LECTURE 4 Project Management, Tools and Cost Estimation
LECTURE 4 Project Management, Tools and Cost Estimation
6. Project Risk Management: Risk management consists of all the activities like identification,
analyzing and preparing the plan for predictable and unpredictable risk in the project.
Several points show the risks in the project:
• The Experienced team leaves the project, and the new team joins it.
• requirement changes.
• Change in technologies and the environment.
• Market competition.
6. Project Communication Management: Communication is an essential factor in the
success of the project. It is a bridge between the client, organization, team members, and
as well as other stakeholders of the project such as hardware suppliers
From the planning to closure, communication plays a vital role. In all the phases,
communication must be clear and understood. Miscommunication can create a big blunder
in the project.
8. Project Configuration Management: Configuration management is about controlling
the changes in software like requirements, design, and development of the product.
The primary goal is to increase productivity with fewer errors.
Product Breakdown Structure (BBS) is a management tool and necessary a part of the project
designing.
It's a task-oriented system for subdividing a project into product parts.
The product breakdown structure describes subtasks or work packages and represents the
connection between work packages. Within the product breakdown Structure, the project work has
diagrammatically pictured with various types of lists.
The product breakdown structure is just like the work breakdown structure (WBS).
Work Breakdown Structure
It is an important project deliverable that classifies the team's work into flexible segments. "Project
Management Body of Knowledge (PMBOK)" is a group of terminology that describes the work
breakdown structure as a "deliverable-oriented hierarchical breakdown of the work which is
performed by the project team."
There are two ways to generate a Work Breakdown Structure.
• The top-down and
• The bottom-up approach.
In the top-down approach, the WBS is derived by crumbling the overall project into subprojects
or lower-level tasks.
The bottom-up approach is more alike to a brainstorming exercise where team members are
asked to make a list of low-level tasks which is required to complete the project.
Resource Histogram
• The resource histogram is precisely a bar chart used for displaying the amounts of time that
a resource is scheduled to be worked on over a prearranged and specific period.
• Resource histograms can also contain the related feature of resource availability, used for
comparison on purposes of contrast.
Critical Path Analysis
• Critical path analysis is a technique that is used to categorize the activities that are required
to complete a task, as well as classify the time that is needed to finish each activity and the
relationships between the activities.
• It is also called a critical path method.
• CPA helps in predicting whether a project will expire on time.
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