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Project Time Management includes the processes required to manage timely completion of the project.
Project management services specialize in planning, coordinating, and executing projects according to requirements and constraints. Construction management services plan and coordinate construction projects as an ownera€™s representative. Collaborative applications software allows networked computer users to work together on related tasks via local or remote servers. Product data management software (PDM) is used to manage the entire life cycle of a product, or the development, operation and maintenance of a product.
Project Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget.
Project Time Management includes the processes required to accomplish timely completion of the project. Project Time Management PMBOK area of knowledge includes the processes required to accomplish timely completion of the project. Project Cost Management includes the processes involved in planning, estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.
Now that the activity list has been created, the activities must be arranged in a logical sequence. The precedence diagramming method (PDM) is the most common method of arranging the project work visually. Finish-to-start (FS) This relationship means Task A must be completed before Task B can begin. Leads and lags are values added to work packages to slightly alter the relationship between two or more work packages. There are many approaches to using activity sequencing: a project manager and the project team can use software programs, the approach can be done manually, or the team can manually do the scheduling and then transfer the schedule into a PMIS. A project network diagram (PND) illustrates the flow of the project work and the relationship between the work packages. Activity duration estimates, like the activity list and the WBS, don't come from the project manager—they come from the people completing the work. Float, or slack, is the amount of time a task can be delayed without delaying the project's completion. Costs associated with projects are not just the costs of goods procured to complete the project.
Direct costs These costs are attributed directly to the project work and cannot be shared among projects (airfare, hotels, long distance phone charges, and so on). Indirect costs These costs are representative of more than one project (utilities for the performing organization, access to a training room, project management software license, and so on). Variable costs These costs vary, depending on the conditions applied in the project (the number of meeting participants, the supply and demand of materials, and so on).
Fixed costs These costs remain constant throughout the project (the cost of a piece of rented equipment for the project, the cost of a consultant brought onto the project, and so on).
Most risks, especially the probable, high-impact, negative ones, need to pass through quantitative analysis to determine how much the risk may cost the project in time and cost. Past projects within the performing organization can be used as a reference to predict costs and time. These databases provide estimates of what the project should cost based on the variables of the project, resources, and other conditions. Lessons-learned documentation can help the project team estimate the current project if the lessons are from a similar project scope. It's risky to sometimes use just one cost estimate for a project's activity, especially when it's work that hasn't been completed before. Earned value management (EVM) is the process of measuring the performance of project work against a plan to identify variances.
Earned value is the physical work completed to date and the authorized budget for that work. Actual cost (AC) Actual cost is the actual amount of monies the project has required to date. The cost variance (CV) is the difference between the earned value and the actual costs (AC). A schedule variance (SV) is the value that represents the difference between where the project was planned to be at a certain point in time and where the project actually is.
The cost performance index (CPI) shows the amount of work the project is completing per dollar spent on the project. The project must satisfy the customer requirements by delivering what it promised in order to satisfy the needs of the customer. Kaizen is a quality management philosophy of applying continuous small improvements to reduce costs and ensure consistency or project performance.
Marginal analysis studies the cost of the incremental improvements to a process or product and compares it against the increase in revenue made from the improvements.
Top management should define the quality policy; this is part of the organizational process assets. Completing quality work increases productivity because shoddy work does not have to be redone. There are several inputs the project manager and the project team will need to prepare for QA. This plan defines how the project team will implement and fulfill the quality policy of the performing organization. The measurements taken by the project manager and the project team to inspect the project deliverables' quality are fed back into the QA process.
Any change requests, defect repairs, corrective actions, or preventive actions that have been taken in the project should be documented and submitted to the QA process. Quality control (QC) requires the project manager, or another qualified party, to monitor and measure project results to determine that the results are up to the demands of the quality standards. QC is also not only concerned with the product the project is creating, but with the project management processes. If you want to complete your project in a timely manner, make sure you understand this area well. To determine the sequence of activities, you will need to understand the relationships between them. Now that the details about the project activities have been worked out, it's time to develop the project schedule.

Variance analysis and performance reviews will help you determine if the project is progressing as planned. Project initiation is a group of processes to define a new project endeavor and get authorization to start this project. With reference to the PMBOK Guide, stakeholders are people and organizations involved in or impacted by a project. Developing a stakeholder management strategy means a series of tasks for managing key stakeholders in accordance with their level of involvement and interests in the project. The two processes and their steps and activities can be successfully managed with help of VIP Task Manager. By using Task Tree view you can create templates that help you launch new projects in a few mouse clicks. They perform some or all of the activities related to project work, from conceptualization to completion. Responsibilities include contract negotiation, scheduling, budget adherence, and subcontractor management. The idea of time is inherent to the very definition of a project in that all projects are temporary.
This process calls on the project manager and the project team to identify the logical relationships between activities and the preferred relationship between those activities. Lead time is considered a negative value because time is subtracted from the downstream activity to bring successor activities closer to the start of the project. If the project work has been done before in past projects, the level of confidence in the duration estimate is probably high. A three-point estimate requires that for each activity, optimistic, most likely, and pessimistic time estimates be created. Consider an activity to add software to an existing network server in a technology project. It is calendar based and relies on both the project network diagram and the accuracy of time estimates. It uses a "forward" and "backward" pass to reveal which activities are considered critical. You can also use the critical path to determine the earliest date for when the project may be completed.
Based on risk analysis, the project manager creates a special budget just for the impact of project risks: the risk contingency reserve. The most common is to set aside an allotment of funds for the identified risks within the project.
Caution must be taken that the records referenced are accurate, somewhat current, and reflective of what was actually experienced in the historical project. Recollections may be useful, but are highly unreliable when compared to documented results. And like any project work, you don't know how much it's really going to cost until you pay for it. The cost change control system is part of the integrated change control system and documents the procedures to request, approve, and incorporate changes to project costs. For example, if a project has a budget of $100,000 and $35,000 has been spent on the project to date, the AC of the project would be $35,000. Any variance at the end of the project is calculated by subtracting the actual costs (ACs) of the project work from the budget at completion (BAC). Of course, you don't actually know how much the project will cost until it's completely finished. For example, for a project that has a budget of $200,000 and has earned or completed 10 percent of the project value, the EV is $20,000.
For example, consider a project with a budget of $200,000 that's expected to last two years. For example, the price of the added feature may cost the company $7.50 per unit, but the amount of gained sales per year because of the improvement will meet or exceed the cost of the improvement. The quality policy of the organization may follow a formal approach, such as ISO 9000, Six Sigma, or quality function deployment, or it may have its own direction and approach to satisfying the demand for quality. When work is completed correctly the first time as expected, the project does not have to spend additional funds to redo the work. Gold plating is the process of adding extra features that may drive up costs and alter schedules. If the results are unsatisfactory, root-cause analysis follows the quality control processes. Try CentriQS complete task management solution for planning, tracking and reporting tasks, projects, and schedules. It represents a collection of logically related actions and activities performed to develop the Project Charter and identify relevant stakeholders involved in or impacted by the project.
This Group represents high-level activities to identify reasons behind launching a new project and define the project?s advisability.
With help of VIP Task Manager it?s possible to plan and manage all the components of the initiating processes. This strategic document proves formal authorization for launching the project and specifies initial requirements that fully satisfy needs and expectations of relevant stakeholders. The next step in developing the Project Charter is to make a business case and document the business problem.
Identifying stakeholders means a process of defining and registering all people and organizations having an interest or concern in the project. The stakeholder register is a formally documented list of relevant stakeholders that are involved in or impacted by the project.
When all the stakeholders have been identified and listed, the project manager needs to develop an action plan for strategically managing the stakeholders. Usually a stakeholder analysis matrix is used to define the level of influence per each stakeholder and develop a strategic action plan for gaining support and reducing obstacles.
This software allows using simple tasks to plan and schedule the initiating processes and allocate responsibilities between the people involved in the same projects.
For instance, you can save the shown hierarchy to a template and duplicate this template each time you?re going to run new projects. Emphasis is placed on creating and maintaining project milestones and the project schedule. Duration is how long the activity will take, while effort is the labor applied to the task. In this section, we'll examine the approach to completing activity duration estimates, the basis of estimates, and the allowance for activity list updates.

But if the work has never been done before, there are lots of unknowns—and with that comes risk. The project manager adds a "start no earlier than" constraint to the activity to ensure the activity begins on a Saturday when the server is not in use by the organization.
The wine must be aged a specific amount of time before the winemaking process can continue. Activities on the critical path may not be delayed; otherwise, the project end date will be delayed. There can be more than one critical path in a project, and it's possible for the critical path to change as the project proceeds. The project manager must rely on time estimates to predict the cost of the labor to complete the project work.
You need the risk register here in cost estimating to determine how much cash you'll need to offset the risk events as part of your cost estimates. Another approach is to create a slush fund for the entire project for identified risks and "known unknowns." The final approach is an allotment of funds for categories of components based on the WBS and the project schedule. When a cost change enters the system, there is appropriate paperwork, a tracking system, and procedures the project manager must follow to obtain approval on the proposed change. It is a system of mathematical formulas that compares work performed against work planned and measures the actual cost of the work performed.
You might also see the sum of the planned value called the performance measurement baseline.
So throughout the project, a variance is any result that is different from what is planned or expected.
At the end of year one, the project team has planned that the project be 60 percent complete.
The types of quality management activities that guarantee quality may not be needed for every project.
In other words, "pretty close to on track" is not adequate; "95 percent pass rate" is more acceptable.
Root cause analysis is needed so the project manager can determine the cause and apply corrective actions.
The experience of the project should be of quality—not just the product the project creates. Increase productivity of your small business or office by better organizing your employees' tasks and time. The process of developing the Project Charter usually consists of the two steps, such as Design a Statement of Work and Make a Business Case.
A business case is a formal document to prove justification for proceeding with initiating a given project. The process involves the project manager in determining and documenting all relevant information regarding stakeholders? involvement and interests in the project. Creating the stakeholder register means is an activity for identifying what organizations and people are involved in the project and what the level of their involvement is.
This person needs to choose an approach that could increase support of the stakeholders and minimize their negative impact on the project and its phases. For example, VIP Task Manager features Task Tree view that lets divide the processes into a hierarchy of tasks scheduled by Due Dates and assigned to a number of Resources.
Thus, the process requires a set amount of time so it may "finish no earlier than" the determined time. In addition, the cost of the equipment and materials needed to complete the project work must be factored into the project expenses.
A three-point cost estimate attempts to find the average of the cost of an activity using three factors. EVM is an important part of cost control since it allows a project manager to predict future variances from the expenses to date within the project. Thus, the planned value (PV) for 60 percent completion equates to $120,000—the expected worth of the project work at the end of year one. Consider a project manager that demands the project team work extreme hours to meet an unrealistic deadline; team morale suffers and likely so does the project work the team is completing. Let?s describe the processes and their possible tasks, steps and activities and also see how to use VIP Task Manager for initiating projects. It serves as a foundation for making a decision on whether the project is required and worth investing in.
Its purpose is to list relevant stakeholders and develop an action plan for managing these stakeholders.
Its purpose is to ensure that all the stakeholders are registered and their interests and concerns are taken into account, so the project manager can begin with planning communications and for risks within the project. Please use the screenshot to view the hierarchy, tasks and also task parameters such as Due Date, Priority, % Complete, Assignment, etc. Within this short, limited time, the project manager must create something: a product or a service. However, a CPI over 1.00 does not necessarily mean that the project is performing well either.
The business case includes a detailed description of the business problem to be addressed by the project. It?s convenient to divide the process into two steps, including Create the Stakeholder Register and Develop a Stakeholder Management Strategy. It could mean that estimates were inflated or that an expenditure for equipment is late or sitting in accounts payable and has not yet been entered into the project accounting cycle.
The statement of work serves as the first source of input data for creating the Project Charter. It uses a cost-benefit analysis to identify whether the project is advisable, so a net result between all the positive factors (the benefits) and negative factors (the costs) fits into needs and expectations of the customer.
Its purpose is to help the customer to investigate the business problem, examine desirable tangible and intangible benefits, estimate expected project costs, and describe potential impacts of the project. Each process can involve effort from one group or person, based on the needs of the project. Each process occurs at least once in every project and occurs in one or more of the project phases, if the project is divided into phases.
Although the processes are presented here as discrete components with well-defined interfaces, in practice they can overlap and interact in ways not detailed here.

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time management project report pdf

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