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Work Breakdown Structure (WBS) is one of the most important tools in Project Management. Understanding the project at a detailed level is the key to developing a roadmap to success. Remember that, by definition, projects in general are unique, complex, multi dimensional undertakings which require a variety of resources and a different set of management tools to monitor and control. Therefore understanding of a "one time event" is equivalent to being able to see into the future. Most large projects are usually entering uncharted territory which is why they carry so much risk. To mitigate this risk tools such as the WBS were developed to break the project down into smaller, more familiar or standard tasks which collectively add up to a new complex "project". Once the WBS has been broken down into smaller pieces of work it is then necessary to manage each of these smaller pieces the same way you would manage the project as a whole. In effect each work task is a "mini" project. Obviously it is easier to manage a small task which is only a few weeks in duration but when there are fifty or a hundred of these small tasks going on simultaneously is where the project management system must be ready. Organization structure and delegation of responsibility is key to being able to monitor and control large undertakings. Granting of authority and demanding accountability is a balance that many organizations struggle with. It is a difficult formula for success that is variable from project to project and organization to organization. Culture, politics, economy, environment, and technology are major variables that are often working against us. Project management tools have evolved over the years to mitigate these forces and gives us at least a fighting chance for success.
Would you plan at the top level of the WBS or the lower levels of the WBS? Why or Why not?
What would be the difference? Would you develop contingency plans at the work package level?
Explain a project in which you are currently involved planning a vacation, building an addition to your house
Prepare a closeout checklist for a project including details on what steps you need to take to close the project and your communication methods in doing so.
The ranking of projects differs on the use of IRR or NPV measures. Which project should be selected? Why is the IRR ranking misleading?
Project Management- Implement PPM for projects already in process - When a firm decides to implement PPM into its way of managing projects, one of the first questions that comes to mind is what will happen to those projects already in progress and/..
What are some implications of completing a project before the scheduled completion date?
What are the key sources of risk that you see in this project?
Explain how do you get started and what methods help in scheduling? Is there the same kind of team process involved as in building the WBS?
How does the new duration compare with the estimated completion date generated from Part 1? What does this tell you about the impact resources can have on a schedule?
Many financial analysts are very skeptical of the use of strategic considerations to justify a project.
Explain what is the relevant cost of the 220 kilograms of the raw material when deciding weather to proceed with the special project.
Explain why each of these factors is the driving force behind economic success.
What would be the expected outcome and If the approach does not work, what would be a back up plan.
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