Chapter 9 ideas

1.  Project managers must establish realistic expectations when it comes to the parameters of the project.  They must employ the definition and planning techniques to balance the project scope against the constraints of time, money, and resources.  Balancing can take place at any of the three different levels listed. At the project level requires making changes that keep the project on track for its original cost, schedule, and quality objectives.  If the project can’t achieve its equilibrium goals then the business case for the project must be reevaluated.  This is due to the relationship of cost goals to profitability goals and schedules are closely linked to the business case.  Late projects can contribute to financial penalties or missed opportunities for the firm.  Also changing features and performance levels of the product affects the quality, which affects the value of the finished product.  When the project and business case balance the projects to pursue in the collective of multiple projects becomes the enterprising decision.  Deciding which projects to employ first and sequentially becomes another balancing act. 

2.  There are many different ways to balance a project at the project level.  You can reestimate the project by checking your original assumptions in the statement of work and work package estimates.  You can change task assignments to take advantage of the float time.  Adding people to the project can be good or bad also.  Too few people will take more time and too many will cost more money and possibly take even longer.   Using experts from within the firm is one way to increase productivity.  A project manager wants to be careful not to incorporate too many ‘stars’ on the project team because they may very well be assigned to other projects.  They can be slowed down from other lines of work which is a negative aspect according to the firm level.  Experts can be used from outside the firm, but that can come with a price tag.  Even the project itself can be outsourced or just portions of it.  When evaluating all the measures for a particular project, it may be optimal for a firm to pass off the project to someone else then to complete it in house.  Crashing the schedule can compress the duration but has its expense setbacks.  Last one can employ overtime work loads.

3.  At the business case level the product scope can be reduced.  The objectives can be scaled down to fit an appropriate equilibrium structure.  The work breakdown structure would be the first place to decipher the actual savings figures.  Projects that have strict time constraints will use a fixed-phase scheduling method.  The scope of the project is reevaluated at the end of each phase.  Fast tracking involves overlapping tasks that normally are done sequentially.  Phased product delivery will introduce some form of limited use of the project before the actual completion date occurs.  The profit margins can be changed as well. This would be used to stay competitive with alternate bids.