New PDF release: Quantitative Methods in Project Management

By John C. Goodpasture

Coverage, tools, and instruments to make strong decisions

Project good fortune capability making the numbers. venture luck capability supplying enterprise worth from the appliance of assets to venture scope and taking measured dangers to accomplish deliverables. Quantitative tools give you the foundation for calculating worth, setting up the venture metrics that may be the measures of good fortune, and supporting undertaking managers comprehend the numerical values of dangers to be addressed.

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Extra info for Quantitative Methods in Project Management

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The model results, working through the value flow-down process, frame opportunity (new products, new markets and customers, operational and organizational needs) and quantify goals. Goals, deployed through strategy, lead to identified projects. It remains to select among the identified projects those that are affordable, most beneficial, or of highest priority to the business. We will discuss decision making in quantitative terms in Chapter 4. Suffice it to say there is a means to make these selections and charter the project.

Opportunity space” or sometimes “space” is used interchangeably with population, set, subset, and event. Context is required to clarify the usage. The relative frequency interpretation of probability leads to the following equation as the general definition of probability: p(A) = N(A)/N(M) where p(A) is probability of outcome (or event) A, N(A) = number of times A occurs in the population, and N(M) = number of members in the population. AND and OR Let’s begin with OR. Using the relative frequency mathematics already developed, what is the probability of the event “5”?

Figure 1-5 Kano Curves. 10,11 The project balance sheet is a conceptual and quantitative model suitable for relating business value with project capability and risk. To this point, we have discussed three well-known models of business value and customer expectation. Project Value: The Source of All Quantitative Measures 13 Table 1-1 Kano Example, Personal Computer Requirement Funding Risk Packaging and eye appeal Discretionary investment targeted for high returns Take all necessary risks to assure success Faster CPU and larger memory Constant refreshment required; reserve funds to meet needs Take prudent risks to maintain market acceptance FCC compliance Mandatory funding to meet minimum requirements Take no risks not essential to meeting compliance specification Floppy disk drive If market demands, fund lowest cost supplier Take no risks; mature device CD-RW drive Initially, discretionary investment targeted for high returns CD-RW decays to M quickly; minimize risk to balance rewards Now it remains to couple these models to projects.

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Quantitative Methods in Project Management by John C. Goodpasture

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