midterm review se503 advanced project management
TRANSCRIPT
Midterm Review
SE503
Advanced Project Management
Exam Content
Closed book, no notes Target time 2 hours Total points 200 Multiple choice 25 x 2 points = 50 points Short answer and problems 90 points Discussion questions 60 points
– Compare traditional project management and Critical Chain
Closed book, no notes-Target time 2 hours-Total points 200Multiple choice 25 x 2 points = 50 points-Planned Task duration always add safty-time within (T/F)-PERT uses three-point-estimates (T/F)Short answer and problems 90 points-What is the relationship between Critical Path and Critical Chain?Discussion questions 60 points
– -Compare traditional project management and Critical Chain
Project Management
PM history What is a project?
– Project types
Project elements– Scope, budget, schedule, resources, environment
Project life cycle What is project success? Project terminology
Project Justification
Project types– Sacred cow– Market driven– Necessary– Economic
Project value– Economic return on investment– Kano value model
Traditional Project Management
Organize Effort Plan Work (Scope, Budget, Schedule) Obtain and Manage Resources Resolve Conflicts and Problems Control Technical Quality Control Budget Control Schedule
Critical Path Method
Tasks Milestones Logical relationships between tasks Project network Critical path Slack
Contracting
Single contractor– Fixed bid– Time and material– Incentive fee– Which is best?
Multiple contractors– Work for the common good– Incentive fee pool contract
PM Issues
Most projects “fail”– Scope (quantity or quality) of work– Budget overruns– Schedule delays
Finishing on-time (or early) is a big advantage– Return on investment– Market entry– Resource usage
Uncertainty
Difficult estimates/padding/safety Hard to make a firm plan Triggers behavior response
– Student’s syndrome– Parkinson’s law
Uncertainty modeling– Normal distribution, Beta, triangle, PERT– Assumption of independence
Traditional approach
Firm plan Focus on cost often leads to bad decisions Focus on schedule leads to early start Percent complete progress reporting No global focus on return on investment
Theory of Constraints
Measurements T, I, and OE Statistical fluctuations, dependent events Synchronize and balance flow Optimize globally
– Identify, Exploit, Subordinate, Elevate, Repeat
Nelson Wood Shims
Critical Chain
Two-point estimates Project and feeder buffers (collected safety) Resource buffers (more feeder buffers and
wake-up call) Monitor and manage buffers Progress report work remaining Use TOC on bottleneck resources Reduces Parkinson’s, Students syndrome
Good Luck!