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Transcript of Integration Management
Tools and Techniques: Expert judgment Develop Project Charter Inputs: project charter; outputs from planning processes; enterprise environmental factors; organizational process assets
Tools and techniques: expert judgment Develop Project Management Plan Inputs: Project Management Plan; Approved change requests; enterprise environmental factors; organizational process assets
Tools and techniques: Expert judgment and project management information system (PMIS) Direct and Manage Project Execution Inputs: Project management plan; performance reports; enterprise environmental factors; organizational process assets
Tools and techniques: expert judgment
Outputs: Change requests; project management plan updates; project document updates Monitor and Control Project Work Inputs: Project Management plan; Work performance information; change requests; enterprise environmental factors; organizational process assets
Tools and techniques: expert judgment and change control meetings
Outputs: Change request status updates; project management plan updates; project document updates Perform Integrated Change Control Inputs: Project management plan; accepted deliverables; organizational process assets
tools and techniques: expert judgment
Outputs: final product, service or result transition; organizational process asset updates (project files, closure documents, historical information Close Project or Phase Formally authorizes (initiates) the project and documents initial requirements that satisfy stakeholders' needs and expectations; establishes a partnership, linking project to the strategy and ongoing work Documents actions necessary to define, prepare, integrate and coordinate all subsidiary plans; defines how project will be executed, monitored, controlled and closed Activities include perform activities to accomplish requirements; create project deliverables; staffing, training, and managing team members; obtain, manage and use resources; implement planned methods and standards; establish and maintain communication channels; generate project data; issue change requests; adapt approved requests; manage risks; manage sellers and suppliers; collect and document lessons learned; implement process improvement Tracking, reviewing, and regulating the progress to meet performance objectives defined in the project management plan; continuous monitoring gives insight into health of project and identifies any areas that might require special attention Process of reviewing all change requests, approving changes and managing changes Finalizing all activities across all of the project management process groups to formally complete project or phase Integration Management is pulling all the pieces of a project together into a cohesive whole.
It is the primary responsibility of the project manager to integrate all the processes of project management into this cohesive whole.
In this chapter, project managers will understand how to integrate all the processes together. TIPS Project charter is the target for the project and serves as a definition of how success will be measured Project Selection
Economic models Poll: All of the following are responsibilitie... Benefit measurement methods Constrained Optimization methods Linear programming
Multi-objective programming Economic Models Present Value-value today of future cash flow
Net Present Value-present value of the total benefits minus the costs over many time periods
Internal Rate of Return-the rate (interest) at which the project inflows (revenues) and project outflows (costs) are equal (THE HIGHER THE IRR, THE BETTER!!)
Payback Period-length of time it takes for the organization to recover its investment in the project before it starts accumulating profit (ALWAYS GO FOR LESS)
Cost Benefit Analysis-comparison of expected costs of the project to the potential benefits it could bring to the organization (Greater than 1 means the benefits are greater than costs; less than one, costs greater than benefits; equal 1 costs and benefits the same) NOTE: REVENUE IS NOT THE SAME AS PROFIT Exercise:
Which project would you pick? Net present value IRR Payback Period Benefit Cost Ratio A B $95,000 $75,000 13% 17% 16 Months 21 Months 2.79 1.3 Terms to be familiar with Economic Value added-whether the project returns to the company more value than the initiative costs
Opportunity Costs-opportunities given up by selecting one project over another
Sunk costs-expended costs
Law of diminishing returns-after a certain point, adding more input will not produce a proportional increase in productivity
Working capital-current assets minus current liabilities for an organization-money that is available for investment
Depreciation-large assets purchased by a company lose value over time
Straight line depreciation-the same amount of depreciation is taken each year
Accelerated depreciation-1) double declining 2) sum of the years digits PMI Assumptions PMI assumes that when executing the project, the project manager takes time to focus on managing the schedule, managing the budget, managing risks, managing quality, and managing all other knowledge areas. Monitoring and controlling means measuring against the project management plan Terms Work Authorization System
Corrective Action-any action taken to bring expected future project performance in line with the project management plan
Preventive action-dealing with anticipated or possible deviations from the performance measurement baseline Terms Change Control Board-responsible for reviewing and analyzing change requests, approving or rejecting changes
Process for making changes: 1) Evaluate impact 2) create options 3) Get the change request approved internally 4)get customer buy-in (page 125 for detailed process Activities Confirm work is done to requirements
Complete procurement closure
Gain final acceptance of the product
Complete financial closure
Hand off completed product
Solicit feedback from the customer about the project
Complete final performance reporting
Index and archive records
Update lessons learned knowledge base