Chapter 5 & 6 ideas (Summary)

This is HW for the week of July 6-15 and 16-22.
The text book is "VERZUH, FAST FORWARD MBA in Project Management"
Page: 95 - 143

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Chapter 5: Risk Management


Since projects are executed one time and it has definitive goal and due date, there would always be risks that they can not completed or delay due to uncertainty of the matters. It is important for project managers to predict the risks at the certain level so that they can minimize the effect to the project schedule and quality.

When and How project managers can predict uncertain things? Project management has 2 phases; 1) definition, 2) Planing, the risk management is done in 2nd phase, planing.

The framework of risk management is as follows:
1. Identification of risks
2. Analyze and Prioritization
3. Development of response plans
4. Establish Reserves Or repeat 1-3.

{ Useful TIPS }
Application of Probability Theory
Monitoring - Risk Log

~ TBD ~

Chapter 6: Work Breakdown Structure - WBS

In planning stage of the project management, creation of WBS is the important process. The design of structure can affect the estimation on both cost and schedule of the total work of the project.  In short, WBS is the collection of primitive tasks which are necessary to finish the projects, thus,  identification of task as a manageable unit is very important. The WBS design should be top-down meaning summary to details, or main to sub tasks.  In companies the process is normally call “scoping out” to tasks, the accuracy of the scope depends on persons who know the portion of the work in detail.   Normally, to identify each major milestone and task toward the goal, the communication among project managers and functional managers is important. In my opinion, it is more effective to be coupled with product lifecycle process information.

Framework example

Product
-          HW development
-          SW development
-          Integration (Beta release)
-          Verification  completion

HW development: 
-          HW1 HW design review
-          HW2 Schematic  review
-          HW3 Layout review   {  Fab/SW integration/Unit test/Performance testHW4 Unit test review  }

SW development:
-          SW1 SW design review
-          SW2 Unit test plan review
-          SW3 Unit test result review
-          SW4 Dev test result review 

Integration (Beta release)  

Verification completion