week 3 project integration management.docx

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Project Integration Management"Please respond to the following by creating your own thread to the discussion.

Discuss the various methods for selecting projects. Which method(s) would you choose to

support your recommended project selection to senior management? Defend your response.

Projects are started for a variety of reasons therefore, each project should have clear

rationalization and methods to show if it is worth taking the risk. Key project selection reasons

includes areas such as, strategic goals of the organization, market need, technologicaladvancement, competitive advantage, profitability, and project/portfolio management office

(PMO.

These are two widely used selection for a project, Benefit Measurement Methods (Comparative

approach) and Constrained Optimization Methods (Mathematical approach). Sometimes both of

these are used to arrive at a decision about a project selection and benefit measurement method ismost commonly used.

Benefit measurement methods are based on measuring the benefits in taking up the project, and

comparing the results against other projects or a strategy benchmark Such as, Cost-Benefit

Analysis, Scoring Models, Economic Models, Discounted Cash Flow (DCF), Net Present Value

(NPV), Internal Rate of Return are different types under Benefit measurement methods.

Constrained optimization methods uses a more complex mathematical calculation based on

different worst/best case scenarios and probability of outcome and then selecting project on best

results.

Chosen Project Selection Method:

Cost-benefit analysis (CBA) provides a means for systematically comparing the value of

outcomes with the value of resources achieving the outcomes required. It measures the economic

efficiency of the proposed technology or project. When all else is equal more efficient projects

should be chosen over less efficient ones. When there are many options to consider during a

decision-making task, it is useful to evaluate the options with a common metric. Cost-benefit

analysis refers to any type of structured method for evaluating decision options.

Our understanding of costs and benefits is sometimes inadequate, however, when the alternatives

are complex or the data uncertain. Then we need formal techniques to keep our thinking clear,

systematic and rational. These techniques constitute a model for doing benefit-cost analysis.They include a variety of methods:

identifying alternatives; defining alternatives in a way that allows fair comparison; adjusting for occurrence of costs and benefits at different times; calculating dollar values for things that are not usually expressed in dollars;


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coping with uncertainty in the data; and summing up a complex pattern of costs and benefits to guide decision-making.

Technology Evaluation Cost Benefit Analysis Methodology

http://www.urenio.org/newventuretools/cba/cba_methodology.html

Please respond to the following by creating your own thread to the discussion.

Discuss the difficulty of IT project execution and support why executing a plan can bedifficult. Describe one or two (1 or 2) project management tools or techniques that could

have been helpful in executing the plan in the example you used.

The Project Managers responsibility does not end once the planning of the project is completed.

Project Managers are responsible to internal and external stakeholders, the project team, vendors,

executive management, etc. Many of these people will now expect to see and discuss theresulting deliverables that were so meticulously detailed in the Planning Phase.

There are many reasons why the Execution Phase is challenging. The IT Project Plan ExecutionProcess ensures that planned project activities are carried out in an effective and efficient way

while ensuring that measurements against project plans, specifications, and the original project

feasibility concept continue to be collected, analyzed and acted on throughout the projectlifecycle. Without a defined project execution process each project team would execute projects

using their own best practices, experience, and methods; allowing certain control, tracking and

corrective action activities to be missed.

Project execution relies heavily on the plans developed in the Planning Phase. There is already

enough work to do within the Execution Phase of the project, therefore, having to reinvent waysof dealing with risk, change requests, training and resource issues, and other such obstacles to

progress are impractical and undesirable. It is also critical during the Execution Phase that the IT

Project Manager supports and monitors the execution of other important project plans such as the

Communications Plan, the Risk Plan and Procurement Plan via daily interaction with the project

team and stakeholders.

Project risk can be defined as an uncertain event or condition that, if it occurs, will have apositive or a negative effect on a projects objectives. Some very comprehensive guidelines and

procedures for managing risk are available from many sources. For example, the Project

Management Institute describes the following summary process to managing project risks:

1. Plan risk management.2. Identify risks.3. Perform qualitative risk analysis.4. Perform quantitative risk analysis.5. Plan risk responses.
http://www.google.com/url?sa=t&rct=j&q=what%20is%20cost%20benefit%20analysis%20methodology&source=web&cd=4&ved=0CD0QFjAD&url=http%3A%2F%2Fwww.urenio.org%2Fnewventuretools%2Fcba%2Fcba_methodology.html&ei=Xah4UfTcHur12wXT_IGADg&usg=AFQjCNFX729VBE-LrJmJAdU56YxgM9BZrQ&cad=rjahttp://www.google.com/url?sa=t&rct=j&q=what%20is%20cost%20benefit%20analysis%20methodology&source=web&cd=4&ved=0CD0QFjAD&url=http%3A%2F%2Fwww.urenio.org%2Fnewventuretools%2Fcba%2Fcba_methodology.html&ei=Xah4UfTcHur12wXT_IGADg&usg=AFQjCNFX729VBE-LrJmJAdU56YxgM9BZrQ&cad=rja


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6. Monitor and control risks.Following are the two project management tools that could have been helpful in IT project

executing the plan.

1. Project Risk Management Tool: All IT projects have constraints, and these need to bedefined from the outset. IT Projects have resource limits in terms of people, money, time

and equipment. While these may be adjusted, the project manager considers them fixed

resources. These constraints form the basis for managing the project. IT Project managers

identify, categorize, prioritize, plan, and track the risk in a project using the project risk

management plan template. The project risk management plan template provides a

comprehensive template for outlining the strategic process to ensure that the level, type,

and visibility of risk management are commensurate with both the risk and the

importance of the project.

2. Performance Monitoring Tool: Implement an execution plan to measure actualperformance as compared to planned performance. For example, actual IT project

schedules will need to be reviewed periodically and compared to baseline schedules in

order to discern if the project is performing according to plan. If the IT project is not

performing according to baseline, steps will be taken to get the project back on track. The

same monitoring and analyzing should take place on budgets, quality, risks, scope, etc.

Microsoft Project is the de facto standard for project tracking. This standalone softwareoffers comprehensive project management and is popular in corporate settings.

A Gantt chart tracks roles, timelines, milestones and task dependencies, so everyoneunderstands what is expected, when it will be completed, and how parts of a projectinterrelate.

Wiesenfelder, H. Project Monitoring Tools eHow.com

http://www.ehow.com/facts_4796458_project-monitoring-tools.html#ixzz2RRi1ZjGH

http://www.ehow.com/facts_4796458_project-monitoring-tools.htm

Hamilton,G., Byatt,G.,& Hodgkinson,J. (2011) (CIO) Risk management and project

management go hand in hand ... - CIO

http://www.cio.com.au/article/385084/risk_management_project_management_go_hand_hand/
http://localhost/var/www/apps/conversion/tmp/scratch_10/Project%20Monitoring%20Tools%20%20eHow.comhttp://www.ehow.com/facts_4796458_project-monitoring-tools.html#ixzz2RRi1ZjGHhttp://www.cio.com.au/author/48203244/gary-hamilton-gareth-byatt-and-jeff-hodgkinson/articleshttp://www.google.com/url?sa=t&rct=j&q=what%20are%20project%20risk%20management%20tools&source=web&cd=40&cad=rja&ved=0CI4BEBYwCTge&url=http%3A%2F%2Fwww.cio.com.au%2Farticle%2F385084%2Frisk_management_project_management_go_hand_hand%2F&ei=rq14Uf76FYWH2AX56IDoAg&usg=AFQjCNFv-H7KeArFvBzR6M4Z_89QPbbrFAhttp://www.google.com/url?sa=t&rct=j&q=what%20are%20project%20risk%20management%20tools&source=web&cd=40&cad=rja&ved=0CI4BEBYwCTge&url=http%3A%2F%2Fwww.cio.com.au%2Farticle%2F385084%2Frisk_management_project_management_go_hand_hand%2F&ei=rq14Uf76FYWH2AX56IDoAg&usg=AFQjCNFv-H7KeArFvBzR6M4Z_89QPbbrFAhttp://www.google.com/url?sa=t&rct=j&q=what%20are%20project%20risk%20management%20tools&source=web&cd=40&cad=rja&ved=0CI4BEBYwCTge&url=http%3A%2F%2Fwww.cio.com.au%2Farticle%2F385084%2Frisk_management_project_management_go_hand_hand%2F&ei=rq14Uf76FYWH2AX56IDoAg&usg=AFQjCNFv-H7KeArFvBzR6M4Z_89QPbbrFAhttp://www.google.com/url?sa=t&rct=j&q=what%20are%20project%20risk%20management%20tools&source=web&cd=40&cad=rja&ved=0CI4BEBYwCTge&url=http%3A%2F%2Fwww.cio.com.au%2Farticle%2F385084%2Frisk_management_project_management_go_hand_hand%2F&ei=rq14Uf76FYWH2AX56IDoAg&usg=AFQjCNFv-H7KeArFvBzR6M4Z_89QPbbrFAhttp://www.cio.com.au/author/48203244/gary-hamilton-gareth-byatt-and-jeff-hodgkinson/articleshttp://www.ehow.com/facts_4796458_project-monitoring-tools.html#ixzz2RRi1ZjGHhttp://localhost/var/www/apps/conversion/tmp/scratch_10/Project%20Monitoring%20Tools%20%20eHow.com

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