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Transcript of Project Integration
Involves coordinating all of the other project management knowledge areas throughout a project’s life cycle.
What did they expect?
They needed to know
when the DNA-sequencing instrument would be ready
how big the market was for the product
does the company have enough in-house staff to continue to manage similar projects in the future
Case Study -Nick Carson
Promoted to Project Manager
determining long-term objectives by analyzing the strengths
and weaknesses of an organization
4-Stage Planning Process
Project Manager's Responsibilities
coordinating all of the people, plans, and work required.
focus on the big picture of the project and steer the project team toward successful completion
make the final decisions when conflicts occur among project goals or people
communicate key project information to top management
Nick Carson's Error
Ignored a key stakeholder
for the DNA-sequencing instrument project — his
Process of attaining close and seamless coordination between several departments, groups, organizations, systems, etc.
What went wrong?
He didn't provide accurate schedules or detailed plans.
Negotiations for a potential corporate buyout influenced top management’s sense of urgency to complete the project
Nick Carson recently became project manager of a critical bio tech enterprise
Nick had been the lead software developer on the project before being promoted
Fixed the technical problems and delivered product on time
top management was displeased
Top management wanted to see a
project management plan and
a schedule to help monitor
the project’s progress
studying opportunities and threats
predicting future trends, and projecting the need for new products and services
organizations need to narrow down the list of potential projects to the ones that will be of most benefit.
Five common techniques are:
Focusing on Broad
Using a weighted
converts value drivers, such as customer service and innovation to a series of defined metrics
record and analyze these metrics to determine how well projects help reach their goals
Some examples of organizational needs:
improve safety, increase morale, provide better communications, or improve customer service
They have high value but are hard to measure in financial terms
Do people in the organization agree that the project
to be done?
Does the organization have the desire and capacity to provide
to perform the project?
Is there a strong
to make the project succeed?
Need, Funding, and Will
Categorize IT projects as having high, medium, or low priority based on the current business environment
Problems, Opportunities, and Directives
It is easier to get approval and funding for problems and directives
financial projections are a critical component of creating a business case to start new projects
Net Present Value Analysis
A dollar earned today > a dollar earned in 5 years
Return on Investment (ROI)
identify criteria that are important to the project selection process
facilitated brainstorming sessions or using groupware to
exchange ideas can aid in developing these criteria
a weight is given to each criterion
based on the importance to the
Management needs to create and distribute documentation to authorize project initiation.
Experts from inside and outside the organization should be consulted when creating a project charter to make sure it is useful and realistic
Ideally, the project manager provides a major role in developing the project charter.
If Nick had a project charter to refer to top-management would have received the business information it needed.
Is a document used to help guide a projects execution and control
Project integration management is necessary as information is required from all of the
project management knowledge
Nick Carson’s top managers were disappointed because he did not provide the project planning information they needed to make
important business decisions.
They wanted to see detailed project management plans, including schedules and a means for tracking progress
In project integration management, project planning and execution are intertwined activities
The purpose of a project management plan is to guide project execution
Simple rule: Those who will do the work should plan the work.
Leadership and a supportive culture
Project execution requires a supportive organizational culture
Useful guidelines and templates will make a project managers job easier
If organizations have confusing or bureaucratic project management guidelines project managers and their teams will be frustrated
"Breaking organizational rules—and getting away with it—requires excellent leadership, communication, and political skills"
Project managers should not hesitate to consult experts on different topics
It is helpful to establish set meeting times for various stakeholder
Is a formal documented process describing when and how document can be changed.
Change control board:
a group of people responsible for reviewing and rejecting changes to a project
Finalize all activities and transfer the completed or canceled work to the appropriate people
Project sponsors are usually most
interested in making sure they receive delivery of the final products outlined by the project.
Project teams normally produce a final project report, describing work to be done as part of operations after the project is completed.
Teams also often write a
lessons-learned report at the end of a project,
and this information can be a
tremendous asset for future projects
it is a method of calculating net gain/loss from a project, discounting all cash inflows and outflows to the present time.
To determine NPV:
- determine the costs and benefits for the life of the project and product it generates
- determine the discount rate -> 1/(1+r)^t where r is the rate of discount and t is the year
A positive NPV means that the return from a project exceeds the "cost of capital". A higher NPV will be preferred over a lower one in most casts.
discount rate = 8%
Year 0: discount factor = 1/(1 + 0.08)^0 = 1
Year 1: discount factor = 1/(1 + 0.08)^1 = 0.93
Year 2: discount factor = 1/(1 + 0.08)^2 = 0.86
Year 3: discount factor = 1/(1 + 0.08)^3 = 0.79
- calculate your NPV
The result of subtracting cost from benefits, and then dividing by costs. Giving you a percentage.
in example: you spend $100 and make $110, the $10 profit is 10% of the $100 investment so your return is 10%
(110 - 100)/100 = 10
The higher the ROI the better.
Many companies have a required rate of return, and use ROI in their project selection process as the numbers are easy to understand
(discounted benefits - discounted costs) / discounted costs
determines the amount of time it will take to remake the amount of money invested into the project
Payback occurswhen the net cumulative benefits minus costs equal zero.
Impetus, Time,& Priority
Projects are completed at different speeds and have different deadlines
Project Execution Tools
Project Management information system software
90% of work on large projects PM are communicating and managing changes
- identifying, evaluating, and managing changes throughout the project life cycle
-ensure change is beneficial
-significant changes to top management and key stakeholders
-minimize the number of changes
Project Management plan with included approved changes