04 Oct 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:
- 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
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Project Management
Chapter 7: Project Initiation
Business Need or Opportunity
A concise statement of how the project&#
