Chat with us, powered by LiveChat Your manager recently gave you the responsibility of selecting the next project, which you will manage as the project manager.? There are currently 3 projects on hold to choose from.? Usi | EssayAbode

Your manager recently gave you the responsibility of selecting the next project, which you will manage as the project manager.? There are currently 3 projects on hold to choose from.? Usi

 Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.

Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.

Also, provide a graduate-level response to each of the following questions:

  1. Your manager recently gave you the responsibility of selecting the next project, which you will manage as the project manager.  There are currently 3 projects on hold to choose from.  Using the weighted scoring models method, you determine that Project A has a weighted score of 16, Project B has a weighted score of 14, and Project C has a weighted score of 17.  Which project do you choose and why?

[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student's own words – do not provide quotes!]

 [Your initial post should be at least 200+ words and in APA format (including Times New Roman with font size 12 and double spaced). 

Book:   

Watt, A. (2019). Project Management, 2nd Edition. BCcampus Open Education. Retrieved from https://opentextbc.ca/projectmanagement/

Overview of Project Planning

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Project Management

Chapter 8: Overview of Project Planning

1

Project Planning

After the project charter is approved, the Project Initiation phase is complete and you are ready to proceed to the Project Planning phase.

When the Project Planning phase is complete, you are ready to proceed to Project Implementation

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Project Management

Chapter 8: Overview of Project Planning

Project Planning

Project planning is the second major project phase, and the second of the five process groups identified in PMBOK.

After the project charter is approved, the Project Initiation phase is complete and you are ready to proceed to the Project Planning phase.

When the Project Planning phase is complete, you are ready to proceed to Project Implementation

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Project Management

Chapter 8: Overview of Project Planning

Purpose of the project planning phase

Establishing business requirements.

Establishing cost, schedule, list of deliverables, and delivery dates.

Establishing resources plan.

Getting management approval and proceeding to the next phase.

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Project Management

Chapter 8: Overview of Project Planning

Basic processes of project planning

Scope planning

Preparing the Work Breakdown Structure

Project schedule development

Resource planning

Budget planning

Procurement planning

Risk management

Quality planning

Communication planning

Stakeholder management planning

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Project Management

Chapter 8: Overview of Project Planning

Scope planning

Determining the scope is a key piece of being able to prepare a plan.

What is in?

What is out?

Make it

Specific

Measurable

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Project Management

Chapter 8: Overview of Project Planning

Preparing the WBS

Work breakdown structure:

List of all tasks and subtasks required to achieve the scope (produce the deliverables)

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Project Management

Chapter 8: Overview of Project Planning

Project Schedule development

How long will each task on the WBS take?

What are the relationships between the tasks?

Independent

Direct Precedence

More complex relationships

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Project Management

Chapter 8: Overview of Project Planning

Resource Planning

What resources are required to carry out each task on the WBS?

Human

Budget

Specialized equipment

Etc.

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Project Management

Chapter 8: Overview of Project Planning

Budget Planning

What is the required budget?

When during the project will the amounts be needed?

Is an external source of funding required?

Etc.

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Project Management

Chapter 8: Overview of Project Planning

Procurement Planning

Will equipment/supplies/software/etc. be purchased from another organization in order to carry out the project?

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Project Management

Chapter 8: Overview of Project Planning

Risk Management

What can you anticipate in the way of unknowns that might impact the project?

Can you eliminate/reduce/mitigate the impacts of these risks? How?

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Project Management

Chapter 8: Overview of Project Planning

Quality Planning

What is the required quality?

How will it be measured?

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Project Management

Chapter 8: Overview of Project Planning

Communication Planning

What kinds of communication will be required throughout the project?

With the team

With the sponsor

With other stakeholders

What forms of communication will you use?

Formal, informal, written, oral

What is the planned frequency of communication?

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Project Management

Chapter 8: Overview of Project Planning

Stakeholder Management Planning

The project initiation phase identified the stakeholders

During the planning phase

Additional stakeholders may be identified

Detailed plans are made about the format and frequency of communications with each stakeholder group

Tools are identified which can be used to track and control the relationships between the stakeholders and the project

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Project Management

Chapter 8: Overview of Project Planning

Summary

Project Planning phase includes Scope planning, Work Breakdown Structure, Project schedule development, Resource planning, Budget planning, Procurement planning, Risk management, Quality planning, Communication planning and Stakeholder Management Planning

When the project plan is approved by the sponsor, you are ready to proceed to implementation

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Project Management

Chapter 8: Overview of Project Planning

Questions?

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Project Management

Chapter 8: Overview of Project Planning

17

image1.png

,

Project Initiation

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Project Management

Chapter 7: Project Initiation

1

Project Initiation

Purpose of initiation phase

Comparing project options

Total cost of ownership

The project charter

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Project Management

Chapter 7: Project Initiation

The Initiation Phase

Business problem or opportunity defined

Solution is defined

Project is formed

Business case created

Project team appointed

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Project Management

Chapter 7: Project Initiation

The Business Case

Problem or opportunity: Detailed description

Introduction

Problem/opportunity statement

Assumptions and Constraints

Alignment with organizational objectives

solutions

AnalyList of alternative sis of benefits, costs, and issues

Description of the preferred solution

Main project Requirements

Potential risks

Summarized plan for implementation

Schedule

Financial analysis

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Project Management

Chapter 7: Project Initiation

Comparing Options

Weighted Decision Matrix

Criteria Weight SJS Enterprises Game Access DVD Link
Educational 15% 90 0 0
Sports-related 15% 90 90 90
Secure payment 10% 90 50 50
(rows left out here—see textbook)
Weighted Project Scores 100% 56 14.5 12.5

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Project Management

Chapter 7: Project Initiation

Financial Considerations

Can compare projects based on

Net present value

Internal Rate of Return (Return on Investment or ROI)

Payback Analysis

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Project Management

Chapter 7: Project Initiation

Net Present Value Analysis

Considers the time value of money

Costs for future years must be discounted to the present time

Tangible benefits also discounted to the present time

Must identify an appropriate discount rate

Take risk into consideration

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Project Management

Chapter 7: Project Initiation

NPV Calculation

t is the time of the cash flow

Rt is the cash flow at time t

i is the interest rate

Apply the above formula to each annual inflow and outflow of cash

Add all terms together to get the NPV

Rt

(1 + i)t

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Project Management

Chapter 7: Project Initiation

NPV Analysis

If… It means… Then…
NPV > 0 the investment would add value to the firm the project may be accepted
NPV < 0 the investment would subtract value from the firm the project should be rejected
NPV = 0 the investment would neither gain nor lose value for the firm indifferent in the decision This project adds no monetary value. Decision should be based on other criteria, e.g., strategic positioning or other factors not explicitly included in the calculation.

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Project Management

Chapter 7: Project Initiation

Rate of Return

Can be used to compare different options

Organization may have a minimum acceptable rate of return for projects

(Total benefits – Total costs) / Total costs

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Project Management

Chapter 7: Project Initiation

Payback Analysis

Compares cumulative costs to cumulative benefits

Easiest to see in graphical format

Time on horizontal axis, money on vertical

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Project Management

Chapter 7: Project Initiation

Payback Analysis

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Project Management

Chapter 7: Project Initiation

The Project Charter

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Project Management

Chapter 7: Project Initiation

13

Purpose of the Project Charter

When signed off, you have approval to proceed to detailed planning, followed by carrying out your project.

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Project Management

Chapter 7: Project Initiation

Organizational Process Assets

Is there a standard format for project charters?

Is there a standard process for developing and getting approval for a project charter?

What can the PMO do for you? What does the PMO require of you?

Are there applicable “lessons learned” available from other projects?

If you are inexperienced, is there a mentor available?

Etc.

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Project Management

Chapter 7: Project Initiation

Project Charter – Typical Contents

Identification section

Project purpose or justification

Measurable project objectives and related success criteria

High-level requirements

Assumptions and constraints

High-level project description and boundaries

High-level risks

Summary milestone schedule

Summary budget

Stakeholder list

Approvals

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Project Management

Chapter 7: Project Initiation

Identification

Name of the project—make it meaningful

Name, title, department of project sponsor

Name of project manager

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Project Management

Chapter 7: Project Initiation

Clear Objective

SMART

Specific

Measurable

Acceptable

Realistic

Time based