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Project Management PortfolioAlexis Langlois

Technical Project ManagementApril 29, 2014

L a n g l o i s , P o r tf o l i o P r o j e c t P a g e | 1

Table of Contents:1. What is a project and way are projects important?................................. 4-5

a. Exhibit 1……………………………………………………………………………….….…….. 6

b. Exhibit 2……………………………………………………………………………….…….….. 7

2. Why do projects fail or succeed?............................................................. 8-9

a. Exhibit 1……………………………………………………………………………….….…... 10

b. Exhibit 2……………………………………………………………………………….…….… 11

3. How do I compare and prioritize projects?.......................................... 12-13

a. Exhibit 1……………………………………………………………………………………….. 14

b. Exhibit 2……………………………………………………………………………………….. 15

4. What are different project management methodologies?................... 16-17

a. Exhibit 1……………………………………………………………………………………….. 18

b. Exhibit 2……………………………………………………………………………………….. 19

5. How do I start a project?..................................................................... 20-21

a. Exhibit 1…………………………………………………………………………………….…. 22

b. Exhibit 2…………………………………………………………………………………….…. 23

6. How do I identify project tasks?....................………………………………….… 24-25

a. Exhibit 1…………………………………………………………………………………….…. 26

b. Exhibit 2……………………………………………………………………………………….. 27


7. How do I schedule projects?................................................................ 28-29

a. Exhibit 1…………………………………………………………………………………….…. 30

b. Exhibit 2…………………………………………………………………………………….…. 31

8. How do I manage project finances?..................................................... 32-33

a. Exhibit 1……………………………………………………………………………………….. 34

b. Exhibit 2…………………………………………………………………………………….…. 35

9. How do I manage project risk?............................................................ 36-37

a. Exhibit 1……………………………………………………………………………………….. 38

b. Exhibit 2…………………………………………………………………………………….…. 39

10. How do I execute projects?................................................................. 40-41

a. Exhibit 1…………………………………………………………………………………….…. 42

b. Exhibit 2…………………………………………………………………………………….…. 43

11. How do I manage project communications?........................................ 44-45

a. Exhibit 1…………………………………………………………………………………….…. 46

b. Exhibit 2………………………………………………………………………………….……. 47

12. How do I monitor and control projects?............................................... 48-49

a. Exhibit 1……………………………………………………………………….………………. 50

b. Exhibit 2………………………………………………………………………………….……. 51

13. How do I lead projects?....................................................................... 52-53


a. Exhibit 1……………………………………………………………………………….………. 54

b. Exhibit 2………………………………………………………………………………….……. 55

14. How do I close projects?...................................................................... 56-57

a. Exhibit 1…………………………………………………………………………………….…. 58

b. Exhibit 2……………………………………………………………………………………..... 59

15. How do we learn from finished projects and transfer knowledge?....... 60-61

a. Exhibit 1…………………………………………………………………………………….…. 62

b. Exhibit 2…………………………………………………………………………………….…. 63

What was learned in doing this project?.......................................................... 64


1. What is a project and why are projects important?

A project is defined as a venture created to produce a distinctive product, service or outcome in

a limited period of time. The end of a project is reached when the overall outcome has been

attained or the project has been deserted. To be considered a project, there must be a clear

and defined goal or purpose and a projected period of time in which the project will occur. A

wide variety of projects exist, but there a few attributes which make up the foundation of all

projects (Schwalbe, 2009, pp. 4-5).

1. A project must have a distinctive purpose.

2. A project has a specified timeframe.

3. The development of a project occurs in a progressive amplification, with more

details being specified as more throughout the process of the project.

4. A project uses materials and resources from a variety of different areas.

5. A project has a defined target customer or sponsor.

6. All projects involve a level of risk and uncertainty (Schwalbe, 2009, pp. 4-5).

Projects are important because they bring about change to an organization. Successful projects

bring great benefits to any organization. These include successful change, successful growth,

increased profitability, and other probable change outcomes. Change is something that every

enterprise must deal with and successful projects are the implementation of change. Successful

projects use project management to ensure accurate planning, execution, and attained


outcomes. Project management brings many advantages to projects and is an essential part of

change within an organization. Projects are a critical part of organizational success. Without

projects, organizations would be unable to enact and implement new systems, products,

services, or programs.

Reference: Schwalbe, K. (2009). An Introduction to Project, Program, and Portfolio

Management. Introduction to Project Management (2nd ed., pp. 4-5). Boston, Mass.: Course

Technology.


1. What is a project and why are projects important?-Exhibit 1

What are the attributes of a project?



Technology.

Has a distinctive purpose and well-defined objectivesIs a temporary endeavorMust be developed using progressive elaboration or in an iterative fashionUses resources and inputs from multiple areasHas a primary target customer and/or sponsorRisk and uncertainty are involved

Attributes:A Project…

Yes, meets all of the above attributes and the goals and purpose of the project are clear.

No, does not meet any or all of the above attributes or the project objectives and purpose are not aligned.

Is it a Project?

This exhibit helps to define what a project is by outlining the characteristics of all projects. If a task does not fit the above criteria, it is not a project.


1. What is a project and why are projects important?-Exhibit 2Why are projects and project management important?

Change is inevitable, making projects an essential part of any successful organization.

Project Management Advantages



Management. Introduction to Project Management (2nd ed., p. 3). Boston, Mass.: Course

Technology.

2. Why do projects fail or succeed?

S t re n g th e n e d c o n tr o l a n d c o o rd in a ti o n o f m a te r ia l, fi n a n c ia l, a n d h u m a n re s o u rc e s

Im p r o v e d c u s to m e r r e la ti o n s

S h o rt e r d e v e lo p m e n t p e r io d s

L o w e r e d c o s ts

In c re a s e d q u a lit y a n d r e lia b ility

H ig h e r p ro fi t m a rg in s

In c re a s e d p r o d u c ti v ity a n d m o r a le

The exhibit above represents the proven advantages that project management can provide to an organization. Proper project management leads to the improvements outlined in the chart.


Project success is determined by the whether or not the constraints of the project were met, and

whether or not the outcome of the project is satisfying to the consumer or sponsor. Projects succeed

when the scope, time, cost, and quality goals of the project are met (Schwalbe, 2009, pp. 6-7). If the

project does not meet any of these constraints, then the project is no longer considered to be a

complete success. Projects succeed when proper project planning, execution, and adjustment occurs.

Project managers are responsible for meeting this challenge. The success of any project can be

determined by reviewing the plans for the projects and the projected outcomes. There are a number of

reasons why a project would be considered unsuccessful.

To achieve a higher rate of success with any project, using project management is the best way to excel.

There are 10 knowledge areas which must be developed to achieve the greatest success (Schwalbe,

2009, p. 9-10). These areas are:

1. Scope management

2. Time management

3. Cost management

4. Quality management

5. Human resource management

6. Communication management

7. Risk Management

8. Procurement management

9. Stakeholder management

10. Project integration management

Projects fail when constraints are not met or when satisfaction does not occur. Often time’s projects are

abandoned when they are projected to fail. This is part of being a successful project manager. A few

reasons why projects fail are, undefined or unclear project goals or projections, overuse of existing

resources, poor project execution, and any resistance that has not been overcome(). Project success

hinges on the organizations ability to meet scope, time, cost, and quality goals which are established in

the beginning stages of project development. Project failure can be attributed to the failure to meet

these goals, or improper tactics and techniques being utilized by management during the process of the


project. To ensure project success, project goals must be referenced and adapted. It is the job of the

project manager to use proper processes and techniques to ensure the success of any project.

Reference:

Schwalbe, K. (2009). An Introduction to Project, Program, and Portfolio Management.

Introduction to Project Management (2nd ed., pp. 6-10). Boston, Mass.: Course Technology.

West, C. "Four Common Reasons Why Projects Fail." Metafuse Inc. Retrieved March 1, 2014,

from http://www.projectinsight.net/white-papers/four-common-reasons-why-projects-

fail.aspx.

2. Why do projects fail or succeed? -Exhibit 1


What determinants make projects successful?



The Quadruple Constraints

Scope GoalWhat work will be done and what are the product offeringsWhat is the overall outcome

T i m e G o a lW h a t i s t h e p r o j e c t ti m e f r a m eW h a t i s t h e p r o j e c t s c h e d u l e

C o s t G o a lW h a t i s t h e t o t a l c o s t o f t h e p r o j e c tW h a t i s t h e p r o j e c t b u d g e t

Q u a l i t y G o a lW h a t i s t h e s a ti s f a c ti o n s t a n d a r dW h a t i s t h e o v e r a l l p r o d u c t q u a l i t y

This graphic expresses four very important areas of project management. For any project to be successful, they must meet the above goals that were identified and updated throughout the project.


Technology.

2. Why do projects fail or succeed? -Exhibit 2

Why do projects fail?

Unclear project objectives

Overloaded resources

Gaps in communication

Improper execution

Lack of project awareness and organization

Inability to meet project constraints

Project Failure

This exhibit represents the common reasons why projects fail. Proper project management techniques can help to control and eliminate the factors which cause project failure.


Reference: West, C. "Four Common Reasons Why Projects Fail." Metafuse Inc. Retrieved March

1, 2014, from http://www.projectinsight.net/white-papers/four-common-reasons-why-

projects-fail.aspx.

3. How do I compare and prioritize projects?

Determining the priority of a project, or choosing which project offers the better outcome is a

critical part of successful projects. When comparing project options it is important to remember

that projects goals and outcomes should align with the strategic mission, and goals of the

organization. One way to determine in the project is aligned with organization goals is to do a

SWOT analysis to identify the strengths, opportunities, weaknesses and threats of the

organization. There are a number of tools which help compare different projects and to

determine which projects take priority over others. Project success relies on identifying the

correct project for the organization, and determining which projects need to occur at different

points in time. Tools for selecting a project are:

1. Financial projection

a. Net present value

analysis

b. Return on investment

c. Payback period

2. Weighted scoring model

3. Balanced scorecard

4. Project priority rating

a. Low priority

b. Moderate priority

c. High priority


These tools can be used to help decide which project is the best choice for the organization.

Each of the tools above uses different information to produce reference data about the

measured project. Using a number of these tools, organizations are able to determine the

proper project choice for the current standing and strategies of the organization. Many

enterprises will use all of the above techniques for comparison and others before deciding

which project to implement. This is due to the uncertainty that can be associated with projects.

It is important to use different tools and techniques to determine the project choice that is

most likely to be successful within the organization because it reduces the level of risk and

uncertainty that may be associated with the project choices. Choosing the right project can be

very essential to the future of an organization and it is often a difficult decision to make.

Identifying the advantages and disadvantages of each project choice is important for making an

adequate decision. Financial goals are not the only factor which play into project choice.




Technology.

3. How do I compare and prioritize projects? –Exhibit 1

How do I compare projects?

Profitability

Low=1

High=5

Resources Required

Many=1

Few=5

Cost

High=1

Low=5

Projected Growth Rate

Low=1

High=5

Competition

High=1

Low=5

TOTAL

SCORE

Weight 20 20 20 20 20 100

Choices

Project A:

Expansion

5

100

2

40

1

20

5

100

4

80

340

Project B:

New Product Offering

3

60

4

80

3

60

3

60

2

40

300

Weighted Project Matrix

This matrix demonstrates one method for comparing important aspects of multiple projects. The weight project matrix is an important tool for determine what project is best suited for the enterprise.




Technology.


3. How do I compare and prioritize projects? –Exhibit 2

How do I choose a project?

Project 1 Year 1 Year 2 Year 3 Year 4 Year 5 TOTAL

Net Benefit $ (10,000) $ 4,000 $ 4,000 $ 3,000 $ 3,000 $ 4,000Discount Rate of 5%

0.952 0.907 0.864 0.823 0.784

NPV $ (9,520) $ 3,628 $ 3,456 $ 2,469 $ 2,352$ 2,025

Project 2 Year 1 Year 2 Year 3 Year 4 Year 5 TOTAL

Net Benefit $ (15,000) $ 6,000 $ 7,000 $ 5,000 $ 5,000 $ 8,000

Discount Rate of 5%

0.952

0.907

0.864

0.823

0.784

NPV $ (14,280) $ 5,442 $ 6,408 $ 4,115 $ 3,920 $ 5,605



Technology.

Net Present Value Comparison

The above chart demonstrates another way to rate projects. By viewing what financial benefit may come from multiple project choices, it allows for the proper project to be chosen.


4. What are different project management methodologies?

A project management methodology describes how things should be done in project

management activities and processes. There are two primary methodologies for project

management. These are traditional project management and agile project management.

Different projects may require the use of one or both of the primary project management

methodologies.

Traditional project management follows a very structured process to achieve one overall

successful outcome. This method views change and variance as a project problem, and

therefore avoids this at all costs. Traditional project management follows a strict structure for

the process of a project. The phases of this process start with project initiation which leads to a

cycle of planning and designing, executing, and monitoring and controlling, and ends in project

closing activities. “Conventional project management wisdom holds that if change happens

during a project, insufficient planning, design, and documentation occurred” (Karlesky & Vander

Voord, 2008, p. 2). Traditional project management views change as a challenge which impedes

on the success of the project. Therefore, adequate planning, execution, and monitoring and

controlling cannot take place because of the change. This is not the case in agile project

management.

Agile project management does not typically have the same rigid structure as traditional project

management and there may be more than one outcome being pursued. Agile project

management encourages change. In agile project management, “It holds that change happens


because change happens; change is something to be managed rather than avoided. Agile

project management views planning, design, and documentation beyond the minimum

necessary to be waste” (Karlesky & Vander Voord, 2008, p. 2). This type of project management

is designed for projects which are likely to have change. Agile project management does not

view change as failure, but as a factor of projects which needs to be managed. In agile project

management, excess planning is avoided.

Reference: Karlesky, M., and Vander Voord, M. (2008). Agile Project Management (or, Burning

Your Gantt Charts). Retrieved March 29, 2014, from

https://www.atomicobject.com/files/EmbeddedAgilePMPaper.pdf.


4. What are different project management methodologies?- Exhibit 1

Reference: Rodgers, A. (2014). Chapter 3 Summary + Supplemental: PM Methodologies

[PowerPoint presentation]. Retrieved from Vermont Technical College website:

https://learn.vsc.edu/mod/resource/view.php?id=363811

Goals are clear

Methods and tasks are clear

One outcome

No successive, iterative outcomes

Complexity can be low or high

There is a low probability of scope change

Technology is known

Teams are experienced with appropriate skills

Change is not tolerated

Is typically expensive to pilot or experiment

Traditional (Waterfall) Method

The above exhibit represents the factors and components which make up the traditional method of project management. The different characteristics are outlined in the chart.


4. What are different project management methodologies?- Exhibit 2

Reference: Rodgers, A. (2014). Chapter 3 Summary + Supplemental: PM Methodologies

[PowerPoint presentation]. Retrieved from Vermont Technical College website:


Goals may be clearMethods and tasks are generally not

clear

There is not usually one overall outcome

There are successive, iterative outcomes Creating multiple cycles

Complexity is high It is likely that scope will change

Technology may be known or unknown

Teams are hopefully experienced and

demonstrate needed skills

Change is encouraged

It is not usually expensive to pilot or

experiement

Agile Method

The above exhibit reprents the agile method of project management. The chart outlines the different components which make up the agile methodology.


5. How do I start a project?

Projects start with an initiation phase. Before entering this phase it is important to identify the

scope cost and time goals of the project. Along with this the project sponsor and manager

should also be determined. The last steps before starting a project is review the process and

success criteria for the project and make any necessary changes. After this is done the project

can enter the initiation phase where project groundwork is established. This is crucial for

project success, as it is necessary planning for achieving success. There are a number of

documents that are developed during the initiation phase. The manager of the project will

begin the process of (Schwalbe, 2009, pp. 74-95):

Identifying stakeholders and developing a stakeholder analysis

Developing a business case

Establishing a project charter

Have a project kick-off meeting

Prepare a preliminary scope statement

One of the main jobs of a project manager is to make sure stakeholder success criteria for the

project is satisfied. This makes the identification and development of a stakeholder analysis a

very important part of starting projects. A project charter is used to outline the role and

responsibilities of those involved with the project, establishing the scope, cost, and time goals

of the project, and identifies the process which will be used to achieve project success. A

business cases involves laying out the basic structure for the project and is critical for strategic


project success. A project kick-off meeting takes place to gain support for the project and to

provide clarity about the plans for the project, including the information in the project charter

and the business case. The scope of any project can determine the challenge of the project

because it plays such an essential role in project success. The preliminary scope statement

serves the purpose of recognizing the scope of the project and is a way to develop a solid goal

for the project scope. Each document produced during the initiation phase plays a key role in

starting projects. When one of these developments is missing, the end results of the project can

likely be traced back to this issue. The initiation phase of a project involves the process of

planning, which is extremely important for any project.

Reference: Schwalbe, K. (2009). Initiating Projects. Introduction to Project Management (2nd

ed., pp. 74-95). Boston, Mass.: Course Technology.


5. How do I start a project?- Exhibit 1

What is involved in project initiation?



Project Title and Authorization Date

Project Start and Finish Date

Project Schedule Information

Budget Information

Project Manager

Project Objectives

Approach

Team Member Roles and Responsibilities

Sign-off Sheet

Comments

Project Charter Contents

This chart outlines the basic components that make up a project charter. This is one part of the initiation phase of a project. Project charters will vary from the one outlined above.


5. How do I start a project?- Exhibit 2

What do I need to start a project?



Preliminary Scope

Statement

Product or service

requirements

Product or service

characteristics

Summary of deliverables

Project sucess criteria

The graphic above demonstrates the different elements which go into a project scope statement. This is one piece of any project which must be completed for projects to begin. Depending on the project, the scope statement will include more information.


6. How do I identify project tasks?

Identifying project tasks can be a tedious process, however it plays an important role in project

scope management. There are a few different tools that can be used to identify project tasks.

These are a project management plan, which outlines the different processes of a project in the

necessary areas, a scope statement, which can help to identify what tasks need to be done to

achieve the success criteria for the project, and a work breakdown structure. A project

management plan helps to identify what process need to take place for the project to produce

the required results. A scope statement defines the overall scope of the project and the

deliverables of the project, along with success criteria. A work breakdown structure involves

these tools to produce a “document that breaks all the work required for the project into

discrete tasks, and groups those tasks into a logical hierarchy” (Schwalbe, 2009, p. 116). A work

breakdown structure is consider to be a foundational document for any project, as it defines

the overall scope of the project. There are multiple ways to organize the work breakdown

structure. These approaches are (Schwalbe, 2009, p. 120):

“Using guidelines”

“The analogy approach”

“The top-down approach”

“The bottom-up approach”

“The mind mapping approach”

These different approaches outline different ways of developing a work breakdown structure.

The “using guidelines” approach uses identified project guidelines to develop a structure for

what work needs to be accomplished. The “analogy approach” involves having a previous


project breakdown structure for a similar project and using it to develop the new breakdown

structure. If the project has is not impacted by either of these approaches, there are three

other approaches which can be used. The “top-down approach” identifies project tasks by

focusing on the largest parts of the project and then divides these parts into smaller tasks. The

“bottom-up approach” focuses on identifying smaller, specific project tasks and then groups

them into larger areas. Finally, the “mind mapping approach” is a visual process of identifying

what tasks will take place during the project. This is similar to a brainstorming radial. The main

project idea is the middle of the diagram, and large project tasks are branched off from the

center. These main tasks are then brown into smaller more specific tasks. This process is noted

for inspiring more creativity because of the visual processing that occurs.

Reference: Schwalbe, K. (2009). Planning Projects, Part I. Introduction to Project Management

(2nd ed., pp. 111-126). Boston, Mass.: Course Technology.


6. How do I identify project tasks?- Exhibit 1

How do I identify project tasks?

Initiating

stakeholder analysisbusiness caseproject charterkick-off meetingpreliminary scope statement

Planning

integration managementscope managementtime managementcost managementquality managementhuman resource managementcommunications managementrisk managementprocurement management

Executing

project design and developmentproject administrationproject evaluationstakeholder communications

Monitoring and

ControllingClosing

Work Breakdown Structure

This graphic demonstrates a work breakdown structure. This can be done in a chart or tabular form and is used to identify tasks within the project.


Reference: Rodgers, A. (2014). Chapter 4: Planning Projects, Part I [PowerPoint presentation]. Retrieved

from Vermont Technical College website: https://learn.vsc.edu/mod/resource/view.php?id=363811

6. How do I identify project tasks?- Exhibit 2

What tools are there to identify project tasks?

Mind Mapping

This graphic demonstrates another form of a work breakdown structure, called mind mapping. This is another alternative for identifying project tasks.



Reference: Creately. (2012, December 11). Mind Mapping. [Radial Chart]. Retrieved April 19,

2014, from http://creately.com/blog/examples/mind-map-examples-creately/

7. How do I schedule projects?

Scheduling projects requires the use of a number of tools and documents. Many of the

documents used for information when scheduling projects are ones that were already covered

in previous questions, like the work breakdown structure and the project management plan.

Project managers take this information and develop a timeline for the project. Scheduling

projects uses other tools like Gantt charts, network diagrams, critical path analysis, and

milestone lists in order to develop a timeline for any project. All of these scheduling tools are

important for developing a strong project timeline, and managing overall project time goals.

The Gantt chart if the most popular tool for developing project schedules. The Gantt chart must

correspond with the information on the milestone list, activity list, and the work breakdown

structure (Schwalbe, 2009, p. 138). This tool outlines the large areas of projects and

breakdowns these areas into different tasks. The time for completion for these tasks is

estimated in duration and laid out in a structured calendar based system which projects the

overall timeframe of the project. The Gantt chart is an essential tool for scheduling projects. It

becomes a foundational reference for the future of the project and a baseline for project

updates.

Another important tool in scheduling projects in the network diagram. To create a network

diagram, the project manager must “determine the dependencies of activities and also


estimate their durations” (Schwalbe, 2009, p. 139). The network diagram displays multiple

project paths, as many activities in projects take place simultaneously. Finding the longest of

the paths is known as the critical path analysis. This is useful to determine because the critical

path “shows the shortest time in which a project can be completed” (Schwalbe, 2009, p. 139).

The network diagram and critical path analysis are important for determine project timelines.

Using these tools for scheduling projects will increase the likelihood of the project meeting its

time goal. Managing these schedules throughout the project is also an important part of

success.


Reference: Schwalbe, K. (2009). Planning Projects, Part I. Introduction to project management


7. How do I schedule projects?- Exhibit 1

How do I schedule projects?

This chart represents a way to schedule projects. In the planning stages of a project, a Gantt chart is created to provide an overall view of the project timeline. The Gantt chart which is created in the planning stages of the project is also the baseline reference for future monitoring activities.

Gantt Chart


Reference: Rodgers, A. (2014). Chapter 4: Planning Projects, Part I [PowerPoint presentation].

Retrieved from Vermont Technical College website:


7. How do I schedule projects?- Exhibit 2

What tools can be used to schedule projects?

Network Diagram

Critical Path is in black.

The diagram above demonstrates another way to schedule projects. The network diagram allows you to view the critical path of the project. “A critical path for a project is the series of activities that determine the earliest time by which the project can be completed.” Therefore, the network diagram allows for project schedule adjustments which can be made without affecting the overall duration of the project.


Reference: Rodgers, A. (2014). Chapter 4: Planning Projects, Part I [PowerPoint presentation]. Retrieved

from Vermont Technical College website: https://learn.vsc.edu/mod/resource/view.php?id=363811

8. How do I manage project finances?

Managing project finances starts in the planning phase of any project. There are many tools and

method for cost estimation in the planning phase and these estimations are then used to

analyze, monitor, and control project finances. In the project planning phases, project

managers must develop cost estimations. There are a number of techniques to do these.

Analogous (top-down) estimates

Bottom-up estimates

Parametric modeling

Analogous estimates uses previous project costs in order to estimate for current projects. In

order for this to be accurate, projects must be similar in nature and there must be a fair amount

of expert judgment (Schwalbe, 2009, p. 147). Bottom-up cost estimation uses specific project

tasks to develop cost estimates. The sum of all the project tasks gives the overall project total.

This approach can be time intensive depending on the size and complexity of the project. The

third technique is parametric modeling. This technique uses know project parameters to

estimate project costs. When estimating project costs, any of these techniques can be used, or

a combination of them. Once project cost estimates are complete, a project budget can be

developed. Developing a project cost budget “involves allocating the project cost estimations to



tasks over time” (Schwalbe, 2009, p. 151). This process is used to create a project cost baseline.

A cost baseline is used throughout the project to monitor and control project costs.

As projects progress, actual project costs and analyzed against the cost baseline to judge how

the project is maintaining the cost goal. It is important to develop and use a cost baseline for

the project. The cost management of the project depends on the budgeted totals for the

project. It is also extremely important to continually track and record project costs to be used

for analysis of project status. When project changes are made, it is also important to modify the

project cost baseline. Typically this ends up changing the project cost goal, unless other areas

are reduced in cost to make up for the changes. Managing project finances can be a challenging

task, but these tools and techniques are important to help meet project cost goals.




8. How do I manage project finances?- Exhibit 1

How do I estimate project costs?

Bottom-up Cost Estimation

This chart gives an example of how to estimate costs for a project. These cost estimations are then used to create a budget for the project.




8. How do I manage project finances?- Exhibit 2

How do I budget finances for projects?

Bottom-up Cost Baseline

This chart demonstrates a project budget. Using the cost estimates from the previous exhibit, a cost baseline is created to determine total project costs.


Reference: Schwalbe, K. (2009). Planning Projects, Part I. Introduction to project management


9. How do I manage project risk?

Project risk can be very difficult to manage. It is impossible to know what risk the project will

encounter. The best method for dealing with project risk is to develop a structured plan for how

to manage risk throughout the project lifecycle. Aside from a risk management plan, there are

other plans and preparations for dealing with project risk. These are:

Contingency plans

Fallback plans

Contingency reserves or allowances

Contingency plans are developed by the project team after major project risks have been

identified. These plans layout the actions to take if one of the identified project risks happens. If

a project risk is essential to project deadlines, then project teams construct a fallback plan for

the risk. A fallback plan may be developed as a last resort contingency plan for project risks.

When project risk tends to heavily impede meeting project cost goals, project sponsors can set

aside funds, known as contingency reserves or allowances, to be used if an unexpected risk

event occurs (Schwalbe, 2009, p. 178). Managing project risk is about planning for risk and

having the experience to identify possible project risks. Identification of project risks should

take place multiple times throughout the entirety of the project.


One project risk have been identified, it is important to evaluate and organize them to

determine which risks require the most attention. There are two areas of risk which need to be

evaluated, “the probability of the risk event occurring and the impact or consequence if the risk

does occur.” (Schwalbe, 2009, p. 180). This data is then placed in a probability/impact matrix. A

probability/impact matrix is a helpful tool for managing project risk. After the matrix is

completed, a risk register is then created to document the different project risks and provide

any important information about them. Planning for and managing project risk is essential for

any change project. Risk events can derail projects and ultimately cause project failure if they

are incorrectly managed.


Reference: Schwalbe, K. (2009). Planning Projects, Part 2. Introduction to Project Management


9. How do I manage project risk?- Exhibit 1

How do I organize project risk?



9. How do I manage project risk?- Exhibit 2

Risk Probability/Impact Matrix

The above graphic demonstrates one way to organize project risks. Each risk should be described and numbered so it can be rated on the risk matrix.

Probability

High

risk 3risk 2risk 8

risk 14risk 4

Medium

risk 9

risk 1risk 5

risk 10risk 7

risk 11

Lowrisk 6

risk 12 risk 13 risk 15

High Medium Low

Impact


How do I manage project risk?

Reference: Schwalbe, K. (2009). Planning Projects, Part 2. Introduction to Project Management (2nd


Risk Documentation

Risk Communications and Impact

Risk Categories

Budget and Schedule Estimates

Roles and Responsibilities

Methodology

Project Name

Risk Management Plan

This chart demonstrates a project budget. Using the cost estimates from the previous exhibit, a cost baseline is created to determine total project costs.


10. How do I execute projects?

Executing projects requires many different processes and procedures. Executing projects

requires more resources than any other project area. Project execution involves many different

activities, among them are producing deliverables, making changes to projects when necessary,

updating project documents, assessing performance, and establishing work contracts. As a

project manager, executing projects requires a number of different skills and practices in order

to achieve project objectives. Some of these practices are:

Executing plans developed in the planning phase of the project

Using soft skills, which are strong leadership abilities, motivational techniques, effective

communication, team building, problem solving, and conflict management

Develop or ensure a supportive culture

Defy normal process and procedures when necessary

Use capabilities to strength and propel project activities

All of these practices should be used when managing project execution (Schwalbe, 2009, pp.

208-209). Project success hinges on the execution phase and many deadlines and resources are

involved. Executing projects properly is a big part of a project manager’s job. Part of this job is

knowing when certain elements of a project need to change. Making changes to a project

should be a well-documented, clear, and organized process. Communicating project changes to

project sponsors and stakeholder’s is something that must take place. One type of deliverable

for this situation is a change request form. This document outlines the change description and


indicates what area might need a change. This is how project managers gain acceptance for

change meaning that this document clearly defines the need for change, provides justification,

and outlines any project impact.

There is a large amount of time and money spent on project execution. There are many

different aspects which make up project execution. As a project manager, the execution phase

tests all the planning and skills involved to produce a product.

Reference: Schwalbe, K. (2009). Executing Projects. Introduction to Project Management (2nd



10. How do I execute projects?- Exhibit 1

How do I execute projects?



Coordinate planning and execution

Develop and use soft skills

Provide a supportive organizational structure

Break the rules when needed

Capitalize on product, business, and application area knowledge

Use project execution tools and techniques

Integration Management Best Practices for Executing Projects

The graphic above outlines several critical practices for project managers when executing projects. These practices are from project integration management.


10. How do I execute projects?- Exhibit 2

What executing tools can be used when projects change?

Reference: Schwalbe, K. (2009). Executing Projects. Introduction to Project Management (2nd ed., pp.

213-214). Boston, Mass.: Course Technology.

Change Request Form

The document above is an example of a change request form. This is used during the project execution phase in order to deal with changes to essential areas of the project. This should be completed and approved before changes are made.


11. How do I manage project communications?

Project communications are managed through planning and proper execution. Developing

formal communications processes can be essential for the success of the project, depending

upon the size and complexity of the project. A project communications plan addresses multiple

areas of communication which must be developed before the execution process. Some of these

activities are written documents, others are meetings and discussions (Schwalbe, 2009, pp. 174-

176). Along with this, project communications must sometimes be informal. Having a

communications management plan is important for when conflict or problems arise in a

project. Communication is important for every phase of projects and it takes place in every

phase, initiating, planning, executing, controlling and monitoring, and closing. When managing

project communications it is important to remember that project team members need

communication in order to complete the tasks presented to them.

During project execution, communications are used to distribute information. To effectively

manage project communications there are key concepts which must be used. These concepts

are: formal and informal communications, nonverbal communications, using the appropriate

communications medium, understanding individual and group communication needs, and the

role that team size plays in project communications (Schwalbe, 2009, p. 235). Projects require

both formal and informal communication, meaning that project managers must develop regular

systems for formal communication and also have the ability to informal discuss the project to

develop trust and a relationship with project members. Nonverbal communications consists of


body language and tone of voice which, research suggests, is more essential to communication

than the actual words communicated (Schwalbe, 2009, p. 235). When communicating in

projects it is also important to determine the appropriate medium or channel of

communication for the situation and message being conveyed. Along with this, while managing

project communications it is important to understand the communication needs of the group

and of each individual member, this is developed in the culture of the organization, the

dynamic of the group, and the personal preferences of the people in the group. Having the right

size team is also important for communications management. There are many different

elements of communication which must be considered and communication tends to take up

more time than any other project management tasks.

Reference: Schwalbe, K. (2009). Planning Projects, Part 2 & Executing Projects. Introduction to

Project Management (2nd ed., pp. 174-176, 235-238). Boston, Mass.: Course Technology.


11. How do I manage project communications?- Exhibit 1

How do I manage project communications?



communications requirementsStakeholder

to be communicated, including format, content, and level of detailInformation

of who will receive the information and who will produce itIdentification

or guidelines for conveying the informationSuggested methods

of the frequency of communicationDescription

procedures for resolving issuesEscalation

procedures for updating the communications management planRevision

of common terminology used on the projectA glossary

The chart represents the different areas which should be included in a communications management plan. These do vary depending on project factors, however, every project should include a plan for communications.

Communications Management Plan


11. How do I manage project communications?- Exhibit 2

What executing tools can be used when projects change?

Formal and informal communications

Nonverbal communications

Selecting the right communications

medium

Understanding individual and group

communication needs

The impact of team size on project

communications

Key Concepts for Communication

The graphic above represents the key concepts of managing communications. Communication is an essential part of every project and understanding these concepts is something all project manager should be able to do.

Communications Management


Reference: Schwalbe, K. (2009). Executing Projects. Introduction to Project Management (2nd ed., pp.

235-238). Boston, Mass.: Course Technology.

12. How do I monitor and control projects?

When trying to achieve successful project outcomes, it is essential to use monitoring and

controlling activities. There are many ways to do this and this process is often designed around

project specifications and parameters. It is important to monitor the scope, cost, and time of

projects, being that these are the three biggest factors for success. Quality is also an important

aspect to monitor and control, as quality issues can lead to wasted cost and time, or an

inadequate final outcome. There are different tools and techniques for each area and all are

important for achieving project success. Monitoring and controlling project schedules is

essential for project completion. A popular tool for this is the tracking Gantt chart. This uses the

original Gantt chart developed in the planning phases of the project and sets a baseline. It also

shows actual completion dates and project schedule updates. The tracking Gantt chart is a great

tool for visualizing how the project is proceeding through the timeline, and allows project

managers to make necessary changes to the project schedule due to actual events and timeline

progression. Maintaining a project schedule without some type of system to compare timeline

estimations and actual progression would be an impossible task. The tracking Gantt chart is an

excellent tool for monitoring and controlling project schedules (Schwalbe, 2009, pp. 265-267).

Another extremely important part of monitoring and controlling projects is being able to do so

with project communications.


There are many outputs which can come from monitoring and controlling projects, one

essential area for project success is project communications. Project communications can be

monitored and controlled through progress reports. These reports are created on a regular

basis, weekly or monthly, to describe the accomplishments of the project team for the given

period. These documents help to identify project risks, conflicts, and problems by giving a

reflection of individual and team progress for the given period (Schwalbe, 2009, pp. 277-279).

Progress reports are used in most projects to monitor and control many different elements of

the project. These two tools, tracking Gantt chart and the progress report, are important for

project success. They represent a brief view of the monitoring and controlling tasks that take

place in project management. There are a variety of other tools which can be utilized to

monitor and control projects.


Reference: Schwalbe, K. (2009). Monitoring and Controlling Projects. Introduction to Project

Management (2nd ed., pp. 264-279). Boston, Mass.: Course Technology.

12. How do I monitor and control projects?- Exhibit 1

How do I monitor projects?Project Name Town Shed ProjectReport Completed By Alexis LangloisReporting Period 4/7/14 to 5/18/14Percentage of Project Completion 80%Work completion until (in this) reporting period:

The work completed prior to this status report is 80% of the overall outcome. The exterior structure is

completed and the roof is on the structure. Project changes with the food service window have been managed.

Work still in need of completion (or work to complete next reporting period) :

The interior of the shed still needs to be completed, along with electrical installation. The final step is painting.

What is going well (and why):

The project schedule has been monitored and maintained efficiently, even with changes. The project is flowing

cost guidelines and has been updated for the project change.

Problems faced and resolutions enacted (or what is not going well and why);

There was a change to the original project plan, which included the addition of a food service window. The

change has been managed and budgets have been updated. There have been reports of defective nails. This

issue was resolved with training and monitoring to improve worker efficiency and effectiveness. There was also

a team conflict which was addressed through monitoring and conflict resolution between the two team mates.

Budget Status:

The budget needed to be updated due to the addition of a food service window. To adjust for this increase, the

paint chosen will be less in cost, and the time allotted for painting will be adjusted.

Project Changes:

The project has added a food service window, which has been adequately adjusted into the time and cost

schedule. Additional training was provided to resolve a problem, and conflict has been managed to maintain

project success.

Progress Reports

One way to monitor project progress is with a periodic progress report. Above is an example of what items are included in a progress report.



Management (2nd ed., pp. 279). Boston, Mass.: Course Technology.

12. How do I monitor and control projects?- Exhibit 2

How do I monitor and control projects?

Reference: Rodgers, A. (2014). Chapter 7: Controlling and Monitoring Projects [PowerPoint

presentation]. Retrieved from Vermont Technical College website:


Tracking Gantt Chart

The chart above is a tracking Gantt chart. This is used to monitor and control project schedules. The tracking Gantt chart uses the baseline schedule and also lays out the updated project schedule.

Baseline Schedule

Revised Schedule

Slipped Milestone


13. How do I lead projects?

Part of being a project manager is also having the abilities to be a leader. Leadership is

composed of many elements which are also important for project managers. Being a leader

involves being able to present a vision, support team members, lead by example, motivate

others, build strong relationships, and communicate for success. Leadership is considered to be

a project manager soft skill (Schwalbe, 2009, pp. 275-277). These are used to motivate and

manage project teams. Being a project leader requires strong people skills, the ability to

influence others, the understanding of how to motivate others, and the ability to lead by

example. As leaders, project managers also have to be able to find solutions to problems and

manage conflict that may occur. The job of the project leader is to drive success. Leadership is a

developed skill which comes from experience. Ineffective project leadership can be detrimental

to the end result of the project and the project team. It is important to provide the necessary

leadership to project teams when you are managing the project.

Motivation is an important concept for leaders to understand. Good leaders have the ability to

understand individual motivations. As a project manager, it is very helpful when you have an

understanding of what motivates each individual on the project team. There are many theories

of individual motivation. Some of these theories are:


Intrinsic or extrinsic motivation

Maslow’s Hierarchy of Needs

Herzberg’s Motivation and Hygiene

Factors

McClelland’s Acquired-Needs Theory

McGregor’s Theory X and Y

Each of these theories represents valid ways for determining how individuals may be motivated

(Schwalbe, 2009, pp. 217-221). As a leader, it is important to consider each of these theories

and other factors, when trying to determine how to motivate team members. Motivation is

essential for efficient and effective project team members and being a good leader means being

able to inspire others to do something that they may not attempt on their own.

Reference: Schwalbe, K. (2009). Executing Projects & Monitoring and Controlling Projects.

Introduction to Project Management (2nd ed., pp. 217-221, 276-277). Boston, Mass.: Course

Technology.


13. How do I lead projects?- Exhibit 1

How do I lead projects?



be kind and assume the best about peopleBe patient

help team members work through problems by focusing on behaviorsFix the problem

focus on project objectives and producing resultsEstablish regular, effective meetings

forming, storming, norming, preforming, and adjourningAllow team building stages

3-7 members to increase the effectiveness of communications

Limit size of work teams

plan fun social activities to allow team members and stakeholders to interact

Ensure all team members are aquainted

create traditions and activities in which team members are enjoying themselvesStress team identity

provide training and help individuals and the team become more effectiveNurture team members

on an individual and group levelAcknowledge accomplishments

when working with virtual teams, make a greater effort to develop face to face interactions and to build team member relationships

Additional necessary actions

Project Managers Effective Leadership Practices

The graphic above outlines essential components to effective project management leadership. Project managers must also be effective leaders.


13. How do I lead projects?- Exhibit 2

How do I lead team members?



Individual MotivationIntinsic or Extrinsinc

internal factors motivateor external factors motivate

Maslow's Hierarchy of Needs

1. physiolocial 2. safety 3. social 4. esteem 5. self actualizationlower level needs must be met before higher level needs can be met

Herzberg's Motivation

and Hygiene Factors

factors that cause job satisfactionfactors that cause dissatisfaction if not met

McClelland’s Acquired-

Needs Theory

Achievement, Affiliation, and Power

McGregor’s Theory X

and YX assumes that workers dislike and avoid workY assumes that work is a natural process and find satisfaction from work

The chart above represents the different theories of individual motivation. When leading projects it is important to motivate team members. When motivating it is important to consider how individual people have different motivational needs.

Theories of Individual Motivation


14. How do I close projects?

Closing projects involves gaining acceptance of the final project outcome and bring the project

to an end. If the project is unsuccessful or ended sooner than expected in failure, it is still

important to formally close the project. Ending a project “includes verifying that all of the

deliverables are complete, and often includes a final presentation and report” (Schwalbe, 2009,

p. 292). There are many different documents which can be used to formally close projects. One

of the important documents for project closure is the project closure checklist. This document

is a list of different closing tasks which must be accomplished before the project can be ended

(Rodgers, 2014). The project closure checklist is important for stakeholder’s to ensure that the

project has met all objectives. Closing projects is essential for success and for gathering

knowledge for future projects.

Along with a project closure checklist, another important document for closing projects is a

customer acceptance/project completion form. This document should be produced whether

the project was a success or not. It allows project managers to gather data from project

sponsors, stakeholders, and customers about the satisfaction of the project. It outlines why the

project was successful, or why not. It also gives the stakeholders, project sponsors, and

customers to provide information for the completion of future projects (Schwalbe, 2009, p.

294). This is essential for building knowledge and skills about how to manage projects

successfully. The project closing process also usually has a final report. This document includes

the “project objectives, summary of project results, original and actual schedule, original and

actual budget, project assessment, transition plan, training benefits, and the attachments of key


project management documentation, and other project related documentation” (Schwalbe,

2009, p. 295). The final report is an overview of the entire project from initiation to closing and

transition. This document is meant to outline the project as a whole. It generally is also offered

as a final presentation. The closing process of a project is as important as initiation and

planning. Without proper project closure, detrimental impacts can come from both successful

and unsuccessful projects.

Reference: Schwalbe, K. (2009). Closing Projects and Best Practices. Introduction to Project


Rodgers, A. (2014). Chapter 8: Closing Projects [PowerPoint presentation]. Retrieved from

Vermont Technical College website: https://learn.vsc.edu/mod/resource/view.php?id=384048



14. How do I close projects?- Exhibit 1

How do I close projects?

Project Name Primary Objective

Town Shed Project To create an equipment shed at the local baseball field

Project Sponsor(s) Title Project Start Date Project End Date

Jane Smith Town Manager March 5, 2014 June 1, 2014

Project Closure Checklist

Each checklist item is tagged as one of the following: [R]equired, [E]ncouraged, or [O]ptional

R/E/O Yes No Comments

1. Were all outstanding project issues and changes resolved? R

2. Have all safety measures been adequately assessed and completed? R

3. Were project clean-up procedures adequately completed? R

4. Are all project elements (electrical, locking mechanisms, etc.) working properly and was a final inspection completed?

R

5. Were all project limitations, restrictions, and permits adequately defined and followed?

R

6. Did the project meet scope, time, and cost goals? R

7. Were stakeholders informed of project completion? Was completion accepted?

R

8. Were all project volunteers recognized for their efforts? E Pending completion before 5/15/14

9. Was a project close-out meeting held? E Pending completion before 5/25/14

10 Was successful project completion established through documentation? R Pending completion before 6/1/14

Reference: Rodgers, A. (2014). Chapter 8: Closing Projects [PowerPoint presentation]. Retrieved

from Vermont Technical College website: https://learn.vsc.edu/mod/resource/view.php?

Project Closure Checklist

The exhibit above is an example of a project closure checklist. This is important documentation to ensure that project success has been achieved. It also includes a signoff sheet.



id=384048

14. How do I close projects?- Exhibit 2

How do I close projects?


Management (2nd ed., p. 294). Boston, Mass.: Course Technology.

Customer Acceptance/Project Completion Form

The document above is an example of a customer acceptance/project completion form. This is used to ensure final project results meet the standards of the customer or stakeholders and to officially finalize a project.



15. How do we learn from finished projects and transfer knowledge?

When ending projects it is important to organize the data and knowledge gained from the

project and evaluate this information to learn how to be more successful in the future. This

should take place whether the project was satisfactory or not. Part of the project closing phase

involves the development of a transition plan. This happens when the project is to continue

within the organization. A transition plan helps to maintain project procedures and outcomes

which are necessary for the project to be integrated into the organization. A transition plan

contains an introduction or purpose of the project, assumptions for the continuation of the

project, information about the organization of the project in the future, work required for the

continuation of the project, and a schedule which outlines this work (Schwalbe, 2009, p. 296).

These areas are essential for continued project success. Along with this, those employees who

will be taking over the project should work side-by-side with those who were working in the

same area on the project. This face-to-face interaction is important for those taking over to

properly learn how to continue the newly integrated processes. Also important for project

closure and knowledge transfer is a close-out meeting. During this meeting, team members get

to interact with other project members to finalize their relationships and pass on the

knowledge they have gain from the project. This is when information is collected about lessons-

learned from the project (Schwalbe, 2009, p. 299). Once this meeting has taken place, the

lessons-learned report can be developed.


Another essential document of the closing process is the lessons-learned report. This reports

documents lessons that were learned from the process of the project from all project members,

including stakeholders, suppliers, and team members. This report is extremely important for

gaining knowledge on how to manage projects in the future. It outlines the critical areas of the

project and discusses what went well and what did not. This report should be conducted for

every project, no matter the outcome. The lessons-learned report is typically finished before

the project is complete so that it can be included in the project closure checklist and the final

report. Project management is a process which is strengthened through learning. All project

closure documents are essential to the learning process and should be available in the future

for new projects.




15. How do we learn from finished projects and transfer knowledge?- Exhibit 1

How do I learn from projects?



Project name, sponsor, manager, dates, and final budget

1. Did the project meet scope, time, and cost goals?

2. Was the success criteria listed in the project scope statement

3. Reflect on whether or not you meet the project success criteria

4. What were the main lessons your team learned from this project?

5. Describe one example of what went right on this project.

6. Describe one example of what went wrong on this project

7. What will you do differently on the next project, based on your experiences working on this project?

Lessons Learned Report

The chart above outlines the different areas which should be covered in a lessons learned report. This is essential to having greater success in future projects.


15. How do we learn from finished projects and transfer knowledge?- Exhibit 2

How do I transfer knowledge?



Transition plan

The document above is an example of a transition plan. This is meant to transfer projects over to the people who will be working with them in the future. It is also extremely important to have face to face knowledge transfer with key project team members, and those taking over their roles in the future.


What was learned in doing this project?

This project has helped to demonstrate all of the components that go into effective project

management. This portfolio provides information and examples for the necessary

deliverables and processes that take place during a project. Project managers have a complex

and challenging job, no matter what the project is. There are many different areas of project

which need to be considered and managed in order to achieve success. Project managers

have the job of handling all of these areas and being able to balance necessary components

of the project, or make changes when necessary. Trying to perfectly plan out a project is not

something that usually works for successful projects. As much as we would like to hope that

projects go exactly as planned, there are many factors which can through the project off.

Project managers must be able to recognize these problems and overcome them to achieve

success. Being able to understand and implement the 10 knowledge areas of project

management is the main job of any project manager. Doing so properly will typically lead to

project success, however, risks and events can through even the best project managers off.

Resilience and flexibility are both qualities that project managers need to have. Overall this

project has demonstrated that the job of a project manager is challenging and requires many

skills, tools, and techniques to be effective.

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