CH (4) Hot Topics Integration - Engineering Tracks · CH ( 4 ) Integration Management 1 2 Introduction For any management knowledge area, it's important to understand the process

Hot Topics

CH (4)

1

Integration

CH ( 4 ) Integration Management 1

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Introduction For any management knowledge area, it's important to understand the process involved. The integration knowledge area includes seven processes, as described in the book PMP® exam prep: Develop project charter, Develop project management plan, Direct and manage project work, manage project knowledge, monitor and control project work, perform integrated change control, and close project or phase. It's important to know that integration management is about pulling all the pieces of a project together into a cohesive whole.


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What is the process of integration management?

Develop project charter

Develop project management plan

Direct and manage project work

Manage project knowledge

Monitor and control project work

Perform integrated change control

Close project or phase


4

What is the Develop project charter process?

What are its outputs?

- Creating the project charter, which involves planning the project

at a high level to assess whether it is feasible within the given

constraints

- Outputs:

Project charter

Assumption log


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What is the develop project management plan process?

What is its output?

-The process of creating a project management plan

that is bought into, approved, realistic, and formal

- Output: project management plan


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What are the key output of the direct and manage work process?

Issue log

Deliverables

Work performance data

Change requests

Updates to the project management plan and project documents

Updates to organizational process assets


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What is the key output of the manage

project knowledge process?

The lessons learned register


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What are the key output of the monitor and

control project work process?

Change requests

Work performance reports

Updates to the project management plan and

project documents


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What are the key outputs of the close project or phase process?

A project manager must get formal acceptance of the project and

its deliverables, issue a final report that shows the project has

been successful, issue the final lessons learned, and index and

archive all the project records

Explain the project manager's role as an integrator.

Pulling all of the pieces o the project into a cohesive whole that

gets the project done faster, cheaper, and with fewer resources,

while meeting project objectives


10

What are the two major categories of project

selection methods?

Benefit measurement methods (comparative)

Constrained optimization methods

(mathematical)


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What are the economic measures for selecting a project?

Return on investment

Present value

Net present value

Internal rate of return

Payback period

Cost-benefit analysis


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Define present value ?

Define net present value (NPV).How is it interpreted?

- Present value: the value today of future cash flows

- Net present value: the present value of total benefits (income or

revenue) minus costs over many time periods

Generally, if the net present value of a project is positive, the

investment is a good choice-unless an even better investment

opportunity exists


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Define internal rate of return (IRR)?

How is it interpreted?

- The rate at which a project's inflows and outflows are

equal (i.e., the rate of return of an investment in a

project)

- The higher the IRR, the better


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Define payback period ?

How is it interpreted ?

The length of time it takes for the organization to recover its

investment in the project before it starts accumulating profit

Payback period is likely to be one of only several financial

factors used in selecting a project; in some case, the best

choice might be a project that has a longer payback period


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Define cost-benefit analysis ?

What is the result of this analysis ?

How is it interpreted ?

- Comparing the expected costs of a project to the potential

benefits it could bring the organization

- The benefit-cost ratio (BCR)

- The higher the BCR, the better


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What concept is concerned with whether the

project returns to the company more value

than the initiative costs?

Economic value added (EVA)


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Define opportunity cost.

Define sunk costs.

- Opportunity cost: the opportunity given up by selecting one

project over another (i.e., the value of the project not selected)

- Sunk costs: expended costs

Sunk costs should not be considered when deciding whether

to continue with a troubled project


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Define the law of diminishing returns.

Define working capital.

Law of diminishing returns: after a certain point, adding more input

will not result in a proportional increase in productivity

Working capital: organization's current assets minus its current

liabilities (e.g. the amount of money the company has available to

invest, including investing in project)


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What are the two types of depreciation?

Straight-line depreciation: depreciate the same

amount each period

Accelerated depreciation: depreciates faster

than straight-line depreciation


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What is a business case?

The justification for a project or initiative

Explain why the project was selected, how it fits into

the organization's strategic goals, and how it will

bring business value to the organization


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What is the purpose of a benefits management plan?

To capture the organization's desired benefits from a

project, whether economic or intangible, and how those

benefits will be maximized and sustained


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What are constraints?

What are assumptions?

Constraints: factors that limit the team's options, such as

limits on resources, budget, schedule, and scope

Assumptions: things that are assumed to be true but that

may not be true


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What is included in a project charter?

Project title and description

Project manager assigned and authority level

Business case

Preassigned resources

Key stakeholder list

Stakeholder requirements as known

High-level product description and key deliverables

High-level assumptions

High-level constraints

Links the project to the ongoing work of the organization

Project approval requirements

Overall project risks

Project exit criteria


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What is included in an assumption log?

An assumption log contains a list of all

assumptions and constraints that relate to

the project


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What is included in a project management plan?

Project life cycle

Project management process that will be used on the project

Development approach

Management reviews

Knowledge area management plans

Scope, schedule, and cost baselines

Requirements management plan

Change management plan

Change control system

Configuration management plan

Configuration management system


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What are baselines?

What three elements make up the performance

measurement baseline?

-The parts of the project management plan that are used to

compare the projects actual performance against planned

performance

-Schedule baseline

Scope baseline

Cost baseline


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What is a change management plan?

The change management plan describes how

changes will be managed and controlled


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What is a configuration management system?

What is the purpose of a change control system?

- Configuration management system:

Contains the organization̕ s standardized configuration

management tools,

Processes and procedures that can be used to track and control the

evolution of the project documentation

- Change control system: to track and control changes and includes

standardized forms, reports, processes, procedures, and software

Both of these are part of the project management information

system (PMIS)


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What is a configuration management plan?

A plan to make sure everyone knows what version of the

scope, schedule, and other components of the project

management plan are the latest versions

It defines the naming conventions, the version control

system, document storage and retrieval system, and how

you will manage the changes to the documentation


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What are project documents?

Any project-related documents that aren't part of the project

management plan, including:

Assumption log

Issue log

Cost and duration estimates

Lessons learned register

Project schedule and resource calendars

Quality reports

Resource requirements and requirements documentation

Any other such documentation


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What is a kick off meeting?

When does it occur?

- A meeting of the key parties involved in the project (customers,

sellers, the project team, senior management, functional management,

and the sponsor)to make sure everyone is‟ on the same page ˮ

- Before the develop project management plan process is completed


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What is a work authorization system?

The project manager̕ s system for authorizing

the start of work packages or activities

It ensures work is only started when a formal

authorization is given


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What is required for successful knowledge management?

What are the types of knowledge?

An organizational culture of trust in which the project manager

and stakeholders exchange knowledge without fear of judgment

Types of knowledge:

Explicit knowledge: fact-based, and can be easily communicated

through words and symbols

Tacit knowledge: includes emotions, experience, and ability, which

are more difficult to communicate clearly


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What do lessons learned describe?

What went right, what went wrong, and

what would be done differently if the

project could redone.


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What are change requests?

What are the three main categories of change requests?

Formal requests to change parts of the project after the

project management plan is approved

Corrective action, preventive action, defect repair


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What are corrective actions?

What are preventive actions?

Corrective: action taken to bring expected future project

performance in line with the project management plan

Preventive: actions taken to deal with anticipated or possible

deviations from the performance measurement baseline and

other metrics


37

What is defect repair?

Rework required when a component of the

project does not meet specifications


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What is a change control board?

Who might be on a change control board?

- The group responsible for reviewing and analyzing change

requests in accordance with the change management plan for the

project

May include the project manager, customer, experts, sponsor,

functional managers, and others

-For the exam, assume that most projects have change control

boards, with the exception of change –driven projects


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What steps are involved in the process for making changes to a

project?

Evaluate the impact: Evaluate

(Assess) the impact of the change on all aspects of the project

Identify options: this can include

Cutting other activities, compressing the schedule by crashing

or fast tracking, or looking at other options

Get the change request approved internally

Get customer buy-in (if required)

The End Thank You

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CH (4) Hot Topics Integration - Engineering Tracks · CH ( 4 ) Integration Management 1 2 Introduction For any management knowledge area, it's important to understand the process