Process Groups - How much time and money is typically spent on projects in each of the process groups. Assume you have one year and $100,000 to spend. Justify your answer.
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Project management is anendeavor; decisions and actions taken in one knowledge area at a certain time usually affect other knowledge areas. integrative
Managing these interactions often require making trade-offs among the project’s scope, time and cost known as the triple constraints of project management as well other trade-offs between risk and human resources.
Consequently, you can view project management as a number of related processes. A process is a series of actions directed toward a particular result. Project managementprocess progress from initiating activities to planning activities, executing activities, monitoring and controlling activities, and closing activities. groups
Typically, project management processes can spend an average between: 2% initiating processes, 22% planning processes, 82% executing processes, 5% monitoring and controlling processes, and 3% closing processes.
These guidelines were done by Andy Crowe and published in his book, Alpha Project Managers: What the Top 2% Know That Everyone Else Does Not. He collected data from 860 project managers in various companies and industries in the United States. He found that the best -“the alpha”- project managers spent more time on every process group than their counterparts except executing, as shown in Figure 1.
This breakdown suggests that the most time should be spent on executing, followed by planning. Spending a fair amount on planning should lead to less time spent on execution. Notice that the alpha project managers spent almost twice as much time on planning (21% versus 11%) as other project managers.
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| Figure 1 (Source: Andy Crowe) Percentage of time spent on each process group |
To illustrate the “Project Management Process Group”; below is then computed by applying the calculations per percentage of actions for a yearly project with a budget of $100,000.
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3 comments:
As regards to the project process I agree that the execution is the principal stage. I have also learned that with well-planned process the execution process will consume less time. I agree with your thoughts about the planning with which is the standing stage for the execution process.
Posted by Henry
Base on the standards, the distribution of money over time and phases is correct. As well, I have to agree that the beginning and the ending phase of the project development are the shortest. On the same way agree that the executing phase is the longest and tedious part. Where more time and man hours are need. However, there is always an exception of the rule, because every project have different needs to meet.
Good! Pf. Forman
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