Project Time Management - notes

Good Evening! This is my third, fourth, fifth time delving into Project Time Management. There is so much to this chapter and to top that off, it closely parallels Project Cost Management. They go hand in hand. It is a HUGE impact if your scheduling is not done right for a project - that the costs - are also 'hugely' affected by that. For example: Because of a 6 month delay in software development by the vendor (yes, it was), it impacted out costs. If we extended implementation out by one month, it would have cost too much money - I want to say 10% more - it was a bunch. Instead, it was decided to implement and accept in the same month (30 day acceptance period) - our warranty is still in affect and the risk is somewhat minimal.

I am summarizing RITA's Chapter 6 - Schedule Management Planning tonight. It's all I can concentrate on at this time. - sharpen your pencil and get ready.

"In order to answer time management questions correctly, you need a thorough understanding of the PROCESS of scheduling a project. In the real world, we use software to help us with the network diagram. In the PMBOK exam world, you must know how to manually draw the network diagram. Anyway, the project management software available can be extremely helpful for scheduling 'what if' scenarios and status reporting functions, but it does not tell you how to manage a project. " You cannot follow software, you must make it conform to your needs".

MEMORIZE RITA's process chart - this will truly help you understand. For the Project Time Management chapter, we are dealing with very specific tasks in the Planning and the Monitoring and Controlling Process areas.

PLANNING: Determine how you will do planning (schedule) - part of the pm plans; create activity list; estimate resource requirements; estimate time and cost; determine critical path; develop schedule; iterations - go back; Finalize the "how to execute and controls' aspects of all management plans; Develop final PM plan and performance measurement baselines.

MONITORING & CONTROLLING: Measure against the performance measurement baselines; Measure according to the management plans; Determine variances and if they warrant corrective actions or a change; Recommend changes; defect repair; preventive and corective actions.

IN SUMMARY:

Time Management Process Done During

Activity Definition Planning Process group
Activity Sequencing Planning Process group
Activity resource estimating Planning Process group
Activity duration estimating Planning Process group
Schedule development Planning process group
Schedule Control Monitoring and Controlling

THINGS TO KNOW FOR THE EXAM:
1. Estimating is based on WBS (to improve accuracy)
2. Estimating should be done by the person doing the work whenever possible (Expert Judgement - Tool & Technique)
3. Historical Information from past projects (Organizational Process Assets)
4. A schedule baseline (cost, scope, quality and resource baselines) and can only be changed by approved change requests. "A baseline is a specific version of the project plan/schedule approved and accepted by the project management team"
5. The schedule should be managed to the Schedule baseline.
6. Integrated Change Control
7. Estimates are more accurate to the smaller size work components established (refer to activity list information - break down from WBS )
8. Corrective and preventive actions should be recommended when schedule problems (cost, scope, quality and resource problem ) occure
9. A PM should never just accept requirements from management, but rather analyze the needs of the project, come up with her own estimates and reconcile any differences to produce realistic objectives.
10. Plans should be revised as necessary during completion of work
11. How to get a good estimate
12 Padding is not acceptable PM practice
13. The PM must meet any agreed upon estimates
14. What to do with the estimates when received
15. How to keep the estimates realistic

REMEMBER: Incorrect PM practices will be listed as choices on the exam. Study and be clear on Project Time Management.

RITA says: You will frequently see one-time estimate per activity used on the exam,. This method is not always the best, but it is a quick way to improve your undersatnding of finding critical paths, and drawing network diagrams. Using one-time estimates also allows for a dquick calculation and proof that you understand those concepts.

TIME MANAGEMENT:

The first process is PLANNING! How will I go about planning the schedule for the project?
How will I effectively manage and control the project to the schedule baseline, and manage schedule variances?

A schedule management plan requires that the project be measured to the baseline along the way of the project....

The schedule management plan will help make the schedule estimating process faster by providing guidelines on how estimates should be made (stating that estimates must be in hours or days). During the direct and manage project exxecution process, the schedule management plan can help determine if a vaiance is over the allowable threshold. . .
The schedule management plan can also help detemine the types of reports required on the project relating to schedule....

Next STep after the SCHEDULE MANAGEMENT PLAN has been developed. . .

ACTIVITY SEQUENCING . . . Stay tuned....