BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE BSB41515 Certificate IV in Project Management Practice Day 1: Project Initiation Course structure 8-day program Attendance sheet Active participation Assessment portfolio Initiating projects Planning projects (2 days) Project leadership https://open.institute.pm Project delivery & close I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.1
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Initiating projects Project frameworks Alternatives analysis What is a project? Alternatives identification Projects v business as usual Feasibility analysis Project methodologies Cost estimation Opportunity definition The business case Project lifecycle Quantifying outcomes The triple constraints Organisational risk Project concept canvas Multi-criteria analysis OPEN Unit 1: Project frameworks Project frameworks What is a project? Projects v business as usual Project methodologies I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.2
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.1 What is a project? A temporary endeavour undertaken to create a unique product, service or result OPEN 1.2 Operations Projects I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.3
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.3 Projects Operations Temporary ary / / uniq unique Routi outine / / cy cyclic clic DISRUPTIVE CHANGE ORGANIC CHANGE Uncertai rtain pe n performanc rformance Based on Base on prec precedent Si Signific ificant pl ant planning anning Ro Routine pl ine planning anning Up-front f ront finance nance Self-fin Se -financing ancing New & Ne w & comple lex r x relati tionships onships Establi blished r hed relations onships ips OPEN 1.4 Projectised organisation I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.4
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.1 How well does your organisation manage projects? Discussion What are the benefits of a project methodology? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.5
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.8 Project methodology Common language Policies and processes Assets (templates) Definitions Make quicker decisions OPEN 1.8 Project methodology Assures project delivery Enables reliable estimates Optimises resources Reduces risk Solve problems faster I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.6
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.8 Project methodology Facilitates change Changing personnel Changing requirements Changing environment Realise opportunities OPEN 1.8 Project methodology Client satisfaction Reduces investment costs Improves staff morale Enhances reputation Keep promises I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.7
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.8 Project methodology Knowledge base Documents lessons learned Templates future projects Culture of project excellence Leverage success OPEN 1.8 Which is best? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.8
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.2 Why do we document our projects? Can we ever over-document projects? OPEN 1.9 Project assets (templates) I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.9
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN Unit 1: Project frameworks OPEN Unit 3: Alternatives analysis Opportunity definition Project lifecycle The triple constraints Project concept canvas OPEN 1.5 Project lifecycle I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.10
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.3 Reflect on a project you have recently contributed to How well did you (or the project team)… …test the project concept with stakeholders? …plan the project? …manage change during project delivery? …capture and communicate lessons learned? OPEN 1.6 The cost of change I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.11
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 1.7 The triple constraints Activity 1.4 When might a project have too much time or money? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.12
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.0 Project initiation Doing the project right Doing the right project OPEN 3.0 Project initiation I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.13
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.1 Opportunity definition Current v ideal state Link to the objectives of the organisation paying for it What outcomes / benefits What outcomes / benefits What is out of scope? do we need to have? would be nice to have? And when is the latest we can start? Who do we need to get involved from Day 1? Estimate range ±30-50% Authorise development of business case I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.14
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Upgrade office technology Improve efficiency and customer service Improve productivity Enable new service Office furniture channels Be scalable for growth Telephones Reduce energy costs Integrate with existing technology Start before end of financial year Office manager No more than 6 months to deliver IT manager IT consultants $50,000 - $80,000 Activity 1.5 The boss wants to honour high performing project managers in our organisation Prepare a project concept canvas for this opportunity Brainstorm benefits before you decide whether they are ‘must’ or ‘might’ have PRO TIP outcomes for your solution! I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.15
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN Unit 3: Alternatives analysis Alternatives analysis Alternatives identification Feasibility analysis Cost estimation OPEN 3.2 Alternatives identification I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.16
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.2 Alternatives What is the optimal way to realise this opportunity? OPEN 3.2 Creative thinking Critical thinking Alternatives identification Alternatives analysis Generating ideas Threshold feasibility Reflection Is this something people want? Brainstorming Is this something we can do? Secondary sources Organising ideas Is this something we can afford? Lists Is this something we are allowed to Mind-maps do? Flowcharts I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.17
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.6 Identify five (5) alternative ways to realise the outcomes identified in the project concept canvas OPEN 3.2 Feasibility analysis I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.18
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.2 Relative feasibility Questions to ask Other methods to use Do people want Option A Pros and cons more than Option B? SWOT analysis Is it easier for us to produce PESTLE analysis Option A than B? Is Option A more affordable than Option B? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.19
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.6 Project costs OPEN 5.5 Estimating project (output) costs Analogous estimates Parametric estimates Mean (average) Median Mode Three-point estimates I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.20
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 5.5 Problem… Past performance suggests that freighting a widget from New York to Hobart usually takes about 10 days; however, if the planets align correctly, it can arrive in as few as seven Once though, it actually took 25 days to arrive, and the project suffered as a result How much time should the project team build into their schedule to allow for the widget to arrive? OPEN 5.5 Three ‐ point estimate Best case – 7 days (t O + 4t M + t P ) t E = Most likely – 10 days 6 Worst case – 25 days (7 + (4 x 10) + 25) = 12 6 I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.21
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.7 We need to engage a consultant on a project, but don’t really know how much that is going to cost, so we reviewed similar projects to get a reliable estimate We found on a project of this type it usually costs around $7,500; although the true range of prices was $6,000 to $12,000 Using the three-point estimate formula, how much should the project team allow in their budget for consultancy? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.22
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE OPEN 3.7 Net financial impact OPEN 3.7 Ownership (outcome) costs Operating costs Strategic costs Infrastructure (eg rent) Repairs & maintenance Labour Operator training Materials Upgrades / scalability Power & water Decommissioning Insurances Interfaces (eg IT) I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.23
BSB41515 C ERTIFICATE IV IN P ROJECT M ANAGEMENT P RACTICE Activity 1.8 A new car costs $20,000 to purchase and $5,000 per year to operate A second-hand car costs $5,000 to purchase and $10,000 per year to operate Which is the better option over two (2) years? Which is the better option over four (4) years? OPEN 3.7 Net financial impact Post-project revenue less ownership (outcome) costs Profit / loss Annualise – if possible – to enable comparison What is the useful life of each alternative? I NSTITUTE OF P ROJECT M ANAGEMENT D AY 1.24
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