Project Management

Unit of Work completed:- Unit of work completed can be measured with the actual proportion of completed work Incremental Milestones:- The entire work can be sub divided into milestones and the milestones can be used to indicate the percentage of work completed. Account Payable: - The account payable is intended to provide records of bills received from vendors , material suppliers, subcontractors and other outside parties. Account receivable journals: - Account receivable journals are those journals in which billing to clients are recorded as well as receipts. Job cost ledgers :- Job ledger summarizes the charges associated with particular projects. Inventory :- Inventory records are maintained to identify the amount of materials available at site at any particular point of time. Enroll now for live project based Primavera & MS-Project training Control of Project Cash Flow Cost: -  This is the summary of charges including expenditures & estimate...

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...

Process                                                              Project Phase                                  Key Deliverable Develop Project Charter                                Initiating                                        Project Charter   Develop Project Management Plan               Planning                                Project Management Plan Direct & Manage Project Execution          ...

Over the last decade Project Management has experienced  tremendous growth. Modern project management is emerging as a separate discipline and is crucial today for enterprises to maintain a competitive edge. Project Management is an art and science of converting vision into reality.. Project means projection. Project Management profession is as old as the human civilization. The basic processes of project management have not changed. These processes are :- Initiating , planning, execution , control and completion. We are living in a momentous time slot. Time is becoming the most crucial strategic weapon to gain a better market share or supremacy. Everything should have been done yesterday is the kind of syndrome , we all live by. Project management discipline is growing and growing more momentum. Fortune magazine had rated project management as the career choice #1. More and more companies are putting their employees through formal training programs on pr...

For a very long time I wanted to discuss about usage of documentation in Indian industry. If we talk in Indian context, Indian industry has still to come, to the terms of using documentation wisely. Indian industry understands usage of SAP /ERP will remove loopholes in the process. Or in other terms will increase transparency as well as increase accountability. But, everybody needs to understand that most project managers needs is to get swamped in paperwork. But without at least some documentation, a project is more likely to go astray. But, in most of the projects, it is seen that project related financial decision going through the same route and getting lost in the process and delaying the whole project. Think like a functional manager.

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...

Best lesson in project management is terminate unworthy projects . I always thought that terminating an unworthy project is bad for "reputation" of company.But, then I came across a book "Project Management by TATA-McGraw -Hill, & the first paragraph was:"The most fundamental objective of a project is to achieve business results.That means providing a certain amount of return on the proposed investment.Yet in too many organizations, management gets complacent, allowing approved projects to proceed without any further assessment of likely payback. As a result, projects that are no longer profitable are allowed to continue on to completion." We learnt it the hard-way, we took a metro project in Delhi. The management of the project was very poor. There was too much corruption on the project,because of which only preferred vendor's were given priority.We learnt about all this after starting the work. But we continued with the projects as we felt, leavi...