ICPM

Consider Costs and Benefits of the Entire System and Deliverable Lifetime

The textbook wording of this point varies, but is usually something like “Stop making decisions purely on the basis of cost.” When I read the various descriptions however, I believe the textbook title is not an adequate summary.

When Deming talks about not making decisions purely on the basis of cost, he is referring to a plant perspective and talks about the importance of having regular suppliers.

This is the process of identifying, analyzing, and planning for risks. The PM keeps track of the identified risks, reanalyzing of existing risks, monitoring trigger conditions for contingency plans, monitoring residual risks, and reviewing the execution of risk responses while evaluating their effectiveness. It is done by using techniques, such as variance and trend analysis, which require the use of performance data generated during project execution. Project work should be continuously monitored for new and changing risks. Other purposes of Risk Monitoring and Control are to determine if:

PMI defines risk identification as determining which risk events are likely to affect the project and documenting the characteristics of each. This process involves identifying three related factors: (1) potential sources of risk (schedule, cost, technical, legal, and so on), (2) possible risk events, and (3) risk symptoms.

The timing of risk identification is also of vital importance. PMI® advocates that risk identification should first be accomplished at the outset of the project and then be updated regularly throughout the project life cycle. 

Configuration management is the term given to the identification, tracking and managing of all the assets of a project; it focuses on controlling the characteristics of a product or service (also referred to as deliverables). In a general sense, configuration management consists of the following:

 

• The documentation of the features, characteristics, and functions of a product or service
• The applied control to restrict changes to the features, characteristics, and function of the product or service
• The process of documenting any changes to the product or service
• The ongoing auditing of products and services to ensure their conformance to documented requirements
• Establishes a method to consistently identify and request changes to established baselines
• To assess the value and effectiveness of changes
• Provides opportunities to continuously validate and improve the project by considering the impact of each change
• Provides the mechanism for the project management team to consistently communicate all changes to the stakeholders.

 

Configuration management activities included in the integrated change control process are:

• Configuration Identification - Providing the basis from which the configuration of products is defined and verified, products and documents are labeled, changes are managed, and accountability is maintained.
• Configuration Status Accounting - Capturing, storing, and accessing configuration information needed to manage products and product information effectively.
• Configuration Verification and Auditing - Establishing that the performance and functional requirements defined in the configuration documentation have been met.
  

When it comes to configuration management, think paperwork. Think about all the paperwork that is involved in documenting every single component of a system deliverable and making sure that there are no changes to that deliverable, or if there are changes, that they are thoroughly documented. Configuration management is traceable. For the exam, know that all change must be screened, tracked, accepted, approved, and the development process updated thereafter.