Initiation Planning Executing Monitor Control Closing - Free Essay Example

Sample details Pages: 2 Words: 479 Downloads: 8 Date added: 2017/09/13 Category Advertising Essay Did you like this example? ProXalt ® Student RecallSheet © Project Management Process Groups Initiation Planning Executing Monitor Control Closing †¢Based on the Feasibility Study conducted and using Project Selection Methods, the project selection committee selects a project. The client Develops Project Charter, Preliminary Scope Statement and the sponsor approves the project charter †¢Based on Project Charter nd Preliminary Scope statement, the project team conducts all planning activities and Develops the Project Management Plan †¢Project team involves in Planning and Defining the Scope of the project and Creates WBS †¢Using WBS items, the team Defines project Activities, places them in a Sequence, Estimates Duration and Resources needed and develops a Project Schedule †¢Estimate Cost and allocate that Cost to work packages (Cost Budgeting) †¢Plan Quality standards for the project †¢Create Human Resource Plan †¢Come up with Communications Management Plan †¢Create a Risk Management Plan and Identify all Risks.. Don’t waste time! Our writers will create an original "Initiation Planning Executing Monitor Control Closing" essay for you Create order Analyze them Qualitatively, Quantitatively and come up with Risk Response Plan †¢Plan on how to Acquire goods and services from outside the organization and Plan on Contracting †¢Direct and Manage Project Execution to ensure that all the planned packages have been executed †¢Perform Quality Assurance to assure that the project team followed quality standards †¢Acquire Project Team members from functional managers and Develop the Project Team †¢Distribute project related Information and performance reports to project stakeholders †¢Request seller Responses and Select one of the Sellers to perform the project work †¢Administer the Contract Monitor and Control project work and Integrate all Change Controls †¢Verify completeness of the Scope of work and Control Scope related changes †¢Control Schedule, Cost, and Quality related changes †¢Manage Project Team and their Performance †¢Report on project Performance and Manage Stakeholders †¢Monitor and Control Risk activities †¢Administer the Contract for any changes †¢Develop Administrative and Contract Closure procedures during Close Project †¢Conduct Contract Closure to close the contract PERT = (O+4M+P) / 6 STD of Activity (STD) = (P-O)/6 Variance of Activity = [STD]2 = [(P-O)/6] 2 STD of Project = vvar1 + var2 + Project Duration = Sum of PERTs  ± (#of sigma’s * STD of project) EVM EV = % complete * BAC CV = EV – AC (0 good) SV = EV – PV (0 good) CPI = EV/AC (1 good) SPI = EV/PV (1 good) EAC = AC / %Comp. , BAC/CPI ETC = EAC – AC VAC = BAC EAC Variance Resultant Profit Total Amount To Be Paid Normal Distribution 1 2 3 6 sigma sigma sigma sigma = = = = 68. 26% 1 STD=1 Sigma 95. 46% 99. 73% 99. 999% Communication Channels = N (N-1)/2 EMV = n ROM = -50% to 100% during Budget = -10% to 25% during early planning stage and -5% to 10% during late planning state Impact * Probability initiation stage Present Value : FV/ (1+r ) FV=Future Value; r=Rate of interest; n = number of time periods Float/Slack of Task-X = [Critical Path Length] [Longest Non-Critical Path that has Task-X in it] Incentive Contract Calculations = Target Cost— Actual Cost = Target Profit + Contractor share of variance = Actual Cost + Resultant Profit (Resultant value is ‘+’ then it is Under Run, if it is ‘-’ then it is Over Run)