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Project manager's job in integration management
integrating all of the process of project management
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what is included in the project charter?
- 1. project description
- 2. project manager assigned and authority level
- 3. business case
- 4. resources preassigned
- 5. stakeholders
- 6. stakholders requirements as known
- 7. product description/deliverables
- 8. measureable project objectives
- 9. projecgt approval requirements
- 10. high-level project risks
- 11. project sponsor authorization
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what does the project charter do for the project manager?
- 1. formally recognizes the PM and her/his authority to start the project, commit funds and corporate resources
- 2. formally recognizes the proejct
- 3. provides high-level requirements
- 4. links the project to ongoing organizational work
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what would be the difference about managing a large project versus a smal project?
- 1. larger stakeholder group
- 2. more diverse team composition
- 3. increase communication channels and complexities
- 4. possibly contend with multiple languages, nations, cultures, and laws
- 5. more formal change management process
- 6. tons of activities
- 7. with more activities it is difficult to get accurate cost estimates and schedules
- 8. more complex network diagram
- 9. more robust tracking and reporting techniques
- 10. multiple contracts
- 11. more risk
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developing a project charter requires
- 1. identifying stakeholders
- 2. meeting with stakeholders to confirm high-level project requirements, issues, risks, and project scope
- 3. defining product scope
- 4. defining project objectives and success criteria
- 5. documenting risks
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what do you need to create a project charter?
- 1. business case
- 2. project selection criteria
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project selection --> benefit measurement methods (aka Comparative Approach)
- 1. murder board (people who try to shoot down the idea)
- 2. peer review
- 3. scoring models
- 4. economic models
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project selection --> Constrained optimization methods (aka Mathematical approach)
- 1. present value
- 2. net present value
- 3. internal rate of return
- 4. payback period
- 5. benefit-cost ratio
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present value
the value today of future cash flows
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net present value (NPV)
- total benefits (income or revenue) minus the costs over many time periods.
- useful to compare projects
- if a positive investment it is good
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interal rate of return (IRR)
how much money will you get (interest) over time?
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payback period
number of time periods it will take to break even/recover your investment
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benefit cost ratio
- compares costing projects and to determine what work should be done.
- benefits are the same as revenues/payback
- greater than 1 means that benefits are greater than costs
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economic value added (EVA)
in terms of project selection, this concept is concerned with whether the project returns to teh company more value than its costs.
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