In Search Of Excellence In Project Management

In Search Of Excellence In Project Management

ENGR 281 Engineering Scholars Program Project Management Overview K. F. Reinschmidt J. L. Frank / Marathon Ashland Petroleum LLC Chair in Engineering Project Management [email protected]

Projects exist to add value For society. For your client or customer. For your firm. For you. Project managers maximize project value. Three Basic Things You Will Find

Useful to Know: How your client or customer makes money. How your firm succeeds by adding value to your client or customer. How your project succeeds by adding value to your firm and to your client or customer. Know how to read your customer. Elements of a Project Opportunity Recognition

Project Definition Front-End Engineering Approval Detail/ Engineering

Procurement Construction Installation Operation/ Production Value

Capture Project Life Cycle Overview

Identify an opportunity to provide a product, a service, or a capital project. Define the project conceptually. Form the initial project development team. Write a business plan for the firm, project, product, or service. Define the project Statement of Work (SOW). Identify the required or estimated completion date. Identify project milestones and prepare a management-level schedule with decision points.

Project Life Cycle Overview Estimate project development costs top-down, parametrically, by analogy, etc. Forecast project benefits (tangible and intangible),

revenues, etc. Forecast project operating costs labor, materials, other variable factors. Develop a financial plan. Forecast cash flows and cash requirements throughout the project life cycle. Identify project risks business, technological, regulatory, etc. Project Life Cycle Overview

Assess risks qualitatively; identify potential showstoppers. Identify methods to avoid or mitigate any showstoppers or terminate the project. Calculate project net Present Value, Internal Rate of Return or other measures of success.

Repeat above steps until the project is economically feasible or terminate it. Identify off-ramps how to exit the project. If the project is successful. If the project is not going to be successful. Project Life Cycle Overview

Identify sources of project funding clients, personal equity, corporate, banks, venture capitalists, etc. Obtain funding or revise the project and the financial plan as necessary to get funding. Form an Integrated Project Team for project execution. Set up timely accounting and reporting methods to report costs and progress (earned value).

Project Life Cycle Overview Update and refine the SOW.

Determine level of engineering, design, and other resources needed. Revise the conceptual cost estimate. Set cost and schedule contingencies (management reserves) based on risks. Develop a sense of common purpose in the project team Project Life Cycle Overview

Assemble the engineering design team. Define the Work Breakdown Structure (WBS) and WBS Dictionary. Institute a change control (configuration

management) process. Prepare the project network schedules. Determine the project critical path or paths. Assess remaining risks quantitatively and identify major risks or common causes. Project Life Cycle Overview

Identify risk mitigation and risk management actions. Prepare the project Risk Management Plan. Determine the project organizational structure (fully projectized, functional, matrix, etc.) Prepare the Project Execution Plan. Identify available resources and resource

constraints. Set up the project Quality Assurance Program and issue the Quality Assurance Plan (QAP). Establish metrics for quality control (Six Sigma). Project Life Cycle Overview

Perform preliminary engineering design and bottom-up engineering estimate based on WBS. Integrate the WBS cost estimate with the network schedules (resource load the networks). Forecast the Budgeted Cost of Work Scheduled (BCWS) for the project duration. Obtain quotes or bids from vendors, suppliers, and subcontractors. Perform make or buy

calculations. Identify delivery dates for significant equipment. File for and obtain all necessary permits. Project Life Cycle Overview

Pass periodic management decision points based on updated costs, benefits, and financials. Assure that all project participants communicate. Establish approved Budget at Completion (BAC) (plus management reserve or contingency). Manage by walking around. Review vendor drawings and specifications. Project Life Cycle Overview

Assure that all supplier and subcontractor networks interface to the master project network. Revise networks to meet cash flow, equipment delivery, and other resource constraints. Assure that engineering, procurement, and manufacturing (or construction) work together to develop a feasible plans, schedules, and information interfaces

Project Life Cycle Overview Monthly or weekly during the project life cycle: Recompute critical path and floats. Follow up if there are negative floats. Determine earned value and Budgeted Cost of Work Performed (BCWP), Schedule Variance (SV) or Schedule Performance Index. Follow up if SV < 0 or SPI < 1. Determine accrued costs and Actual Cost of Work Performed (ACWP), Cost Variance (CV) or Cost Performance Index (CPI). Follow up if CV < 0 or

CPI < 1. Project Life Cycle Overview Monthly or weekly during the project life cycle: Forecast Estimated Cost at Completion (ECAC). Follow up if ECAC > BAC + management reserve. Conduct weekly or monthly project review meetings with the integrated project team (IPT), client, vendors, and subcontractors. Daily during the project life cycle: Assure that all project members are

communicating. Project Life Cycle Overview Perform detailed engineering design and revise

engineering cost estimates. Prepare bid packages for subcontractors and suppliers. Review bids and select vendors. Expedite vendors as required to meet the schedule. Disperse funds (accounts payable). Prepare startup plan and turnover schedule. Project Life Cycle Overview

Prepare punch lists. Start up facility and turn over to users/operators.

Complete project cost accounts. Prepare as-built drawings and documents for turnover. Conduct post mortem on lessons learned. Collect final payment. Close out project. Celebrate. Start new project. New: Certificate Program in

Project Management Certificate Program in Project Management Requirement: Complete 12 semester credit hours On Graduation: Receive Bachelor of Science degree from home engineering department. Receive Certificate in Project Management.

Certificate Program in Project Management Course in Engineering College: CVEN 333 ISEN 333 MEEN 333 (cross-listed) Project Management for Engineers Course in Mays College of Business MGMT 363 The Management Process Certificate Program in Project Management Approved Technical Electives (Select 1 or 2)

CVEN 349 Civil Engineering Project Management

CVEN 405 Managing Construction Projects and Project Risks CVEN 473 Engineering Project Estimating and Planning CPSC 431 Software Engineering CPSC 437 Engineering Software Projects INEN 303 Engineering Economic Analysis INEN 411 Engineering Management Techniques INEN 489 Decision Making for Engineers

PETE 400 Reservoir Description PETE 403 - Petroleum Project Evaluation Certificate Program in Project Management Approved Business Electives (Select 0 or 1) MGMT 372 Managing Organizational Behavior MGMT 373 Managing Human Resources MGMT 424 Organizational Design, Change and Development

MGMT 452 International Management MGMT 460 Managing Projects Certificate Program in Project Management Other Courses as Approved For more information, contact: Project Management Certificate Program Coordinator Engineering Academic Programs Office

Any questions ? Project Life Cycle Overview K. F. Reinschmidt

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