PPMP 20010: Executing and Closing Projects Lecture 4 for Week 4 Richard Egelstaff PMP, MBA (Adv), BA Senior Lecturer for Project Management, School of Engineering & Technology | Higher Education Division CQUniversity MackayTopics • Topics • Assignments • Project Management Domains • Week 4 • Readings – PMBOK – Kerzner – PRINCE2 Directing & Managing 2Weekly Topics 1. Executing and closing projects 2. Project performance management. 3. Earned Value Management - I. 4. Earned Value Management - II. 5. Project Control Systems - I. 6. Project Control Systems - II. 7. Project Audit. 8. Project Termination. 9. Project Governance - I. 10. Project Governance - II. 11. Integration Management – I. 12. Integration Management – II. 3Week 4 Topic: Earned Value Management - II • Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement to assess project performance and progress (PMBOK v5 p217). • Earned Value Performance Measurement (EVPM) is a method for measuring and reporting project performance, and forecasting future performance based on past performance. The EVPM method measures performance of the time and cost aspects of a project and enables effective project management (AS 4817-2006 R2016). • There are many proven planning and control techniques that can be used in supporting PRINCE2 themes. Examples are critical path analysis (in planning) and earned value analysis (in progress control) (Managing PRINCE2 p7). • Kerzner (2013) discusses earned value: - – p762-765, 768, 779-781, 920 • Also earned value measurement system and information system: - – P752-753, 801, 1102, 1151EVM Assignment • The assignments in this unit are based on a tender request "Provision of Kerb Works – BW229_15" issued by the QLD Department of Transport and Main Roads. The essential documents outlining the work is contained in the PDF document on Moodle week 2. • Your task is to use this tender request as the basis for the practical assessments in this unit. • The WORD document is a partially completed EVM Report template of the project mid way through the project. Your task is to complete the EVM Project Status Report. It is acceptable for you to use your imagination (within reason) to explain any problems or impacts that you find in the project. • Upload your completed assignment in Week 4. 5Activities for Week 4 • Readings: – PMBOK Chapters 10.3, & 11.6; – Kerzner Chapter 17 & Appendix E; – Directing with PRINCE2 Chapters 8; – Managing with PRINCE2 Chapters 16, 17, E5 & E6. – Optionally: Standards Australia: AS 4817-2006 : Project performance measurement using Earned Value • Earned Value Management Assignment • Attend the lectures and tutorials for week 4 67Sample Excel Performance Management Table & S CurveSample Excel Performance Management Table & S Curve 9PMBOK Chapters 10.3, & 11.6Kerzner Chapter 17 & Appendix E • Chapter 17 Risk Management – 18.0 Introduction – 18.1 Definition of Risk – 18.2 Tolerance for Risk – 18.3 Definition of Risk Management – 18.4 Certainty, Risk, and Uncertainty – 18.5 Risk Management Process – 18.6 Plan Risk Management – 18.7 Risk Identification – 18.8 Risk Analysis – 18.9 Qualitative Risk Analysis – 18.10 Quantitative Risk Analysis – 18.11 Probability Distributions and the Monte Carlo Process – 18.12 Plan Risk Response – 18.13 Monitoring and Control Risks – 18.14 Some Implementation Considerations – 18.15 The Use of Lessons Learned – 18.16 Dependencies between Risks – 18.17 The Impact of Risk Handling Measures – 18.18 Risk and Concurrent EngineeringDirecting with PRINCE2 Chapter 8 • Chapter 8 Give ad hoc Direction – 8.1 Context – 8.2 Respond to Requests – 8.3 Respond to Reports – 8.4 Respond to External Influences – 8.5 Focus of Individual Board Members – 8.6 Communication – 8.7 Give ad hoc Direction: SummaryManaging with PRINCE2 Chapters 16, 17 & E5, E6 • Chapter 16 Managing Product Delivery – Purpose, Objective, Context, Activities • Chapter 17 Managing a Stage Boundary – Purpose, Objective, Context, ActivitiesAS 4817-2006 : Project performance measurement using Earned Value • AS 4817-2006 Reconfirmed 2016 – Foreword – 1 Introduction • 1.1 Scope 1 • 1.2 Application • 1.3 Definitions (Normative) • 1.4 What is earned value? • 1.5 Benefits of earned value performance measurement – 2 Earned value performance measurement • 2.1 Basic actions • 2.2 Basic concepts • 2.3 What about a more complex project? – 3 The earned value performance measurement process • 3.1 STEP 1: Decompose the project scope • 3.2 STEP 2: Assign responsibility • 3.3 STEP 3: Schedule the work • 3.4 STEP 4: Develop time-phased budget • 3.5 STEP 5: Assign objective measures of performance • 3.6 STEP 6: Set the performance measurement baseline • 3.7 STEP 7: Authorize and perform the work • 3.8 STEP 8: Accumulate and report performance data • 3.9 STEP 9: Analyse project performance data • 3.10 STEP 10: Take management action • 3.11 STEP 11: Maintain the baseline – APPENDICES • A Acroynms • B Measuring and analysing performance • C Common charts and their interpretationSummary • Topics • Assignments • Project Management Domains • Week 4 • Readings – PMBOK – Kerzner – PRINCE2 Directing & Managing 15