Then allocate the categorized projects in rank order to the categories according to the mix desired. The proposal documentation required by the customer is much different than that needed for the internal analysis.
For large military or space projects the preparation costs can run into the millions of dollars. Teaching Tips Most students will benefit from in-class examples to make the material come alive. Demonstrating the example in the text with a computer and a projector will help students understand the process and generate a lot of good questions. The other area that requires demonstration is the project selection process.
Students need to see the criteria in action and see how a real scoring model would work. A good way to accomplish these goals is to use the Pan-Europa Case Study as an in-class exercise. There are a couple of ways to approach this. The simpler process would be to have the students read the case in advance.
Then questions 1, 2, and 3 can be discussed with the class as a whole. Questions 4 and 5 can be addressed through pair-wise brainstorming discussed in the Teaching Tips for Chapter 1.
The student teams would take notes on their answers to these questions to then be discussed with the class as a whole. The result of this discussion would be used to come up with a class consensus view on the screens and criteria to be used for the project selection process. Then the students could go back to working in pairs preferably the same ones as before to apply the criteria and make their selections.
This whole process, depending on the vigor of the class would take hours. It is important for the instructor to circulate during the small group discussions to keep the students on track and answer their questions. This is particularly important as there are multiple questions embedded in Questions 4 and 5, and students will have a tendency to get hung up on one to the exclusion of the others. Depending on the size of the class, this technique may not keep enough of the students involved.
One way to address this would be to assign a team of students to each board member to assist them in establishing their position. Then the board member becomes essentially a spokesman for the group. A good reference case for this chapter follows: Boeing The Dreamliner Harvard.
This is an excellent strategy case and is so recent that it is reported in the papers and business magazines almost every week. A proposal should be responsive to the solicitation document that the buyer prepared during the solicitation process. Usually, a technical proposal will contain: 1 2 3 4. Question 2: Managers often judge selection criteria by their own narrow interests.
These could include their own advancement or sub-optimizing the products and processes of their own department. This bias clearly could be to the detriment of the overall corporate goals and well being.
Refer to Section 2. Some commonly used standards of judgment include: 1 Realism 2 Capability 3 Flexibility 4 Ease of use. Question 3: Refer to Section 2.
Both models are examples of nonnumeric models. Moreover, both models will tend to sustain an existing status quo and are subject to misuse in pursuit of hidden agendas of key stakeholders. The advantage of this model is that it involves little data and fairly obvious decisions. The disadvantage is that relying on it to solve problems may mask a long-term issue that needs to be solved in a manner other than firefighting.
Perhaps, for example, the plant needs to be moved to a different location to prevent frequent flooding. For example, a video rental chain that operates in physical stores might decide to add an Internet based ordering facility to stay competitive with Internet only operations.
Again the decision making process can seem simple, but the danger is similar to the operating necessity model. Question 4: Refer to Section 2. Question 5: Refer to Section 2. Q-Sort is a nonnumeric technique managers can use to evaluate comparative benefits associated with a list of potential projects. This type of selection model is useful when a goal has many potential alternatives for implementation. Which archeology projects would best illustrate the lifestyle of the cave dwellers that inhabited Colorado in the first millennium AD?
A company may use this method to evaluate several projects to choose from. The potential projects could be grouped by the level of strategic importance, then by cost, then by time required to complete.
Question Models, like projects, have characteristics that influence when a decision-maker should use the model. Models cannot make decisions for its user. Each model will provide a limited viewpoint about the reality it represents.
Although not specifically mentioned in the text, the following can be influenced as well: 1 The applicability of a model is one such characteristic that reflects the range of scenarios that the model can reasonably support.
The distortion may happen because many important factors have been left out of the model in order to make it easier to use or more understandable to the user.
Bad data will lead to a bad analysis. Question 7: Profitability models analyze a potential project using a single criterion—monetary return. Time value of money may or may not be included in this analysis. Real options models are based on the concept of investing now to create opportunities for the future. This model analyzes a potential project in terms of options it generates for a firm in the future.
The investment may or may not be profitable or beneficial in the near future. Question 8 Refer to Section 2. The models in this question fall into the general category of profitability models. Discounted cash flow method results in a definite solution. Discounted cash flow method does not ignore cash flows beyond the pay back period.
Discounted cash flow method is a model that includes discounting, does not ignore the timing of the cash flows and the time—value of money. Question 9: Refer to Section 2. A profitability model will assess the financial gain on the use of capital during a period of operations. Profitability models as a general class of models have advantages and disadvantages that include: Advantages: 1 They are simple to use and understand.
Disadvantages: 1 Except for risk factors, these models ignore other nonmonetary factors. Hence, decision makers are seldom able to recognize the impact of changes or errors in the values of parameters used in the models. Thus, these kinds of projects neither add value nor help in gaining competitive advantage in accordance with the goals of a firm. Question The discovery driven planning approach model funds a portion of the project and tries to determine two important aspects about the project: the critical assumptions and the cost of testing each assumption.
Question Refer to Section 2. A portfolio contains projects undertaken to support business goals. The eight-step project portfolio process of is as follows: 1 Establish a project council 2 Identify project categories and criteria 3 Collect project data 4 Assess resource availability 5 Reduce the project and criteria set 6 Prioritize the projects within categories 7 Select the projects to be funded and held in reserve 8 Implement the process.
Of the firms surveyed, about three-quarters of the firms are no higher than level 2 planned and fewer than 6 percent are above level 3 managed. It attempts to estimate the opportunity cost of implementing the project now versus deferring its execution to some time in the future. The cost of the project is reduced by deferring it and there may also be a reduction in uncertainty.
The profitability model is primarily a single criterion numeric model. The scoring models evaluate multiple criteria by converting their values to a normalized scale that facilitates making a holistic decision capable of using both numeric and nonnumeric variables.
Any scoring model can include profitability as a criterion, thus getting the best of both worlds. Question The window of opportunity approach seeks to determine the cost, timing, and performance specification of a new technology to find out if it can be useful to pursue development.
While the discovery-driven planning approach funds a portion of the project and determines if the critical assumptions of the project come out to be true. The analysis of these results allows the team to identify flaws in its strategies and make necessary changes before heavy rework has to be done, thus increasing costs and time.
The discovery-driven approach is often used in multiple phases of the project development to keep the project on track and under control. Question 1 Capital Investment with Discounted Cash flow: For short-term capital projects, the impact of discounting rates may be insignificant to the overall project. Discounting is a nonlinear algorithm that increases its impact as the duration of a project increases. On long-term capital projects, the discounting models can be quite elaborate and may even drive work plans by delaying one or more expenditures to increase return on investment.
For most applications suitable for such an analysis, the project manager should seek competent advice from someone who has demonstrated expertise in creating and manipulating these models.
Simulation models discussed later can also be used to estimate the probability of completing the project within a given time frame at a given cost. Some organizations will require that such analysis be included in proposals they receive from prospective bidders. Question There are several reasons why managers may underutilize selection models: 1 In many organizations, the project managers are self-taught, so they may be unaware of these techniques.
They believe that they get good enough results with the techniques they currently use. They may not want to give up their perceived power. Question Uncertainty models can be classified as one of the variety of models depending on how they are used. This could be cost, cash flow, schedule, customer satisfaction, or environmental catastrophe. The list is endless. Question Project management maturity measures the ability of an organization to manage projects.
When an organization can describe a project in terms of a compelling need for action, and when the called-for action will produce benefits in rough proportion to the costs of executing the project, nonnumeric selection models will often be adequate to approve the project. The compelling reason may be responding to an emergency situation like a flood. In other cases, numeric methods may be more appropriate as in a case where cost estimates can be obtained. The numbers indicate the order, or time frame, in which the projects are to be or were implemented, separated by category, if desired.
To identify and adjust the gaps in the categories, aspects, sizes, and timing of the projects To identify potential career paths for developing project managers, such as team member of a derivative project, then team member of a platform project, manager of a derivative project, member of a breakthrough project, and so on. This is not shown by the aggregate project plan.
Question The reason is that that sustainability not only covers profitability issues but also covers environmental issues and social issues. The metrics are yet to be developed to quantify the profits that sustainability achieves. Using this approach, however, the senior management team is able to express their strategic desires through the specific projects they select and monitor.
This ties together the day-to-day activities with the strategic point of view. Question The role of projects and their management is to execute the activities that will bring life to the corporate strategic vision. Using projects as opposed to functional organizations leads to a number of benefits including: 1 Lower costs 2 Better management of projects 3 Improved project success Question This system will give on-going visibility of the status of projects to important members of the senior management team.
This keeps senior management grounded in the problems associated with executing real projects. It ensures senior management support for the project results while exposing the talents of the project teams to them. Others probably were worried that the proposed solutions would only worsen the situation. Question Probably the authorities were less than honest in the past with some of the stakeholders.
Option 1 simply puts a band-aid on the problem by leaving the containers at their present location, albeit in a second shell. Most stakeholders would have probably viewed this as an unacceptable alternative. Option 2 is an example for insanity—doing the same thing over again and expecting a different result.
It will lead to know more than the people staring at you. Even now, there are many sources to learning, Project. Full download: pstehnik. Please choose whether or not you want other users to be able to see on your profile that this library is a favorite of yours. Finding libraries that hold this item You may have already requested this item.
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Meredith's newest edition of Project Management focuses on all facets of the steps needed to successfully manage a project - from planning and resources to budgeting and more.
Revisions for the 8th Edition include a more consistent writing style throughout, content updates in some chapters, additional examples of some concepts to make them easier to grasp, and improved visual elements to make the textbook and online resources easier to understand and navigate. Ferdman, Barbara R.
As soon as the trial was over he would resign, retire to London.
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