System (Contract Level) Hardware Training Project Mgt Data Spares Company Manufacturing Tooling Factory Major Subsystem 2 Work Breakdown Structure (WBS) Organization Breakdown Structure (OBS) Desirable with higher level of WBS and OBS Mfg. Eng.
54 Project Time Management Overview Chapter 6 Define Activities (6.1) Sequence Activities (6.2) Estimating Activity Resources (6.3) Estimating Activity Duration (6.4) Develop Schedule (6.5) Control Schedule (6.6) 54
55 Define Activities 6.1 Inputs Scope Baseline Enterprise Environmental Factors Tools & Techniques Decomposition Rolling Wave Planning Templates Expert Judgment Outputs Activity List Activity Attributes Milestone list 55
56 Sequence Activities 6.2 Inputs Activity List Activity Attributes Milestone List Project Scope Statement Organizational Process Assets Tools & Techniques Precedence Diagramming Method (PDM) Dependency Determination Apply Leads and Lags Schedule Network Templates Outputs Project Schedule Network Diagrams Project Document Updates 56
57 Sample Network diagram I Recommend: CPM-300-B Critical Path Scheduling Techniques Harry Sparrow 57
58 Estimate Activity Resources 6.3 Inputs Activity List Activity Attributes Resource Calendar Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Alternative Analysis Published Estimating Data Bottom-Up Estimating Project Management Software Outputs Activity Resource Requirements Resource Breakdown Structure Project Document Updates 58
59 Estimate Activity Durations 6.4 Inputs Activity list Activity Attributes Activity Resource Requirements Resource Calendars Project Scope Statement Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Analogous Estimating Parametric Estimating Three-Point Estimating Reserve Analysis Outputs Activity Duration Estimates Project Document Updates 59
60 Develop Schedule 6.5 Inputs Activity List Activity Attributes Project Schedule Network Diagrams Activity Resource Requirements Resource Calendars Activity Duration Estimates Project Scope Statement Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Schedule Network Analysis Critical Path Method Critical Chain Method Resource Leveling What-if scenario analysis Appling leads and lags Schedule compression Scheduling tool Outputs Project schedule Schedule baseline Schedule data Project document updates 60
61 Control Schedule 6.6 Inputs Project Management Plan Project schedule Work Performance information Organizational process assets Tools & Techniques Performance reviews Variance analysis Project management software Resource leveling What-if scenario analysis Adjusting leads and lags Schedule compression Scheduling tool Outputs Work performance measurement Organizational process assets Change requests Project management plan updates Project document updates 61
62 Project Cost Management Overview Chapter 7 Estimate Costs (7.1) Determine Budgets (7.2) Control Costs (7.3) 62
63 Estimate Costs 7.1 Inputs Scope baseline Project schedule Human Resource Plan Risk Register Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Expert Judgment Analogous Estimating Parametric Estimating Bottom-Up Estimating Three-Point Estimates Reserve Analysis Cost of Quality Project Management Estimating Software Vendor Bid Analysis Outputs Activity Cost Estimates Basis of Estimates Project Document Updates 63
64 Determine Budget 7.2 Inputs Activity Cost Estimates Basis of Estimates Scope Baseline Project Schedule Resource Calendars Contracts Organizational Process Assets Tools & Techniques Cost Aggregation Reserve Analysis Expert Judgment Historical Relationships Funding Limit Reconciliation Outputs Cost Performance Baseline Project Funding Requirements Project Document Updates 64
65 Control Costs 7.3 Inputs Project Management Plan Project Funding Requirements Work Performance Information Organizational Process Assets Tools & Techniques Earned Value Management Forecasting To-Complete Performance Index(TCPI) Performance Reviews Variance Analysis Project Management Software Outputs Work Performance Measurements Budget Forecasts Organizational Process assets Updates Change requests Project Management Plan Updates Project Document Updates 65
66 Project Quality Management Overview Chapter 8 Plan Quality (8.1) Perform Quality Assurance (8.2) Perform Quality Control (8.3) 66
67 Total Cost of Quality The cost of quality. It s a term that s widely used and widely misunderstood. The cost of quality isn t the price of creating a quality product or service. It s the cost of NOT creating a quality product or service. Source:
68 Plan Quality 8.1 Inputs Scope Baseline Stakeholder Register Cost Performance Baseline Schedule Baseline Risk Register Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Cost-Benefit Analysis Cost of Quality Control Charts) Benchmarking Design of Experiments Statistical Sampling Flowcharting Proprietary Quality Management Methodologies Additional Quality Planning Tools Outputs Quality Management Plan Quality Metrics Quality Checklists Process Improvement Plan Project Document Updates 68
69 Perform Quality Assurance 8.2 Inputs Project Management Plan Quality Metrics Work Performance Information Quality Control Measurements Tools & Techniques Plan Quality and Perform Quality Control Tools and Techniques Quality Audits Process Analysis Outputs Organizational Process Assets Updates Change Request Project Management Plan Updates Process Improvement Plan Project Document Updates 69
70 Perform Quality Control 8.3 Inputs Project Management Plan Quality Metrics Quality Checklist Work Performance Measurements Approved Change requests Deliverables Organizational Process Assets Tools & Techniques Cause and Effect Diagrams Control Charts Flowcharting Histogram Pareto Chart Run Chart Scatter Diagram Inspection Approved Change Requests Outputs Quality Control Measurements Validated Changes Validated Deliverable Organizational Process Assets Updates Change Requests Project Management Plan Project Document Updates 70
71 Control Chart Example BRAND IDENTITY GUIDELINES Project Management Institute Control Chart: Examples Any Point outside limits (Upper or Lower) indicates a problem Rule of Seven Indicates problem if seven consecutive points are above or below the average Source:
72 Pareto Chart Example What is causing delays in processing credit card BRAND IDENTITY GUIDELINES applications Project Management Institute What Questions The Pareto Chart Answers What are the largest issues facing our team or business? What 20% of sources are causing 80% of the problems (80/20 Rule)? Where should we focus our efforts to achieve the greatest improvements? Source:
73 Project Human Resource Management Overview Chapter 9 Develop Human Resource Management (9.1) Acquire Project Team (9.2) Develop Project Team (9.3) Manage Project Team (9.4) 73
74 Develop Human Resource Plan 9.1 Inputs Activity Resource Requirements Enterprise Environmental Factors Organizational Process Tools & Techniques Organizational Charts and Position Descriptions Networking Organizational Theory Outputs Human Resource Plan 74
75 Acquire Project Team 9.2 Inputs Project Management Plan Enterprise Environmental Factors Organizational Process Tools & Techniques Pre- Assignment Negotiations Acquisition Virtual Teams Outputs Project Staff Assignments Resource Calendars Project Management Plan Updates 75
76 Develop Project Team 9.3 Inputs Project Staff Assignments Project Management Plan Resource Calendars Tools & Techniques Interpersonal Skills Training Team-Building Activities Ground Rules Co-Location Recognition and Rewards Outputs Team Performance Assessments Enterprise Environmental Factors Updates Project Management Plan Updates 76
77 Manage Project Team 9.4 Inputs Project Staff Assignments Project Management Plan Team Performance Assessments Performance Reports Organizational Process Assets Tools & Techniques Observation and Conversation Project Performance Appraisals Conflict Management Issue Log Interpersonal Skills Outputs Enterprise Environmental Factors Updates Organizational Process Assets Updates Change Requests Project Management Plan Updates 77
78 Project Communications Management Overview Chapter 10 Identify Stakeholders (10.1) Plan Communications (10.2) Distribute Information (10.3) Manage Stakeholder Expectations (10.4) Report Performance (10.5) 78
79 Project Communications Management 90% of a Project Managers job is communication 65% to 70% of our communications is transmitted non-verbally. It s not what you say but how you say it most listeners will believe the non-verbal actions over the verbal. Paralanguage:Pitch and tone of voice. It is a powerful form of nonverbal communication that conveys attitude, intentions and emotions. Slide: # 79
80 Identify Stakeholders 10.1 Inputs Project Charter Procurement Documents Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Stakeholders Analysis Expert Judgment Outputs Stakeholder Register Stakeholder Management Strategy 80
81 Stakeholders Stakeholder Analysis Quadrant High POWER Keep.B Satisfied Manage Closely.A.H.F.G Monitor (Minimum Effort).D.C Keep Informed.E Low Low INTEREST High Slide: # 81 Example: Power / Interest Grid with Stakeholders
82 Plan Communications 10.2 Inputs Stakeholder Register Stakeholder Management Strategy Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Communications Requirements Analysis Communication Technology Communication Models Communication Methods Outputs Communications Management Plan Project Document Updates 82
83 Distribute Information 10.3 Inputs Project Management Plan Performance Reports Organizational Process Assets Tools & Techniques Communication Methods Information Distribution Tools Outputs Organizational Process Assets Updates 83
84 Manage Stakeholders Expectations 10.4 Inputs Stakeholder Register Stakeholder Management Strategy Project Management Plan Issue Log Change Log Organizational Process Assets Tools & Techniques Communication Methods Interpersonal Skills Management Skills Outputs Organizational Process Assets Updates Change Requests Project Management Plan Updates Project Document Updates 84
85 Report Performance 10.5 Inputs Stakeholder Register Stakeholder Management Strategy Project Management Plan Issue Log Change Log Organizational Process Assets Tools & Techniques Communication Methods Interpersonal Skills Management Skills Outputs Organizational Process Assets Updates Change Requests Project Management Plan Updates Project Document Updates 85
86 Project Risk Management Overview Chapter 11 Plan Risk Management (11.1) Identify Risks (11.2) Perform Qualitative Risk Analysis (11.3) Perform Quantitative Risk Analysis (11.4) Plan Risk Responses (11.5) Monitor and Control Risks (11.6) 86
87 Project Risk Management Project risk management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project; (PMBOK 4 th Ed, P. 273). The objectives of project risk management are to Increase the probability and impact of positive events Decrease the probability and impact of negative events 87
88 What is Risk? Project Risk is an uncertain event or condition that can have a positive or negative affect on the project objective. It includes both threats to the project objective as well as opportunities to improve on the objective It s origins are in the uncertainty that is in all projects. Can anyone give me an example of a positive risk? 88
89 Plan Risk Management 11.1 Inputs Project Scope Statement Cost Management Plan Schedule Management Plan Communications Management Plan Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Planning Meetings and Analysis Outputs Risk Management Plan 89
90 Identify Risks 11.2 Inputs Risk Management Plan Activity Cost Estimates Activity Duration Estimates Scope Baseline Stakeholder Register Cost Management Plan Quality Management Plan Project Documents Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Documentation Reviews Information Gathering Techniques Checklist Analysis Assumptions Analysis Diagramming Techniques SWOT Analysis Expert Judgment Outputs Risk Register 90
91 Identify Risks 11.2 Developing a list of what could go wrong within reason (but seriously, dude, the rain will never get that bad) Risk Register List of identified risks List of potential responses Root causes of the risk Updated risk categories 91
92 Identify Risks 11.2 Technology Contractor capability Regulations Number of participants Resource skill level Funding Site location, ownership Safety Errors and omissions Time Interfaces Environment issues Political issues Labor productivity Quality requirements Magnitude of assumptions and constraints 92
93 Perform Qualitative Risk Analysis 11.3 Inputs Risk Register Risk management Plan Project Scope Statement Organizational Process Assets Tools & Techniques Risk Probability and Impact Assessment Probability and Impact matrix Risk Data Quality Assessment Risk Categorization Risk Urgency Assessment Expert Judgment Outputs Risk Register Updates 93
94 Risk Score Event Probability of Occurrence Impact of Occurrence Threat or Opportunity Risk Score Risk A Risk B Risk C Risk D Risk E
95 Probability and Impact Matrix P r o b a b i l i t y Impact 95
96 Perform Quantitative Risk Analysis 11.4 Inputs Risk Register Risk management Plan Cost Management Plan Schedule Management Plan Organizational Process Assets Tools & Techniques Data Gathering and Representation Techniques Quantitative Risk Analysis and Modeling Techniques Expert Judgment Outputs Risk Register Updates 96
97 Plan Risk Responses 11.5 Inputs Risk Register Risk Management Plan Tools & Techniques Strategies for Negative Risks or Threats Strategies for Positive Risks or Opportunities Contingent Response Strategies Expert Judgment Outputs Risk Register Updates Risk-Related Contract Decisions Project Management Plan Updates Project Document Updates 97
98 Plan Risk Responses 11.5 We know something is going to happen. We re not sure when but we know it will hurt when it happens So what are we going to do when the risk event occurs Make it hurt less Mitigate Make it go away faster Mitigate Make it someone else s problem Transfer Don t do the thing that is most likely to cause it Avoid Suffer the pain Acceptance Have a plan Contingency response strategy 98
99 Monitor & Control Risks 11.6 Inputs Risk Register Project Management Plan Work Performance Information Performance Reports Tools & Techniques Risk Assessment Risk Audits Variance and Trend Analysis Technical Performance Measurement Reserve Analysis Status Meetings Outputs Risk Register Updates Organizational Process Assets Updates Change requests Project Management Plan Updates Project Documents Updates 99
100 Monitor & Control Risks 11.6 We ve figured it all out, we have a plan, now its time to watch, observe, and be ready to act Identify, analyze and plan for new risks Monitor triggers to see if a risk event has occurred Monitor the execution of our risk response plans to make sure that they really are having the intended effect Determine if we need to change how we are managing risk 100
101 Project Procurement Management Overview Chapter 12 Plan Procurements (12.1) Conduct Procurements (12.2) Administer Procurements (12.3) Close Procurements (12.4) 101
102 What is a Contract? A contract is a legally binding agreement between two or more parties Non-verbal Verbal Written A contract has certain key elements Offer Consideration Acceptance 102
103 Plan Procurements 12.1 Inputs Scope baseline Requirements Documentation Teaming Agreements Risk Register Risk-Related Contract Decisions Activity Resource Requirements Project Schedule Activity Cost Estimates Cost Performance Baseline Enterprise Environmental Factors Organizational Process Assets Tools & Techniques Make-or-Buy Analysis Expert Judgment Contract Types Outputs Procurement Management Plan Procurement Statements of Work Make-or-Buy Decisions Procurement Documents Source Selection Criteria Change Requests 103
104 Contract types Fixed Price Firm Fixed Price (FFP) Most commonly used contract type Any cost increase is the responsibility of the seller Fixed Price Incentive Fee (FPIF) Gives buyer and seller some flexibility All costs above the price ceiling are the responsibility of the seller Fixed Price with Economic Price Adjustment (FP-EPA) Used when period spans a considerable period of years Protects both buyer and seller from external conditions 104
105 Contract types Cost Reimbursable Cost Plus Fixed Fee (CPFF) Seller is reimbursed for allowable costs for performing work Received a fixed fee payment calculated as a % of initial estimated project costs Cost Plus Incentive Fee (CPIF) Seller is reimbursed for allowable costs for performing work Received a predetermined incentive fee based on achieving certain performance objectives Cost Plus Award Fee (CPAF) Seller is reimbursed for all legitimate costs Majority of fee is earned based on satisfaction of performance criteria defined in contract 105
106 Contract types Time and Materials Hybrid of both cost-reimbursable and fixed-price contracts Resemble cost-reimbursable can be left open ended and increase in contract value Resemble fixed unit price arrangements when specified in contract not-to-exceed 106
107 Conduct Procurement 12.2 Inputs Project Management Plan Procurement Documents Source Selection Criteria Qualifies Seller List Seller Proposals Project Proposals Make-or-Buy Decisions Teaming Agreements Organizational Process Assets Tools & Techniques Bidder Conferences Proposal Evaluation Techniques Independent Estimates Expert Judgment Advertising Internet Search Procurement Negotiations Outputs Selected Sellers Procurement Contract Award Resource Calendars Change Requests Project Management Plan Updates Project Document Updates 107
108 Administer Procurements 12.3 Inputs Procurement Documents Project Management Plan Contract Performance Reports Approved Change Requests Work Performance Information Tools & Techniques Contract Change Control System Procurement Performance Reviews Inspections and Audits Performance Reporting Payment Systems Claims Administration Records Management System Outputs Procurement Documentation Organizational Process assets Updates Change Requests Project Management Plan Updates 108
109 Close Procurements 12.4 Inputs Project Management Plan Procurement Documentation Tools & Techniques Procurement Audits Negotiated Settlements Records Management System Outputs Closed Procurements Organizational Process assets Updates 109
110 Questions??? Rights Reserved 110
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