hey everyone welcome to Simply learn today we will be learning the project management fill course we will begin this video by talking about what project management is Project planning how can it be done using Excel cost quality communication and other forms of management the best project managing tools how you can prepare for the PMP exam the role of a project manager interview questions and much more by the time we are done you'll be well wor with some of the most important Concepts in project management for this training with me we have our Specialists Chandra Mr and isan together they will take you through these different topics so let's start by answering our first question what is project management so before we begin make sure to subscribe to our YouTube channel and don't forget to hit that Bell icon so that you can never miss an update from Simply learn hi welcome to project management tutorial from Simply learn I am Chandra mrr a professional consultant and coach in best practices related to project management and IT service management today as part of this tutorial we are going to learn the basic understanding about the project management and the required knowledge for a project manager to become successful in managing projects so as part of this tutorial we are we are going to look at what is project management what is Project components of project management Project Life Cycle key Focus areas in project management job roles in project management and project management certifications so what is project management now as defined in pmis PMB project management is application of knowledge skills tools and techniques to project activities to meet project requirements so every project will have an objective to accomplish similarly the objective of project management is to make the final deliverables in a finite time and budget this involves having clear understanding about the deliverables of the project required resources for the project resource in terms of Human Resources Technical Resources Financial Resources Etc project manager should have a full picture of those aspects we can call it project manager should have a full view about a project and what is that this project has to accomplish that objective should be clear here so as part of project management the six constraints which project manager should look at are scope time quality cost risk and resources so each of these areas has very important role to play in project management the clarity in scope the clarity in terms of schedule within which the project has to be delivered the cost what it incurs to that particular project once it is finalized one cannot vary one cannot change without any proper approvals similar to that we have quality manage specifications what are defined project output will be accordingly achieved risk every project is taken up for a specific reason by organization so organization should assess the risk associated with the project and similarly as project progresses various different risks has to be identified like Risk related to project management risk related to technology area risk related to resources risk related to financial things so broadly risk management plays a very important role so there will be something called contingency reserve kept for a identified risk above the cost what is estimated deliverables from the project so every project require resources resources may be in terms of Human Resources Financial Resources technology resources environmental resources so all these resources are used to produce the output of the project so these resources has to be managed with the sufficient optimization and standardization required now let us understand the definition of a project so what is a project PMI defines a project as a temporary endow undertaken to create a unique product service or result the temporary nature of a project indicates that a project has a definite beginning and end so when I say product unique product it means every output it may be similar products you are producing with a same features and functionality but the output of every project is unique because it is unique in terms of of all the six constraints what we just discussed now now when I say product it is very easy for us to visualize it may be a desktop it may be a laptop it may be a car it may be a machine Etc but how do I visualize a service now project output is a service now it is it's about building a capability a project by through a project a capability can be built to ensure Services can be provided that's what the output of project is service for example if I think about a taxi service for providing a tax services I need a mobile app I need taxi I need a server I need a data center so all these are various different products and services here service example can be internet service so combination of all the services and products builds the capability for an organizations who can provide the taxes services so building that capability we say it is an output of a particular project which is called service similarly results can be Improvement of something Improvement in customer satisfaction increase in um some specific objectives or specific results need to be achieved in performance perspective so output of every project will be unique product or a service or a result this we need to clearly understand so when we say there is a definite beginning and end every project starts at certain point in time and ends at certain point in time so it has a definite beginning and end that is the reason it is temporary in nature it is not an ongoing business activity right so every project will have a life cycle a beginning and end so when it starts till end until the result or a service or a product which comes as an output of a project project life cycle is not ended so interestingly in a product life cycle or in a service life cycle you come across many project life cycles so one Project Life Cycle means one project is initiated to introduce a product or Services next project or uh initiated would be to to enhance the capability of a service or a product next project initiated after some time is to optimize something similarly at the end of the product life cycle project is initiated to retire that product or services so in a given product life cycle there may be multiple Project Life Cycle so what is involved in the Project Life Cycle it involves five areas five groups we can call it as so initiation planning execution monitoring and closure so when I say initiation it's all about understanding what is Project giving the basic basic understanding of the project collating the details and having key stakeholders identified once that is done one will move towards planning so here in the initiation it is very clearly one has to understand is Project is worthwhile of doing so one has to check the feasibility one has to measure that particular investment is making sense and then confirm yes it makes sense to invest now next planning as we have a basic understanding of yes this project has to be done and a discussion with the key stakeholders have happened now that moves towards planning now in planning one will understand the project in entirety if it is a waterfall approach one has to have a clear articulation of entire project a comprehensive details holistic approach now if you go if you're going in a project in a agile way of approach now in this planning you may have a big skeleton as you go in each of the iteration you may go deep dive into detailed planning if it is a agile approach so planning provides you the clear Insight towards what needs to be done in this project how it has to be done and what are the results which can be achieved out of that particular project so this involves making that clear blueprint of an project objectives what we are supposed to achieve so this will become a reference point throughout the Project Life Cycle then execution as you have a blueprint of the project as the direction of that project is set detailing of the project has been made one will go ahead and ex and implementing it so execution phase involves the allocation of resources and making the deliverables as required you acquire resources you configure resource you ensure right resources are acquired if it is human resource one has to educate that human resource with the project required knowledge or details or one has to provide that assignment in such a way that skills of that individuals what they should have is acquired by those individuals so that deliverables can happen and they needs to be managed the entire team to be managed for that a clear structure has to be created similarly when you do technology resource perspective those components has to be tested configured then integrated again tested for and check the performances so Collective action of this results in a deliverable during the execution so as the deliverables are happening in the execution it is quite obvious project manager has to monitor review control that particular deliverable and also the processes tools resources used during the project even those needs to be monitored so that they are complying to the defined processes so during monitoring there may be a deviation one can found during monitoring there may be the project is running the way it is required so in this monitoring phase it involves an action from project manager to Monitor and control the work of the project so comparing with the blueprint of plan what is accomplished what is created during the planning uh phase of this project and as the execution happens monitoring and control is monitoring it and checking is that activities what is being done is according to the plan or not similarly the deliverables which comes as an output of a projects are tested thoroughly whether those have a specific features and functionality and are they functioning the way it is required now project has to be delivered to the scope what is defined it should not go beyond that or below that similarly the schedule what is made for the project within that schedule project deliverables needs to be accomplished within the cost what is budgeted for the project so during the project you project manager may find there are certain deviations which are occurred there are additional challenges which has come in so for this reason one has to ensure continued monitoring as the execution happens and identify those deviation and ensure Whenever there is a deviation there is a correction Whenever there is an additional things coming in that needs to be considered carefully whether that need to be involved as part of this deliverable or should be taken it separately so this requires a lot of conversation with all the stakeholders of the project during the entire Project Life Cycle especially during planning execution monitoring and control since they are not the one which is happening in sequence so planning can also come back again where there is something which you may require to modify so may require to have a change in the blueprint Itself by adding that new change which is coming in so you go back to planning so planning execution monitoring and control are going hand inand so that project deliverables are happening as needed similarly all the process work instructions all those templates what is given are used one is complying to those requirement it is very important and project is done within the scope schedule and time and the quality metrics defined then as the completion of the project happens as the monitoring and control says yes deliverable has happened according to the requirement then the project moves to the closure the closure may be closure of a specific project phase a milestone deliverable or a phasal deliverable or it can be a deliverable at the end of the project which is the ultimate deliverable so processes in closing has to be triggered Whenever there is end of the phase Whenever there is a deliverable to conclude and also at the end of the project to conclude the entire project so during the closure one has to ensure capturing all the details in terms of what is accomplished against what is defined what went wrong what went well what is a learning one has to take to the next level or to next phase or to the next project and at the same time a sign off has to be obtained formally and everything should be summarized and have a good handshake with the project stakeholder mainly a business or customer and also disseminating of Team means you will dismantle the entire team and send them back to their specific units or specialization and they may get assigned to new project or if it is a functional they can go back to their functions to do their functional activities so that was about entire Project Life Cycle what happens now while doing this I mentioned there are six constraints that is scope schedule cost quality risk and resources so keeping these in mind one has to ensure project is successful in all aspects so to become successful there are few key areas which has to be looked at so first six key areas are scope schedule cost quality resources and stakeholders now let us look at the scope what does scope means scope is about what needs to be delivered what is in scope what is out of the scope so this refers to all those deliverable scope all those activity scope basically we speak about two things one is product scope and project scope product scope is all about ensuring the features functionality of products are well defined and understood and signed off and while delivering that product that is tested against those defined features and functionalities whereas project SC focus on all the activities needs to be done all those templates which has to be used all the process which has to be complied with all the skills which is required to be applied so it is going as defined so by doing this activities which is defined as part of project scope the result the deliverable will come out which will be in line with the deliverables features and functionality which is defined as part of product scope it is very important to ensure entire projects happens within this particular scope there should not be any deviations from this schedule perspective for that specifications what we defined for a product and project so these need needs to be done in a specific point in time means in a specific schedule there will be start time end time right so one has to plan how long a project would take and what are the deliverable should happen in what sequence what activities are required to accomplish this so all these needs to be understood so while performing the schedule management one has to look at a specific deliverable at a specific point in time by applying a specific set of activities required so this will tell you the duration of the project this will provide you the sequence of project this will also help you to understand the dependency between one task to another task this will also help you to understand how the deliverables happening in what sequence which helps in prioritizing your deliverables third is cost so as we know to do any project it is very essential to ensure project happens within that budget so project cost is estimated initially then that estimated cost will be checked checked in terms of is the assumptions considerations are right or wrong is that really so much of monetary resources are required for the project and then after understanding the justification and obtaining the clarity budget is I mean monetary resources are allocated and confirmed approved then it will become a budget that will be a cost based line so these estimation allocation of budget once it happens that will become a base and any deviations from that cannot happen so easily so any deviations because of addtion of scope that can be handled through change management but idealistic scenario the cost should not escalate or come down organization can also set certain tolerances at the project level considering various different scenarios like scenario of risks scenario of something which deviated from the deliverable so to what extent it can deviate that tolerance will also be set at the economic or monetary value perspective that is about cost now quality as we know quality is a very important area which ensures the project is delivered in time with all the specifications defined by using all the methods means by following all the processes work instructions templates and delivering as needed where it enables the project to monitor it easily so basically the requirement of uh compliance and standardization and optimization is to ensure everyone follows the same steps do the activity so what quality management focus is to ensure the intended objectives of a projects are achieved already there is a definition done in terms of various different practices or processes needs to be followed similarly specification of each of the products are defined and from that there should not be any deviation so quality management should focus on ensuring those activities are done as defined those deliverables are done according to the specifications what is defined it is very important that way so for that there is a layer of quality management should be a layer of quality management where auditing or controll activities are initiated periodically so that any deviations can be seen easily and remember a project manager can become cannot become part of quality management like project manager cannot audit project manager should have an team or take the help of a team who can able to do mostly the one which is who is not part of the project is always better resources now as I mentioned earlier every project need resources it may be human resources it may be technology resources it may be any other the resources which are required to do the project so organization acquires resources configured and then deployed for example in the project you acquire a server you configure a server you deploy a server technology resource human resource is onboarded recruited project induction is given then at the same time the skills and capabilities of individuals are according to the requirement of project that needs to be ensured and what needs to be delivered and how it has to be delivered should be clear to the particular human resource so looking at all the aspects of resources to acquire to build and manage it is very important to look at the resource management so this will help in carrying out a specific task in the project in the best possible manner so interestingly when as a human resource always there is a possibility that a conflict can occur so when I say conflict conflict of interest maybe in terms of what the individuals has to do conflict in terms of the preferences in terms of solutions what they're looking at conflict in terms of using resources different opinions different preferences various reasons conflict can come across so it is very important to project manager to understand this dynamics of human resources and manage those conflicts project manager cannot shy away from handling conflicts project manager has to hone and resolve those conflicts in the favor of project not in the favor of any individuals so there are various techniques to look at uh resolving conflicts so that is like compromising problem solving smooth in accommodating so whichever helps for that project scenario for the project objectives that needs to be applied that technique has to be taken up so here the resolution is not at the specific individuals preference it is with the objective of whether projects has any impact what kind of impact positive or negative if it is negative no that's not the direction the direction should be ensuring project gets that value through this conflict resolution so project manager should own it it's an accountability of a project project manager then as the human resource are acquired there are five stages Team Dynamics are involved so one has to bring them then educate them about a project as a education on the project happens one has to go and do the job on floor that needs to be observed means one has to manage by looking at it and uh any corrections needs to be done that needs to be guided so it is very Dynamic thing when it comes to Human Resources similarly in technology resources standardization there is there is no ambiguity as such but right Resources with the right configurations should be acquired that is very important the next stakeholders so who can be stakeholders every project will have a stakeholder who are internal and external to the project so the internal stakeholders are those who are part of the project who are part of the um organization who are part of the customer organization or are part of supplier organization a computation to my business means my organization's business all this we can call it as a stakeholders now every stakeholders will have a specific interest a power an ability to influence now through their position through their distance from the project they will get impacted at the same time they will also impact the project similarly they influence and they get influenced because of the project so a project manager should identify all the stakeholders and understand this what is the kind of stakeholder is this in terms of power in terms of legitimacy in terms of influence in terms of impact fact after understanding that there should be a strategy for handling the stakeholders how am I going to engage with these stakeholders it is very important and accordingly the engagement should happen and then stakeholder engagement should resolve in the favor of projects again so if it is a customer customer should get the inputs required through review or periodic updates and the engagement required with the customer so that customer is having up to-date information about the project if it is a team continued monitoring and control and uring team delivers the results what is required so focus of a stakeholder should be in such a way that your strategy should enable project to become successful and get a proper response from the stakeholder means a supporting engagement so next few key Focus areas to mention is communication risk procurement critical success factors deliverables and work breakdown so this list is not exhaustive as we Deep dive into project I think you can just keep listing the key Focus areas more than than this but whatever we have indicated are the minimum which needs to be looked at so when I say communication communication is basically a conversation exchange of message which happens between two entities now whenever we communicate it is necessary to understand that it has to happen with two individuals or two entities there should be sender there should be receiver in the absence of receiver if sending is happening that communication doesn't make any sense there should be a receiver and there should be an acknowledgement from the receiver now this is one of the most ignored area in many of the projects even though communication happens more often more frequently but what people face difficulty in realizing that as they communicate generally informally formally they just take those for granted now when you identify the stakeholder one has to understand what is the communication requirement for those stakeholders what is that communication why is that communication what is the content of that communication how frequently we should do that interactions or Communications intent of that particular communication what is the expected action or response from that communication all this needs to be very very clear and this can be articulated it has to be articulated so when it is articulated once there is a picture in terms of what kind of communication has to happen it is quite obvious there should not be any deviation from the agreed Communications requirements and whenever there is a need of change to the communication requirements from the stakeholders that needs to be updated for this one has to have a stakeholders identified so stakeholder management and communication are very closely linked and Associated a engagement with the stakeholder will become successful with an effective communication approaches next is risk so every project which is undertaken by organization that will have certain amount of risk which organization will evaluate similarly within the Project Life Cycle lot of risk comes up which would have certain impact to the project now risk refers to by definition an uncertain event it has an uncertainty an event which is uncertain and when it occurs it will have an impact on the project positively or negatively now current scenario in everywhere the projects What You observe closely people tend to look at the risk which are threats that is negative only but they fail to recognize the risks which are opportunities the positive risks so another gap which we see when do the risk management is that is done in the initial phase of the project as the project is kicked off someone will do uh the risk assessment have a list of risk identified but unfortunately there is no categorizations for that risk and how is that going to impact the project that is not clear thirdly risk management or list of risk are created only once it is not done repetedly so risk identification and Analysis and assessment of that risk has to be done throughout the life cycle of a project reason being the risk which looks as an high impact when project is initiated as the project progresses the the impact levels will vary maybe in the mid midle of the project the impact may be very high or low so likewise the impacts of the risk will vary throughout the Project Life Cycle it may be positive it may be negative so as you identify the stakeholder throughout the Project Life Cycle as I said that is also a dynamic I cannot just have a list of stakeholders and I keep it as it is I need to update that also regularly risk identification assessment and Analysis should also be done regularly periodically so that one will have a clear understanding about is that risk still valid is that risk is there still or not what is the level of variations in terms of impact of the risks so this Clarity will be there so that necess organization or project manager can get ready to face those risk if it is a negative risk definitely you should have a mitigation or avoidance or acceptance whatever the mitigation plan you have to eliminate the negative impact of the risk when it occurs if it is a pro positive risk is quite obvious one has to take the advantage of that one has to enance exploit share a positive risk so that organization is benefited further procurement so whenever a project is initiated whenever a project is taken up the organization who is doing the project cannot create everything cannot develop everything in that Project Life Cycle so organization would take a decision make a decision stating that some of the deliverables we make ourself some of the products we make ourselves some of the products we purchase some of the services we purchase so to purchase that has to happen from a specific supplier you cannot go with every supplier you should evaluate those suppliers qualify the suppliers and then select on board the supplier and then get the services or products supplied by that particular supplier so while doing this one has to understand what type of Contracting they need to enter with so three types of contracts we speak basically one is about uh uh Cost Plus contract where cost is fully known to the project manager and to the organization so apart from known cost a fee will be paid to the supplier another one is fixed price where project manager or the organization who is awarding that contract to A supplier will not know what is the cost instead it is a fixed price but important here is the scope of work needs to be clearly articulated and defined another type of Contracting can be time and material where the billing will happen based on the amount of time one is spent on that particular higher resource or onboard resource on a time and material BAS and what is that effort that resource has been put based on that building will happen so three types of contracts depending on the different scenarios of the project will be signed with the contractor however before doing that it is very essential to identify those suppliers sign off with them and monitor and manage them so if deliverables are not there it is very essential to look at the uh termination one has to terminate otherwise one has to ensure instead of terminating should be able to put some effort to educate them also so that they come up to the mark So project is benefited so depending on what needs to be done that call has to be taken on a regular basis then critical success factor so for every project there should be an articulation of critical success factor So based on that one can confirm yes project has achieved his objectives or project has not achieved his objectives so key critical success factor should be supported through the metrics key performance indicators so key performance indicators provide those metrics to say critical success factor is achieved for example if you want to become successful in an exam critical success factor is scoring or passing the examination or uh let me say to pass the examination key performance indicator is scoring 60% and above so critical success factor for me to get promoted is to pass in this particular exam so to pass in this exam minimum I should score is 60% that is kpi passing in the exam that is critical success factor so how will I measure that success factor is kpi so every project which it produces a specific product or Services by using a specific resources and each of these the resources the processes the templates the deliverables all these needs to be measured on a continual basis so there are critical success factors defined and those are measured by defining kpis to that critical success factors so basically critical success factor provides the Insight towards what needs to be measured and when you measure what should be the focus and to achieve those critical success factors the indicator is key performance indicators when you measure yes the moment you achieve that your CSF is achieved next deliverables so deliverables are those which comes as an output of the project right it may be a product it may be a service it may be result so this refers to the output within the scope of a project so there can be one or more deliverables within a single project so these deliverables may be the items that are to be sent externally to a customer or a stakeholder so every deliverable will have a defined scope will have a defined specification so those deliverables has to be measured tested and one has to confirm yes this deliverable is performing as we are intended to have the performance accordingly the decision will happen should we accept this particular deliverable or not if there any deviation that has to go back for correction so that's the reason we have monitoring and control all the control processes like control quality focused on the product stet whether it has achieved the results or not is that functional as needed or not one has to ensure these deliverables has all those features and functionalities only then that can be handed over to the respective stakeholder customer or operation whoever the stakeholder it is next is work breakdown structure so when we say work breakdown structure when I look at a specific piece of product or services and have a bigger picture I cannot even visualize the various different components various different actions involved in achieving that bigger deliverable so if I say a car so I can think of a body external I can think of a mirror on that body I can think of a glass in the front side as well as the back side and also I can think of Interiors like seat then accelerator steering dashboard all this I can visualize but since I'm not a technology expert relating to car can I visualize all those parts which are working inside for car to move like engine the battery assembly I don't know what to say further so all these can be visualized by an expert so every product or Services should be broken down into multiple pieces I'm not saying go and break that product I'm saying that product will have multiple components which are involved those needs to be segregated for example if I say cars exteriors cars interior so cars exteriors external items you can see whatever visualize body body structure mirror mirror assembly uh headlights uh then tires so likewise whatever I can uh visualize I will make it as a line items under the exterior so under for example under a mirror mirror I can speak about mirror glass mirror cap mirror pedestal and mirror assembly where it moves where you can move the mirror so these are the various components involved in the mirror so I need to ensure by breaking down the product into multiple Levels by depos decomposing it to multiple levels I can able to visualize the product very clearly what is there in detail so once I have the details I will articulate those what is that particular work breakdown element is product breakdown element is then I will look at what skills and capabilities required for that product and I will assign the resources accordingly so once activities resources everything is assigned automatically this will become a work breakdown structure further after creating a work breakdown structure one will go and sequence the activity look at sequencing will happen based on in what priority deliverable should happen What order deliverable should happen then once the sequencing is done done it will be checked to see whether anything can be optimized anything can be um done in such a way that smooth flow of the project can happen there is no dependencies which will make project to delay like as the flow happens smoothly so you would find the various techniques like critical path method Network diagramming critical chain method so all these are used the floats of an activities are checked then leads and lags of the activities the relationship between the activities so accordingly full visualization in terms of how the project will flow and how in what order the deliverables are happening can be easily visualized so that is the reason first activity is to do the product breakdown which would result in work breakdown structure so those are the points till now whatever I mentioned are the basic understanding one should have about a project and project management so as you deep dive into various best practices like PMP by P PMI Prince 2 by AOSS scrum Master aile scrum Master similarly you have certified scrum master so many agile practices so when you look at any of the best practices that will tell you clearly articulate what should be the practice for you to adopt and adapt that practices so that your project can become successful so any of those approach you touch upon all those refers to these basic things in the absence of these basic things none of those best practices discusses the project management now typically in the industry there are lot of job roles to the project management which we have seen So based on that this information is captured here on various job rules in a project management so some of them are like project manager senior project manager Project Lead resource manager pmo that is project management office analyst steering committee member so not necessarily all the project management roles are limited to this so these are the roles which commonly you see and we are trying to capture that to give the Insight right when I say project manager the project manager is the owner one has to take an account accountability for the project right so project managers takes the project according to the plan and plays a lead role in all the steps of the project management right so responsibilities would be managing reviewing and prioritizing the task wherever necessary looking after risk management stakeholder management and project communication management some of the uh salary what we found while we were uh doing the survey the success ratio of a project depends majorly on the project manager so the demand for project manag rap ridly increasing in the market so accordingly uh 75,4 74 per year that is a USD in INR it is 1,500,000 so this is what the salary on an approximation what is found next role we look at senior project manager where senior project manager is the head of the overall project management plan the role demands in-depth knowledge of all the project aspects on a specific on the specifics of the project the responsibilities would be planning and coordinating complex projects visiting in Project sites to check progress and handle complex issues so salary looks like $14,000 per year year 292,000 INR per year so the role of senior project manager is one of the highest paying roles in the industry as we have seen having several allowances and bonuses because of the criticality involved in that project and the accountability level of that particular individuals in the organization next role Project Lead so project leads are the one who leads the people throughout the project and provide them with all the information required throughout so responsibilities involve motivating the team beneit taking care of their needs and paying attention to what they feel ordering or controlling the project team since the project lead has more freedom than the project manager salary Project Lead makes sure that project gives the best possible outcome and is hence the demand for the project lead in a company never reduces so in USD 82,000 per year whereas in INR it is 1, 269,000 per year next role we can look at on resource manager so resource manager is the human resource needed to make the project success right so one has to manage those resources responsibility involved assigning the right people to the right projects at the right time managing employees currently and determining hiring needs depending on the projects requirements so salary would be around 64,000 USD which comes around 96679 in INR project management office analyst for this role the project management office analyst works with pmo means project management office and does not look at the project or manage the project directly instead does most of the data driven work which required for a project to uh have or project to get supported by that so that project managers will have better Insight analyzing and interpreting the data concerning the project figuring out the future risks to the project finding new ways to advance the idea of the project management so salary would be 10 6,253 per year in USD whereas 449 337 in INR per year so steering committee member so the steering committee members are the members who do not work on the projects they are there to help the project manager like providing inputs during the development of a project advising on the budget and evaluating the project strategies taking regular feedbacks from the project managers and asking necessary questions so salary would be around $ 68,4 per year so those were the various roles and that is not that list is not an exhaustive list various different roles we come across but these are the basic roles which is seen in the industry these roles are being recruited now there are various project management certifications which are offered as I mentioned earlier so those certifications are PMP that is project management professional from PMI agile certified practitioner that is PMI ACP again from PMI then certified associate in project management so difference between capm and PMP is like capm would act as a basic level of certification for those who does not have a sufficient project experience project management experience whereas PMP is for those who has some project management experience similarly PMP is the one who is aspiring to look at agility in project management and they can go for it certified scrum Master yes it is a scrum Master certificate which will explain the role of a scrum master in detail similarly Prin to a certification from axelos which also speak about all the aspects of the project what we discussed and provides the framework for project management exela also provides prin to certification in agile also agile prin to certification so we will look at each one of this certain details which are required for us to know so project management professional as I mentioned is most acknowledged and value the certificate value what it carries which has resulted to the certified Professionals in landing up in highest paid jobs in the world so certified managers gets 20% more salary than the average salary so to take up an examination one has to go through the formal training of 35 hours that is one of the prerequisites and there should be some experience of 4500 hours of project managing project by Leading various activities of a project and once the person becomes eligible with that prerequisites person will become register in the p website becomes member and then go for examination so examination fee for PMP would be $45 for the members who are registered with PMI and for those who are not registered as a member with PMI it is $555 the duration of the examination is 4 hours and the number of questions will be 200 which are multiple choice questions so each each questions carries one marks there is no negative scoring now prerequisites one has to have 4,500 hours directing and leading the the projects that experience has to be filled in while filling the application if a person is a bachelor degree holder and along with that 35 contact Arts of PMI PM education now prerequisites for um the one who is not a graduate who may be high school or diploma is 7500 hours of directing and leading projects 35 hours of PM education so those are the prerequisites before one will go and appear for examination so once an individual passes PMP examination that certificate is valid for 3 years so now after 3 years if the person aspires to keep the certificate continued they need to produce 60 pdus professional development units which has to be acquired during those 3 years how to acquire one has to go through additional learning one has to contribute towards project management knowledge base so those needs to be evidenced and then renewal fee has to be paid and certificate has to be renewed then agile certified practitioner as we saw for PMP here agile certified practitioner demonstrates that one has relevant experience and education to handle and Lead agile projects the organization has started shifting towards agile as we know in today's uh industry which makes this certification fast growing in the world so examination fee would be $435 for PMI members 495 for non PMI members duration is 3 hours and multiple choice questions 120 questions prerequisites is 2,000 hours project management experience with 1,500 hours agile exper experience and 21 contact hours of agile practices so maintenance 30 PDS are required for every 3 years and after paying the renewal fee that can be renewed now certified associate in project management so here this is an entry-level certificate of PMI especially for those people who has less project experience it intends to demonstrate fundamental knowledge terminologies and processes of effective project management so examination fee would be do2 225 for PMI members whereas $300 for non-members of PMI so duration of examination is 3 hours and examination will have 150 multiple choice questions so prerequisites someone who has secondary diploma with 23 contact hours of PM education is enough there is no experience of doing the project is required as we saw in PMP so maintenance is again 3 years someone who need to continue the certification as to retake the examination every 3 years next certified scrum master so so certified scrum Master is an entry-level certification that helps the professionals to begin as the scrum practitioners is one of the most sort of certifications as other after this one can get the designation of certified scrum Master which is offered by scrum Alliance so examination fee which will change time to time which is not revealed so one has to approach the training organization where they will get trained on certified scrum master so duration of examination is 60 minutes and pattern would be 16 hours 2 days days of training and 50 multiple choice questions after that particular 2 days of training then prerequisite is done for maintaining this credentials so one has to ensure it has renewed every 2 years then projects in controlled environment that is Prince 2 so Prince 2 is a method which is effective mostly from the base of UK all the organizations who are from UK region prefers to have prin to certification and it is as popular as any other project management certification like PMP so examination fee would vary from $900 to $1,000 depending on where exactly you're taking the examination and certification will happen at two levels one is at Foundation level and other one is practitioner so in Foundation it is 60 Questions multiple choice and in practitioner it's 68 questions now 60 questions or 68 questions each carries one marks for correct answer any wrong answer there will not be any negative scoring one has to score 55% to clear the examination so prerequisites for Prince 2 Foundation is none whereas Prince 2 Foundation is a prerequisite for prin to practitioner examination so to maintain the certificate one has to achieve 20 cpds every year continued professional development so now project as part of this project planning we would be trying to understand what is uh project planning project planning fundamentals then uh why project planning tools for for project planning and then uh basic project planning steps so let us look at a case a scenario what happens if uh there is no planning in place right so uh uh if you look at the scenario where one of the executives in the organization who is in the project is tensed and what is the reason the person is intensed if you go and query that inquire that person so he says have we issues in estimating the budget now when we say planning uh planning is not just about budget planning is uh Beyond budget so which involves many things like schedule which is time the scope which means the deliverables as well as the resources and other things what we need to do the project and to the and to understand what is the deliverables in requirement perspective similarly we speak about quality we speak about risk we speak about stakeholders procurement so likewise the planning is bigger than just a budget but however in this case we're just looking at a scenario where estimating the budget has become an issue so what could be the reason that has become an issue right that might be because uh you haven't planned for project properly so which requires a detailed understanding or proper understanding of whatever we are doing so so let me tell you how you can make sure it doesn't happen again with the help of project planning this is is what the response from a experienced Personnel in the organization who is into pmo or who is into project management practices on regular basis who has a significant amount of experience so that is the reason he could be able to uh point out let us look at the planning so only then we can able to have a proper understanding about what needs to be done and what is there exactly we need to focus on so now what is Project planning now when we look at a project as a whole when you visualize project as a whole uh planning is one of the important part now if I look at pmi's framework uh we speak about 49 project management processes uh till pinbox 6th edition it was defined so now out of 49 processes 24 processes are dedicated for planning which means almost 50% of the processes are there for planning and that is the only area where you have the processes in all the knowledge are areas so we speak about 10 knowledge areas like integration um then scope management then uh cost Management schedule management risk management quality management communication management stakeholder management procurement management Resource Management so in each of these knowledge areas we have the processes when it comes to uh planning but when I say I'm going to initiate the project I'm going to execute the project I don't see processes in all the knowledge areas and it has its own reason we'll not get into that however the important Point what we need to have an understanding is planning plays such a significant and important role where uh majority of the clarity you obtain uh you have to obtain during the planning so we will have this confusion so when I go with the detailed planning of something I may end up in having some changes in between means Whenever there is an uncertainty in the project uncertainty is huge now there you cannot have a detailed planning for entire project but you may require to have the detailed planning for the extent it is visible to you to the extent it is clearly visible to you uh visible to you as a project manager then you can able to execute that part of it and get into elaborating further U uh and then understand the next part of the project if you're are going as as agile way of doing the projects but however in either of the cases whether you are going with predictive approach of the project or you are going with the Adaptive approach of the project in either cases planning is must and it plays very important Ro so many of times we only uh look at the deliverables part of it you only look at some processes relating to executing part of it we miss out in terms of risk we miss out in terms of quality uh maybe we miss out in terms of analyzing on the effort and resources so uh these will actually create issues as you progress in the project and you may find difficult in taking the project uh to the directions required to the objective what needs to be accomplished so first thing we should have a Clarity is any project when organization takes up organization takes up the project for a reason uh maybe because of solving certain problem or improving or enhancing certain performances or enhancing certain features functionalities in the in the particular product or services or wanted to introduce some new product or Services into the market likewise there are many reasons organization would have to take up the project and and when organization takes up the project we should keep in mind organization takes up the project for a reason business reason now as a project manager I need not worry about Revenue but I may required to have a proper understanding of why the project is taken up what is the reason the project is taken up and what is that organization is trying to accomplish out of it when when as a project manager I have the clarity it helps me to take the project in a specific Direction so we may not have any we should not have any uh ambiguity or or not having the clarity instead as a project manager one has to obtain the clarity and to that context to accomplish to have everything set aligned to the directions we may require to plan so everything we do in the project should be aligned to what we are doing however in planning everything should be visible must only then you can able to bring that alignment if it is not available during the planning if we don't if we are not considered during the planning then obviously we may find difficulty in taking things into the required alignment or accomplishing that objective because your execution will be based on your planning and all that you Monitor and control will be based on what is defined during the planning similarly uh when you close before closure you test check whether everything is accomplished again that is what is defined in the planning we may have something defined before project is taken up but the justification happens there for sure but aligning to that you do planning so everything should be in line and what intent the organization wanted to accomplish that needs to be achieved and that requires a proper planning so looking at a project in entirety right in a project in entirety um project may have multiple stages or phases project may have multiple packages to deliver project will have multiple deliverables so each of these would consider initiating planning executing monitoring and controlling and osure now at each level so if I look at at a project level yes definitely it is there if I look at at the stage or phase level yes it is there if you look at a specific deliverables yes it is there at every level we plan so since our interest our focus of this particular session is to look at the importance of planning project planning let us focus on planning part of it but however I'll give you some overview of the framework project management framework how it would look like so when I say initiate what should I initiate so so initially the initiation happens from business itself as I mentioned already for accomplishing certain objectives through that trigger project is taken up a business case would be created a project Charter will be created and that project Charter will be handed over to the project manager while creating this project Charter that would be considering all those details which is mentioned in the agreement or the business case and then that that will provide an entire summary of the project what needs to be accomplished what is that organization can aiming is aiming to accomplish through this project so having that Clarity project manager would take up and connect with stakeholders and then identify all the stakeholders discuss with them bring in smes have a team structure and then create a uh detailed planning if it is predictive or a skeleton plan if it is agile approach I mean adaptive kind of thing so once the planning is done it's all about execution so as a project manager the project manager as an individual ual may not be doing the handson of that particular uh project execution however the project manager would be uh involved actively in terms of ensuring all those resources are available all those processes are complied with then all the stakeholders are connected updated deliverables are happening as per the plan so project managers should see that it it is happening and get the things done so in many project management session I keeps telling people keep asking me these questions specifically the project manager should have an subject matter expertise answer is yes not to the extent where project manager will go sit and do the configuration but however project manager should know what question to ask what exactly the team is speaking about project manager should able to visualize that so meaning project manager should do the ground work uh immediately while you get into planning in entirety understand from the smmes understand from the industry experts or you do your own ground work to know what exactly ities speak to business and then only then during the execution you know exactly what is that output can be expected and accordingly you do monitoring and controlling so from execution to monitoring and controlling so while we do monitoring and controlling so as the deliverables comes out as the features has been introduced so there should be metrics to measure there should be methods to measure those metrics and each of those metrics critical success factors or key performance indicators uh one should be able to analyze and understand interpret so it should not look like just a number I'm working to accomplish that number it should not look like that so accomplishing that number should result in accomplishing the intended objective so that is a kind of uh understanding team should also have so through monitoring and controlling one should align the entire thing by giving that picture snapshot how things are going in execution so which project manager should actively involve here as well to understand but this is based on what what is being planned then once it is confirmed everything is accomplished or achieved according to the plan then that can be declared for closing further it can be an acceptance so without having any confirmation in monitoring and controlling that everything is accomplished things cannot move towards closure so once it is uh done in monitoring and controlling once the validation is done then only uh the acceptance can happen so once the acceptance is done formality of handing overing hand ing over the product or feature putting into production having formal sign off from the customers happens in closure but acceptance uh in terms of features delivered or it is according to what we have planned those are checked in monitoring and control and formalized in closure so let us move towards planning what exactly happens in planning so we get into defining objectives so explaining the scope now speaking about defining OB actives and explaining scope now uh sorry so now I told business has taken up a project with an intent that will have a direction now to accomplish that particular objective the planning should have its own set of objectives considered to Al in alignment with the objective what is defined it is a context the direction what is set so those objective should be clear to the team it is not just about defining those needs to be explained to the team so team should be well aware of what exactly they are going to accomplish by doing this then explaining the scope now Scope when you say one should visualize both deliverable as well as what I should do to deliver it for example if I'm um making a pot for example a clay pot a clay pot would be having certain shape size color thickness of the wall of that PO so this is a specification of pot that is the output that is the deliverable and that itself will have the scope so clay pot will have the scope and to accomplish that Clay Pot as an output I need the clay mix I need to have that wheel which is used I need to have a person who know that Potter activity to make that pot and all that resources materials what is required to do it now one is the scope of that output itself which we can call it as product scope other one is scope of the activities the processes the resources what we do so the scope of output we can call it as a product scope and the scope of what we want to accomplish that results we can call it as project scope so we cannot go other way around we cannot Define the project scope and say that I'm going to accomplish this deliverable no so first we need to understand what is the output what is that requirement we are going to fulfill have the clarity have the description have the picture how exactly it looks like once it is completed and then you come back and Define what process I need to do this what resources I need and what effort I require what budget I need who are the stakeholders for this all the picture will come only when you have the clarity about what is that I'm going to deliver from the project so product scope as well as project scope then scheduling task now I said project scope product scope we understood what is to be delivered now project Scope when I say we have a set of activities we have a set of resources we need the budget we need to have an involvement of stakeholders now all of these should happen at a specific point in time everything cannot be done in a specific one time right so it needs to be sequenced it it has to be understood what kind of sequence it is so how am I going to uh do this when am I do going to do this when is very important so uh each of these activity what I need to carry out to accomplish that particular results I need to have the schedule defined clearly so when so some activities may happen in parallel some happen in sequence for example if I take a wall in a construction project if I take a wall after doing the plastering of the wall only I can do the curing I cannot do the wall finishing as well as curing of the same wall at the same time it cannot be in parallel whereas I can construct a wall one meanwhile parall I can have a construction of other wall or curing of other wall I can do but all wall a if I say the plastering of that wall and curing that wall I cannot change the sequence it should be in sequence only whereas parall if I'm constructing another wall on the other side and curing that is possible which can be done in parallel so that we need to visualize when we schedule when we set that sequencing of that activities we may require to have a proper understanding of that that that is about scheduling tasks or activities then generating progress reports now it is very important anything and everything we do we may require to capture we may require to analyze we may require to review We may require to see what can be improved we may require to look at what can be optimized and we need to understand what is going good what is not going good How can we uh overcome that something which is uh not going good How can we further improve on what is that we are doing good so we need to analyze that so for that first and must is to understand how is it now we wanted to have this to happen in certain way is it happening that way or is it happening in something some other way what is that exactly it is happening so we may require to capture the details so while planning I said we may require to consider critical success factors key performance indicators metrics to measure but we should know what does this metrics mean how am I going to analyze this so if I say 80% of utilization means what what is my interpretation should I keep quiet or should I do something about it we should understand that so now I'm supposed to accomplish something in 25 minutes I did that in 30 minutes what does it signifies 5 minutes extra I took is it okay so it depends on what deliverable what activity how important is the the deliverable so that understanding should have so those things has to be analyzed by uh capturing those details as a report and reviewing that significantly uh thoroughly along with the team as well as the stakeholders relevant stakeholders and then the way you represent that particular report may have the variation uh because when I use that metrix to uh discuss and review with the team the objective will be different whereas when I do it with uh my boss or my customer or some other stakeholder the objective may be different what they want will be different so I cannot get into the detail what I discuss with the team similar details I cannot discuss with the other stakeholders it depends who are the stakeholders with whom I'm going to discuss this and what is that I'm going to present and how are we going to uh depict this and what exactly we're going to learn what is that we are going to do further from this so project will have a specific objectives directions clearly mentioned but uh to take it uh in the direction and understanding whether it is in direction or not or are we required to do some changes to bring it back if there is a deviation all this needs to be uh the clarity needs to be obtained now what are those planning fundamentals we require to have Clarity in terms of what is that we need to consider while planning very clearly so here uh determining scope cost and resources so uh the process of scope cost and resources I said 10 knowledge areas I mentioned earlier so in that scope cost and resources definitely three important areas which helps in estimating time required to complete the project the number of people needed and with what skill set now this is one uh tricky thing so now it is not just about human resource it's about skill set now in that skill set again you speak about to what extent is it at expert level or at the basic or intermediate what is that exactly to what extent what is expected out of that Ro all this depends on deliverables what we need to do right so the understanding of this one can have by having the work breakdown structure now uh many times I have seen whenever I use this term breakdown structure people straight away get into uh writing the list of activities and then organizing them in certain order that is not the way to do the work breakdown structure so now whenever we we start doing breakdown structure first thing one needs to focus on is the on the deliverable for example uh if I take bottle as a deliverable a simple water bottle now water bottle if if as a user if I look at it it just look like a plastic one a transparent one with a cap water filled inside that's how it looks like for me as a user but for someone who is creating it for someone who is making it I need to have certain activities processes which are required equipments resources which are required to create that bottle right so what does the bottle will have as a deliverable it will have that body right the main bottle body it will have a cap and along with the cap there will be a ring which will just uh used to seal that particular cap then uh it is not plain bottle right so you will have a wrapper around it that is another deliverable if you want to do the breakdown of this bottle I would say cap as one part cap ring as another part maybe body as another part body wrapper is another part now further I can have a description so cap will have a specific color cap will have a specific size right and specific circumference radius thickness similarly the cap ring then water bottle if you take again the transparency level kind of material of the bottle and its specifications the design you want to have on the bottle it's a ring design or some s design whatever as you look at the bottle or a plain one and then base of the bottle neck of the bottle then comes the wrapper which you put it across the sticker part of it what is that the sticker is all about what is the combination what is the design of the sticker so likewise I will break down so bottle looked very simple so same thing if you visualize for a car as an example so I can say car Interiors car exteriors and intelligence of the car is three main uh uh parts breakdown Parts similarly then Interiors if I speak about I can speak about under Interiors the seat the gear liver the steering right uh the floor then the dashboard I can have that breakdown and further inside there is a mirror as well right so if I speak about further if I break down if I take a seat as an example so seat has a base seat has the backside one headrest then the seat Mount like because many things comes up so I keep breaking down like this until logically I cannot subdivide similarly if I take exteriors I can take body Bonet then EX rear view mirror outside uh likewise I can do intelligence if I take like engine system or intelligent AC system likewise I can have the breakdown let us take Car rear view mirror as an example if I break it down further mirror cap mirror Mount mirror glass right similarly I can speak about about mirror motor likewise now can I further subdivide this mirror glass mirror cap I cannot do so I'll stop there for each of the breakdown items I keep breaking down to the extent where logically I cannot subdivide it doesn't make uh to subdivide further now what I will do the work breakdown structure the technique we call it as decomposition we do top downum as as shown in the picture here top top down it is going so now once you have the stop down structure breakdown structure which we call it as a product breakdown structure once you have the product breakdown structure then I'll go bottom up now what will I do bottommost item I will take for example mirror glass I will take as an example so what is the thickness of the glass definitely rear view mirrors are convex mirrors what is that uh convex specification of that mirror uh what is the thickness of that mirror what is the size and shape of that mirror glass I'm speaking about glass only I not touched about a cap I not even touched about mot till now I'm just speaking about the glass alone mirror glass alone and uh once I have the specification to that mirror glass to that I would see what resource I need for it what effort is involved to make the glass right and what is the budet what is the risk involved what is that quantity I need to make so all these details I'm putting at that level itself lower level then I'll move to the cap I'll speak about all of this relating to the cap I do estimation of that then I'll speak about the Mount Mirror Mount then I'll speak about the motar likewise from bottom up I will do it for every element and keep consolidating upwards as I consolidate upwards at the ultimate consolidation level top level I will have overall uh budget I will have overall schedule or effort I will have overall resources required Total Resource required I will have what are the activities involved in consolidation likewise I have a consolidation upwards so once we have this consolidation we can easily look at the effort involved the budget involved and further we can optimize so that's where work breakdown structure is very essential so now whenever I speak about work breakdown structure a simple question which comes up common sense question not the wrong one asking okay it is very good if I know what is the deliverable clearly so in today environment we're speaking more and more about um adaptive in nature the projects with adaptive in nature lot of changes keeps coming in people speak about becoming agile Etc now what is happening here how do I create work breakdown structure nothing to worry so now if you take an example of a bank introducing a mobile app for mobile banking that is given an assumption now what happens here even though there are lot of Mobile Banking applications available we are used to it Bank cannot release the full-fledged product simply because the investment perspective uh enabling the bank and consumers to use that app if I take me as an example till now I never used the mobile banking application of the bank with whom I have the account they have motivated me many times I never went I never used it I never thought of using it I'm using third party application and integrating everything then is it does it mean that I don't like my banking applic banking application of the bank with whom I have an account answer is it is not the answer something like I've never wanted to test it I did not find time to look at it I'm not motivated enough to look at it the existing one is okay with me kind of thing so if that happens the investment of bank will be waste right so they need to promote motivate their customers to use the application and see what kind of transaction is happening in that account and only then they can able to invest further they to study take the feedback from their consumers and then move forward so there we have the agility changes keeps coming in prioritization changes so here as a mobile banking application I know what components are involved features are involved only priorities will be changing in this case I will not have an issue of creating work breakdown structure but in a scenario where I'm doing some research I'm introducing new product to the market unique new product to the market which I don't have any Clarity how it will function but still to some extent I will have the clarity about the product so whatever the extent of clarity you will have you should do this breakdown so that you can able to track them so as you bring in new new features to it where it doesn't where it is not mentioned in the WBS structure you can keep adding to this WBS structure so that pictorially you have something in front of you so tracking will become simpler and easier later so that's about about work breakdown structure so identification of problem right so variety of techniques such as conducting surveys or meetings are used to collect information to assess problem so it's not just about uh problem it's all about opportunity also right so uh problem management when I said usually we do proactively we do reactively so proactive problem management is always foreseeing what can happen if a continue like this as it is what happens if this happens as what if conditions we will analyze and then we take action that is proactive problem management reactively something has occurred to resolve it we'll get into that so in either Cas in either of the cases identification of problem is very important so problem resolution can help in terms of enhancing and boosting something as part of your organization's functionalities So within the project there will be something which needs to be addressed so this needs to be analyzed so planning helps in analyzing this proac actively you're not reactive to anything so you are proactive business may be reactive to some extent in that case also will can be proactive in terms of problem management so there may be multiple Problems single problem some problems where you may require to have an attention need to be paid immediately so one interesting part is whenever I ask someone what is your understanding about problem they say issue they speak about some failure so they were they find difficult to link the term problem to actual meaning of the problem itself so when I say issue when I say occurrence of something that we can call it as an event or issue or incident that cannot be a problem so for occurrence of this event for occurrence of that incident for occurrence of that issue there may be certain trigger root cause that root cause can be called as problem so that correct understanding we should have whenever we say identification of problem something failed like for example internet failed in this training that is not a problem internet failed means it is an incident occurred why internet failed as I go deeper and try to understand why it failed then we will see the cause that is the problem that if you address we can eliminate many ways improve the availability of the incident and reduce the number of incidents related to internet not available so that's what the problem is the problem doesn't come in operations or business as usual we will find such things in the project also so to address the problems sometimes we take up the project so which we need to have a proper clarity about what is that problem we trying to address but remember any project what we take up introduces change to the environment problem resolution if I say that resolution itself is a change happening to the environment if I bring in a new structure in the place where it is an empty land then that new structure is introduced to that environment likewise every project introduces change so in a way a change project management is change management that we should keep in mind always then identification of stakeholders now as I take up a project uh when I have a project Charter as a project manager I would have specific deliverables specific uh objectives to accomplish but who will be there with me who can give me the proper Clarity or requirement so I need to connect with stakeholders as a project manager first thing foremost thing which I need to do is to check who are the stakeholders I need to connect with the stakeholders I need to identify the stakeholders initially I identify the stakeholders fine but that is not the end identification of stakeholder is not a onetime job we need to keep evaluating on the stakeholders their impact their influence and uh influence of project and impact of project on stakeholders and this is repetitive thing reason being the stakeholders who were there initially when we actually uh started the project may not be there various different reasons there may be resignations there may be promotions there may be change of role as part of that organization's uh job rotation role rotation many reasons so we may require to keep identifying the stakeholders reevaluating the existence of those stakeholders and then keep updating our stakeholder register so who can be stakeholders stakeholder can be an organization stakeholder can be an individual stakeholder can be a uh group of teams anything so who can influence impact directly indirectly get influenced get impacted directly and indirectly all these are stakeholders so identify the stakeholders capture them in a stakeholder register look at what is their importance we we call it as something like power interest grate what is the power of a stakeholder what is their interest relating to this project for example if I'm doing an IT project and if I consider it head as a stakeholder obviously high in power High interest because project is related to it this it project if you have an HR head high in power but low interest if the project is not related to them for example I'm working on a project to have a network connectivity from a internet service provider High land connectivity as part of our need of organization HR department or HR is least worried about because their objectiv is totally different their focus will be in a different direction Al together but high in power how to engage with HR head how do I engage with it head that I can Define based on this power and interest so we we we have something called Power interest grid which can be used to put the stakeholders in each of the grid part and see how do we engage so that is very important this may keep changing based on the position changes or involvement of new stakeholders time to time and then accordingly you need to keep uh uh having the change of strategies to engage with that stakeholders then defining project objectives so a plan is made keeping in mind the various expectation of stakeholder so very important when I say plan please remember organization or customer will have certain requirement that will be the scope of the requirement to fulfill that requirement you will have the solution so solution will have certain requirements now these solutions to fulfill the solutions you have the resources you have the process you have the facility that is a set of requirements you will have likewise requirement is of various different layers and this requires a specific alignment similarly you will have a requirements at a stakeholders level so unless you understand and how they connect with each other if you do not have the clarity you cannot bring that alignment required so that needs to be analyzed carefully so the success of project project entirely depends on how much of expectation can the project meet so by default expectation is achieving 100% accomplishing the expectation 100% that's where you see the success of the project but many times project may not achieve everything various different reasons but you as a project manager should not aim for not achieving everything if if something is going out of the hand which you cannot control organization cannot control definitely project manager will be in touch with project board or sponsor they are unable to help you in bringing things uh under control obviously it means it is out of control from the system itself so such things you cannot do anything like business acquisition or you may have some disaster scenarios many such things comes up because of which project may not complete as per the intent what you have you may not accomplish those it may close prematurely however which is in your control you should know and you should move towards the direction what is required to accomplish the project and that needs to be updated to the project board or project uh sponsor or pmo whoever is that project governance Authority project manager should have a good handshake with them on a regular basis under review with the team always right only then you can able to achieve that objectives and whatever you plan should consider all of this so here we speak about risk right so something gets deviated why it will deviate like power failure in this training I told power May Fail that is a risk so when we run this session if power fails or Internet fails are we ready to handle it yes to some extent okay power goes off I have the UPS I may say my laptop has the battery but laptop has the battery but what about internet internet system should need the power so obviously we need have an UPS what if UPS fails can you work beyond that I don't think so we should work beyond that uh that risk remains but probability of such occurrence is very less right so that we need to analyze similarly if you speak about something which we accomplish as part of this uh session the objectiv is what we need to accomplish we were not able to accomplish at 100% that uncertainty remains so to what extent we can able to accomplish it what efforts we requireed to put to accomplish it that's what we need to analyze and then uh move forward and be ready for it all right now till now we spoke about what is uh need of a project planning and what are the life in life cycle of a project what are those involed like initiation planning execution monitoring and controlling enclosure then we spoke about some fundamentals of uh uh project planning now why project plan let us look at that so with proper planning it will it will help us in terms of reducing cost and time instead of saying reducing cost and time I would say optimizing cost and time so by monitoring and then ensuring that things are under control as we progress so project planning helps us to accomplish that increase employee satisfaction this is one important thing so we keep hearing this happy employee means happy customer how many times uh have you heard about it but in reality is it true now why do we say happy employee means happy customer A Satisfied employee will have more tendency to contribute to organization and its success so how do you keep employees satisfied it is very subjective uh but while doing the planning you may require to ensure uh to fulfill or satisfy the need of the stakeholders involved so employees one important stakeholder when I when I have taken up a project can I have all the employees of organization satis right answer is no then who who is that employee we referring to maybe like users who are going to use this particular product or service the team members whosoever is involved in doing this project so visualizing them and ensuring those uh particular set of stakeholders are happy involved right they they contribute and complement to the project so focus on engaging team for greater project performance so unless the team is motivated you cannot see that they connect to the users better so if users connection is not such not there with the people who are actually engaged in the project because as a project manager you may not go and speak to all the users right so to test or to implement or something to show uh to demonstrate Etc so there should be user satisfaction Whenever there is a query from users the team should respond to them well uh for example we took up a project of uh moving from from Windows XP to latest operating system because Windows XP support was stopped now users are on ground the team should go and work with them because the production will get impacted if we just take things randomly it has to be scheduled the schedule should be communicated a new platform new uh things what is coming up there should be education to the users user enablement should happen technology is one part for sure that needs to plan the procument has to be planned better and you should do it but when there is no proper connect with the users and the team doesn't connect when will team connect team should have Clarity team should have the sense of accomplishment only then they connect better so bringing such the what is it engagement with the customers and users are is very essential then implementing quality assurance now quality assurance should happen as we go we use two terminologies right quality assurance quality control so quality assurance focuses on compliance quality assurance focuses on accomplishing the objective of process processes uh what is told what is mentioned doing it 100% uh less deviations of zero deviations and doing all that required to be done as for the plan so since uh planning gives if planning gives that Clarity obviously one should be able to understand that plan and then take things forward accordingly then reduces project risk already as I mentioned risk Rel means uncertainty uncertain of occurrence of something so there are many known things which can happen for example if I take this training what are those things which can go wrong internet May Fail power May Fail laptop May Fail the platform May Fail trainer may become sick or participants May create noise right the back end team is not supporting in time many things can happen the pp is not coming properly the streaming platform is not working properly so all these are uncertainty all all these are working at the moment but they're uncertain in what probability let me say 5% uncertain are we ready to handle it so we should make ourselves ready to handle that uncertainty so we should have the mitigation plans we should have a resolution for it proactively only then we can able to address it now when can we can can we have this visibility as this kind of risks are there in each of this thing what we are doing through experience with the involvement of smes with the involvement of someone who has actually experienced this journey they can give that visibility these type of occurrences can happen relating to this and also hypothetically you can come up with what else can happen like for example with one of my customers when we were discussing we were supposed to take over the entire operations from the existing service provider so customer came up with one uh interesting thought what if the existing service provider moves away in hostile way so they declare from tomorrow we are not going to support what will you do are you ready to take over that from Tomorrow itself what is your Readiness it's very interesting that probability is very less lesser than 1% but the business interest of the entity is engaged with with the uh brand value what they want to establish nobody will pull out just like that but however we cannot ignore that query what customer have so we we we give the sufficient explanation of our Readiness hos exit is an interesting thing many times you will have this from the employees if not the service provider many of your team members can have that hostel exit they would have like upconing scenarios how do you handle that what if your SM is upconing what if someone where is supposed to deliver one important thing maybe not a significant SM but the deliverable perspective the availability of the team members are very important but they're not available what will you do so now these kind of risk factors which needs to be looked at when I say risk the uncertainty not just negative always Risk by default we call it as uncertain uncertainty with certain probability of occurrence and impact but risk doesn't mean only negative it can be positive also what can be positive risk I I can have a overwhelming results I thought it will achieve 100% it went beyond that very nice so like for example co9 pandemic scenario we thought our productivity would reduce because everything is working from home instead productivity increased earlier it used to be around 70% has become 12% posi that is positive risk so uncertainty what in what perspective in what uh what is a chance in what probability it can become U Improvement in terms of productivity when people go working from home I don't know maybe I would say 2% possible probability it can happen so any uncertainty is risk it is positive it is negative but we will have a tendency to look at the negative part of it because it will have an impact it will pull away us from what we are supposed to accomplish that is the reason we look at negative risk and analyze them regularly as I spoke about stakeholder register here also require to establish risk register but again it is dynamic document if as you progress in the Project Life Cycle new risks will get introduced many risks what you identified initially may not be there the probability of that impact may go off so likewise new risk will get introduced existing risk may have a different kind of impacts kind of thing power failure if I take an example as a risk for this training what if power failed when I started the session entire session is gone impact what if it goes off at the last 5 minutes of the session negligible impact occurrence is same power going off but when it occurs the proximity of occurrence also matters so likewise we may require to keep evaluating the risks throughout the Project Life Cycle identify new risk add to the list and then analyze them regularly throughout the Project Life Cycle that is very important then tools for project planning so definitely we to have a set of tools while we plan like WB thing what we saw earlier uh likewise many tools and techniques we need as we go through the planning one is Gant chart so Gant chart we use it for having visibly represented schedule right so uh I think any tool if you see today including Excel sheet I'm telling so as MS project or Prim AA or the Google project sheet or Excel sheet any kind of project management uh practices if you see you will see the visual representation like Gant chart so Gant chart is one type of you other one is uh we can think about uh Network diagram view so once you establish a Gant chart you can have a network diagram view which will show you when the activity is going to start what is the sequence of the activity and uh um how they are connected each of the activities with the dates with the resources with the activity what needs to be accomplished right with the color combination you can say that when it is starting when it is ending like similarly we have critical path method where you have tool determining each of the activities and critical path means in a given diagram uh Network diagram the longest path is called as critical path so the duration of the longest path of the network diagram will be the duration of the project so why do we call it as a critical path we call it as a critical IAL path because any delay in the critical path will delay the project itself any delay in the critical path will delay the project itself that is the reason we call it as critical method so another one we have like critical chain method so a critical activities which are essential for accomplishing the required results which has to looked at very carefully so if something delay there we delay the project so critical PA is crucial tool for determining the progress of project so that project is on scheduled right so long this and delay the critical PA will delay the project so uh similarly we have like per chart we part refers to program evaluation review techniques which will help in analyzing the task to complete the project and time required to complete those task we we call as threo estimation while analyzing this optimistic pessimistic most likely estimates and accordingly what would be the estimate of the duration in terms of then work breakdown structure I guess we went through it in detail already so we do decomposition down and do product first and then we go bottom up adding budget resources uh schedules efforts then resources required then how long it takes in what sequence sequencing can happen after having the work breakdown structure like we said critical or sequencing those we can do only after work breakdown structure the project doation the project documentation starts from the point where you create a project before that there documentation documentation of agreements documentation in terms of business case uh many such documents which are referred uh while creating a project Charter project Charter will become a first document handed over to the project manager from then project manager will create the stakeholder register then scope docum then risk documents budget part of it schedule part of it then risk quality procurement related contract and agreements then register required all this the stakeholder register there many documents which which are created then referred updated through like CLE so which are very essential now when when something called come across it says one of the manifestor point is deliver deliver the features or documentation now does it mean that we ignoring is no comprehensive documentation that's what use documentation what extent extent what is required to for that scenario if it is adaptive obviously the minimum document document ation required as we progress we can keep updating that and consolidate it whereas predictive obviously end to end view so create a comprehensive documation one grp so why do we not do full-fledged comprehensive documentation in adaptive simply because any changes comes up so we'll have a lot of changes to be done in the documentation also which will become TDS ex but we're not ignoring documentation right so project documents helps in uh capturing what is that actually done and what is that we have planned did we really accomplish and it will also become evidence to that we have done it so very important so B project Concepts would involve like identifying and meeting the stakeholders defining scope then setting and proring objectives determining deliverables then create project schedule RIS analysis set progress reporting guidance now this flow typically like linear so identif and meet stakeholders means you have stakeholders who are understanding the requirements and SCH understand then keep that prioritization give importance what is that first to do what is next you should have that then you get into determining what exactly deliver is to ACC it and as you have sequence what happens here determining Del kind of thing and then sequencing happens when it comes to create schedules and each of that you may bring about the risk analysis for all constraints constraints would be scope schedule cost resource risk quality so you look at risk associate with all of this and then have for all of this and then have prog as we mentioned and this thing so identifying meet stakeholders happens during the initiation part of it first step is to identify the stakeholders and understanding the expectation that ear in the as well then you will Define scope so project scope involves determining the list of specific project goals deliverables budgets and deadlines then the project scope helps in establishing boundaries of project and responsibility of each member then you will go set and objectives so objectives are set prioritize once the expectation of stakeholders become certain you are clear now what is the exact expectation of stakeholders so this step final detail to the initial idea that serves as a reference point all through the project so then determining deliverables sobles are the reasons why projects are created is one of the most important step understand those deliverables so project planning steps of the project planning determine what these deliverables will be and how will they be delivered in time then you create project schedule which has an outline of different task of a project are supposed to begin and end so project will have a beginning and end very definition itself says project starts project is temporary in nature the definition of project itself is say temporary so it has a it may be for months it may be for some many of years doesn't matter which creates unique output so sched helps in measuring progress and setting up the project progress reports so one needs to identify risks and consider with it is important step of project steps to prevent risks from happening or limiting their impact should be consider next progress reporting guidelines there must be a communication plan to up the stakeholders regarding the pro progress this can be done monthly weekly or daily so that all inv can monitor and why is it very important we about in detail and that needs to be done on regular basis and one should have a Clarity how very clear so I think as this explanation comes up I guess it is very clear one can able to plan the projects within the budget and do things better to Achi quality that's is expressing thanks for explanation now able to plan projects within budget quality right we will talk about Excel we will learn about a project plan and how we can make an effective in Microsoft before we begin let's have a look at all the topics we'll be covering today first you will see the basics of a project plan then we will check process of project management in Microsoft Excel and why should one refer to Microsoft Excel apart from this we will learn about how to make a Gant chart Exel towards the end we will check some Microsoft Exel templates so without any further Ado let's get started let's see what is a project plan project plan is a basic thing that is needed to execute a project according to project management book of knowledge a project can def as an approved collaborative document that gu a team during project execution and project control when you're making a project plan a project plan must answer several questions for us these questions are like what are we expecting project to deliver how are we expecting to get a deliverables within the desired time who all will be a part of a project and what tasks they will have in the project when will the start and then it's expected to end that is the deadline of the project now let us learn about project management in Excel Microsoft Excel is one of the most common application these days in both offices and homes Microsoft Exel is an easy project management tool that allows the members to easily see the tasks in a project develop a plan and Tack progress before we learn more about project management in Excel let's first have a look why do we use Excel Microsoft Excel is an easy tool to plan a project so it can be used by people beginers in terms of project management in Exel can find several analytical tools like concatenate Len so this makes data analysis easy and effective as is easy same is tracking and controlling of stators then there are several management templates in Excel that help us to have an effective distribution of project data you will be checking several project management templates towards the end of this video now let's have a look at the process of making a Gand chart in Excel before we begin this it's important we know what is a gan chart a Gand chart is like horizontal chart that is US management with the help of a g chart we can Che the St of the task the DAT they start the date they end and the dependencies Each G chart helps in coordinating and monitoring different tasks in a project now let's have a look at the steps that will help us in making first step we have is make table we have several rows and columns like here we have three columns in the First Column we have the tasks in the second we have start date and the third column we have duration or tenure of the task the second step is to make a bar in Excel for this you select the entire second column then we will go on the tab and on the bar graph chart there we can select stag bar graph into the bar charts as a you have the entire bar on the screen in the third step we will add duration we will right click on the chart and the menu that appears we will select data option a window that on screen in that window we will add option as shown we can also see the start date is already in the entry section then in the dialog box that appears type tenure in the series name and click on the Range selection icon that's shown in the figure now the relevant data for column and click on okay now we can see a bar graph that has two colors on the screen this bar graph has the of the tasks the fourth step we have is ADD description to the Chart now we will open the box again and in that box we will select the edit option as shown in the figure then we will s the tasks as we had selected the of task before and okay we can now see tasks have appeared towards the left side of chart the fifth and remarkable step will help us this bar graph into a Gant chart we will now click on the bars and S the format data series option from menu that appears then in the format data dialog box we will select no F option we can find our Gan chart on the screen now in accordance with the data that we had entered now we can see the on the left side are in the reverse order so what we will do next is we will click on the task panel then go to the for X Box and select the categories in reverse order option now we can find our tasks in the right order one more thing we can notice is Gan chart is starting with some other date and not with the dates that we had entered so for this we will copy the first date in some other cell then clicking the copy cell we will go to the home menu to select the dialog box as shown in the figure then in that drop- down menu we will select the number option we can now find a value displayed in the copied cell we will copy that value click on the dates on the chart and as the format access dialog box opens we will value in the box that says minimum shown in the figure as a result we will have final g chart on the screen in the last step we get several designs to Grand chart change colors and make it more presentable for us now when we know the basic steps of making a grand chart I will show that practically to you in Microsoft Excel our first step is to open Microsoft Excel and in Microsoft Excel we will make a project table in a pro table we have three columns the First Column will be task the second column will have the start date the third column will have 10 or the duration of the task so beginning with tasks we have task one in task one we have 1.1 1.2 1.3 then comes task two in task two we have 2.1 2.2 2.3 and 2.4 then we have task three in task three we will have two subsections 3.1 and 3.2 then we will start with the starting dates in starting dates we'll put 1 January the Task 1 1.1 will be first of January then this will be 4th January let's say this is 5th January then we will put this as 11th of January and this will be again 11th January only this will be 15th January let's put this as 17th January let this be 19th January task three begins on 23rd January and the 3.2 section begins at 26 now let or the duration of task we will begin with task one it takes 12 days then 1.1 takes 7 days we say this takes 4 days and this takes 8 days then for task two it again takes 12 days it takes 5 days 5 days and let's say this takes 6 days and this takes 4 days then we come to task three this takes 8 days and let's this days and 3.2 5 days so this is how our table is ready in the second step we will s the entire second column after we selected this column we will go to insert tab in insert tab we go to the bar columns and in this we will s two tag bar charts now we have the entitled bar chart in data on the screen then comes the third step we will add the duration of the tasks to the bar you will click on the chart and after we on the chart you select select dat option in the select data source box we find start date is already there now we will click on ADD and after we click on add the series section we will put then in series value we will click on this and select the entire tenor series and click on okay so this is the bar graph that we have now this is now in colors the orange color and blue color this Barra now has a duration of all the tasks in our project now the fourth step now it's time for us to add description to our G chart instead of this 1 2 3 4 5 put task one task two and the subtasks so what we will do is we will again go to that box we will left click on the G chart select the select data option and then go to the start date here we'll select the edit option in the edit option we will select all the tasks and click on okay now we can see all the tasks are align towards the left of the bar chart as we can see this is a bar chart or bar gra and not a grand chart the next step we have is converting this bar gra into chart so we will click on the bars and select the format data option from the that appears here we have this format dat option now we can see the dialog box on this screen here we'll go into the color section fill section and then we will S no fill now we can see the blue lines have disappeared so this looks like a g chart so now when we have a g chart on the screen we can notice that the Tas here are in the reverse order so what we will do is we on these task and select the format option here we categories in order we can see our G chart is now in order like we have a task one at top and task three at the bottom the dates starting from December but the dates we have provided are January now we will copy the cell then go on the DAT box here we go to format access in the format access we can see minimum in this minimum we will paste this value and press enter as you press enter we can see again chart start from the date that we wanted to start and in the correct order starting from task one to task three now as a result we have a final g chart on the screen in the last step what we can do is make our Gand chart more representable we can change the color of These Bars we can give them shapes and many other things to make it moreable we first SEL like what we'll do is we'll select task one let's say we give the color blue then task two we will give it color green and task three we'll color black so here the subsections will give different colors to sub sections as well then we come to task 2.1 this is how we can change color of the or from changing colors we select our graph and do the gradient fill so this is how we can make our G chart more presentable after changing colors or changing the shapes we have FIN chart on the screen finally let's have a look at Microsoft ex templates project management Microsoft templates help data put them into order andenes with each other with the help of templates you can monitor the state task and you can also check the progress our project has made moving forth we will check some important Microsoft Excel templates the first template we have is Exel project review template this template helps us have an overview of the project we can have a clear understanding of all the tasks that are planned and the data completed the project managers to measure the progress of the project and take First Steps accordingly second temp we will check is ex in this template we can monitor all the expend of project it helps in managing project and also helps in the budget of project at different phes let's have a the template in Exel on we can this template from Office timeline.com the towards right is in accordance with the dates towards the left if we fluctuate the date we can see the template working start for one could CH to 10 June if we change this date to 10 June we can see fluctuation in the Gant chart so this is how we use this template let's have third template now third template you will see is Excel Sprint Project temp this template is used in child projects where project Sprints or sessions this template includes the start date the end date and the duration of each task you can also see the percentage complete of each task let's have a look at the project track template as well we can see the G chart toward right and the data towards left so if we change any data we can see the G for example we can change the data in Sprint two feature 3 let's change the start date to July 2 we can see the grand chart changing this is how we use to track sessions let's have look at the fourth Excel template this template is Exel project in this template we have the data of all Tas with the status and owners we can TR the percent completed and also compare the plan duration of the task to the actual duration of task after the critical part tracker let's take the ex project sched temp this tempate helps in management of the project as help in the time that each task the project takes it provides a clear view of all the work associated with the project let's have a look at this template in Excel on we can see the Gan chart in accordance to the data if we change the estimated hours at two places let's say at design review We 15 hours instead of 5 hours and at the C you make get 2 hours instead of 20 hours we can see the G fluctu this is how we can use this to manage the schedu in a project forward the next we will see is ex project stat report template this template having a list of project deliverables and risks associated with that project helps the project managers about different crucial activities involved in a project after this we have Excel Milestone pup the Milestone pup helps us interacting or monitoring different tasks in a project project managers use template to monitor the project performance with respect to the finance the last is Excel project planner ex includes a list of Tas with respected owners along with the start and end of task this helps each task and comp the estimated with the actual ones let's have a look at this we can see the Gan chart with respect to the data entered let's make changes at several places in the data we can make this 22 to 24 go to 2 and make this go to 15th September and when we make the changes is fluctuating so this is how we use template to plan a effectively and efficiently in this lesson we will focus on Project time management let's begin with the objectives of this lesson after completing this lesson you will be able to Define project time management explain project schedule Gap charts and network diagrams identify the key terms used in Project time management describe the project time management processes explain various schedule network analysis techniques in the next screen let us take a quick look at the project management process map there are 47 processes in project management group into 10 knowledge areas and maap to five process groups in this lesson we will look at the third knowledge area that is Project time management and its processes let's begin with the first topic of this lesson project time management the purpose of project time management is to ensure that the projects get completed on sign this knowled area is primarily concerned with developing a project schedule and ensuring that project goes as per the agreed schedule if there is a need to change the project schedule the change should happen by following a proper change control procedure another term used in the PMP examination is schedule management plan schedule management plan is part of the project management plan and has information on the plan project schedule and its management and control let's discuss the Key activities of project time management in the next screen the Key activities that are part of project time management include identifying activities estimating time and resources and sequencing activities it is important to identify a list of activities that would be a part of the project next an estimation of time and resources required completing the identified activities are done finally these activities need to be sequenced as per dependencies in the next screen let's discuss project schedule project represents the time dimension of the project plan and has information like when the project would start when each of the project activities would happen in what order project activities would happen when project would be completed ET usually Software System is used to develop the project schedule the project team can enter list of activities in software as well as dependencies and software can produce the project schedule as the output Microsoft Project is the most popular tool used for project schedule development generally project schedule is considered similar to project management plan project management plan is different from Project schedule project management plan not only has information about the project schedule but also other important project related plans like Risk Management Plan cost management plan Etc let us focus on Gat chart in the next screen Gat chart is a type of bar chart that illustrates project schedule it shows the dependencies between the project activities as well as their percent completion a sample get chart is shown on screen two summary elements of work breakdown structure are depicted to complete those elements there are a number of activities under them s these activities have dependencies for example activity B and C have a dependency activity C can start only when activity B is completed the chart gives you an idea about when c activities are planned to finish and when the overall WBS element will get delivered create tasks and work with the Gant chart this will make Gant chart based questions easy and fun in next scen let us understand relationships that exist among project activities Network diagram is extensively used in the project time management knowledge area to plot the activity dependencies this is a graphical representation of project activities in the form of a network there are two ways to draw a network diagram in precedence diagramming model PDM or activity on node a n boxes represent activities and the arrows indicate dependency this network can have all four typ of relationships between activities in Arrow diagramming model ADM or activity on Arrow AOA the arrows represent activities the relationships and sequences can be inferred from the direction of the arrows and linkages between the activities in such types of network only finish to start relationships can be shown such diagrams may need to make use of dummy activities to indicate some dependency between activities there may in the PMP exam based on network diagram sub create and work with the diagram this will answer a network diagram based questions easy and fun in the next screen let us look at Network diagram a simple Network diagram is shown on the screen activities A and C can happen in parallel B and D require both A and C to complete whereas e requires both B and D to complete activity on Aro Network diagram makes use of hammock activities they are used to show a comprehensive summary activity combining several other activities underneath for control and Reporting purposes in next screen let us look at a few important terms in time management when a successor activity can start before the predecessor activity can complete it is considered lead for example you can start preparing the test environment two weeks before the development activity finishes when the successor activity has to wait for a few days after the predecessor activity has been completed it is considered lag for example one needs to wait for two days for the foundation to settle before work on the pillars for the next four starts r w planning is an itative plan technique in which the work to be accomplished in the your turn is planned in detail while work in the future is planned at a higher level is a form of Progressive elaboration in the context of estimating techniques anal estimating is based on the previous project matter therefore if the last five similar projects took six months to complete the next one will also six months this technique emplo judgment another estimating technique is parametric estimating this technique uses a mathematical model to calculate projected time for an activity based on the historical records from previous projects and other information a few common parameters are identified based on previous project data and that parameter is used to predict the time required to complete the next activity or project for for example you can normally complete 10 km of Highway construction Lanes a week effort is the total amount of work required to complete the activity duration is the amount of time it takes in terms of a Labs or calendar days if you have an activity that requires 10 people to work for 5 days the total effort is 50 person days but the duration is only 5 days in the next screen let's look at the project time management processes there are seven project time management processes they are plan schedule management define activities sequence activities estimate activity resources estimate activity durations develop schedule and control schedule the first six processes are executed during the planning process group the ultimate goal of these planning processes is to develop the project schedule the seventh and the last process is a part of the monitoring and controlling process group in the next few screens let us discuss these processes in detail we will again with plan schedule management as in PB plan schedule management is the process of establishing policies procedures and documentation for planning developing managing executing and controlling the project schedule it belongs to the planning process group let us look at the inputs to this process the project management plan provide other subsidiary plans and will guide the schedule planning activities on the project the project Charter provides an overall context and a high level product and project description which might help determine the approach for schedule management few projects might have schedu and constraint for example projects of Olympics 2016 should be completed at the same time Enterprise environmental factors provide the organizational context to the project including the culture of the organization the infrastructure like scheding systems available key personnel and so on organization process assets provide input such as policies and procedures templates past performance data and Es historical information and knowledge base now let us look at tools and techniques employed in this process expert judgment refers to input re from knowledgeable and experienced resources expert can draw from their previous experiences the proper approach to govern the schedule on a project meetings may be organized to determine the schedule management plan anybody responsible for the project schedule management such as the project manager sponsor customer and other stakeholders must attend these meetings several analytical techniques May used to determine the schedule management plan these may include different planning approaches and philosophies such as rolling weight planning or different scheduling software that allowed to build what scenarios and study the effect of advanced scheduling techniques like leveling FASTT tracking and crashing now let us look at the outputs of this process schedule management plan is a component of the project management plan that describes the criteria and activities required to arrive at the project schedule as well as how the project may be baselined monitored and controlled in the next screen let's define activities process define activities is the process of identifying the specific actions to be performed to produce the project deliverables it belongs to the planning process group the important input for defined activities process is the scope Baseline scope Baseline is a term used collectively to refer to project deliverables constraints and assumptions of the project in addition to the scope Baseline the other inputs in this process are Enterprise Environmental factors organizational process assets and schedule management plan a reason why Enterprise environmental factors is an input to define activities is because the organization might be using project management software to define activities and that may influence the activity definition process the knowledge base containing historical information regarding activities lists used by previous similar projects is a good example of organization process assets applied to scheduling the tools and techniques used in defining activities are the composition and rollingway planning the last technique is expert judgment where the experience of project team members is used in developing detailed activ lists the output of the process is activity list activity attributes and Milestone list activity list contains a list of identified activities activity attributes are the additional information about the activity itself Milestone is a significant point or event in Project a milestone list identifies all the milestones and indicates whether the Milestone is mandatory or optional let us move on to the next process sequence activities sequence activities is the process of identifying and documenting relationships among the project activities and is also part of planning process group for every activity and Milestone except the first and last one is connected to or at least one predecessor and one successor the input to this process are activity list activity attributes and Milestone lists all these are the outputs of the defined activity process the other inputs are schedule management plan and project scope statement schedule management plan provides guidance in terms of methology to be employed for many the scheduling activities on Project organization process assets are also an input to sequencing activities because the organization might have some kind of knowledge based for scheduling project activities the Enterprise environmental factors relevant to this process May scheduling Tools in use cont management information systems work authorization systems Etc one of the important tools and techniques used in sequencing activities is the precedent diag programming method in this method the activi are drawn on a network diagram and all the different kinds of dependencies between the activities are determined while determining activity dependency it is important to identify the type of relationship or dependency between the activities the other technique is leads and lag which is widely used for sequencing activities the output process is the project schedule Network diagram which is a graphical representation of the project activities in a form of network which also shows the activity dependencies while designing the network diagram new activities might be identified and that would result in some of the project document dates especially ones that list all the project activities in the next screen let's look at the estimate activity resources process after sequencing the activities the next step in Project time management is estimating the resources required to accomplish each of the identified activities estimate activity resources process also belongs to the plan process group here resources do not mean only the human resources but includes all other resources like equipment materials Machinery Etc C management plan is the first input schedule management plan provides guidance in terms of methodology to be employ for many of the scheduling activities on the project the other input to this process are an activity list and active attributes that are the outputs of time management processes risk register is another input risks to the project May influence the decisions about resources that need to be deployed hence risk register becomes an input to this project in addition activity cost estimates are another input cost and resource estim on Project are interrelated and influence each other for example the cost might dictate the number and type of resources that can be employed or the time might dictate the cost that may need to be incurred along with this the resource calendar is also an important input because it has information about the availability of each of resources some of the Enterprise environmental factors that can influence estimating activity resources are availability of required resources within the organization the organizational process is also an important input as the organization might have standard policies for Staffing or for hiring contractors on project with all these inputs available for estimating activity resources there are various techniques used for estimating the required resources the first technique is using expert judgment in this technique an expert in resource planning and estimating can estimate each of the activities the next technique used is alternative analysis in this the activities are analyzed to identify different ways of completing them this is to ensure only the required resources are assigned to each of the activities this helps in resource optimization along with these two techniques many organizations routinely publish their estimate data and this could be used in AC resour estimation another technique that is routinely used in activity estimation is bottom estimating which is decomposing activity further down to understand it in more detail and estimating L later all such estimat are added to arrive at the estimate the activity in real projects one has to use all the estimate each of activities sometimes the project management software also helps in estimating the software Es are based on the inputs provided to It software should only be considered as a supporting tool in estimation and never fully rely on its output clearly the output of this process is the activity resource requirements along with this resource breakdown structure is also prepared the resource breakdown structure is a categorization of required resources in various categories that is human resources equipment raw materials Etc in the process of estimation several other project documents may also be updated for example the resource estimat are directly correlated with cost estim let's now move on to the next process estimate activity durations the next process is to estimate the duration required to complete each the activities the duration estimation should be done by someone who is familiar with the project for example the same activity if done by a high skilled resource would take less time compared to a less skill resource this may vary regardless of the resource used due to the project requirements in addition the activity duration estimation should be updated ously As you move ahead with the project because the project progresses there will be more clity on the project theut of this process are SAR to one's in sequence activity process schedule management plan is the first input schedule management plan provides guidance in terms of methodology to be employed for many scheding activities on the project for instance it may contain information about the estimation techniques to be employed and the people who need to be involved in the es process activity resource requirements is also input to this process because resources assigned to activity would significantly affect the activation that is the lower skilled resources would take more time than the high SCH resources the others include activity list activity attributes and resource breakdown structure resource calendars are also an input to this process the type and skill set of resources available to the team may have an impact on the time complete activities risks to project influence decision about the time required to complete the activity hence risk register becomes an input to this process the project defines the constraints and assumptions affecting the project duration an example of Enterprise environmental factor that can duration is organization productivity metrics which is collected based on the experiences from multiple projects the last inut in this process is organizational process Assets Now let us look at the tools and techniques used for estimating urations first is the EXP using previous project experiences in the current project duration this can be used with other estimation techniques and used to reconcile differences if different techniques result in different estimates three point estimating is a method where three estimates are used instead one is part of a project management philosophy known as program evaluation and review technique per estimating activity duration is often done as team exercise as each activity may require multiple skill sets to be applied therefore it is important to use group decision- making techniques to arrive at a consensus or at least an estimate that is acceptable to all the team members Reserve analysis adds buffer into the project schedule to deal with any uncertainty the concy reserve may be added as percentage of the activ duration or fix number of work periods the other tools and techniques are analogous estimating and parametric estimating the output of this process are the acation and project document updates the activity duration estimates is represented in terms of the range of possible results for example 10 days plusus two days that is the activity would take minimum 8 days and maximum 12 days in next screen let us look into a bus scenario to understand this concept better after reading problem statement click the solution button to look at a possible answer develop schedule is the process of analyzing activity sequences durations resource requirements and schedle constraints to create the project schedule it belongs to the plan planning process group generally scheduling software is used for developing project schedule entering activities durations and resources into scheding to generate a schedule with plans based for completing project activities develing project schedule is an to process revising and maintaining a realistic schedule is a task in itself and it continues throughout the project as the work progresses the most of the inputs of this process are the outputs of estimate activity duration process they are risk register project scope segment project sta assignments resources Calenders organizational process assets Enterprise environmental factors schedule management plan activity list activity attributes project schedule n diagrams activity resource requirements resource breakdown structure and activity duration estimates various tools and techniques are used to schedu process schedule network analysis is a technique that generates project schedule it employs various analytical techniques such as critical path method critical chain method modeling techniques and resource optimization techniques to create the project schedule the other tools and techniques include lead and Liv schedule compression and scheduling tool let's now look at the outputs of this process the project schedule consists of a minimum plan start date and planned finish day for each activity although project schedule can be represented in format it is more often represented graphically using either bar charts or network diagrams or combination of the two the final schedule which is the output of developed schedule process is also called schedule Baseline once the schedule is baselined it can be changed only through formal approvals meeting the schedule Baseline is one of the measures of project success data produced may include number of resources key Milestones Etc project calendar specify the available working days and a number of shifts in each day it indicat how many hours and days are available for the work of the project to be completed project management plan upates are a result of the about schedu process many of the other subsidiary plans of the project plan may get impacted which include cost management plan scope management plan risk management plan this may also result in other project documents being updated in the next few screens let's discuss schedule Network Andis techniques it is essential to know if required resources are available at that time along with time activities since schedule is calendar based it helps estimate the same network analysis technique generates project schedule there are sched Network techniques critical path method relies on determining critical path on Project schedule critical chain method is a variant of critical path method where the critical chain is determined based on logical resource and other kinds of Tendencies between activities what is an Aral analysis is about trying to vary a certain parameter to observe the impact on the schedule for instance you may want to check result if you put in more resources on particular activity to reduce duration resource optimization techniques try to AR the optimal utilization of the resources used on Project ideally you want resources to be fully utilized but you would also want to build inent buffers in case a certain resource is not available due to various reasons in next screen let's look at the program evaluation and review technique program evaluation and review technique is based on three point estimates for activity the pessimistic estimate refers to the worst case scenario whereas most likely estimate is what you expect to happen in a realistic scenario the optimistic on the other hand represents the amount of time AC take in the best case scenario based on these three es the expected duration of the es is calculated as per the formula given on screen the formula for calculating standard deviation activity and variance of activity is also given there is no question asked on VAR but formula is important because if a standard deviation of the whole project has been calculated the process is to calculate the variance of the whole project and take it square root to calculate the standard deviation of the project concept based questions on per can be expected in the PMP exam so make a note of the formula while prepare for the exam in the next screen let us understand per with an example let us now figure out how we can find the three point estimation that per uses in order to draw some useful conclusions assume that the optimistic pessimistic and most likely estimat are 20 70 and 30 respectively using these Val you can determine the duration and the standard deviation as indicated now if the costes of variation are random you can assume that the actual values will be distributed by the mean and will follow the normal distribution sometimes referred to as the bell curve further you can use the properties of normal distribution there is 68% probability of the actual value falling within first Sigma from the mean 95.4% probability for second Sigma and 99.7% probability of the actual value fall within third Sigma extending this Logic the notion of Six Sigma is reaching a level of confidence that only 3.4 times out a million with the actual value fall outside the range allows you to plan based on the inced level of confidence in the outcome and determine bu accordingly let's discuss the critical path method screen critical path is defined as the longest duration path through a networ diagr which determines the shortest time to complete the project float can be considered as time aable to complete activity is calculated once the network diagram is ready it is also called as slack there are three kinds of float the first being the total float which is the amount of time activity can be delayed without delay project and day or an intermediary Milestone the second type of float is free float which is the amount of time can delayed without delaying the early star D successor or successor activities the last Tye is independent FL which is the amount of time AC can be delayed if all the processors finish at their latest finish dates and want to start all the immediate successors at their earliest start dates the SL of the activities on the critical path is zero because there is no scope to delay activities on the critical path critical path actually represents the project duration delaying activities on the critical path is as good as delaying the project duration concept based questions on CR path can be expected in the exam so it's essential to have a clear understanding of concept in next let us learn how to calulate float FL of activity can be calculated by two methods however the first step in critical path method is identify the critical path of network once the critical path is identified follow the forward path to find early start and early finish for each activity the FL of the acties on path is zero so they represent the overall pation use forward pass or backward pass to calculate the toal finish and start using backward pass method note the total float form before you start for the exam in the next screen let us look at forward pass and backward pass methods in detail in forward pass you either go through the network starting with time zero and keep calculating the time required to complete each of the activities until you reach the last activity of the project the starting time for each the acity in this is called start and end time for each activity is called alternatively in backward pass you can travel through the network from the project and and Cate time required to complete each activity the date of this approach is called the leate finish and start date of the activ approach is called the leate start FL of the activity is either the difference between start and early start or the difference between late finish and early finish both the differences work out to be the same before start exam please not of the total full formula let's understand the critical path calculation with an example the next screen let us look at an example for critical path there are five activities in this project and two paths in the network diagram start 1 2 4 5 and is One path and start 1 3 5 and is the second path since the duration of the path start 1 2 4 5 and is 18 days which is more than the duration of the path start 135 and the critical path of the project is start 1 2 4 5 and let us take three as an example first calculate the early starts and early finish dates Activity 3 can start only after Activity one since the early finish of Activity one is three it becomes the early start of Activity 3 activity are earlier than three because Activity one can completed only by then therefore early start of Activity 3 is three since the duration of the activity is for dates the early finish of Activity 3 is 3 + 4 = 7 days now let's calculate the late start and late finish of Activity 3 let start acity 5 is 14 days days the Activity 3 happens just before Activity 5 so the late finish Activity 3 is 14 days to calculate the late start you can subtract the duration from late finish therefore four the late start of Activity 3 is 14 4al 10 in the next screen let us focus on schedule compression look at four activities in the table the normal cost of executing each activities as well as how much each of the activities can be crashed is also provided which activity will crash reduce the project Time by one day activity a will crash if the duration of project is reduced by one day as the per unit cost of crashing the activ is the least all the activities are assumed to be on the critical pth path here while if you end up saing time path which is not the critic path you will not end up saving project in the next screen let's look into the impact of schedle compression different sched compression techniques have different impact on the project the impact of Fast Track leads to risk additions and increase in management time for the project matter crash leads to C and increase in management time for the project manager R scope on the other hand saves cost and resources but increases customer dissatisfaction likewise but quality saves cost and resources but increases risk resource reallocation does not add cost or increase risk in next screen let's look into the other techniques used in scheduling there are several techniques that are used in scheduling projects what if scenario analysis in this Techni questions like what if a particular scenario changed done project would that produce a shorter schedule are put for to understand the impact of speciic changes on schedule the goal is to reduce a realistic schedule multi Carlo analysis in this method a computer simulates outes a project making use of randomly generated values that the probability distribution of the input variables together these two techniques are called moding techniques resource optimization techniques these are also used to produce a resource Limited schedule resource optimization results and more St number of resources used in Project critical chain method this technique develops a project schedule that takes into account both acity and resource dependencies in the next screen let's look at the last process in Project time management control schedule control schedule is concerned with determining the status of project schedule detering that the project schedule has changed and managing the actual changes as they occur the project schedule is an important input to this process it is the actual schedule that needs to be controlled schedule that contains information related to schedule that may need to be monitored in order to take actions to bring the project back on schedule project calendar describes the working hours and days of project work performance data has information like which have started their progress and which activities have finished the other input of this process are project management plan and organizational process assets key tools and techniques of this process are the performance reviews performance review is measuring comparing and analyzing schedule performance such as actual start and finish dates percent complete andain duration for work in progress the other tools and techniques include resource optimization techniques modeling techniques schedule compression leads and lags scheding tool and project management software in development schedule process these techniques are used for the first time to develop the project schedule whereas in control schedule process these techniques are used to update the project schedule the key outut of the control schedule process is the work performance information this is represented in the form of schedule variants SV and schedule performance index SBI as part the control schedule process the project team will generate forecasts likely schedule for forthcoming activities and project as whole the other outputs include organizational process assets updates change requests project management plan updates and project doc updates in the next screen let us look into a business scenario to understand this concept better aftering the problem statement cck the solution button to look at possible answer here is a quote Rec of what in this lesson project time management includes the processes required to manage the time completion of the project project schedule def the start and and dates of the project and the project activities these activities are signed duration and sequence in order guest charts and netw diagrams are used to identify project ities and determine the relationships and dependencies between them G chart displ the starts and end dates of project activities the overall project schedule and logical task relationships while network is use the activity Tendencies plan schedule management define activities sequence activities estimate activity resources estimate activitys theel schedule and control schedule are the seven processes under project time management schedule network analysis technique generate project schedule based on the es of time and resource requirements in this lesson we will focus on Project cost management let's the objectives of this lesson after completing this lesson you will be able to Define project cost management differentiate between cost and cost budgeting explain control accounts describe the project cost management processes apply earned value management the track project performance identify key terminologies used in Project cost Management in the next screen let's take quick look at project man process there are 47 processes in project management group into 10 knowledge areas as M to five process groups in this lesson we will look at the fourth knowledge area that is Project cost management and processes in the next screen let us understand concept of project cost management project cost management involves activities like estimating the cost of each project activities adding the cost estim Rel activities to arrive at the cost and controlling the cost to Ure the project activities are completed with defined buget in the next screen let us discuss cost management plan the cost management plan is a v step and project cost management it contains information like planning project cost managing and controlling project in relation to cost Baseline and managing ciences project cost man plan is a part of the project management plan me Ed and estimating cost of each of the project activities are s to on used in estimating project time for example High estimation methods like expert judment anal estimating bottom up estimating and preserve analysis are few other techniques that also used in estimating activity cost let's discuss control account in the next stream control account is an important Concept in Project cost management project cost is generally estimated at indidual activity level it becomes difficult to manage cost at the activity level in large projects therefore the cost is managed at a high level this requires related activities to club and the cost being managed together as one unit this unit is called control account while project time WS is created to break down the project into smaller deliverables these deliverables are broken down into work packages and these work packages are broken into activities the account is at level higher than work packages for example if five work packages are part of the one control account the cost of acties belong to these five packages are managed as one in the next screen let us discuss the project cost management process project cost management has four processes they are plan cost management estimate costs determined budget and control costs the three processes Plan cost management estimate costs and deter budget are a part of plan process group and control C process is a part of monitoring and controlling process group let's look at each of these processes in detail let's begin with the first process that is Plan cost Management in the next screen managing cost on a project is a critical exercise if the activities are planned well it becomes easier to Che with the overall cost and budget project Plan cost management is the process of establishing the policies procedures and documentation for planing managing expending and controlling project costs let's look at the input required for this process the project management plan provides plans and cost activities on Project the provid context and high product and project description which help determine the approach for cost management for example for some projects budget could be constraint whereas others bu would not be a constraint but subject to other objectives Enterprise environmental factors Pro provide the organizational context to project including the culture of the organization and the infrastructure for instance the scheding system available and so on organizational process assets provide inputs such as policies and procedures templates fast performance data and estimates historical information and knowledge base now let us look at the tools and techniques employed in this process expert judgement first to input received from knowledgeable and experienced resources can advice and approach to govern the cost of project by using pre experiences meetings may be organized to DET the cost management plan everyone responsible for the project schedule management such as the manager representatives from the appropriate County or fin organization sponsor customer and other stakeholders must meetings several analytical techniques may be used to determine the cost management plan these techniques the impact of various decisions on cost for example how the risk management processes impact cost ET cost management plan is a primary output of this process establishes the units of measure levels of precision organizational process needs control account spe use rules for performance measurement and recoring frequency and teolog monitoring the cost and various other details that late the overall framework for cost Management on Project in next screen let's discuss the second process under project cost management estimate cost estimate cost is approximation of mon resources required to complete a project activity cost ofic is estimated based on avilable at that point in time as the project team gets more information about project the activity cost may change let us look at the inputs of this process scope Baseline is the most important input as it details out the project scope of work along with that project schedule is also important this contains information like when and which resources require for the project it is to remember that the same kind of resources have different costs at different points of time Human Resource Management plan is another important input various elements like personal rates Rewards or recognition programs Etc are covered in the human resource management plan which is important in approximating the cost estimate Human Resource Management plan will be discussed in detail in the human resource management knowledge area risk register is also an input because risk mitigation cost should considered in cost planning more information on risk and effect in the project will be looked at in detail in Risk Management know area another input Enterprise environmental factors provides organizational context to the project organization process asset is listed as an input as organizations might have standards set of cost estimation policies or temp cost management plan is another important import the cost management plan lays the framework for the cost management process guidin such as measure accuracy methologies and tools to be used ET let's now look at the tools and techniques used in this process expert judgment res analysis anal estimating cost of quality parametric estimating project management software bottomup estimating frequent estimating vendor bid analysis and group decision are the various tool and te Us in this process most of the tools and techniqu us here are similar to the ones used in time management area bit Anis Tech used to estimate project cost for example a project requires material procured externally through suppliers in order to that you B from pre suppliers and assess quotations based on you can get an idea of the cost involved in getting material project decision technique is another important technique for project cation cost estimation is an exercise which carried out by a group well input therefore group decision techniques be used to WR a decision that team can work with theut this process are estim acties are BCL things like assumptions made in estimate Etc project document updates is also outut because the cost estimates may result in updates to other aspects of the project for example quality risk time Etc in the next screen let's the third process on Project cost management deter budg once the the next project cost man process is to determine budget it's process of aggregating estim cost of indidual activities or packages to establish an authorized cost Baseline this is where the control account concept comes in picture the estimate costs of the activities are aggregated Tove at Cost budget at control account L what approve this cost budg comes cost Baseline of project project cost performance is measured against the cost Baseline that is how much more would the project cost be compared to the orinal cost Baseline the cost Baseline includes all authorized budgets but excludes management reserves the used in determining project budget ACS and the B assessments which are the output of the previous cost management process the cost management plan frork cost man processes in Project it provides guidelines such as the budget cyle tools and techniques used to prepare and approve budget ET in addition to these two important inputs scope Baseline is also looked at project schedule provides Aver cost in particular Cal period to ensure how much money made available during that time similarly resource calter provides information on resource which is sign a project at a particular point of time this information is been us resource cost to the duration of the project risk register gives an understanding of the overall level risk on the project and therefore the level of conc reserves that need to be buil into the budget agreement as suppliers are also required to finalize budget again organizational process is an input because organization may have few policies the cost buget or there might be some cost budging tools being used there are various tools and techniques used in deter budgets cost agation technique involves cost and aggregating them at the control account level so the cost can be managed in Better Way in reserve analysis once the costs are estimated some extra amount is added to the estimate as management Reserve to take care of any un activities expert Jud in which an expert help is sought to estimate the activity cost expert is someone who might have worked on s project past and has a good idea to May activity cost involved historical relationships are used to predict the total project cost using mathematical model this is similar to an estimate or arric method funding reconciliation technique is used to ensure that cost on Project is budgeted or SP for the avability fund for example if get a funding of only $50,000 a month the project budget should be planned accordly the output of this process is the cost Baseline this is an authorized project budget over period this is used to measure Monitor and control overall cost points of the project in addition to this the Project funding requirements are also that funding requirements means how much fund the project requires monthly qu or yearly for the execution last outut of this process is Project do upates understand May useful when answering questions in the PMP exam so know that the inputs tools and techniques and outputs are budget and next screen let's discuss last process man that is control cost control cost is process of monitoring the status of the project toct the project budget and managing changes to the cost Baseline upda a bunch of reing cost spend until dat any increase the budget can only approve through the perform integrated Change Control process some of the activities then happen as part of the control cost process our insur that cost expenditure does not exceed the aiz funding monitor the cost performance to understand VAR and monitor the work performance the funds extended the inputs the process are project man plan organization process assets Project funding requirements and work performance data word performance data contains information about project progress the important tools and techniques used in controlling cost are ear value forecasting to complete performance index other important aspects of controlling costs are the review performance analyze reserves to make sure the project has enough budgetary Reserves to meet expenses and project management software which helps in tracking and demanding costs now let's look at the output this process the output of this process are word performance information in terms cost VAR CV schedle variance SV and earn value EV and forecast about the cost performance this process may also result in change requests arising out of cost control measures as updat project documents the project management plan and organization process assets business scenario based questions onol caned exam so if you have question concept clear as in next screen let's earned value management and returns earn value technique is an excellent way to track the project progress against project plan it is Method measuring projectly and comping Baseline results from value analis devation of project cost and schedle baselines Baseline is the initial approv value along with appr changes therefore schedule Baseline is the first appr project schedule along with approv changes there are VAR terms used in ear value technique plan value is the authorized budget assign schedule work eared value is performed in terms of Bud authorized for that work actual cost is the cost incurred and performed buget completion is the budget amount for work estimate completion is the expected total cost of the project estimate to complete is the expected cost to finish all the remaining Project work variance at completion is proed budget Sur or deficit at the end of the project all the parameters dis on screen are measured in terms of cost you cost business scenario based questions on earn value management at the exam so sure understanding of this let us look at an example of plan value in Next plan value value of work plan this is meas term of currency say dollar if is $34 then work plan is worth $34 how youal earn value the soltion is add the bud allocated to each of the activities that have been completed at the point of time the value is the earn value in the next screen let's look ated toal in Vari negative means the project is over budget POS means the project is under budget similarly in schedle variance negative means the project is behind schedule whereas POS means the project is ahead of schedule paramet cost performance index CPI and schedule performance index SBI values VAR between 0 and one for example a cbii of 0.8 implies that 80 cents of work is for every dollar spend project similarly if SBI is 0.9 it implies the project is progressing 9% plan next parameter is estimate at completion or EAC there are different ways of calculating the E value the meth Ed depends on how the cost and VAR are expect to project BAC CP is used if you expect theur cost performance will continue until the end of the project AC plus BAC minus E is used if you expect that the rest project will be managed ated rate AC plus B minus E by the prod of CPI and S is used if you want to fact impact of the cost as well as pces AC plus Etc is us if you want to reevaluate Project based on forecast value for the estimate cost of the of project the next par is to complete orc which is cost prodct from this point to end this is calulated by subra the actual cost from the estim completion in addition variance and completion can be calculated by subtracting the estimate completion budget completion variance completion is the cost destination whether it is over or under budget another par is the complete performance index or tcpi this is the cost performance need to acheve design outcome for example if the project needs to be managed to theal BU B then TBI that is the C must beain the rest of project is cated as b c b AC similarly it has to be managed with Target say EAC then tcpi is calculated as BAC minus E by EAC minus AC before the start of the PMP exam please make a note of formulas of earn value technique in the next screen let's look into a business scenario understand this concept better after reading the problem statement click the solution button to look at a possible answer let's take example of a software development project there are four phases and each phase takes a month to complete and is expected to cost $110,000 Fe is to be completed the stus of the project at the end mon three ised in the table requirements definition complet and actual spending on this is $1,000 architecture and design is done and actual spending on this is $12 development and unit testing is only 50% done though it was supposed to be completed by Third month it has cost $9,000 until date system testing and go life has not yet started Note S indicates start time F indicates finish time and P indicates that is finished at the end of the month based on the above information calculate the CV SV CPI and SPI of the project let us look at a solution in the next screen before we end this let's also look few definitions that might useful for your PMP Law diing return this means more you put into something the less you get out of it for example dou the number resources working on Project will not necessarily have the time working capital the amount of moneyy has to invest on project and day-to-day operations funding limit reconciliation the process of comparing the expenditure in a given period with funding for that period large assets purchased by the company lose value over time this is called depreciation there are two forms of appreciation straight line and accelerated same amount appreciation is taken every year for instance a car price tag of $10,000 and useful life of 10 years is depreciated $1,000 per year at the end of the 10th year the value of the car is considered zero for all accounting purposes Accel appreciation depreciates faster than the straight line appreciation for instance a car with $10,000 depreciates $3,000 the first year 1,500 that year 1,000 the thir year and so on let us check understand topics covered in this lesson here's a Qui recap of what was covered in this lesson project cost management includes the processes involved in estimating budgeting and and controlling costs so that the project can be completed within the approved budget cost management plan contains details on how to plan manage and control the project cost in relation to the cost Baseline and manage the cost variances cost estimate is an educated guess of how much an activity or project will cost but considers the cost es and accordingly the completion of the project under control account technique related activities are clubbed and their cost are managed as one unit the four project cost management processes are Plan cost management estimate costs determ control costs ter value management technique indicates potential deviation of project from the cost and or schedule Bas lines in this we will focus on Project quality management let's begin with the objectives of this lesson after this lesson you will be able to Define quality and quality management differ between quality planning quality assurance and quality control explain cost of quality and its categories describe the project quality management processes explain the seven basic rules of quality explain Six Sigma in next screen let us take a quick look at the project manag process map there are 47 processes in management grouped into 10 knowledge areas and mapped to five process groups in this lesson we will look at the fifth knowledge area that is Project quality management and its processes in next screen let us understand what quality is project manager is responsible for Quality project however it is also responsibility of each and every one in the project to ensure that what they do means project quality expectations quality is defined as the degree to which a set inherent characteristics fulfills requirements a project is setal expectations when all the project requirements agreed in the beginning of the project are met and the resulting product is usable usable means that the intended user can use the product without any problem the next screen let's look at some quality it is important to discuss a few terms to understand the concept of quality better customer satisfaction is as conform to requirements and fitness for use it is important to understand the Sol between quality and grade grade is a classification based on technical characteristics low quality is always problem but low grade may not be a problem rather it would be a matter of choice simly it is important to understand the distinction between precision and accuracy precision is a granularity of measurement that is how find grain can you measure the outcome accuracy is how you are that is how close you are to desired value in the next screen let us understand concept of optimal level Quality quality comes at a cost more effort quality will get better results however you can keep investing on increasing quality as there is no limit how much a product can be improved investment quality is determined by knowing the optimal level of quality optimal level of quality as shown in the diagram is said to be achieved at the point where the incremental revenue from Improvement equals the incremental cost to the manufacturer of toys but toys are low quality and the S to improve the quality you invest in identify the of children sharing few SS and record your feedbacks once all these are captured and imped in products you L the parents to buy them if the investment is increased to manufactur good quality toys the cost will therefore increase and become prohibit for parents to buy optimal level quality is reached a point where you get maximum number of buyers of to Manufactured now that we're clear on the concept of quality in the next screen let's discuss quality management quality management involves performing activties like creating standard policies and procedures and ensuring that those standard procedures are being followed properly in Project it aims to Ure that project meets all the initial requirements without evation and that the specified approach to Quality is implemented on Project three activities are done as part of quality management they are Quality quality assurance and quality control quality planning is the first step in quality related activities of project plan quality insurance is the next stage of implementing those quality PL and quality control is the last stage when periodic checks are done to see if project quality is improving in next screen let us look into the differences between the three aspects of quality management it is important to understand the different kinds of activities that come under quality planning quality insurance and quality control once the quality plan is done the quality management plan is ready this quality management plan has standards templates policies and procedures to be followed in Project it contains Aion on level qual aims and the plans achieve at level is name of quality insurance activities to Ure that the activities plann under quality plan phase gets ex the project the of quality insurance to determine the project is plan with the organization as well as project policies and procedures this cond process from what is plann the quality management plan these are done by qual Department organizations quality insurance process not products the qual control is MEF results against stand to and verif project produ and measure quality are ining quity control product and data for example it was planned as part of quality management that project would get completed plus orus 10% with the cost buget back me was done project was budget by 20% when me was done the day before it was only 15% overg therefore the budget has showed an improvement of 5% in the last three months and it is that next three months of 10% in Improvement if that cost increase the corrective and preventive actions are required to get in limit this is quality control in next let us discuss a quality concept let us look at some terms that are used in quality management pars to Quality man or tqm is a quality management philosopy that thinking about being objective oration it places the responsibility of squarely on management Ken is aese term change for better philosophy is one that should always be looking for small and continuous impr process deing ccle or PDC ccle that is plan to check Act is a process control and Improvement approach by things quality it means execute check the output and Bas on lessons you act to bring the on controline is poas management system that Orin in Japan based on just the idea behind is toe work in progress and achieve a smooth flow process from SM finish do building up inventory only the infections in the system tends to hide problems in the next screen let us focus on cost of quality cost of quality is a Cost needs to be incurred to make a quality product the sum of all the costs incurred isur requ is quality BR down two cies first is cost intervention costs which is the cost like training the team team create equipment and the other subdivision is a cost or for assessing quality like testing dist loss and during and after the project because ofil this is sub to internal costs it is the cost of failures that occur is released to customers for example rework and scrap the second subdivision is external failure cost it is cost in failures that after it has been released by the team for example liabilities work and lost business concept questions on cost of quality the exam so please the cies of cost quality let's look at project quality processes in screen there are three project qual management processes of which the first process and quality management is done as part of the plan next process perform quality insurance is done as part of executing process group and the last control quality is done as part of and controlling process group in the next three let's look at each of these processes in detail the aim of the plan process is to identify requirements or or standards to execute the project effectively to achieve desired Quality quality creation of the quality management plan aim of the plan quality is identify the stands standard is AG upon process to work or achieve result can the organization or government once all stands project are identified the aim of the quality planning is involves determining what work needs to be done to meet those standards adhering to you should question their relevance with implementing project and R will have let us look at the input the project provides the scope and cost Baseline all have an implication on the quality management plan quality plan has a correlation with these it might also have an impact on and be impacted by other subsidiary management plans such as risk management the stakeholders of the project may have specific requirements and Views about the quality parameters of project and these have to be considered the risk register gives about risks that are inherent the project and also those which must be considered while activities to the requirement project need to be consider planning quality related activities because quality is all about meetings in addition to these Enterprise environmental factors and organization process assets are also as inputs the standard can be either from organization or from government or other from with organizations are usually the best practices over a period while numerous projects an example of government stands can be standards to control air pollution by the motor vehicles which manufacturers must adhere to to Quality planning first analyze the benefits versus the costs of equality requirements next identify cost of quality and confirm if investment in qualityi to these helps analyzing the quality activities ofs executed in this helps identify the particular quality of output project which acts as a basis for the current project planning design of experiments can also be used for Quality planning this is a statistical way to determine what variables will improve quality for example in case of manufacturing do it can determined that increasing qualty of the wood and have Maximum Impact on moving the quality addition the seven basic quality tools also known as the 7 QC tools are used to determine the plan to achieve the designed quality statistical sampling as a tool becomes rela quality plan cannot app to all the artifacts for example if dtive testing is requirement can carried out only on Sample not on the entire population sample arriving at a representative that can give information other additional tools such braing for field analysis ET may be used to determine quality management plan for the project conducting meetings is another important tool the quality man hased in a collaborative manner by cons and other stakeholders management plan is a key output of this Che of items to insle many have housek checklists to ensure that all floors cabins Etc C checklists are created during qual planning and used in quality control metrics are specific data that need to be measured to check the status of project project metrics can be cost and schedule metrics are also Des quality plan and used in quality control one of the roles of project manager is not only manage the project also improve processes project to decrease instan effect which in turn save time activ the process Improvement plan which eventually becomes project management plan as a result of planning activities other project documents may also get updated for example the quality management plan may result in updates to the cost or resource requirements there any questions in the PB exam based on the plan quality management process so please ensure you have a fair understanding of the concept before you take the exam in the next screen let's discuss the second quality management process once the quality plan is over the next process pro quality management is quality insurance which involves detering whether the standards being met and the processes are being followed therefore the input for this process is work that has been completed during the quality stage they are project documents quality management plan process Improvement plan quality metrics and quality control measurements let us look at tools and techniques used in this process quity audit is a process to check whether the project is complying with the organization policies standards and procedures and determine whether these policy standard procedures used are efficient and effective so good not only looks at this compliance but also new Lessons Learned From the current project that can help the future projects better process analysis involves using Lessons Learned From the initial few work to make remain work more effent for example if the project involves installing a software package then the lesson learned from the first few installations can be used to improve the process instutions apart from these all the quality management and control tools such as the S basic quality tools will be to this process the key output of this process is Project documents updates to ensure that if there is any imation from standards it ised also if there are lessons learn that can help improve the future projects the organization process assets GED this quality insurance may result in Improvement suggestions change requests may be generated and the project management plan may need to be updated understanding characteristics of quality insurance tools and techniques may be useful while answering the exam soep this top well before you take the exam next screen let's discuss the last process of quality management the key focus of the quality control activities is on the correctness of the work quality control helps answer questions like is everything okay with the project does the project plan require changes to successfully execute project will the project succeed Etc let us the inputs to this process the quality metrics measurements are done continuously to see where the project quality is improving the project the liables are inspected against planned checklist quality control acts upon the deliverables and work performance down produced in execution it also refers to project management plan for understanding deviation fund plan it also considers the approved change requests information from other project documents and organizational process assets there are seven popular tools and techniques used in doing qual control activities they known as seven basic tools of qualy other tools are statical samping inspection or testing and review of the approved changes quality control activties result in quality control measurements verify deliverables valuated changes information about work being performed recommended changes and updates to the organizational process assets project management plan and other project documents in the next screen let us look into a bus scenario to understand this concept better after read problem statement click the solution button to look at possible answer Six Sigma is a highly disciplined process that focuses on develing and delivering new perfect products and services consistently large data is plotted over a period of time you would most probably have a b shaped graph such graphs are also called normal distribution graph it's called as normal distribution because any large volume of data is plotted with the intent to track variations would most probably be in a bell-shaped curve the line corresponding to the top of the bell curve is is the median of the data sample standard deviation concept is used to measure how far any data is from the mean standard deviation is also called Sigma one standard deviation from the mean covers 68% of the data Six Sigma means six standard deviations from the mean this would cover 99.999 66% of the data we will look at an example of Six Sigma in the following screen to understand Six Sigma let us look at an example a tire Manufacturing Company produces es 100,000 tires a day it is not possible to verify each and every Tire manually to ensure it is defect free instead random sample of these manufactured tires are taken and checked for defects assuming that the thickness of the tires is a parameter to measure defect any tire that has a thickness more than or less than 10 mm is considered to be defective now if you measure the actual thickness of all 100,000 tires manufactured daily and plot them on a graph you get normal distribution graph one standard deviation from the mean covers 68% of the data meaning if the thickness of the 100,000 tires are plotted 68,000 of them lie within one standard deviation above or below the mean now if a company operates at Six Sigma level they would ensure that all tires that are up to six standard deviations from the mean are defect free therefore in such cases you can expect only three defective tires out of a million tires manufactured let us now check your understanding of the topics covered in this lesson here is a quick recap of what was covered in this lesson a project is said to meet quality expectations when all the project requirements agreed in the beginning of the project are met and the resulting product is usable quality management includes creating and following policies and procedures that meet the Project's defined quality needs quality planning defines the standards templates policies and procedures quality assurance determines if the project is complying with the policies and procedures quality control measures specific project results against standards plan quality management perform quality assurance and control quality are the three project quality management processes seven basic quality tools are used to plan and achieve the desired levels of quality at Six Sigma level there would be only three defects out of a million units manufactured in this lesson we will focus on project management framework let us begin with the objectives of this lesson after completing this lesson you will be able to to Define project project management program management and portfolio management recognize the roles of project management office identify the project constraints and their impact on the project explain the role of a project manager in stakeholder management describe different organization structure differentiate between a Project Life Cycle and a product life cycle let's begin this lesson with understanding what a project is in the next screen a project is a temporary Endeavor undertaken to create a unique product service or result for example developing a new product service or result constructing a building industrial plant or infrastructure and implementing improving or enhancing existing business processes and procedures in the next screen we will focus on the characteristics of a project a project can be distinguished based on its characteristics the definition describes two characteristics of a project first it is temporary in nature temporary here does not mean short in duration a project can extend for long duration based on the requirements for example creating a new indigenous missile defense system for a country however there is always a definite plan start and end date for a project it cannot go on indefinitely secondly the project is supposed to produce a unique output the output could be a product service or result there can be many common activities between two projects but the outcome of each project should be unique in some way or the other now let us look at what marks the end of project a project ends when either the objectives are met or the project is terminated because the objectives will not or cannot be met the other reason to terminate the project can be that the need for the output of the project does not exist anymore usually the sponsor of the project takes a call about the closure of the project it is important to differentiate Project work from regular operational work for example your office receptionist does the same work every day of picking any incoming call and directing the call to the right person in the office this is an ongoing repetitive work and can be classified as operation operations unlike projects are neither temporary nor unique creating a new software system to effectively track your customer complaint can be an example of a project when the software is successfully developed the project objective is met which marks the end of the project when you start using this software to track customer complaints you are entering into the operations phase in the next screen let us now look into project management ment as defined in the pinok guide project management is the application of knowledge skills and tools and techniques applied to project activities to meet the project requirements project management is achieved by proper application and integration of the 47 processes project application and integration means these processes should be executed in the right manner as well as in the right order in the next screen let us discuss how to manage a project program management is defined as the application of knowledge skills tools and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing project individually as defined in pinbot guide a program is a group of related projects which when managed as a group in a coordinated fashion provides benefits and control that are not available while managing them individually these benefits could be from decreased risk economies of scale improved management of dependencies delivery of additional capabilities optimal utilization of shared resources and so on let us now learn the various features of program management random projects cannot be grouped together as a program the projects in a program should be related in some way or the other and there should be some value added in managing them together a project may not be a part of any program but a program will always have projects a project can also be executed as a standalone project a program is designed to deliver some strategic benefits value to the organization these benefits can be tangible or intangible examples of tangible ible benefit could be increased profit margins or operational cost savings examples of intangible benefits could be improved team morale or building up certain competencies while a project manager focuses relentlessly on the Fulfillment of the Project's requirements that is scope cost time quality a program manager needs to focus on ensuring that the organizational benefits are realized in the next screen let us understand what a portfolio is portfolio is yet another term used along with project and program a portfolio may have multiple projects and programs that are managed as a group to achieve strategic objectives note that all projects and programs in a portfolio may not be necessarily interdependent or directly related a portfolio can be created based on the business objectives for example an IT service company can have a portfolio named Japanese projects which is formed with an aim to take over the Japanese Market by giving more attention to these projects within this portfolio similar projects can be managed as a program and all banking projects from Japan can be managed as a banking program in the next screen let us discuss portfolio management portfolio management is the centralized management of one or more portfolios this includes identifying prioritizing authorizing managing and controlling projects programs and other related work to achieve strategic business objectives therefore whether the company should have Japanese projects as portfolio or not is decided by portfolio Management in the next screen let us understand the relationship between portfolios programs and projects the image on the screen will help you to understand the terms portfolios programs and projects a portfolio is part of an organization's overall strategy it represents a conscious decision by an organization to invest in the portfolio the overall objectives of a portfolio are then cascaded down to the lower level components the components could be sub portfolios programs or project projects these components can further be broken down into smaller components for ease of management although a project may not contain operations a program or a portfolio it can include other work this other work May comprise training and development customer support and services Etc if the other work has Synergy with the overall objectives and adds to the capability to deliver the higher level benefits then it can be included in the program or portfolio as well in the next screen we will discuss project management office project management office or pmo is a specific type of body or Department within an organization pmo performs several roles in the organization and these can broadly be classified as primary roles and other roles typically the pmo may take up any one or a combination of the three primary roles it provides the policies methodologies and tools and templates for managing projects within the organization it provides support and training in organization on how to manage projects and finally it provides project managers for different ongoing projects in the organization pmo may also help in managing interdependencies between the projects selecting managing and deploying shared or dedicated project resources if need be terminating a project and organizing Lessons Learned sessions and maintaining the project management knowledge base for an organization in the next screen we will discuss how to manage the triple constraints any project can be done successfully if there is no constraint on time or there is unlimited budget available unfortunately that is not true in real life a project is performed within some constraint and these constraints are usually competing therefore if you change one it would affect the other for example if the project duration increases it would lead to increase in the project cost as well triple constraint is a term that originally refer to the three competing project constraints within which the projects are performed these constraints are CA cost time and scope quality is a primary concern for a project manager therefore the project manager has to make trade-offs to keep the scope cost time quality plane in Balance to achieve the balance the project manager also needs to manage other aspects of the project for instance the people stakeholders risks communication and procurements the project manager plays the essential role of integrating all these different aspects of project management in the PMP examination you can business scenario based questions focusing on the triple constraints in the next screen let us understand who a stakeholder is a stakeholder can be defined as the one whose interests May positively or negatively be affected or perceive to be affected by the decision activity or outcome of the project as per the definition the project team project manager project sponsor pmo Office customer Etc are the stakeholders of the project a project sponsor is the one who gives a go-ahead for a project and provides the necessary resources to execute the project therefore the head of projects in the organization who provides a green signal to start a project and allocates required resources to the project is the project sponsor a project sponsor is usually somebody placed high up in the organizational hierarchy of the Performing organization that is the organization in which the work of the project is being carried out in the next screen let us look at stakeholder management one of the key responsibilities of a project manager is to manage stakeholders a project manager has has to involve the stakeholders from the beginning of the project until the end so they are aware of every step a project manager has to take up specific activities for stakeholder management identifying both internal and external stakeholders missing out any stakeholder can be disastrous for a project a stakeholder who is identified toward the end of the project may come up with his own requirement at that stage and incorporating them can be risky determining stakeholder requirements after identifying all the stakeholders the project man manager also needs to ensure that their requirements are clearly identified sometimes stakeholders might themselves not know of their requirement and it is the job of the project manager to get them right by doing a proper stakeholder requirement analysis determining stakeholder expectations stakeholders might also have some unstated expectations which need to be clarified to see if it can become a project requirement it is again the role of the project manager to determine the stakeholder's expectation communic ating with stakeholders once all the stated and unstated stakeholder requirements are known the project manager as part of stakeholder analysis should focus on communicating them regularly to keep stakeholders involved in the project once you understand the practices of stakeholder management it will be easier for you to answer scenario-based questions in the examination in the next screen let us look at the various organization structure projects are performed in an organization and the functioning of the organization might affect the project the different organization structured types explain here are based on the level of authority that a project manager gets into and those organizations in a functional type of organization the organization is grouped by the area of specialization within different functional areas for instance marketing accounting engineering Etc are departments within the organization each employee typically reports to a functional manager in such types of organization normally projects are undertaken within the department itself if a project requires any assistance from another department the request moves from the head of the requesting Department to the head of the concerned Department the team members do their normal departmental work in addition to the project work the next type of organization is projectized organization in such organizations there are no departments the organizations resources mostly work on projects team members report to a project manager the project manager has complete control over the resources when the project is completed either they move on to another project or they look for some job outside the company they do not have a department for themselves the third type of organization is a matrix organization which is a blend of functional and projectized organizational structure a team member belongs to a department as well as they are part of a project team in such organization team members have two bosses one their department head and the second their project manager since there are two bosses here this type of organization is further classified into three different types they are weak strong and balanc Matrix organization so out of the two bosses that team members have in Matrix organization if the project manager has more authority over the team member such organizations are called strong Matrix where the functional manager has more Authority it's a weak Matrix organization if they both share equal Authority then it is a balanced organization there is another term that you might find in the exam called type Matrix this generally refers to a collocated team that is a team that has been placed in the single location to enhance their performance in the PMP exam if there is no mention of the organization type you can assume it to be a matrix organization let us look at each of these organization structures in detail in the next screen let us look at functional organization in a functional organization the resources of the organization are grouped by functions sometimes called departments examples of functions could be sales Finance Administration manufacturing Etc each function plays a definite role in the organization and is headed by a functional head or supervisor all the resources in such an organization report directly into their functions therefore A salesperson would report into the sales organizational hierarchy a purchase executive would report into procurement and so on you would notice that in a functional organization the project manager's role is not explicitly called out when a functional organization embarks on a project each of the functions that are involved May volunteer some resources to work on the project one of these resources may end up playing the project manager's role the resource assignments may not even be full-time and sometimes even the project manager is part-time since the project manager has no authority over any of the resources they are dependent on the functional heads this makes it more challenging for the project manager to coordinate in the team however functional organizations provide an opportunity for specialization for example if a purchase executive was reporting into the purchase Department that executive would have exposure to all the purchasing that happens Within the organization and has a well-defined career path in functional organizations project management happens at the functional head level next let us look at the projectized organization in the next screen the projectized organization has all the resources aligned around projects the project managers have complete control over the resources working on their projects the biggest advantage of the proje ised organization is that the resources have loyalty to their projects and project execution becomes easier this kind of structure is suitable for organizations whose work is in the nature of projects there are few disadvantages in this structure as well firstly the role of the resource is over once the project is completed secondly highly specialized roles within a project may not be fully occupied all the time for example a purchase executive may have work for selected periods on a project while purchase activities are going on however for the rest of the period their capability may not be optimally utilized there is less scope for functional specialization as the project boundaries limit the kind of work for the resources each project manager is in charge of a project and its resources next let us look at the Matrix organization in a matrix organization the resources report to the functional managers and are managed by the project managers as well there might even be a function that represents all the project managers in the organization which provides project management expertise The Matrix structure has three variants commonly referred to as weak balanced and strong in a weak Matrix the the authority of the project manager is the weakest and strongest in a strong Matrix structure the titles given to project managers and functional or weak Matrix organizations are project expediter or project coordinator they would be called project managers in a balanced or strong Matrix structure and have slightly more authority over the time of the team members the advantage of the Matrix structure is that resources can be optimally utilized while preserving the capacity of the project managers to get projects executed efficiently resources can specialize in their functions and have stability in their careers also contribute to the projects at the same time potentially the disadvantage of Matrix organization is that the communication overhead increases significantly this is because every resource in the organization belongs into a project and into a function leading to a dual reporting structure in a matrix organization project management happens at project resource level in the next screen let us summarize the advantages and disadvantages of different organizational structures each organization structure has its own set of advantages and disadvantages the advantage of functional organizations is that resources may find clearly defined career paths and Achieve specialization and skill development in their respective Fields it will be a flexible Workforce since only one manager will be responsible avoiding confusion the disadvantage of such organization type is that project work is hampered Department work is always given higher priority than the project work in addition there is no career path in project management which leads to lower interest in projects in the case of the projectized organization one of the clear advantages is better communication within the projects since Project work is the only work team members are doing it also leads to loyalty towards the project goals the disadvantage of such organization type is the inefficient use of resources because every project team has their own support function therefore this might lead to the duplication of effort it also leads to the resources being left with no work since their roles are over once the project is completed it also hampers skill development because the project requirements dictate what kind of work team members perform at different stages on a project now let us look at the Matrix organization it also has the advantage of better coordination and maximum utilization of resources however the disadvantage is the higher potential for conflict among the managers which might lead to communication complexity and overhead Management in the next screen let us focus on the comparison on Project Life Cycle and product life cycle Project Life Cycle spans the initiation of a project until the closure of the project the product life cycle on the other hand also encompasses the operational and maintenance phases a typical product life cycle starts with conception of the product and goes until its withdrawal from the market the withdrawal might be because it becomes obsolete or there is no further need for the product in the market a product has a long life cycle a product can require or spawn many projects over its life for for example a project in product conception phase could be to determine customer needs whereas a project during product maturity phase could be used to perform competitive analysis typically a product life cycle is longer than the Project Life Cycle a project also has its own life cycle and this life cycle depends upon the industry and the organization within which the project is being executed sometimes different organizations within the same industry use different life cycles there can be questions in the exam based on the comparison of Project Life Cycle and product life cycle so understanding the differences will be useful in answering such questions in the next screen let us discuss more on Project Life Cycle a life cycle is composed of phases each phase represents a discrete unit of work required to be done on the project there are different ways of classifying project life cycles let us first discuss the sequential versus overlapping life cycle in sequential phases the subsequent phase starts only after the previous phase has been completed whereas in overlap Laing phases two or more phases may run in parallel for some time this could help fast tracking and compressing the amount of time required the other way of classifying life cycles is how they go about the process of planning in predictive life cycles there is a large upfront planning phase where all the details of scope cost time are planned before beginning the subsequent phases these phases then are executed in either sequential or overlapping modes they are suitable for large projects where all the requirements are likely to be known in advance and where upfront planning effort is required to get the necessary approvals another feature of predictive life cycles is that each phase May potentially be different in the nature of activities and may require people with different skill sets for example traditional software development life cycle has phases like requirements feasibility planning design construction testing and transition we will continue project life cycles in the next screen incremental and edive life cycles have a short upfront high level definition and planning phase the product is then developed through a series of iterations where iteration increments or adds to the functionality by a little all the activities are intentionally repeated in iterations adaptive or agile life cycles are variants of incremental and iterative life cycles where iteration is very short typically 2 to four weeks agile methodologies are becoming very popular in the software development industry and in other Industries where the requirements are highly changeable and frequent feedback is beneficial let us now check your understanding of the topics covered in this lesson here is a quick recap of what was covered in this lesson project management is the application of knowledge skills and tools and techniques applied to project activities to meet the project requirements pmo provides the policies methodologies and tools and templates for managing projects within the organization project manager has to integrate various project aspects like the people stakeholders risks communication and procurements with the project constraints time time scope cost and quality identifying internal and external stakeholders determining their requirements and communicating with them regularly is an important role of a project manager functional projectized and Matrix are the three types of organization structures based on the level of authority given to the project manager Project Life Cycle spans the initiation of a project until the closure while product life cycle also encompasses the operational and maintenance phases if getting your learning started is half the battle what if you could do that for free visit skillup by simply learn click on the link in the description to know more in this lesson we will focus on Project Communications management let us begin with the objectives of this lesson after completing this lesson you will be able to Define communication and project Communications management identify the different communication methods technology and channels explain the elements of a basic communication model describe the project Communications management processes in the next screen let us take a quick look at the project management process map there are 47 processes in project management grouped into 10 knowledge areas and mapped into five process groups in this lesson we will look at the seventh knowledge area that is Project Communications management and its processes in the next screen let us understand communication communication can be best defined as a two-way process of exchanging information between two entities as you can see on the screen if project is an entity the project needs to communicate with other enti entities in the organization like project managers Senior Management of the organization and any other stakeholder of the project similarly these entities may also have to communicate with the projects the communication between project and the stakeholders is always two-sided project manager is responsible for ensuring proper communication to and from the project in fact a project manager spends almost 90% of his or her time on communication you can now understand how important it is for a project manager to planned this activity well in the next screen let us discuss communication methods communication can be done in two ways it can be done written or verbal both written as well as verbal communication can either be formal or informal formal means communicating by following some basic rules whereas informal means taking a casual approach these two combinations result in four different communication methods they are formal written formal verbal informal written and informal verbal formal written method is used for project management plans project Charter and over longdistance communication formal verbal method is used during presentations whereas informal written method is applicable while writing notes or emails informal verbal on the other hand is applied during conversations you can expect questions in the PMP exam which require choosing a communication method for a given situation so a fair understanding of the communication methods can help you score higher in the next screen
