1. Project - Execution stage
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Project - Execution stage
Week 11. Winter, 2003
1/15/2019
Fred Pentney

2. Agenda: Week 11 Review: finalize weighted decision model15
8.35 – 8.50 2
MS Project review – last week’s handout. 30
8.50 – 9.30 3
Monitoring methods. Status reports 20
9.30 – 9.50 4
Budget and schedule variance
9.50 – 10.10 5
Earned value
10.10 – 10.30 6
Resource leveling 10 7
Scope control – handout and if time allows 8
Group work in class 50
10.40 – 11.30 9
P. M. Provide group work marks. In/out class.
1/15/2019
Fred Pentney

3. Monitoring and Controls
1. Monitor. What do we need to know? Monitoring must be constant throughout project.
2. I. .D. problems. What do we need to change?
3. Develop solution. How are we going to make the changes?
4. Implement and change the project plans.
5. Change Boards approve major changes.
1/15/2019
Fred Pentney

4. Scope control. Scope – time, budget, quality – higher level.
Creep occurs when of small amounts extra work in continuously get added and it becomes impossible to meet budget or schedules.
1/15/2019
Fred Pentney

5. Monitoring Status
List delays and problems since last status update was given
List corrective actions being taken
Address schedule implications
Make sure you understand
Issues that are causing delays or impeding progress
Why problem was not anticipated
If customer will want to discuss issue with upper management
1/15/2019
Fred Pentney

6. Status Report Information it provides. Accurate, timely and useful.
%. Completion of work packages key info.
Lists achievements and progress since last status update was given
Focus on schedule implications
Highlight those things that made progress possible
1/15/2019
Fred Pentney

7. Deliverables List main critical deliverables
Yours to client
Yours to outside services
Outside services to you
Other departments to you
Understand your confidence rating to each deliverable
Indicate confidence level on slides if appropriate
1/15/2019
Fred Pentney

8. Goals for Next Status Review
Date of next status update
List goals for next review
Specific items that will be done
Issues that will be resolved
Make sure anyone involved in project understands action plan
1/15/2019
Fred Pentney

9. Monitoring Costs vs. budget. Earned Value.
Determine original costs budgeted for
Compare actual to budgeted.
Differences are called variations.
CV is Cost variation. SV is schedule variation.
The planned budgeted costs of the work performed BCWP = the Earned Value.
Take Earned Value variation and multiply it by the original budget to get the new projected budget for the completed project.
1/15/2019
Fred Pentney

10. Earned value report. Verzuh P. 255
Cost variance. CV
Schedule variance. SV
Measure values at any project point (BCWP, BCWS)
Anticipates longer term trend and result.
Variance need to be acted upon.
This is a snapshot at any given time of whether the project is on budget and on schedule. The actual real figures are the BCWP, Budgeted Cost of Work Performed and the BCWS, Budgeted Cost of Work Scheduled. We compare the actual to the forecast. Note the represents two criteria: the dollar value of the work and the time schedule. To measure value earned we use separate reference for $ costs and time to calculate variance. That’s why there are three lines.
1/15/2019
Fred Pentney

11. Monitoring Schedule vs. plan
List top high-level dates – on GANTT
Distribute more detailed schedule if appropriate – detailed GANNT
Make sure you are familiar with details of schedule so you can answer questions.
Note variation to budgeted hours. This is called Schedule variation
1/15/2019
Fred Pentney

12. Technology List technical problems that have been solved
List outstanding technical issues that need to be solved
Summarize their impact on the project
List any dubious technological dependencies for project
Indicate source of doubt
Summarize action being taken or backup plan
1/15/2019
Fred Pentney

13. Resources
Resources are the people equipment and raw materials used on project. Summarize project resources
Dedicated (full-time) resources
Part-time resources
If project is constrained by lack of resources, suggest alternatives
Understand that customers may want to be assured that all possible resources are being used, but in such a way that costs will be properly managed
1/15/2019
Fred Pentney

14. Resource leveling. Verzuh p.141
Allocate resources to gain maximum return
RL optimizes use of people and equipment –it does not affect the raw materials.
Start with schedule and work package
Use a resource spreadsheet
Identify peaks and non critical tasks
Reallocate to utilize people and equipment
1/15/2019
Fred Pentney

15. Questions? Which comes first, Monitoring or Control
Which report would inform the Executive of the “big picture” in terms of overall progress and costs?
Name 5 items on a Status report?
In what increments do we report completion of work packages?
What do CV and SV stand for?
What two ways can CV and SV be presented?
What are the 5 variations of CV and SV
Is a positive schedule variance good or bad.?
When you level resources do you change the quantity of raw materials being used on the project?
1/15/2019
Fred Pentney