Hello friends, we are at lecture 12. Now on project management basics, this is a second part of previous lecture. Learning Objectives include defining the project scope, understanding various tools of project planning, documenting the project, risk analysis and closing the project. project scope and constraints are part of the project charter. As the name suggests, school spell out the boundaries of project within which the team will be working on and, more importantly, what the team will not be working on. project with two broad scopes may lead team into chaos and project with narrow scope could restrict teams from finding root causes.

Various tools that help the team to define the scope includes Pareto chart, cause and effect diagram, affinity diagram Generally, the project scope may be defined or limited by process boundaries extend of supplier or customer relationship, organization structure, geographical, our demographical scope etc In order to understand Whether project achieved the required milestone, we need to define the project metrics to project metrics is a critical part of project definition. financial metrics give the better measure of project success. However, we cannot always get financial measures for our project. Other project metrics could be cycle time reduction, throughput, inventory reduction, reduction of scrap or rework, etc. Let us discuss about the project planning tool now. Proper end results from six sigma project Progress should be evaluated periodically on the following criteria such as the project progressing as per the schedule.

Whether the team needs to call an object objectives as per the schedule are those activities undertaken within the budget cost various project planning or tracking tools our project evaluation and review technique, pert, in other words critical path method, CPM Gantt chart, etc. Project evaluation and review techniques PR and critical path method, CPM are often used interchangeably. objective of this tool is to define a project in terms of activities during scheduling. It helps in computing the critical path and project completion time. The two component of words are activities or the project tasks or operations, often represented with an arrow sign. And evens are the start and end of the activities also represented by circles are nodes.

Let us review the bird with an example. This is about an assembly process of a nut and bolt as part of the process, the nut needs to be polished, but not the bolt. The various activities are mentioned as A, B, C and D respectively. The time taken for each activity are also mentioned. Let us draw apart and evaluate based on these information. First activity is opening the job card referred as a which takes five minutes.

At the end of the activity a there are two parallel activities, namely collecting the material or not and both That is B and C respectively, which takes two minutes each. Then machining of not that takes seven minutes. Then activity f polishing of nut that takes six minutes then machining of both activity D that take 10 minutes. Finally, activity G and H, the assembling and packing activity respectively. Now, let us analyze the bird we can have two parts for the project Pap, A, B, D g Taking probably three minutes and a c e f g h taking 46 minutes. Now, the critical path is the longest part of the project that is a c e f g h why it is called critical path, because, if critical path is delayed from schedule the project is delayed for sure.

There is one more terminology in part called the slack time by slack time, it means the time by which we could delay a particular activity hence yeah The slack time of three minutes would be allowed for activity D. It means even if the start of activity D is delayed by three minutes, it will not have any effect on project completion time. Gantt chart is simple and easy to understand project management tool. It shows the schedule and actual time taken for each activity. As we can see on the screen, different activities are basis of six sigma project and it's scheduled and actual completion times. What we can analyze is that all the phases except the Define phase is delayed. by one week from the schedule plan.

Another major part of project management is documentation of the project. This is an essential activity because it becomes a key knowledge asset of the organization and helps in replicating the project and other functional areas. Project Charter discussed in the previous lecture is an example of a project document. Apart from Project Charter, other major documents could include Excel spreadsheet, PowerPoint slides, minutes of meeting and storyboard. storyboard is an essential element of six sigma project management. As the name implies, it tells the story of the project as if it were posted on a board.

It can also be in an electronic form. It gives the team of fun way to summarize and display at work could be in any shape and size and can compile and printouts also gives an easy way of communicating the project progress by keeping them at break, cafeteria rooms, entrance or other visible spots. Project risk analysis is a process of analyzing and managing the risk associated with the project. By risk analysis, we increase the probability of success full project completion in terms of achieving the performance objectives within the budget cost and within the schedule time. The common method for risk analysis are qualitative analysis identifies the main risk source or factors can be done with the help of checklist, interviews, brainstorming, etc. quantitative analysis wanted to do analysis of data With the help of software, statistical tool, etc, to find out the risk associated with cost and time schedules.

Project closure also needs equal importance. Once the project accomplished the objectives, close the project. The team presents the success and knowledge gained during the project journey. also need to identify the areas for replication and create a replication plan. Most importantly, recognize and reward the team. With this, we end the lecture 12 it's it's time to go to the next lecture on management accounting.

Planning tools based on be okay to see. Thank you