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Intro & Data

Lesson 14 Project And Program Management

TermDefinition
Jules Dupuit French Engineer Developed the cost benefit analysis in 1848
Cost Benefit Analysis - when did it become common practice? Became common as a result of the Federal Navigation Act of 1956 Navigation Act: required that the US Army Corps undertake waterway systems projects when the total benefit exceeds the costs of the project
Cost Benefit Analysis (1) Analysis requires that all costs and benefits be converted to a monetary value In order to determine the cost-benefit, the proposed project is compared against the current situation without the project
Cost Benefit Analysis (2) If the ratio of benefits over costs is greater than one, then the monetary benefits of the project outweigh its monetary
Cost-Effective Analysis Method for selecting among completing projects when resources are limited, was developed by the military
Cost-Effectiveness Ratio CE = (cost of new strategy - cost current practices) / (effective new strategy - effect current practice)
New Present Value Shows the net monetary value of a project, discounted to today's present value
Internal Rate of Return (1) Alternative calculation to net present value Projects net present value is at zero and the interest rate is blank
Internal Rate of Return (1) If the calculation results in an interest greater than the available market interest rate than the project wold be financially beneficial
Project Management Techniques Goals Achievement Matrix (GAM) Gantt Chart
Goals Achievement Matrix (1) Comprehensive way to evaluate a project A project evaluation matrix that includes completing projects in rows and the evaluation criterion columns
Goals Achievement Matrix (2) The evaluation criteria are based on the various stakeholder groups that be impacted by the costs or receive benefits
Gantt Project Developed by Charles Gantt in 1917 Chart focuses on the sequence of tasks necessary for project completion Tool to help you think through the task involved in a project
Linear Programming Project management method that attempts to find the optimum design solution for a project The system takes a set of decision variables within constraints and comes up with an optimum design solution
Program Evaluation and Review Technique (PERT) A scheduling method that graphically illustrates the interrelationships of project tasks Good choice when precise time estimates are not available for projects tasks
Critical Path Method (CPM) The analysis results in a "critical path" through the project tasks Project management technique that helps with decision making
Fiscal Impact Analysis Purpose is to estimate the impact of a development, land use change or plan FIA projects cash flow to the public sector
Economic Impact Analysis Focuses on cash flow to the private sector Measured in income, jobs, output, indirect impacts, etc.
Working with Consultants Comply with local and state procurement requirements Do not play with consultants Understand consultant's costs Identify the best way to use consultants hired to supplement or replace staff
Created by: amshinn18