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!