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12-1 ELC 347 project management Week 14
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12-2 Agenda Integrative Project –5 th part corrected Feed back sent –IP part 6 Due (will be corrected and returned within 24 hours of receipt if turned in on time) – Outline of deliverables (posted in WebCT)Outline of deliverables (posted in WebCT) Assignment 5 Corrected Quiz 3 Posted –48 hour time limit, 21 five point questions (top 20 scored) –Due Dec 15 at noon –Password “AlmostDone: Dec 8 @ Midnight (Tomorrow) –Resubmission of IP part 1 – 5 deadline Dec 11 @ 10 AM in N109 –IP project (complete) due –Resubmission of Part 6 –IP project Presentation Dec 15 @ noon –Quiz 3 Due Discussion on Project Evaluation and Control (chap 13)
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12-3 Project Evaluation and Control Chapter 13 © 2007 Pearson Education
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12-4 The Project Control Cycle 1.Setting a Goal 4.Taking Action and Recycling the Process 2.Measuring Progress 3.Comparing Actual with Planned
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12-5 The Project S-Curve
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12-6 The Project S-Curve Elapsed Time (in weeks) 10 5 4540353025201550 20 60 40 Cumulative Cost ($ in thousands) Cumulative Budgeted Cost Cumulative Actual Cost $10,000 Negative Var
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12-7 Milestone Analysis
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12-8 Milestone Analysis Milestones are events or stages of the project that represent a significant accomplishment. Milestones …signal the team and suppliers …can motivate the team …offer reevaluation points …help coordinate schedules …identify key review gates …delineate work packages
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12-9 Tracking Gantt Chart Project status is updated by linking task completion to the schedule baseline
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12-10 Tracking Gantt Chart Gantt tracking.mpp
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12-11 Earned Value Management Schedule Cost Performance Tracking Control Charts Project S-Curves Cost PerformanceSchedule Cost PerformanceSchedule Earned Value
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12-12 Earned Value Terms Planned value Cost estimate Earned value Real cost to date based on activity performance <> value Actual cost of work performed Cumulative total cost Schedule performance index EV/PV Cost performance index EV/AC Budgeted cost at completion
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12-13 Steps in Earned Value Management 1.Clearly define each activity including its resource needs and budget 2.Create usage schedules for activities and resources 3.Develop a time-phased budget (PV) 4.Total the actual costs of doing each task (AC) 5.Calculate both the budget variance (CV) and schedule variance (SV)
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12-14 Earned Value Milestones PV EV AC Slip Overspend Scheduled Performed Actual Budget Schedule Cost
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12-15 Earned Value Example ActivityJanFebMarAprilPlan%CValue Staffing871510015 Blueprint4610808 Prototype2810606 Design33331 Mon Plan8761738∑30 Cmltv8152138 Mon Act811813 Cmltv Act8192740 Planned Value 38=15+10+10+3 Earned Value 30=15+8+6+1 Value 8=80%(10) Cumulative 40=8+11+8+13
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12-16 Earned Value Example Schedule Variances Planned Value (PV) = 38 = 15+10+10+3 Earned Value (EV) = 30 = 15+8+6+1 Schedule Performance Index =.79 = 30/38 = EV/PV Estimated Time to Completion = (1/.79)x4=5 Cost Variances Actual Cost of Work Performed (AC) = 40 = 8+11+8+13 Cost Performance Index =.75 = 30/40 = EV/AC Estimated Cost to Completion = 50.7 = (1/.75)x38 EVM.xlsEVM.mpp
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12-17 Human Factors in Project Evaluation & Control Optimistic progress reports Level of detail Process evaluation Non-technical performance measurement
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12-18 Critical Success Factors in the Project Implementation Profile 1.Project mission 2.Top management support 3.Project plans & schedules 4.Client consultation 5.Personnel 6.Technical tasks 7.Client acceptance 8.Monitoring & feedback 9.Communication channels 10.Troubleshooting
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