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Project Management Blog
Thursday, 08 March 2007 04:04

Risk Management - the Other Dimension

The issue of risks on projects is considered a critical issue for the successful completion. Often, delays, cost overruns and claims are attributed to the absence or inadequacy of a risk management exercise. In a large and complex project, a risk management exercise was run. In the process of evaluating the risks, a new dimension was proposed in order to ensure adequacy of the exercise. The exercise originally followed the well documented steps of risk management. This included:
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Saturday, 27 January 2007 17:33

Risk Monitor & Control

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:
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Saturday, 27 January 2007 17:32

Risk Response Planning

Risk Response Planning is the process of developing options, and determining actions to enhance opportunities and reduce threats to the project’s objectives. It follows the Qualitative Risk Analysis and Quantitative Risk Analysis processes. It includes the identification and assignment of one or more persons (the “risk response owner”) to take responsibility for each agreed-to and funded risk response. Risk Response Planning addresses the risks by their priority, inserting resources and activities into the budget, schedule, and project management plan, as needed. 
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Saturday, 27 January 2007 17:15

Risk Identification

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. 

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Saturday, 27 January 2007 17:05

Project Risk Management

Risk Management is the process of measuring, or assessing risk and then developing strategies to manage the risk. In general, the strategies employed include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them.

 

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Thursday, 25 January 2007 19:25

Critical Path

The critical path is the longest path to completion in the network diagram. Activities on the critical path have no Slack or Float. The Project Time Management questions on the exam focus heavily on critical path method (CPM), and diagramming methods; the differences between these techniquees; and the appropriate circumstances for their use.

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Thursday, 25 January 2007 18:28

Scope Control

The most prominent tool applied with scope change control is the Integrated Change Control System. Because changes are likely to happen within any project, there must be order to process, document, and manage the changes.

This system may include:

Published in Blogs
Thursday, 25 January 2007 18:25

Creating a Work Breakdown Structure

A WBS identifies all the tasks required to complete the project. The focus of the WBS can be either Product (deliverable) or Project oriented, or both. WBS elements are usually numbered, and the numbering system may be arranged in various manners. If a WBS is extensive and if the category content is not obvious to the project team members, it may be useful to write a WBS Dictionary. This describes what is in each WBS element. It may also say what is not in an element. The primary purpose of the WBS is to develop or create small manageable chunks of work called work packages.

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Thursday, 25 January 2007 17:41

Configuration Management

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.

 

Published in Blogs
Thursday, 25 January 2007 14:58

Project Management Defined

The PMBOK®Guide defines project management as “ . . . the application of knowledge, skills, tools and techniques to project activities to meet project requirements”. Although this definition may sound pretty straightforward, you will find that the skillful application of those skills, tools, and techniques will come only after you’ve had a significant amount of education and on-the-job experience.

Managing a Project includes Identifying requirements, establishing clear and achievable objectives, balancing the competing demands for quality, scope, time and cost and adapting to the different expectations of the various stakeholders.

Problems, needs, and opportunities continually arise in every organization. Problems like low operational efficiency, needs like additional office space, and opportunities like penetrating a new product market are just a few of a nearly endless number of situations that management must address in the process of operating an organization or company. These problems, needs, and opportunities give rise to the identification of solutions. Executing those solutions entails a change for the organization. Projects are generally established to carry out this change and there’s always someone responsible for the successful completion of each project. As the project manager, you are the primary change agent, and your guide for carrying out the change is the project management process.

 

PROJECT TOOLS

     A. Unique to the project
          a. Work Breakdown Structures
          b. Critical Path Analysis
          c. Earned Value Management

     B. Multiple applications
          a. PMBOK
          b. Standards and Regulations
          c. General Management skills
          d. Interpersonal skills


PROJECT WORK VS. OPERATIONAL WORK
For the exam you should know the similarities and differences between Project Work and Operational Work.

1. Similarities
      A. Performed by People
      B. Constrained by limited resources
      C. Planned, Executed and Controlled

2. Differences
      A. Projects end while operations are ongoing
      B. Objectives are fundamentally different
      C. Projects attain an objective and then terminate.
      D. Projects are bound by multiple constraints


The project manager is a professional who has a responsibility to have a good education, a good understanding of the practice, and experience in the respective field. The PM will play a series of roles: project manager, integrator, communicator, team leader, decision maker, etc...

 

 

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