Chapter Review - part 2

Chapter Review - part 2

CHAPTER 7

PROJECT COST MANAGEMENT

In this chapter, I have learnt the importance of project cost management. It also explains the basic principle, concept, and terms.
Furthermore, there are several types of cost estimates and methods for preparing them which is Rough Order of Magnitude, Budgetary, and Definitive.
Moreover, in this chapter, it includes the benefits of earned value management and project portfolio management in order to assist in cost control.
What is the earned value management? Earned value management (EVM) is a project performance measurement technique that integrates scope, time, and cost data.
The basic principle in EVM, which is baseline (original plan plus approved changes) we can determine how well the project is meeting the goal.

CHAPTER 8

PROJECT QUALITY MANAGEMENT

Under this chapter, I’ve learnt the importance of project quality management for information technology products and services.
For your information, many people joke about the poor performance and quality of IT products.
The people seem to accept systems being down occasionally or needing to reboot their PCs.
Moreover, in this chapter includes the relationship between quality and other various aspects in information technology projects.
I’ve also learnt several tools and techniques for quality control, such as Pareto analysis, statistical sampling, six sigma, quality control chart and testing.
One of the examples is Pareto analysis.
Pareto analysis also called the 80-20 rule, which mean that 80 percent of problems are often due to 20 percent of the cause.
To put in conclusion, this chapter tells us the project quality management ensure that project will satisfy the needs for which it was undertaken.

Chapter 9

PROJECT HUMAN RESOURCE MANAGEMENT

In this chapter, it explains the importance of good human resource management on projects, including the current state and future implication of the global IT workforce.
This cahapter also have elaborated the definition of project human resource management and understanding of its processes.
It includes the summary of key concept by understanding the theories of Abraham Maslow, Frederick Herzberg, David McClelland and so on.
In Maslow hierarchy of needs, he argues that humans possess unique qualities that enable them to make independent choices, thus giving them control of their destiny.
He developed a hierarchy of needs that states that people’s behaviors are guided or motivated by sequence of needs.
This chapter also includes the human resource planning and be able to create a project organizational chart, responsibility assignment matrix, and resource histogram.

CHAPTER 10

PROJECT COMMUNICATION MANAGEMENT

In this chapter, I’ve learnt the importance of good communications in project.
It also explains the elements of project communication planning including how to create
a communication management plan and perform a stakeholder communication analysis.
Also, this chapter has elaborated various method for distributing project information and the advantages and disadvantages of each,
as well as discuss the importance of addressing individual communication needs and calculate the number of communication channels in project.
I’ve also learnt the main output of performance reporting help stakeholder stay informed about project resource. Moreover,
this chapter includes various methods for improving project communications such as managing conflict, running effective meeting, using e-mail and other technologies effectively.

CHAPTER 11

PROJECT RISK MANAGEMENT

Under this chapter, I’ve learnt the understanding what risk is all about and the importance of good project risk management. It also discusses the elements involved in risk management planning and the content of a risk management plan. In project risk management, there are two types of risk which is good risk (give the great impact to the project) and the other one is bad or negative risk. Moreover, this chapter elaborated the qualitative risk analysis process and how to calculate risk factor, probability/impact matrix and the top ten risk item tracking technique to rank risk. This chapter also explains the quantitative risk analysis process and how to apply decision tree, simulation, and sensitivity analysis to quantify risks. There are several methods or identification in order to identify the risks for example brainstorming, Delphi technique, interviewing and S.W.O.T analysis. A risk register is a document that contains the results of various risk management processes and that is often displayed in a table or spreadsheet format.

CHAPTER 12

PROJECT PROCUREMENT MANAGEMENT

In this last chapter, I’ve learnt the importance of project procurement management and the increasing use of outsourcing for the information technology project. Procurement or outsourcing mean acquiring goods and/or service provided from an outside source. Under project procurement management processes include planning purchases and acquisition, planning contracting, requesting seller responses, selecting seller, administering the contract, and closing the contract. Plus, procurement management plan means how the procurement process will be managed, from developing documentation for making outside purchases or acquisitions to contract closure. Also, this chapter includes the work involved in planning purchases and acquisitions for projects, and the contents of a procurement management plan and the contract statement of work, and calculation involved in a make-or-buy analysis. In this chapter, there is a request for proposal. It is a document prepared by a seller when there are different approaches for meeting buyer needs.