PMP Training - 04 project integration management

Created by ejlp12@gmail.com, June 2010 5 - Project Integration Management Project Management Training

Project Integration Management Monitoring & Controlling Processes Planning Processes Enter phase/ Start project Exit phase/ End project Initiating Processes Closing Processes Executing Processes

Project Integration Management Process and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups.

4.1 Develop Project Charter The process of developing a document that formally authorizes a project or a phase and documenting initial requirements that satisfy the stakeholder’s needs and expectations

Develop Project Charter (Input) Project are authorized by someone external to the project such as sponsor, PMO, portfolio steering committee. Project charter can be created by them or delegated to Project Manager. Statement of Work (SOW) A narrative description of products or services to be delivered by the project. The SOW references: Business need Product scope description Strategic plan Business case ,[object Object],[object Object]

Project Selection – Economic Models You just need to understand the following concepts FP = future value r = interest rate n = number of time period Present value (PV): The value today of future cash flows Net present value (NPV): Project with positive & greater NPV value is better Internal rate of return (IRR): Project with greater IRR value is better Payback period: The number of time periods it takes to recover your investment in the project before you start accumulating profit. Benefit-cost ratio: compares the benefits to the costs of different options relates to costing projects and to determining what work should be done Project with greater benefit-cost ratio value is better

Project Selection – Important Terms Economic Value Added (EVA): concerned with whether the project returns to the company more value than it costs. Opportunity Cost: the opportunity given up by selecting one project over another Sunk Costs: Are expended costs Should not be considered when deciding whether to continue with a troubled project. Lay of Diminishing Returns: after a certain point, adding more input/resource will not produce a proportional increase in productivity

Project Selection – Important Terms Working Capital current assets minus current liabilities for an organization or amount of money the company has available to invest Depreciation Straight line depreciation The same amount of depreciation is taken each year. Accelerated depreciation Depreciates faster than straight line Two forms: (1) Double Declining Balance, (2) Sum of the Years Digits

Develop Project Charter (Tools & Techniques, Output) Expert Judgment, includes: Project Charter, includes: Project purpose or justification, Measurable project objectives and related success criteria, High-level requirements, High-level project description, High-level risks, Summary milestone schedule, Summary budget, Project approval requirements Assigned project manager, responsibility, and authority level Name and authority of the sponsor or other person(s) authorizing the project charter. ,[object Object]

Stakeholders including customer or sponsor

Professional & technical association,[object Object]

Project Management Plan (Output) The strategy for managing the project and the processes in each knowledge area Covers how you will define, plan, manage, and control the project. Also includes: Change management plan Configuration management plan Requirements management plan Process improvement plan How to handle a problem on a project? ,[object Object],[object Object]

Change Management Plan Describes how changes will be managed and controlled. Covers for the project as whole May includes: Change control procedures (how and who) The approval levels for authorizing changes The creation of a change control board to approve changes A plan outlining how changes will be managed and controlled Who should attend meetings regarding changes Tools to use to track and control changes Each knowledge area are described in the individual management plans

Configuration Management Plan Defines how you will manage changes to the deliverables and the resulting documentation, including which organizational tools you will use

4.3 Direct & Manage Project Execution The process of performing the work defined in the project management plan to achieve the project’s objectives.

4.4 Monitor & Control Project Work The process of tracking, reviewing, and regulating the progress to meet the performance objectives defined in the project management plan.

PMP Training - 04 project integration management

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