Project Management

  In the fast-paced world of project management, AI (Artificial Intelligence) is emerging as a game-changer, revolutionizing how projects are planned, executed, and delivered. With the ability to process vast amounts of data and provide insights that humans can’t match, AI is transforming project management across industries, enabling greater accuracy, efficiency, and profitability. Let’s dive into how AI is reshaping project management and what it means for the future of this field. 1. Predictive Analytics for Risk Management 🔮 AI can analyze historical project data to predict potential risks, delays, or failures before they occur. By identifying patterns from past projects, AI tools offer project managers the ability to foresee challenges and proactively address them. This reduces the likelihood of unexpected setbacks, ensuring smoother project execution and minimizing costs. 2. Automated Task Management ⚙️ AI-powered tools are simplifying task management by automating routine t...

The estimation cost process takes the following inputs:- Scope baseline Project Schedule Human resource plan Risk register Enterprise environmental factors Organizational process assets Depreciation is technique used to compute the estimated value of any object after few years.There are three types of depreciation techniques. Straight line depreciation :-  The same amount is depreciated from cost each year. Double declining balance:- In first year there is a higher deduction in the value-twice the amount of straight line. Each year after that the deduction is 40% less than the previous year. Sum of year depreciation:- Lets say the life of an object is five years. The total of one to five is fifteen. In first year we deduce 5/15 from the cost, in second year we deduce 4/15, and so on. www.ebeescorp.com Analogous Estimating technique:- Analogous estimating is an estimating technique with the following characteristics:- Estimates are based on past projec...

In the above network diagram there are three possible paths 1) Start → A→C→E→End→5+3+2=10 Days 2) Start → B→D→E→End→4+6+2=12 Days 3) Start → B→D→F→End→4+6+6=16 Days Out of three paths 3) is the longest as it takes 16 to deliver all three activities. This is the critical path This above process is called as critical path. Crashing - Adding more resources to any activity on critical path activities. Fast Tracking : Re - sequencing activities in the network diagram to gain time benefits.

Lets start with the techniques to calculate Duration 1) Analogous Estimating 2) Parametric Estimating 3) Three-point estimating Analogous estimating :- Comparing to similar activities on other projects is the concept of this technique. This particular technique requires historical data to compare.  www.ebeescorp.com Parametric Estimating:- Dependent on various parameters used for an activity. Multiplication of base unit of a parameter times of parameter size would give effort. Three - point estimation:- Here we take pessimistic , optimistic and realistic estimates for an activity. Schedule Development:- Schedule or Program is a plan for an activity or event. We make schedule for every event of life. The major components are activity. Free Slack:- The amount of time an activity can be delayed by not affecting successor. Total Slack:- The amount of time an activity can be delayed without delaying the end of project. Project Slack:- The amount of time a p...

Project Time Management is basically collection of following steps: 1) Activity Definition 2) Sequencing 3) Estimate resources & Duration 4) Develop Schedule & Control it Milestone List :- Project can't be controlled against single end point. There should be some intermediate control points. Management can check the project performance against those intermediate Milestones. Activity Definition:- Breaking down of WBS or big work into small and manageable activities. There are two sequencing diagrams or network diagrams. 1) Activity on Node 2) Activity on Arrow. Activity on Node or precedence Diagram Method :- Nodes represent activities and draw arrows to show the dependencies. Activity on arrow or Arrow Diagram Method :- Nodes are transition points (dependencies) and arrows represents activities.

Product scope is not project scope. A product can have multiple projects. Project Scope: The work that you need to deliver, includes meetings, reports , analysis which becomes project scope management plan. Stakeholder analysis: convert their needs, wants and expectations into requirement. Work Break Down Structure:- WBS: It breakdown into smaller and more manageable pieces called "Work Packages". This is known as Top-Down Approach. Granular Scoping In order to manage a scope , the project budget needs to be defined.  Accurate Time Capture Detailed working hours are required to be calculated for entire project Milestone Reconciliation Milestone reconciliation is identification of project health with respect to budget. As the budget has already been defined and working hours are calculated, now it can be ascertained if the project is under budget or over budget. Activity  Definition : Team has to break WBS into smaller manageable pieces ...

In project management, the term scope is used in two ways:- Project Scope  Product Scope Project scope " The work that needs to be accomplished to deliver a product, services or result with the specified features and functions Product Scope " The features and Functions that Characterize a product, service, or result. Project Scope is more work-oriented. Product Scope is more oriented towards functional requirements. If requirement are not completely defined and described and if there is no effective change control in a project, scope or requirement creep may ensue. Scope Creep : This is a term which refers to the incremental expansion of the scope of a project, which may include and introduce more requirements that may not have been a part of the initial planning of the project. Scope management plan is one of the major scope communication document. What is Project scope management? Scope refers to all the work involved in creating the...

Again, I will quote from Tata-McGraw-Hill book on  Project Management,"In some ways, leading a project is much like leading  a department: you need to coordinate the efforts of people with diverse backgrounds and skills in hopes of getting the best overall result.But, in other ways, leading a project is very different. For one thing, the people you're bringing together may not know each other. Second, a project by definition is unique; it has never been done before.Third, unlike a department head, a project leader may have no direct authority or control over the members of the team." www.ebeescorp.com "To some extent , project success will depend on personality traits like honesty, tolerance for ambiguity, and openness. But equally important are the skills required to make a process go smoothly:paying constant attention to communication ( making sure that you, the project sponsors, and the team members are clear on boundaries and expectations), documenting the pr...