Difference earned value actual cost
Planned Value (PV) - what the project should be worth at this point in the schedule. Think of this as the Budget for work
Earned Value (EV) is the value of the physical work that has completed to date
Actual Cost (AC) is the actual amount of money spent so far on the actual work that was completed
Difference fixed price vs cost plus contacts
Fixed (Sunk Costs)
Non-recurring costs – fixed to the project regardless of how project changes- even if we cancel
A cost-plus contract, also termed a cost reimbursement contract, is a contract where a contractor is paid for all of its allowed expenses to a set limit plus additional payment to allow for a profit.[1] Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred expenses.
What makes for effective communication
Planning – upfront brainstorming, generation of ideas, sharing
Execution – progress reports, audits
Completion – project summary review report
Post-completion – project analysis
How would pm determ team performance verse member performance
Has overall responsibility for the project and the performance of the Team
May (or may not) have input into project requirements, timeline, team-members, resources
Should have previous project experience – manager or key team-member Proven track record of past success Strong organizational skills Self-disciplined Effective communicator Interpersonal skills – deal with different types of people Company culture (political) skills
Influences and leads project team-members (as opposed to control)
May have to compete for resources with other projects or daily activities Driver Influencer Collaborator Judge Mediator
Performing
Group unity firmly established and work gets underway
A project team “culture” starts to form
PM needs to reinforce this culture early on to solidify it
Team-bonding activities – dinners, external events, rewards & recognition
Then celebrate successes during project progression (gates or phases
Assessing Team Performance
Different team involvement depending upon project phase, type of work, complexity of work, level of risk
Performance may be based upon the individual team member, resources available, time constraints, other priorities external to the project
Hint – assign WBS tasks by team-member - identify the performance objective for each WBS task – hold people accountable
Motivate your team
Publicly encourage personal and team effort
Learn what motivates each individual
Set team goals and associated rewards
Show personal interest and treat each team-member with respect – value their input on the project
Team dynamics, 4 stages of team dynamics
Project Team Dynamics (Tuckman’s model) Forming - coming together Storming – formal or informal “pecking order” Norming – establishing a group culture Performing – project work activity
In firms with long-tenure employees and a culture of respect & collaboration – typical to go from Forming directly into Performing
list risk management
Change in customer requirements
Design errors or omissions (E&O)
Project team miscommunication
Unskilled team-members
Scope Creep
Site conditions
Weather
Political changes
Economic changes
Internal Risks:
Can be better controlled
Can be easier to prepare for
Transparent to external customer
Can be better contained
External Risks:
Visible to the customer
Visible to the public
May be beyond ability to influence or control
May be difficult to fully contain
Risk tolerance
Low Tolerance
Cautious, strong central management, analytical, slow to act until all possible scenarios/options reviewed, become highly defensive is a risk occurs
High Tolerance
Acceptance that risk will occur, proactive preplanning, quick to act since contingencies in place, assigned authority to
