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Class Session 2 10 September 2023

The document outlines the content and structure of an Advanced Project Management course, detailing various units covering project management principles, methodologies, and risk management processes. It includes a timeline for webinars and tutorials, emphasizing the importance of project scope, time management, and risk management strategies. The course aims to equip participants with essential skills for successful project completion and risk mitigation.

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sthembilepmaphumulo
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6 views27 pages

Class Session 2 10 September 2023

The document outlines the content and structure of an Advanced Project Management course, detailing various units covering project management principles, methodologies, and risk management processes. It includes a timeline for webinars and tutorials, emphasizing the importance of project scope, time management, and risk management strategies. The course aims to equip participants with essential skills for successful project completion and risk mitigation.

Uploaded by

sthembilepmaphumulo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Copyright © 2017 Pearson Education, Ltd.

1-1
PGDBM: Advanced Project
Management
Kenneth Ngwenya,
[email protected]
Session 2: 10 September 2023
Module Unit Content:

• Unit 1: Introduction to Project Management


• Unit 2: Attributes of Project Management
• Unit 3: Project Life Cycle Processes
• Unit 4: Project Management Knowledge Areas
• Unit 5: Integration Management
• Unit 6: Managing the Project Constraints
• Unit 7: Project Planning Methodologies
• Unit 8: Organisational Structures in Project Management
• Unit 9: The Project Manager

Copyright © 2017 Pearson Education, Ltd. 1-3


Workshop Timeline:
• Webinar 1: (30 July 2023)
• Unit 1: Introduction to Project Management
• Unit 2: Attributes of Project Management
• Unit 3: Project Life Cycle Processes
• Tutorial 1: 11 August 2023
• Webinar 2: (10 September 2023)
• Unit 4: Project Management Knowledge Areas
• Unit 5: Integration Management
• Unit 6: Managing the Project Constraints
• Tutorial 2: TBA
• Webinar 3: (03 September 2023)
• Case Study Review
• Project Question Review
• Unit 7: Project Planning Methodologies
Webinar 4: (29 October 2023)
• Unit 8: Organisational Structures in Project Management
• Unit 9: The Project Manager
• Examination Preparation
Copyright © 2017 Pearson Education, Ltd. 1-4
Project Management Framework
Defining the Project Scope
• Project Scope
– A definition of the end result or mission of the project—a product
or service for the client/customer—in specific, tangible, and
measurable terms.
– Project Scope Management includes the processes required to
ensure that the project includes all the work required, and only
the work required, to complete the project successfully (Project
Management Institute, 2017:129).
• Purpose of the Scope Statement
– To clearly define the deliverable(s) for the end user.
– To focus the project on successful completion of its goals.
– To be used by the project owner and participants as a planning
tool and for measuring project success.
Hierarchical
Breakdown of
the WBS

FIGURE 4.3
Project Time/Schedule Management
• Project Time Management includes the processes required to
manage the timely completion of the project (Project Management
Institute, 2017:24). Once the project scope has been defined and
the WBS derived to the work package level, the next step is to
derive the project schedule.
• The schedule will define how the project will achieve its objectives in
the time frame required. Sometimes the required time frame has to
be adjusted based on the resources available or resources needs to
be adjusted based on the time frame required.
Project Management
THE MANAGERIAL PROCESS

Clifford F. Gray

Eric W. Larson

PowerPoint Presentation by Charlie Cook


The University of West Alabama
Constructing a Project Network

• Terminology
–Activity: an element of the A
project that requires time.
–Merge Activity: an activity that
has two or more preceding B D
activities on which it depends.
–Parallel (Concurrent) Activities:
Activities that can occur C
independently and, if desired,
not at the same time.

6–12
Constructing a Project Network (cont’d)
• Terminology
–Path: a sequence of connected, dependent activities.
–Critical path: the longest path through the activity
network that allows for the completion of all project-
related activities; the shortest expected time in which
the entire project can be completed. Delays on the
critical path will delay completion of the entire project.

A B D

(Assumes that minimum of A + B > minimum of C in length of times to complete activities.)


6–13
Constructing a Project Network (cont’d)
• Terminology
–Event: a point in time when an activity is started
or completed. It does not consume time.
–Burst Activity: an activity that has more than one
activity immediately following it (more than one
dependency arrow flowing from it).
B
• Two Approaches
–Activity-on-Node (AON)
• Uses a node to depict an activity. A C
–Activity-on-Arrow (AOA)
• Uses an arrow to depict an activity.
D

6–14
Activity-on-Node Fundamentals

FIGURE 6.2
6–15
Activity-on-Node Fundamentals (cont’d)

FIGURE 6.2 (cont’d)


6–16
Network Computation Process
• Forward Pass—Earliest Times
–How soon can the activity start? (early start—ES)
–How soon can the activity finish? (early finish—EF)
–How soon can the project finish? (expected time—ET)
• Backward Pass—Latest Times
–How late can the activity start? (late start—LS)
–How late can the activity finish? (late finish—LF)
–Which activities represent the critical path?
–How long can activity be delayed? (slack or float—SL)

6–17
Project Management
THE MANAGERIAL PROCESS

Clifford F. Gray

Eric W. Larson

PowerPoint Presentation by Charlie Cook


The University of West Alabama
Risk management process
◼ Risk
 An uncertain event that, if it occurs, has a positive or
negative effect on project objectives
◼ Risk Management
 A proactive attempt to recognize and manage internal events
and external threats that affect the likelihood of a project’s
success
◼ What can go wrong (risk event)
◼ How to minimize the risk event’s impact (consequences)
◼ What can be done before an event occurs (anticipation)
◼ What to do when an event occurs (contingency plans)

19
The risk event graph

20
The Risk
Management
Process
Managing risk
◼ Step 1: Risk identification
 Generate a list of possible risks through brainstorming, problem
identification and risk profiling.
◼ Macro risks first, then specific events
◼ Step 2: Risk assessment
 Scenario analysis
 Risk assessment matrix
 Failure Mode and Effects Analysis (FMEA)
 Probability analysis
◼ Decision trees, NPV, and PERT
 Semiquantitative scenario analysis
Risk severity matrix

5 Red zone (major risk)

User Interface
4 backlash problems
Likelihood

Yellow zone (moderate risk)


3

System
2 freezing

Hardware
1 malfunct- Green zone (minor risk)
ion

1 2 3 4 5
Impact
23
Managing risk (cont’d)
◼ Step 3: risk response development
 Mitigating risk
◼ Reducing the likelihood an adverse event will occur
◼ Reducing impact of adverse event
 Transferring risk
◼ Paying a premium to pass the risk to another party
 Avoiding risk
◼ Changing the project plan to eliminate the risk or condition
 Sharing risk
◼ Allocating risk to different parties
 Retaining risk
◼ Making a conscious decision to accept the risk
Managing risk
◼ Step 4: risk response control
 Risk control
◼ Execution of the risk response strategy
◼ Monitoring of triggering events
◼ Initiating contingency plans
◼ Watching for new risks
 Establishing a change management system
◼ Monitoring, tracking, and reporting risk
◼ Fostering an open organization environment
◼ Repeating risk identification/assessment exercises
◼ Assigning and documenting responsibility for managing risk
Risk Management’s Benefits
◼ A proactive rather than reactive approach
◼ Reduces surprises and negative consequences
◼ Prepares the project manager to take advantage of
appropriate risks
◼ Provides better control over the future
◼ Improves chances of reaching project performance
objectives within budget and on time

26
Copyright © 2017 Pearson Education, Ltd. 1 - 27

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