What is the general model for control cycles?
- Setting a goal.
- Measuring progress.
- Comparing actual with planned performance.
- Taking action.
Describe milestone analysis?
Milestones are events or stages of the project that represent a significant accomplishment. Milestones: 1. Signal completion of important steps 2. Motivate team and suppliers 3. Offer reevaluation points 4. Help coordinate schedules 5. Identify key review gates 6. Signal other team members when their participation begins 7. Delineate work packages
What is earned value management?
Earned Value Management (EVM) recognizes that it is necessary to jointly consider the impact of time, cost, and project performance on any analysis of current project status Earned Value (EV) directly links all three primary project success Metrics (cost, schedule, and performance)
What are earned value terms?
Planned value (PV)
Earned value (EV)
Actual cost of work performed (AC)
Schedule variance (SV) and Schedule performance index (SPI)
Cost variance (CV) and Cost performance index (CPI)
Budgeted cost at completion (BAC)
What are the steps in the earned value management?
- Clearly define each activity including its
resource needs and budget. - Create usage schedules for activities and
resources. - Develop a time-phased budget (PV).
- Total the actual costs of doing each task (AC).
- Calculate both the budget variance (CV) and
schedule variance (SV).
What are some of the ways to assign completion to tasks?
0/100 rule—The simplest and perhaps least effective method requires that a project activity be assigned a value of zero (0) until the point the activity is finished, at which time the value switches to 100%
50/50 rule—Under this decision rule, an activity that has been started automatically receives a valuation of 50% completed.That value remains attached to the work package until activity has been completed, at which time it becomes 100% completed.
Percentage complete rule—Under the percentage complete rule, the project manager and
team members mutually agree on a set of completion milestones, whether they are based
on quarters (25%, 50%, 75%, 100%), thirds (33%, 67%, 100%), or some other values.
What are some of the human factors in project evaluation and control?
Project coordination and relations among stakeholders
Adequacy of project structure and control
Project uniqueness, importance, and public exposure
Success criteria salience and consensus
Lack of budgetary pressure
Avoidance of initial overoptimism and conceptual
difficulties
What are some of the critical success factors in project implementation profile?
- Project mission
- Top management support
- Project plans & schedules
- Client consultation
- Personnel
- Technical tasks
- Client acceptance
- Monitoring & feedback
- Communication channels
- Troubleshooting
