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BUS_361_Week_06 - BUS 361 Information Systems in...

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1 1 BUS 361 Information Systems in Organizations and Society aka Project Management Unit 5: Status Reports etc. Unit 6: Finalizing the Planning 2 3 Agenda for Unit 6 Monitoring Budgets and Schedules Rest of Unit 5 Understanding Network Diagrams Understanding Dependencies and the Critical Path Understanding Resource Scheduling Leveling Break Risk Management Running and Effective Meeting Break MS Project Exercise
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2 4 Housekeeping Quiz 4 - oops Started late Deadline extended Thanks, Osen! Midterm Overview 5 Midterm Overview Multiple Choice 45 questions ( 1 mark each) • 6 questions on MS Project • 39 from textbook and lecture Short Answer 4 questions (5 marks each) 2 hours to complete Bring a Pencil, English-English Dictionary 6 Develop Scope WBS Definition Prepare Project Budget Develop Work Package Plans Complete the Plan Develop Project Schedule The Planning Process
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3 7 Project Management Basics 5 Steps to Success 1.Define the project 2.Define the tasks 3.Estimate task effort and create budget 4.Estimating task durations and create schedule 5.Status Reporting 8 Step 5 - Status Reporting Your key to controlling projects is to keep your eye at the work package level. Create a routine of biweekly (or more frequent) status reports. You have to do this for your individual projects, too! Standardize reports so you can roll up the status reports into an overall project status report. It’s also a communication document 9 Status Reports When you start to measure something, you change behaviour. Q: What does this mean? Status reports are not only a reporting tool but also a management tool. You need to balance your need for current status and the work required to create status There are benefits and costs to consider
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4 10 Quick and Sticky Status Reporting Don’t make work package leaders develop accurate number of percentage completed. Status Reports have three levels: Completed (100%) Not Started (0%) Started (25%) The 25% is conservative, but acts to move work package leaders to the completed stage. No leader wants to see 25% hanging around for 3 weeks. Measurement changes behaviour. 11 Example Use the WBS as a status report tool WBS_Jan_18_2006.png 12 Assessing Progress There are many ways to assess progress in a project. You can assess project on budget and on schedule. First things first Any assessment begins with a baseline estimate or either budget or schedule (or both) Q: What is this baseline? Q: What does ‘earned value’ mean?
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5 13 Example : Earned Value Assessment Chap 10 – p. 223-28 Monitors value of work completed for each activity in the WBS Planned Value (PV): Estimated cost that is planned to be spent on an activity within a given period (month, quarter, year…) Percent Completed (%C): Percentage of total work for the activity that is completed within the time period Earned Value (EV): PV * %C
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