Initiation Planning Executing Monitor Control Closing - Free Essay Example

ProXalt ® Student RecallSheet © Project Management Process Groups Initiation Planning Executing Monitor Control Closing †¢Based on the Feasibility Study conducted and using Project Selection Methods, the project selection committee selects a project. The client Develops Project Charter, Preliminary Scope Statement and the sponsor approves the project charter †¢Based on Project Charter nd Preliminary Scope statement, the project team conducts all planning activities and Develops the Project Management Plan †¢Project team involves in Planning and Defining the Scope of the project and Creates WBS †¢Using WBS items, the team Defines project Activities, places them in a Sequence, Estimates Duration and Resources needed and develops a Project Schedule †¢Estimate Cost and allocate that Cost to work packages (Cost Budgeting) †¢Plan Quality standards for the project †¢Create Human Resource Plan †¢Come up with Communications Management Plan †¢C reate a Risk Management Plan and Identify all Risks.. Analyze them Qualitatively, Quantitatively and come up with Risk Response Plan †¢Plan on how to Acquire goods and services from outside the organization and Plan on Contracting †¢Direct and Manage Project Execution to ensure that all the planned packages have been executed †¢Perform Quality Assurance to assure that the project team followed quality standards †¢Acquire Project Team members from functional managers and Develop the Project Team †¢Distribute project related Information and performance reports to project stakeholders †¢Request seller Responses and Select one of the Sellers to perform the project work †¢Administer the Contract Monitor and Control project work and Integrate all Change Controls †¢Verify completeness of the Scope of work and Control Scope related changes †¢Control Schedule, Cost, and Quality related changes †¢Manage Project Team and their Performance †¢Report on project Performance and Manage Stakeholders †¢Monitor and Control Risk activities †¢Administer the Contract for any changes †¢Develop Administrative and Contract Closure procedures during Close Project †¢Conduct Contract Closure to close the contract PERT = (O+4M+P) / 6 STD of Activity (STD) = (P-O)/6 Variance of Activity = [STD]2 = [(P-O)/6] 2 STD of Project = vvar1 + var2 + Project Duration = Sum of PERTs  ± (#of sigma’s * STD of project) EVM EV = % complete * BAC CV = EV – AC (0 good) SV = EV – PV (0 good) CPI = EV/AC (1 good) SPI = EV/PV (1 good) EAC = AC / %Comp. , BAC/CPI ETC = EAC – AC VAC = BAC EAC Variance Resultant Profit Total Amount To Be Paid Normal Distribution 1 2 3 6 sigma sigma sigma sigma = = = = 68. 26% 1 STD=1 Sigma 95. 46% 99. 73% 99. 999% Communication Channels = N (N-1)/2 EMV = n ROM = -50% to 100% during Budget = -10% to 25% during early planning stage and -5% to 10% during late planning state Impact * Probability initiation stage Present Value : FV/ (1+r ) FV=Future Value; r=Rate of interest; n = number of time periods Float/Slack of Task-X = [Critical Path Length] [Longest Non-Critical Path that has Task-X in it] Incentive Contract Calculations = Target Cost— Actual Cost = Target Profit + Contractor share of variance = Actual Cost + Resultant Profit (Resultant value is ‘+’ then it is Under Run, if it is ‘-’ then it is Over Run)