Can someone explain the statement in a Planning process. It said " team might recognize that the cost and schedule target are overly aggressive, thus involving considerably more risk than previously understood. The results of the iterations are documented as updates to the project management plan or to various project documents"? Saving Changes...
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Deepesh RammoorthyICT Project Manager ( PMP®AgilePM®Certified ScrumMaster® (CSM®))| Australian Red Cross Blood ServiceTarneit, Vic, Australia
When you are in a planning phase of the project, You create your requirements documentation from high level scope outlined in the Project Charter. you define the activities, you create a work breakdown structure, you create a project schedule, you identify , evaluate , analyse risks . Your sponsor may have analogously estimated costs in the charter or business case. Those costs and time requirements may have been at best Rough Order of Magnitude estimates with accuracy between -25 and +75 Percent.
It is now your job as the project manager to encourage the team and come up with detailed estimates of cost and detailed schedule . When you outline the work required, you can then approach the sponsor that the initially assumed time and cost estimates were overly aggressive and therefore your impact assessment should clearly present what you and the team thinks are the correct estimates . This would result in changes and updates to your management plans . Your stakeholders would have increased . This will impact stakeholder register and stakeholder management Plan Your costs would have increased or decreased. This will reflect in changes to your cost management plan your scope would have changed and needs to be reflected in your scope management plan Your Risk register would have changed.
So this could be one of your iterations. Then there might be a second iteration while you are still in the planning phase. Until you get reasonable confidence that your estimates are as close and as realistic as possible to exit planning and commence execution
project management plan should reflect the new estimates of time and scope and all changes and impacts to all management plans with each iteration
these should be presented to the sponsor for Sign off prior to creation of Baseline.
Remember, once Cost , Time and Scope are base lined, they can only be changed through formal change Request and Approval and the sponsor will hold you accountable to those, especially if they have been refined after prior iterations.
Hope this makes it a lot clear for you Saving Changes...
