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Midterm Review

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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 ... – PowerPoint PPT presentation

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Title: Midterm Review


1
Midterm Review
  • SE503
  • Advanced Project Management

2
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

3
  • Closed book, no notes-Target time 2 hours-Total
    points 200
  • Multiple 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

4
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

5
Project Justification
  • Project types
  • Sacred cow
  • Market driven
  • Necessary
  • Economic
  • Project value
  • Economic return on investment
  • Kano value model

6
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

7
Critical Path Method
  • Tasks
  • Milestones
  • Logical relationships between tasks
  • Project network
  • Critical path
  • Slack

8
Contracting
  • Single contractor
  • Fixed bid
  • Time and material
  • Incentive fee
  • Which is best?
  • Multiple contractors
  • Work for the common good
  • Incentive fee pool contract

9
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

10
Uncertainty
  • Difficult estimates/padding/safety
  • Hard to make a firm plan
  • Triggers behavior response
  • Students syndrome
  • Parkinsons law
  • Uncertainty modeling
  • Normal distribution, Beta, triangle, PERT
  • Assumption of independence

11
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

12
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

13
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 Parkinsons, Students syndrome

14
Good Luck!
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