Project Selection Methods – Part 2

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Project selection methods II This article will cover Benefits Measurement methods in detail. Benefit measurement methods include comparative methods, scoring models, and cash flow analysis. They are used as project selection tools to determine which project to proceed with or to determine which project among a list of projects should be undertaken. Cost – Benefit Analysis :Already covered Scoring Models Cash flow Analysis Technique Scoring Models Another project selection technique in the benefit measurement category is a scoring model, or weighted scoring model. Weighted scoring model is used not only to choose between projects but also to choose between competing […]

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Project Selection Methods – Part 1

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Project selection methods I Project selection methods help organizations decide among alternative projects and determine the tangible benefits to the company of choosing or not choosing the project. Project selection methods will vary depending on the company, the people serving on the selection committee, the criteria used, and the project. Most organizations have a formal, or at least semi-formal, process for selecting and prioritizing projects. In my organization, a steering committee is responsible for project review, selection, and prioritization. A steering committee is a group of people comprising senior managers and sometimes mid level managers who represent each of the

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ITTO – Project Management Mathematics – Closing

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Tools & Techniques – Project Closing After reading through all the articles relating to all phases and areas of PMP, we are into the last article in the series on tools and techniques used in project closing phase. By definition every project has a definite start and end dates. This is the time or phase in project life cycle where each activity that was started prior of ainitiating the project will be closed before the projectclosure. It includes releasing the resources, closing all agreements and contracts with the vendors, financial settlements are done, deliverables are signed off, project artifacts are

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Scope Management – Part 3

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We are into third and last article on Scope Management. In the previous two articles we have covered Plan Scope Management, Collect Requirements, Define Scope and Create WBS processes and we are left with two more processes namely Validate Scope and Control Scope. Let us start looking at them. Validate Scope is the process in which the completed deliverables are accepted formally. Each and every deliverable is verified and accepted. Verified deliverables are reviewed with customer to ensure that they are developed as per agreed objectives and completed to the satisfaction. In order to get the deliverables verified against agreed

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Scope Management – Part 2

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We have covered Planning Scope and Collect requirements in our previous article and we will continue looking into Scope management in this article also. Next in line with scope management is Define Scope. Define Scope is the process of developing detailed description of project. Inclusions and exclusions of the requirements will be mentioned here. Out of all collected requirements which requirements have to be included or excluded from the scope is mentioned in detailed here. In order to develop detailed requirement description we need the already prepared requirement documents, Scope management plan as inputs to this process. Along with them

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Scope Management – Part 1

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PROJECT SCOPE MANAGEMENT “Scope” is a common term we use in our day to day life. I mean in our day to day professional life. It simply means, what is for you and what is not for you? To speak in terms of project management the term “Scope” mainly speaks about requirements. What are the requirements we are asked to work on and what are the requirements we are not supposed to work on or accept? These two questions are what we will be discussing all through scope management. To help the organization to not to waste resources, reduce cost,

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ITTO – Monitoring & Control – Part 4

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Project Management Mathematics IV- Monitoring & Control This is in continuation of the article Project Management Mathematics III- Monitoring & Control. Continuous probability distributions (particularly beta and triangular distributions) are commonly used in Perform Quantitative Risk Analysis. According to the PMBOK® Guide, continuous probability distributions include normal, lognormal, triangular, beta, and uniform distributions. Distributions are graphically displayed and represent both the probability and time or cost elements. This article will cover the following continuous distributions. Triangular and Beta distribution Uniform distribution Normal  or Bell distribution Triangular and Beta distribution Triangular distributions use estimates based on the three-point estimate (the pessimistic,

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ITTO – Monitoring & Control – Part 2

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Project Management Mathematics II- Monitoring & Control This is in continuation of the article project management mathematics I – Monitoring & Control. This article will cover the following tools of Plan Quality. Design of Experiments Benchmarking Run Chart Additional quality planning tools Design of Experiments Design of experiments (DOE) is a statistical technique that identifies the elements or variables that will have the greatest effect on overall project outcomes. This technique can be applied to determine the number and types of tests and their impact on cost of quality. DOE designs and sets up experiments to determine the ideal solution

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ITTO – Monitoring & Control – Part 1

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Project Management Mathematics I- Monitoring & Control This article will cover the Ishikawa’s seven basic tools of Quality. Cause-and-effect diagram Control charts Histogram Flowchart Pareto chart Checksheets Scatter diagram Cause and effect diagram It is also known as fishbone diagram which are very helpful to find the root cause of the defect. The causes are found by looking at the problem statement and asking “why” until the actionable root cause has been identified or until the reasonable possibilities on each fishbone have been exhausted. This Ishikawa diagram helps stimulate thinking and organizes thoughts. This diagram depicts every potential cause and

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Earned Value Management – Forecasting

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Earned Value Management –Forecasting This is in continuation with the article Earned Value Management –Analysis, where all the definition and formula for planned value, actual cost and earned value concept was discussed in detail. Forecasting Methods Forecasting involves examining the actual project performance data to date and making predictions about future project performance based on this data. According to the PMBOK® Guide, forecasting methods fall into four different categories and each category has several types of forecasting methods. Time series methods: This forecasting method uses historical data to predict future performance. Earned value, moving average, extrapolation, trend estimation, linear prediction,

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