systematic approach estimating the weaknesses and strengths of alternatives used to determine options that provide the best approach to achieving benefits while preserving savings

involves quantifying and comparing the benefits and costs associated with the project/decision

estimating the cost of individual components and then summed them up

starting with the total project cost and breaking them down to small parts

use statistical models based on historical data to estimate cost

measurable and quantifiable type of benefit

spending less money

making more money from sales

getting more work done in less time

harder to measure but still valuable

Intangible Benefits

measures the gain/loss on an investment relative to the amount of money invested

amount of time required to recover the cost of an invesent

measures liquidity and risks

helps in comparing projects

easy to use for initial screening of investments

useful for businesses with cash flow concerns

difference between the present value of cash inflows and outflows over a project timeline

it accounts for the time value of money

concern to all cash flows

provides a straightforward decision

compares the total expected benefits of the project to its total cost

helps determine whether the benefits outweigh the costs, providing a clear measure of profitability/value

oversees the project from initiation to closure

responsible for planning, execution, monitoring and closing of the project

individuals/groups impacted by the project, including end-users, clients and sponsors

they carry out tasks required to complete the project

they're the designers, developers, analysts, etc.

senior parties who provide the resources and support for the project

the powerful tool used to clarify roles and responsibilities for specific tasks/deliverables

who actually performs the task

responsible for the correct and completion of the tasks(typically one person)

whose opinions are sought

usually the SMEs and may provide meaningful insights/feedback to the project

kept in loop and informed about progress/decisions

may not be directly involved in the tasks but need updates

ability of an individual to administer and coordinate a group of individuals to perform a task

involves teamwork communication

manager's ability to organize and coordinate team members

process of predicting the total financial resources required to complete the project

involves assessing the costs of materials, labor, equipment and other resources

process of distributing available resources like time, money, personnel and technology

ensures that resources are directed to where they're most needed to maximize productivity and outcomes

crucial 1st step in risk management process

involves systematically identifying potential risks that could make negative impacts

address threats and allows proactive risk management and mitigation

team members generate ideas about risks

encourage diverse perspectives

fosters collaboration and creativity

identifying broad range of risks without constraints

internal capabilities to help mitigate risks

internal limitations what may expose an organization to risks

external factors that may be leverage as an advantage

external challenges that could harm a system

identifies underlying causes of risks to develop effective mitigation strategies

helps prevent future occurrences of identified risks

FMEA is?

Ishikawa/Fishbone

structured list of potential risks based on past projects /industry standards

regularly updated and ensures comprehensive coverage of common risk areas

systematic process of evaluating potential risk that could negatively impact an organization's objective

used to determine the likelihood of risks occurring and their potential impact-enabking unforced decision-making

actions taken to address identified risks and minimize their impact

help in minimizing the impact of risks on projects/operations

manage risks by choosing the appropriate response

changing plans, alternatives, elimination technique

reduce the likelihood of impacts/risks

reduce the severity of risks

shifting risk to 3rd party

limits financial exposure and liability

acknowledging risks and accept their consequences

focus resources on more critical risks

continuous process of tracking identified risk, monitoring residual risks and identifying new risks

ensures risk responses are effective and risk management plan is still relevant

tool used to document identified risks, their assessmentsand strategies for mitigating them

provides comprehensive overview of risks(ensures they are monitored and manages effectively)

preparing for unexpected events by developing backup plans

ensures business continuity and minimize disruptions

interactive process of exchanging information

helps stakeholders make informed decisions

project management tool used to analyze and represent tasks

helps in planning and coordinating large projects by identifying the necessary tasks

flexible planning approach used in agile project management that prioritize iterative development and adaptability

delivering work in small, manageable increments

emphasizes collaboration, continuous improvement and delivery of high-value features

project management technique to define significant points/events within a project timeline

key indicators of progress and used for tracking tasks

Types of Milestone Planning(4)

marks the official begging and completion of projects

completion of significant outputs/deliverables

completion of specific phases/stages of the project

specific approvals are required from stakeholders/project sponsors

allocating fixed time period for specific tasks/activities

helps focus on task completion within a set time frame

adjusting the project schedule to minimize resource over-allocation

Goal of the Resource Leveling

adjusting activities without affecting the project duration

Goal of the Resource Smoothing

amount of time that a task can be delayed without affecting the overall project timeline