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Summary for A2
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This is a very summarised set of notes needed for the A2. It is summarised in such a way that it will be easy to remember and build own definitions during the exam
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Project management in perspective: summaries and class notes
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very summarised notes to help remember theory
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included in project WBSCHAPTER 8 CHAPTER 9
How to calculate: Activities in project closure Think as if I was selling notes
{Actual cost (AC)} 1. ALL work is completed
Actual amount of money spent at any given time/ actual costs to date 2. Notifying + delivery
3. Acceptance of delivery
AC=ALL costs incurred up to that date 4. Documentation is complete + closure report.
4.1 Pm will make a checklist
{PLANNED VALUE (PV)} 4.1 Start with project closure report
Rand value 4.1 Storing project records
PV= cost per month/day/year × N! of days completed 5. Payment Project team members
materials
6. Redistribute resources equipment
7. Close contracts (e.g ext. suppliers) w/legal counsel
{EARNED VALUE (EV)} 8. (NDA’s)
EV= % work completed × total cost of project OR #units completed x cost per unit 9. Keep OR not to keep records?
10. Documents stored safely + transfer manuals, training materials to client
11. Product support requirements after sale
INTERPRETING CV(EV-AC) 12. Closing financial books
Positive CV à under budgetà we have spent
{ EV/AC = …% } less budget than anticipated Project handover activities
negative CV à over budget à we have spent 1. Document handover + requirements
2. Transition document (includes a suggest maintenance team)
{ EV/AC = …% } more budget than anticipated - Area [setup]
CV=0 à on budget - Operations manual
- Sign of acceptance
- Lessons learned
INTERPRETING SV(EV-PV) 3. Training end users
4. Transfer of manuals to end user
Positive SV à ahead of schedule à we are ahead of schedule.
We have performed { EV/PV = …% } of the work planned Project benefits
negative SV à behind of schedule à we are behind schedule. The project manager is ultimately
Financial benefits: Non-Financial benefits
We have performed { EV/PV = …% } of the work planned Business objective i.t.o: VA to a business from a for ensuring all deliverable are
- Revenue project. Must be tangible + achieved for project success. After
SV=0 à on schedule - Contribution
- Profit enhancement
measurable: the sponsor is notified
- Operational performance
- Savings in operating - Process performance
costs/working capital - Client satisfaction
GRAPHING: - Performance indicators
à if EV curve lies above AC à cost variance is positiveà underbudget
à if EV curve lies below AC à cost variance is negative à overbudget how do you know if a project was successful?
à if EV curve lies above PV à schedule variance is positive à ahead of schedule 1. Efficiency: did the project meet their budget + schedule?
à if EV curve lies below PV à schedule variance is negative à behind schedule 2. Client impact/satisfaction: technical + operation specification? Meet customer needs?
3. Business/direct success: commercial success? market share?
4. Future potential: presence in the market? Develop new 1. technology?
Components in project closure
1. Closure activities
2. Handover
3. Benefits realization
4. Follow-on-actions + recommendation
5. Formal sign-off & acceptance
6. Project evaluation
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