Project Management 2

Project Schedule

an output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.

The project schedule includes

a planned start date and planned finish date for each activity

Milestones

are similar to regular schedule activities, with the same structure and attributes, but they have zero duration because milestones represent a moment in time

a stakeholder

someone who lives in the area of project but doesn't know about it is also a stakeholder, it's the team's job to inform them about it, eg. a client/ sponsor, might be interested in a success or not

direct cost

directly connected to the project, eg. rent of the conference room, experts accomodation

indirect costs

operational stuff, organization, rent for office

contribution

financial/ no financial eg. People, equipment, materials, etc.

Calculation - possible mistakes, failures

Time pressure, Internal/external pressure, Limited information, Optimism vs pessimism, Cost volatility over time, Risk, Errors, Limited participation in the budgeting process, No documentation, No checklists, No actualisation

How can we measure project profitability?

payback period, discounted payback period, break-even point, net profit value, internal rate return, profitability index, ROI return on investment

Risk

an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality

Process = step-by-step check-list

Identify risks, Evaluate probability, Evaluate impact, Document, Define action plan and/or contingency plan, Manage actions, Evaluate results, Repeat at weekly project meetings

Risk reactions

AVOID: eliminate threat by eliminating the cause, TRANSFER: shift responsibility to third party, MITIGATE: reduce probability and/or impact, ACCEPT: accept and create contingency reserves

Risk Management Actions

Preventative actions, Corrective actions

Risk appetite

which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.

Risk tolerance

which is the degree, amount, or volume of risk that an organization or individual will withstand.

Risk threshold

which refers to measures along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk.

individuallism vs collecitivism

Individualism stresses individual goals and the rights of the individual person. Collectivism focuses on group goals, what is best for the collective group

power distance

refers to the relationship between those in power and the subordinates in a society where lower ranking individuals depending on the high or low power distance culture react to that authority

Feminity/ Masculinity

diversity of gender roles

is how cultures differ on the amount of tolerance they have

Indulgence vs restrained

Indulgence stands for a society that allows gratification of basic and natural human drives related to enjoying life and having fun. Restraint - society that suppresses gratification of needs and regulates it by means of strict social norms

High Context of culture

Japan, Korea, China,

Low Context of culture

Germany, France, America