IT Projects starts from a project charter which once created lists projects goals or need or identification of a problem. Next step is project planning where I as Project Manager would work with project team to plan on the next steps for successful delivery and deployment of the project. Once the project is kicked off I would work with the teams as per the project plan to create the deliverables as need be for the project. During the project execution I would also monitor and control the various factors for the project such as project timelines, project financials, scope of work, quality, risk, etc. Once all the different phases of projects are successfully executed and at the end of the project, project closure takes place with alignment to …show more content…
Project scheduling is defined based on project tasks, deliverables and project deadline. I would work with project team to have estimates for the tasks with duration and create project timelines along defined priorities of project tasks. Various estimation processes such as Cosysmo, function point, Program Evaluation and Review Technique, etc. can be used to come up with estimates for the requirements of the project.
The project cost is calculated based on Internal and External labour efforts and other expenses such as software licence, professional services, training needs, travel and hardware/other materials required for the project. It helps in getting the budgets approved from the management and project sponsor. Cost/Benefit analysis helps a lot to understand the strength and weaknesses of proposed solutions, functional business requirements or investments in the project to help justify the project spend and alignment to IT project goals as per the organisation
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This is very much critical for evolving software product and customization required on the product.
To facilitate the project manager in various tasks related to project management there are many tools available. These can be from Project Management Plan, centralized team communication/emails, defect/issue logging, workflow management tools, etc. Using these tools help the project manager track the progress of various activities along with documenting the required artefacts needed during the lifecycle of the project.
Throughout the project lifecycle communication with all relevant stakeholders is very important and project manager comes up with communication plan and statuses to ensure right information is shared with the right team at the right time. Project reports can be used as a platform to help communicate to the teams on the heath of the project along with reporting any key risks/issues to be brought to the teams notice and next steps on the project action. Reporting can vary from Steering Committee presentations to weekly status reports to weekly/adhoc meeting reports. All would have a specific usage in the effective message/information to be sent/shared to required
was based on estimation, cost control, contracts and procurement. This class was very important for me as I got to know about gantt charts, logic diagram, price of estimate, Project Risk, Payback Period and risk analysis. Gantt chart is a graphic display of the output on a time scale. It also shows the amount of work done or production completed in certain periods of time in relation to the amount planned for those periods. I also came to know that Senior management must create a corporate culture that supports project management and demonstrates faith in the methodology. If this is done successfully, then project risk can be prevented. I also understand the importance of payback period. payback period is the exact length of time needed for
...t allows the project manager to keep the project on schedule and on budget if there is any deviation noticed in the project plan. Earned value analysis is another tools used to measure project progress using variance in schedule, cost, and budget to identify deviations in the project plan and allows the project manager to align the project with the project plan (Lewis, 2011).
The importance of project management lies the foundation in successful completion of the project. There is a great difference between project management and the ordinary management, which is explained in the flow chart in figure 2.
Cost-benefit analyses help us to decide whether to undertake a project or decide which of several projects to undertake, look at the objectives of the project, identify before and after actions of the success of the project and look at the estimates of the resources required to carry out the project.
Time-phased project work is the basis for project cost control. Work package duration is used to develop the project network. Further, the time-phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project. The time-phased budgets are to emulate the real cash needs of the budget, which will be used for project cost control. This information is useful to estimate cash outflows. The project manager's attention is on when the costs are to occur, when the budgeted cost is earned, and when the actual cost materializes. This information is made up to measure project schedule and cost variances (Gray & Larson, 2005). The following are typical types of costs found in a project:
The cost benefit coincides with the decision making process in which the company will at the end determine which investment is idea. These two functions are that can lead to the relevance and decision making when it time for decision making in a project
Joseph Phillips’ article “Project Management Definition and Solutions” published on cio.com explains the basic principles of IT project management and why IT projects fail. All temporary ventures taken to create unique services or products, also known as projects, travel in the five phases that make up the project management lifecycle. These phases are: (1) initiating, (2) planning, (3) executing. (4) monitoring and closing, and (5) closing (Phillips, 2014).
Project managers must take cost estimates seriously if they want to complete software projects within budget constraints. After developing a good resource requirements list, project managers and their software development teams must develop several estimates of the costs for these resources. There are several different tools and techniques available for accomplishing good cost estimation.
Kent Beck, the project leader will find using the WBS to make complex projects more manageable as it is designed to help break down projects into manageable chunks that can be effectively estimated and supervised. By creating a WBS include several benefits. For example it can help assist with accurate project company, helps with assigning responsibilities, shows the control points, project milestones, and allows for more accurate estimation of the triple constraint (cost, risk, and time) therefore helping to explain the project scope to stakeholders.
Time, cost and quality constraints relating to project management are interdependable and mutually exclusive. Hence a company should have a well-planned project scheduling to enjoy the fruits of time and cost related benefits. Scheduling hones the productivity and performance of an organization through customized management [2].
Cost Analysis is an aspect of estimation that applies both formally and informally to the aspect of costing. Cost analysis is a formal discipline used to help appraise, or assess, the case for a project or proposal, and is an informal approach to making decisions of any kind. It is ultimately an economic tool to aid in logical decision making. In the case of construction cost estimates, the next step would be the cost analysis process. The sole purpose is to determine if the completed estimates are reasonable. Usually comparisons are made with similar projects done in the past to see if the number are within the same vicinity of each other. Though the estimates may differ from case to case, if the cost estimate is significantly higher or lower than the normal ra...
Therefore, I will need to use the following types of cost estimate documents, in order to start this tedious yet important process. First, I would use a rough order of magnitude (ROM) estimate especially since it will provide an approximation of the project cost. This is a great document to use very early in the project, in order to create a project selection decision (Schwalbe, 2011).
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan
It is important to have the whole team involved and every team member should about the status of the project and identify there responsibility towards the project success.