Define

Managing Changes to the Project:

Approvals Required - You need to have approval of sponsors and key stakeholders.

Forms Needed - Change request forms and approval forms.

Turnaround Times - Period of time for completing changes made to project.

Document Routing - Sending documents electronically among project members.

Communication Flow - Schedule regular meetings with sponsors and key stakeholders to update them on project progress and change request.

 

 

The Components of a Risk Management Plan:

Initial Risk Assessment - identifying and documenting the potential risk events that may occur on the project.

Risk Matrix - evaluates the severity of the impact to the project and probability that the risk will actually occur.

Risk Register - registry of all risks, along with additional information of risks (impact, risk score, response plan, probability, risk description, and risk owner)

Risk Response Strategies:

• Avoid - avoiding the risk altogether or eliminating the cause of the risk event.
• Transfer - moving the liability for the risk to a third party by purchasing insurance, performance bonds.
• Mitigate - reducing the impact or the probability of the risk.
• Accept - choosing to accept the consequences of the risk.
• Exploit - looking for opportunities to take advantage of positive impacts.
• Share - assigning the risk to a third party who is best able to bring about the opportunity.
• Enhance - monitoring the probability or impact of the risk event to assure benefits are realized.
• Stakeholder Risk Tolerances - make sure you understand the comfort level regarding risks of your stakeholders to prevent unintended consequences.
• Risk Probability - the likelihood that a risk event will occur.
• Risk Impact - amount of damage the risk poses to the project if it occurs.

 

 

Quality Managment Plan:

Cost-Benefit Analysis - compares the cost to produce the product or service to the financial benefit the organization stands to make as a result of executing the project.

Benchmarking - a technique that uses similar activities as a means of comparison.

Flowcharting - uses diagrams that depict the relationship of various elements in the project.

Cost of quality:

• Prevention costs - costs of keeping defects out of the hands of the customers (including quality planning, training, design review, contractor, supplier costs, and any product or process testing you perform).
• Appraisal costs - cost of activities performed to examine the product or process and make certain the quality requirements are met (including inspection, testing , and formal quality audits).
• Failure Costs - costs of activities needed if the product fails; cost of poor quality.
• Internal Failure Costs - when the customer requirements are not satisfied but the product is still in the control of the organization.
• External Failure Costs - when the product has reached the customer and they determine it does not meet their requirements.

 

Cost Management Plan:

 

 

Chart of Counts - lists of account numbers and description for each category of expense you will use on the budget.

Project Budget - established using the organizations chart of accounts and then documenting work effort, duration, equipment and material costs, and any other costs that may be incurred during the course of the project.

Cost Estimates:

• Bottom up - uses well defined data covers all estimate ranges, it is the most accurate but time consuming method; difference in accuracy -5% to +10%.
• Parametric - uses parameters in a mathematical model to predict costs; difference in accuracy -25% to +75%.
• Expert Judgment - knowledgeable project team members or subject matter experts who have experience on similar projects.
• Analogous Top Down Method - uses historical data from past projects along with expert judgment to create a big picture estimate; least accurate of all methods.

Cost Baseline - the total approved, expected cost for the project; it is used in the executing, monitoring, and controlling processes to monitor the project budget throughout the project.

 

Transition Plan:

Ownership - Who the owner of the product or service of the project is once its transitioned.

Transition Dates - When the product will be transitioned.

Training - Training needs and schedules.

Extended Support - Extended support schedules.

Warranties - Any warranty that may be applicable.

 

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