Premium Essay

Basics of Estimation and Building a Risk Register in Project Management Office

In:

Submitted By balbirahs
Words 1550
Pages 7
Title: Basics of Estimation and Building a Risk Register in Project Management Office
Authors Name: 1. Dr. Balbir Singh 2. Dr. Lakshmi B.
Affiliation: Administrative Staff College of India
Mailing Address: balbirahs@gmail.com
Mobile: 9059350790

Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy.

Basics of Estimation and Building a Risk Register in Project Management Office

Abstract:
Analysis of measurement data from multiple projects allows the organization to formulate new estimating models and also to set certain benchmarks. Hence it is important to make measurement an integral part of the estimating process. Later, when we get ready to identify a risk, one thing that we must ask our self is what could greatly block the team or project from being able to achieve its objectives? When we take the time to figure out what may have an impact on our ability to reach our goals, this will give us the foundation which is necessary to properly construct the risk register.
Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy.

Introduction:
The success of software projects depends largely on the Effort and Cost Estimation. Consequentially, a lot of work is done proposing good estimation procedure but without any convincing results. In this article we will see some ways on improving the accuracy of estimation.

What are estimates?
The word “estimate” is to produce a statement of the approximate value of some quantity. Note the word approximate. None of the estimates can be accurate because the initial estimation is based on the incomplete knowledge about the future. Hence, we should always ask ourselves “How close are we to the reality?”

Why software is difficult to estimate?
Software product differs in important ways from most other products. Unlike a construction of a building, software is composed of many

Similar Documents

Premium Essay

Asset Register Frame Work

...About CGG  The Centre for Good Governance (CGG) was established by the Government of  Andhra  Pradesh  (GOAP)  in  October  2001  to  help  it  achieve  the  goal  of  ‘Transforming Governance’. Besides supporting the design and implementation  of  GOAP’s  Governance  Reform  Programme,  CGG  undertakes  action  research,  renders  professional  advice,  and  conducts  Change  Management  and  Management  Development  Programmes  for  Government  departments  and  public agencies to help them implement their reform agenda.  The Finance Department, GOAP entrusted the project ‘Framework for Preparation  of  Asset  Register’  to  CGG  under  IDF  grant  for  strengthening  public  financial  management.   The Team   This  Report  on  ʹAsset  Register  Framework  for  Government  of  Andhra  Pradeshʹ  has  been  prepared  by  Mr.  A.  Srinivas  Kumar  IA&AS.,  Deputy  Executive  Director,  CGG  with  assistance  from  Mr  A  P  H  D  Varma,  ACA,  Consultant  and  Ms.  Vasantha Pratha, Knowledge Manager (PFM) CGG under the overall guidance of  Dr. Rajiv Sharma, IAS, Director General & Executive Director, CGG.   Acknowledgements  The study team would like express its sincere gratitude to Mr C R Kamalanathan,  IAS (Retd.), Consultant, CGG for his valuable guidance and support. We are also  grateful to Ms Vasudha Mishra, IAS, Secretary (IF), Finance Department, GoAP  for  her  involvement  and  active  participation  in  the  deliberations  of  the  workshop, which helped clarify many points...

Words: 27945 - Pages: 112

Premium Essay

Iapm

...Technology and Innovation Management Viewpoint Manage Risk for Product Launch Actively manage risk to deliver the right products on time! Risk management is a well-established notion in hedging and safety related issues, but what about in product development? A development project going wrong, not managing its risk can bring a company to its knees. Not realizing and mitigating risks to delivery, quality, feature fulfillment and budget can at the extreme lead to significant business losses, putting an entire company at risk. We argue that project risk management is central to secure successful product delivery. Project risk management can and should be used as a key lever in:  bringing a balanced perspective to the management of complicated issues in complex organizations prioritizing work in a rapidly changing context with an anticipated approach that is better than simple intuition and that facilitates communication between people identifying knowledge gaps and actively closing these gaps the active management (and not the avoidance) of risk by being alert and prepared    The risk level in product development projects increases as projects are put under pressure to deliver more complex products, in shorter time, with distributed resources and increased need for interaction between projects due to platform synergy requirements. And we argue that proactive risk management is essential in order to address these challenges and help projects succeed in terms of...

Words: 1961 - Pages: 8

Premium Essay

Quantitative Analysis Tools for Managers

...tools available for project management to help managers to use quantitative analysis Project Management: A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies. The development of software for an improved business process, the construction of a building or bridge, the relief effort after a natural disaster, the expansion of sales into a new geographic market — all are projects. And all must be expertly managed to deliver the on-time, on-budget results, learning and integration that organizations need. Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets. Microsoft Project has a qualitative risk analysis methodology capability But what about quantitative cost and schedule risk analysis? Quantitative risk analysis gives the project manager the ability to see how a project schedule will be affected if project risks become issues. As a result of this insight, project managers is implement risk responses plans which...

Words: 2624 - Pages: 11

Premium Essay

Project Risk Cost

...Preparing Project Budgets for Business Cases Technical guide The Secretary Department of Treasury and Finance 1 Treasury Place Melbourne Victoria 3002 Australia Telephone: +61 3 9651 5111 Facsimile: +61 3 9651 5298 www.dtf.vic.gov.au Authorised by the Victorian Government 1 Treasury Place, Melbourne, 3002 © Copyright State of Victoria 2012 This book is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. ISBN 978-1-922045-92-8 Published August 2012. If you would like to receive this publication in an accessible format please telephone 9651 0909 or email mailto:information@dtf.vic.gov.au Contents 1. Background 1 1.1 Context 1 1.2 Purpose – developing and managing project budgets 2 1.3 Scope of application 2 1.4 Structure of this guide 3 1.5 Related guides and frameworks 3 1.6 The need for an accurate project budget 4 2. Elements of a project budget 5 2.1 The headline elements of a project budget 5 2.2 Successful financial planning 9 2.3 The need for a whole-of-life approach 10 2.4 ‘Poor project planning’ risks are not project risks! 10 2.5 Delivering to budget 11 3. Foundations for good project budgets 12 3.1 Better business cases and better project budgets 12 ...

Words: 21569 - Pages: 87

Free Essay

Shinepukur

...PREPARED FOR Farzana Afrin Internship Supervisor & Lecturer Dept. of Business Studies Stamford University Bangladesh. PREPARED BY Mahmood Hossain Id: 02707400 Section: 27(Q) Date: LATTER OF TRANSMITTAL April Ms Farzana Afrin Lecturer Stamford University Dhanmondi, Dhaka Dear Madam, I feel myself fortunate enough for having the scope to conclude the study on “The Accounting information System of Real Estate Business in Bangladesh”-An Empirical study of Building For Future Ltd, Which you assigned me to do as a part of the study. Obviously, this type of practical work made me acquainted with “Real Estate Finance” in real life situation. Here, I can’t deny the help that I got from the staff of Building For Future Ltd. who ensured me a full congenial atmosphere to access over a plenty of information with relevant papers and a practical survey. I am thankful to them for showing their highest degree of tolerance in answering my inexorable questions, sometimes repeated. I would enthusiastically provide you related information depending on your queries. The report was prepared under your able leadership and I do respectfully appreciate guidance to me to learn about the practical implication of finance and reporting procedures. I like to mention that due to my limited knowledge, I have some errors and mistakes. I am however...

Words: 27403 - Pages: 110

Premium Essay

An Introduction to Pmbok Guide 5th Edition

...Groups One of the most discussed tables in the Project Management Institute’s (PMI), A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) Fifth Edition is the “Project Management Process Groups and Knowledge Areas Mapping” matrix, found in Table 3-1 on page 61. This table maps the 47 processes of project management to their corresponding Knowledge Area, as well as to their corresponding Process Group. At first glance, the table seems quite complicated, so let’s break it down and uncover why a solid understanding of the relationships between processes, Process Groups, and Knowledge Areas is important to anyone preparing to take the Project Management Professional (PMP) ® exam. It’s so important, in fact, that we suggest you memorize this matrix and the relationships it calls out. Memorizing the table will prove to be a valuable asset to you during your PMP Exam. What is a “Process” – 47 processes of project management? Let’s start with the building blocks of the matrix - what is a process? At its most basic level, a process is simply a way of transforming an input into an output using proven tools and techniques. The PMBOK® Guide defines a process as “a set of interrelated actions and activities performed to achieve a specified set of products, results, or services.” Good processes-based on sound principles and proven practices-are extremely important for a project’s success. Processes, like a roadmap, keep the project going in the right direction; they can also...

Words: 20151 - Pages: 81

Premium Essay

Head First

...A Brain-Friendly Guide Head First PMP Project Management What will you learn from this book? Head First PMP offers complete coverage of The PMBOK® Guide principles in a way that’s engaging, not tedious. This book helps you prepare for the certification exam with a unique method that goes beyond answers to specific questions and makes you think about the big picture of project management. By putting project management concepts into context, you will be able to understand, remember, and apply them—not just on the exam, but on the job. Information about your company WEAK MATRIX BALANCED MATRIX STRONG MATRIX Projectized Pick up tips about the PMP Exam in the Question Clinic. Matrix Organizations Customer or company needs Develop Project Charter Learn the inputs to every PMP process, and what that process outputs. Scope Carol Steuer, PMP, PMBOK® Guide, Third Edition Leadership Team Quality Cost Time Project Charter Why does this book look so different? Using the latest research in neurobiology, cognitive science, and learning theory, Head First PMP employs a visually rich format designed for the way your brain works, not a text-heavy approach that puts you to sleep. US $49.99 Jack Dahlgren, Project Management Consultant CAN $64.99 www.oreilly.com hf_pmp_mech.indd 1 “Head First PMP attempts to educate potential project managers instead of being a mere ‘how to pass the PMP exam’ book...this is truly something that sets it apart.” Head First H d Head First PMP...

Words: 31385 - Pages: 126

Premium Essay

Kelly & Nokes

...Now the perfect companion for anyone sitting the PMI’s PMBOK exams THE DEFINITIVE 2ND EDITION PROJECT MANAGEMENT THE FAST TRACK TO GETTING THE SEBASTIAN NOKES AND SEAN KELLY GUIDE TO JOB DONE ON TIME AND ON BUDGET the definitive guide to project management In an increasingly competitive world, we believe it’s quality of thinking that gives you the edge – an idea that opens new doors, a technique that solves a problem, or an insight that simply makes sense of it all. The more you know, the smarter and faster you can go. That’s why we work with the best minds in business and finance to bring cutting-edge thinking and best learning practice to a global market. Under a range of leading imprints, including Financial Times Prentice Hall, we create world-class print publications and electronic products bringing our readers knowledge, skills and understanding, which can be applied whether studying or at work. To find out more about Pearson Education publications, or tell us about the books you’d like to find, you can visit us at www.pearsoned.co.uk the definitive guide to project management the fast track to getting the job done on time and on budget Second Edition SEBASTIAN NOKES AND SEAN KELLY PEARSON EDUCATION LIMITED Edinburgh Gate Harlow CM20 2JE United Kingdom Tel: +44(0)1279 623623 Fax: +44(0)1279 431059 Website: www.pearsoned.co.uk First published 2003 Second edition published in Great Britain 2007 © Aldersgate Partners LLP 2003 © Casnus Limited...

Words: 144594 - Pages: 579

Premium Essay

Risk Managment

...Community Sector Management BSBRSK501A Manage Risk Learning Resource BSBRSK501A Manage risk March 2012 Author_ Drew Dwyer Frontline care Solutions Page 1 of 135 Enquiries Enquires about this and other publications can be made to: Drew Dwyer Contact our office: Frontline Care Solutions P.O. Box 1088 Coolum Beach QLD 4573 Phone: (07) 5351 1188 Email: admin@frontlinecaresolutions.com Website: www.frontlinecaresolutions.com Copyright © This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission of the author Drew Dwyer – Frontline Care Solutions. CHCORG605A Manage Human Resources in a Community Sector Organisation Produced by Frontline Care Solutions © Drew Dwyer December 2011 Issue 01 – V1 12/12/2011 Page 2 of 166 Table of Contents How to study this unit .............................................................................................................................. 4 Element 1: Establish risk context ............................................................................................................ 7 Risk management context....................................................................................................................... 7 Risk management policy and plan ........................................................................................................ 12 Risk management, Legal compliance...

Words: 25787 - Pages: 104

Premium Essay

Hr Practice of Sebl

...Human resource Management Practices of Southeast Bank Limited Executive Summary The banking system plays a critical role in underpinning economic development of any country. On that view Southeast Bank Limited, Agargaon Branch was opened on December 29, 2002. Now they are one of the leading banks in Bangladesh. Actually the bank gets a good position in the market for their diversified services. Employees are the most valuable assets in the origination. Human Resource Department is responsible for the people dimension of the organization. The basic objective of this study should be analyzing the Human Resource Activities in Southeast Bank Limited. All kinds of commercial banking services are provided by the Bank to the customers following the principals of Islamic Sari’ah, the provision of the Bank Act 1991 and Bangladesh Bank’s directives. Apart from the corporate culture, working environment, employee relationship and overall the mission and vision of the Bank demonstrates a highly conductive and praiseworthy. Of course, there traced few limitations and shortcomings. With the increasing flow of customers the Bank needs to increase the number of service provider in the particular branch to gain a best customer satisfaction. In brief I can say that the SEBL develops diversified Human Resource Activities and very short they have got good response from their customers. They actually have achieved tremendous success in the last few years. It has come forwarded with an ideology...

Words: 7807 - Pages: 32

Premium Essay

Credit Appraisal

...SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CREDIT APPRAISAL AND RISK RATING IN PUNJAB NATIONAL BANK SUBMITTED BY: KRITIKA ARORA MBA-IB (2009-20011) Roll No. : A1802009075 INDUSTRY GUIDE FACULTY GUIDE Mr. ARUN KUMAR NIJHAWAN Mr.AJIT MITTAL SENIOR MANAGER SENIOR FACULTY AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDA AMITY UNIVERSITY – UTTAR PRADESH [pic][pic] CREDIT SECTION, CIRCLE OFFICE: DELHI, 4th FLOOR, RAJENDRA BHAWAN, RAJENDRA PLACE, NEW DELHI TELE; 25744450 Fax: 25731252 ------------------------------------------------------------------------------------------------------------------------------------------------------------ TO WHOM IT MAY CONCERN This is to certify that KRITIKA ARORA, a student of Amity International Business School, Noida, undertook a project on “CREDIT APPRAISAL AND RISK MANAGEMENT” at PUNJAB NATIONAL BANK from 1st May to 30th June. Ms.KRITIKA ARORA has successfully completed the project under the guidance of Mr.ARUN KUMAR NIJHAWAN. She is a sincere and hard-working student with pleasant manners. We wish all success in her future endeavors. Mr. ARUN KUMAR NIJHAWAN Senior Manager Circle Office Delhi Punjab National Bank CERTIFICATE OF ORIGIN This is to certify that Ms. KRITIKA ARORA,...

Words: 28590 - Pages: 115

Free Essay

Nit-Silchar B.Tech Syllabus

...ME-1111 Course Name Semester-1 Chemistry/Physics Basic Electrical Engineering Mathematics-I Engineering Graphics Communication Skills Chemistry/Physics Laboratory Workshop Physical Training-I NCC/NSO/NSS L 3 3 3 1 3 0 0 0 0 13 T 1 0 1 0 0 0 0 0 0 2 1 1 1 1 0 0 0 0 4 1 1 0 0 0 0 0 0 2 0 0 0 0 P 0 0 0 3 0 2 3 2 2 8 0 0 0 0 0 2 2 2 2 0 0 0 0 0 2 2 2 6 0 0 8 2 C 8 6 8 5 6 2 3 0 0 38 8 8 8 8 6 2 0 0 40 8 8 6 6 6 2 2 2 40 6 6 8 2 Course No EC-1101 CS-1101 MA-1102 ME-1101 PH-1101/ CH-1101 CS-1111 EE-1111 PH-1111/ CH-1111 Course Name Semester-2 Basic Electronics Introduction to Computing Mathematics-II Engineering Mechanics Physics/Chemistry Computing Laboratory Electrical Science Laboratory Physics/Chemistry Laboratory Physical Training –II NCC/NSO/NSS Semester-4 Structural Analysis-I Hydraulics Environmental Engg-I Structural Design-I Managerial Economics Engg. Geology Laboratory Hydraulics Laboratory Physical Training-IV NCC/NSO/NSS Semester-6 Structural Design-II Structural Analysis-III Foundation Engineering Transportation Engineering-II Hydrology &Flood Control Concrete Lab Structural Engineering Lab L 3 3 3 3 3 0 0 0 0 0 15 3 3 3 3 3 0 0 0 0 15 3 3 3 3 3 0 0 T 0 0 1 1 1 0 0 0 0 0 3 1 1 0 1 0 0 0 0 0 3 1 1 1 0 0 0 0 P 0 0 0 0 0 2 2 2 2 2 6 0 0 0 0 0 2 2 2 2 4 0 0 0 0 0 2 2 C 6 6 8 8 8 2 2 2 0 0 42 8 8 6 8 6 2 2 0 0 40 8 8 8 6 6 2 2 MA-1201 CE- 1201 CE -1202 CE -1203 CE-1204 CE-1211 Semester-3 Mathematics-III Building Materials and...

Words: 126345 - Pages: 506

Premium Essay

My Name Is Khan

...that the Project Manager approves of the Project Management Plan; it needs to be approved by all of the stakeholders in the project. Everyone on the team should feel comfortable with the processes that are going to be used to do the work. 2. Answer: B Joe is doing root-cause analysis on process problems: that’s Perform Quality Assurance. Remember, Perform Quality Control is when you are trying to find problems in your work products through inspection. Perform Quality Assurance is when you are looking at the way your process affects the quality of the work you are doing. 3. Answer: C Every change request needs to be evaluated to determine whether or not it should be made. That’s what we do in the Perform Integrated Change Control process—every change is analyzed to determine its impact. It’s then documented as a change request and put into the change control system. That’s where the stakeholders on the CCB determine if the change should be made. 4. Answer: A When a change has been approved you always need to update the baseline and then implement the change. That way, you will be sure to track your performance versus new scope and schedule expectations and not the old ones. 5. Answer: B By the time the Close Project or Phase process happens, you should have already gotten formal written acceptance for the deliverables. That’s what the Verify Scope process is for, and you verify that formal acceptance in the Close Project or Phase process. 6. Answer: A The project scope...

Words: 9008 - Pages: 37

Premium Essay

Prince2 Manual

...TAG Practitioner Level The PRINCE2® Practitioner Training Manual ii The PRINCE2® Practitioner Training Manual Thank you for reading our PRINCE2 Training Manual. The main objective of this book is to provide an easy-to-read and easy-to-understand PRINCE2® manual. The idea for this book came from the questions I received from people trying to learn PRINCE2 and after reading the official PRINCE2 manual “Managing Successful Projects with PRINCE2”. The official PRINCE2 Manual for the Project Manager is an excellent reference manual but can be rather difficult to pick up and read if you are new to both project management and PRINCE2. So this book is meant to be – and is – an easy introduction to PRINCE2 and is quickly becoming the most read book for people wishing to learn about PRINCE2 and prepare for Foundation Exam and Practitioner Exam. Feedback: We welcome any feedback (suggests to improve or corrections), Feedback The Swirl logo™ is a Trademark of the Office of Government Commerce PRINCE2 ® is a Registered Trademark of the Office of Government Commerce in the United Kingdom and other countries Free PRINCE2Self Study Course We offer a free full Self Study course if you but your official PRINCE2 Exam from us. Our SelfStudy course includes, Audio Course, Books, 550 Q&A course, Practice Exams, etc… • Link to PRINCE2 Foundation Self Study guide: • Link to PRINCE2 Practitioner Self Study guide: • Link to Exam Purchase Page Acknowledgements Written Expert Reviewer...

Words: 108152 - Pages: 433

Free Essay

Loan Rating

...≈√ Guidelines on Credit Risk Management Rating Models a n d Va l i d a t i o n These guidelines were prepared by the Oesterreichische Nationalbank (OeNB) in cooperation with the Financial Market Authority (FMA) Published by: Oesterreichische Nationalbank (OeNB) Otto Wagner Platz 3, 1090 Vienna, Austria Austrian Financial Market Authority (FMA) Praterstrasse 23, 1020 Vienna, Austria Produced by: Oesterreichische Nationalbank Editor in chief: Gunther Thonabauer, Secretariat of the Governing Board and Public Relations (OeNB) ‹ Barbara Nosslinger, Staff Department for Executive Board Affairs and Public Relations (FMA) ‹ Editorial processing: Doris Datschetzky, Yi-Der Kuo, Alexander Tscherteu, (all OeNB) Thomas Hudetz, Ursula Hauser-Rethaller (all FMA) Design: Peter Buchegger, Secretariat of the Governing Board and Public Relations (OeNB) Typesetting, printing, and production: OeNB Printing Office Published and produced at: Otto Wagner Platz 3, 1090 Vienna, Austria Inquiries: Oesterreichische Nationalbank Secretariat of the Governing Board and Public Relations Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1) 40 420-6666 Fax: (+43-1) 404 20-6696 Orders: Oesterreichische Nationalbank Documentation Management and Communication Systems Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1) 404 20-2345 Fax: (+43-1) 404 20-2398 Internet: ...

Words: 60860 - Pages: 244