Relationship Between A Pms And Pmis

Published Date: 02 Nov 2017

A traditional phased approach identifies a sequence of steps to be completed. Major process groups generally include:

Initiating:

This phase is one of the most crucial phases of the project. It establishes the target completion date and initial project team, and creates the actual scope statement. This phase is often overlooked because the overall project sponsors are the ones that select the project, fund it, pick the date, and then assign the project manager.

Planning:

Planning is not a one-time activity; it is a constant, iterative activity occurring throughout the life of the project. As tasks complete early, late, or on time, the plan needs to be re-evaluated and adjusted, and these changes need to be communicated to all of those involved to continue the project.

Execution:

The execution of the project is really the implementation of your plan.

Controlling:

The controlling phase is just as important as the planning phase. There is a cycle between the planning, executing, and controlling phases. After you have planned the work and your resources are executing that plan, you must monitor to see how the project is progressing. Then, based on the results of monitoring, you will adjust the plan accordingly.

The controlling phase also consists of the greatest amount of communication. As the project manager, constantly seeking feedback on progress and results and communicating status to the team.

Closing:

Closing includes the formal acceptance of the project and the ending. Administrative activities include the archiving of the files and documenting the lessons learned.

This phase consists of:

Project close: Finalize all activities across all of the process groups to formally close the project or a project phase.

Contract closure: Complete and settle each contract and close each contract applicable to the project or project phase.

Project Management Information System

Project Management Information System PMBOOK Definition:-

Project management information system is shortly written as PMIS. The Project Management Information System (PMIS), part of the enterprise environmental factors, provides access to an automated tool, such as a scheduling software tool, a configuration management system, an information collection and distribution system, or web interfaces to other online automated systems used during the Direct and Manage Project Execution effort

Explanation:-

A project management information system (PMIS) is the coherent organization of the information required for an organization to execute projects successfully. A PMIS is typically one or more software applications and a methodical process for collecting and using project information. These electronic systems "help to plan, execute, and close project management goals." PMIS systems differ in scope, design and features depending upon an organization’s operational requirements.

During the planning process, project managers use PMIS for budget framework such as estimating costs. The Project Management Information System is also used to create a specific schedule and define the scope baseline. At the execution of the project management goals, the project management team collects information into one database. The PMIS is used to compare the baseline with the actual accomplishment of each activity, manage materials, collect financial data, and keep a record for reporting purposes. During the close of the project, the Project Management Information System is used to review the goals to check if the tasks were accomplished. Then, it is used to create a final report of the project close

Relationship between a PMS and PMIS:-

A project management system (PMS) could be a part of a PMIS or sometimes an external tool beside project management information system. PMIS does is to manage all stakeholders in a project such as the project owner, client, contractors, sub-contractors, in-house staff, workers, managers and etc.

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Project Management Software:-

At the center of any modern PMIS is software. Project management software can vary from something as simple as a Microsoft Excel spreadsheet, to a full blown enterprise Project portfolio management or PPM system.

Project Selection methods

There are various project selection methods practiced by the different organizations. These methods have different features and different characteristics therefore each selection method is best for different organizations with different situations. The project selection depends on different factors which are as follow

Criteria of project selection model.

Nature of project selection model.

Types of project selection models.

Risk management and uncertainty analysis.

Information base for project selection model.

Project proposal

Project selection models:

reality based view of the project

represent the structure of the problems not details

overall view of the project

Criteria for project selection models:

There are many different criteria’s of the selection of the model of project which are as follow

Realism (technical, resource, market-risk)

Capability (adequately sophisticated)

Flexibility (valid results over large domain)

Ease of Use (no expert needed to run model)

Cost (much less than project benefit)

Easy Computerization (use standard software)

Project decisions are made by project management not by project selection model. The project selection model only approximates the equal to reality but it is not taken as reality.

Methodology of project selection model:

Start with detailed list of goal which should be achieved in the project.

Create list of project evaluation factors.

Every component should be present in project evaluation factors list.

Compute an overall result for project based on weighted Project evaluation factor.

Select project that has the closest alignment with goal.

Project evaluation factors:

There are some factors on which the evaluation of the project is based.

Production Factors

Marketing Factors

Financial Factors

The profitability of the project such as

Payback Period.

Average Rate of Return.

Discounted Cash Flow.

Internal Rate of Return

Profitability Index

Other Profitability Models that how it is more beneficial for us in future.

Companies without outside funding often chose profit / profitability PS models.

Risk terminology: Risk: Decision based on complete information about the probability of each possible outcome.Uncertainty: Decision based on incomplete or insufficient data.

Areas of uncertainty:

Project timing

Expected cash flow

Outcome of the project

Side effects and unforeseen consciences of the project

Information base for project selection model:

Accounting: arbitrary assignment of overhead costs, linear cost and revenue forecasts

Measurements: (subjective vs. objective), (quantitative vs. qualitative), (reliable vs. unreliable), (valid vs. invalid)

Technology shock: New technology has to overcome initial resistance threshold.

Project proposal:

List all key project personnel with titles and qualifications

Methodology of solving the problem

Special client requirements

Test and inspection procedures

Estimates of time, cost and materials for each subsystem and the whole project

Establish major milestones to break project into phases