Whether You Bill Clients Hourly or on a Per Project Basis

8/6/2019 Whether You Bill Clients Hourly or on a Per Project Basis

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Whether you bill clients hourly or on a per project basis, a necessary step of all projects isestimating the time it will take. Not only does the client want to have an idea of howmuch money they will be spending, but they also need to plan around an estimatedtimeline. And you need to be able to ensure you have the time and resources necessary tocomplete the project.

Depending on a number of factors, including how much experience you have with thetype of work youre doing, if you are using subcontractors, and the information you havefrom the client, estimating the time for a project can be difficult. Here is the process I usewhen scoping the time commitment for a new project.

Identify Deliverables

The first step is to identify the main project (i.e. Website Redesign), and then pinpoint thespecific deliverables associated with the project. For example, upon completion of theredesign, you will be providing the client with a newly designed website by FTPing the

site files and sending the client a CD or USB drive with the working files.

Break It Down

Next, I take the project and break it down into simple tasks separated by component themore specific the better that will get us to the deliverables. Here is an example of whatthe tasks may look like:

Project Planning

Initial meeting with client to gauge scope of project

Provide client with project information sheet to get more information about whatthey like/dont like about their existing site Review/analyze existing site and client form Develop list of areas site changes to be made Get approval from client

Design

Design site mockup Get approval from client Code pages

Create new navigation Reorganize content into new pages Optimize for SEs

Testing

Cross-browser testing Validate code


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Check links Test forms

Add It Up

The next step is to estimate time for each task, rounding up. If you are usingsubcontractors, you will need to get their time estimates first and work them into yourtime. Then take the total time for all of the tasks and add in a buffer. The buffer can beanything, although I usually stick with a 10-25% addition. This allows for anyunexpected situations or challenges that arise.

Things to Keep in Mind

The more time estimates you do, the more accurate you will be. As you create your ownformula, some other factors you may want to consider include:

Project management time Time to review work of subcontractors Holidays or days off that occur during the project Client turnaround time Debugging

How do you ensure your time estimates are as accurate as possible?

Work Breakdown Structure

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Methodology. The PM took the scope and decomposed it into 7 high-level achievements(3 are shown in the screen shot). Then the high-level achievements were in turndecomposed in to smaller achievements. Then we further divide those achievementsdown to the level of individual assignments. This process takes some thinking and you

need to master the right technique but consistent success on your projects requires thatyou master these skills.

How Many Tasks Should This Project Have?

There is no magic number but the usual mistake project managers make is to lay out toomany tasks. Their work breakdown structure (WBS) is a "To Do" list of one-hour chores.It's easy to get caught up in the idea that a project plan should detail everythingeverybody is going to do on the project. This springs from the screwy logic that a projectmanager's job is to walk around with a checklist of 17,432 items and tick each item off aspeople complete them.

This "To Do" list approach is usually linked with another fallacy. Namely, that theproject plan should be a step-by-step procedure for doing everything in the project incase we have to do it again. If the PM is managing the wrong things, this may be handybecause we increase the odds of having to do this project again. Sponsors encouragethese fallacies by marveling at monstrous project plans because they make it seem thatthe PM has thought of everything.

Unfortunately, on significant cross-functional projects, there is absolutely no chance thatthe project manager will think of everything. The subject matter experts and specialistsare the ones we must hold accountable for that. The result of these fallacies is that PMsproduce project plans with hundreds or even thousands of tasks. Many of them havedurations of a few hours or a few days. Does this level of detail give us better control andlead to successful projects? In our view, a "To Do" list approach does not give effectivecontrol, in fact, it interferes with the achievement of a successful end result.

The "To Do" List Approach

First, the "To Do" approach leads to, and even encourages, micro-management of thepeople working on the project. Micro-management is appropriate when you have slackersand nincompoops working for you, but few project teams are composed entirely of theselosers. The majority of your project team members will not thrive under micro-management. This style tends to encourage dependency on the project manager rather than

independence where people are held responsible for their results.

Second, PMs are consistently more effective when they hold people accountable forreaching measured achievements rather than completing a list of tasks. How often does ithappen that people complete a list of tasks and achieve nothing? When we base ourassignments and monitoring on well conceived and measurable achievements, no one losessight of the desired end result.
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T'hird, the "To Do" list approach is hard to maintain. People have to report on many taskswhich decreases the odds of receiving accurate and timely status reports. The PM, with orwithout clerical support, has a great deal of data entry to do to input all this status data.Amid the pressure of on-going multiple projects, tracking can fall behind and may even be

dropped because the amount of effort is too large. This may sound like a stupid andimprobable situattion but it happens with alarming frequency, even on large and importantprojects. The logic is, "No one is looking at all that detail anyway, so why spend all thattime to catch up?"

As a general rule, we like to see the majority of assignments in a project plan havedurations that are between 1 week and 8 weeks long. Coupled with this, we advocateweekly status reporting of hours worked, percentage complete and an estimate of the hoursof work remaining to complete the assignment. This combination allows the projectmanager to maintain good control while placing the responsibility for achievements on theteam members.

Using the work breakdown structure (WBS) for cross-functional corporate projects, youhave the opportunity to design a assignment and monitoring process. As part of ourachievement-driven approach, we recommend breaking work down into "packets" ofachievements for which you will hold people and teams accountable.

Learn how to craft a WBS that makes your projects more successful by working with a PMmentor in our on-line courses.

Work Breakdown Structure (WBS)

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Download this Free Video (Same as above) (9MB file)

RIGHT Click & Save Target As: "5-Steps to Project Success - Seriously_v1.1"

You have permission to freely copy and distribute this video.

Introduction to the WBS

A Work Breakdown Structure is a results-oriented family tree that captures all the workof a project in an organized way. It is often portrayed graphically as a hierarchical tree,however, it can also be a tabular list of "element" categories and tasks or the indented
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task list that appears in your Gantt chart schedule. As a very simple example, Figure 1shows a WBS for a hypothetical banquet.

Figure 1

Large, complex projects are organized and comprehended by breaking them intoprogressively smaller pieces until they are a collection of defined "work packages" thatmay include a number of tasks. A $1,000,000,000 project is simply a lot of $50,000

projects joined together. The Work Breakdown Structure (WBS) is used to provide theframework for organizing and managing the work.

In planning a project, it is normal to find oneself momentarily overwhelmed andconfused, when one begins to grasp the details and scope of even a modest size project.This results from one person trying to understand the details of work that will beperformed by a number of people over a period of time. The way to get beyond being


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overwhelmed and confused is to to break the project into pieces, organize the pieces in alogical way using a WBS, and then get help from the rest of your project team.

The psychologists say our brains can normally comprehend around 7-9 itemssimultaneously. A project with thousands or even dozens of tasks goes way over our

ability to grasp all at once. The solution is to divide and conquer. The WBS helps breakthousands of tasks into chunks that we can understand and assimilate. Preparing andunderstanding a WBS for your project is a big step towards managing and mastering itsinherent complexity.

The WBS is commonly used at the beginning of a project for defining project scope,organizing Gantt schedules and estimating costs. It lives on, throughout the project, inthe project schedule and often is the main path for reporting project costs. On largerprojects, the WBS may be used throughout the project to identify and track workpackages, to organize data forEarned Value Management (EVM) reporting, for trackingdeliverables, etc.

History of the WBS

The WBS was initially developed by the U.S. defense establishment, and it is describedin Military Standard (MIL-STD) 881B (25 Mar 93) as follows: "A work breakdownstructure is a product-oriented family tree composed of hardware, software, services, dataand facilities .... [it] displays and defines the product(s) to be developed and/or producedand relates the elements of work to be accomplished to each other and to the endproduct(s)."

It requires some mental discipline to develop a product-oriented or deliverable-oriented

grouping of project elements adding up to comprise the entire project scope. Intuitively,we tend to start out with a task-oriented approach. This is OK for very small projectswhere extensive project management controls will not be used. The task-orientedapproach is easy to understand, because we can easily think of projects as collection oftasks. A task-oriented WBS can be developed by beginning with a simple "to-do" list andthen clustering the items in a logical way. The logical theme could be project phases,functional areas, or major end-products.

If your organization will be collecting historical data to form a cost database, you shouldtry to select a standard approach consistent with the organizations long term datacollection needs.

A sample WBS is shown in the figure below:

WBS Format for System Development Projects
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Additional level 2 elements not shown here might include development environmentsupport, logistics and training, and installation and startup. This next link will take youto a skeleton sample WBS for a software and hardware system development project, andyou can also download a zipped version of the corresponding MS-Project 2002 (.mpp)file.

A WBS for a large project will have multiple levels of detail, and the lowest WBSelement will be linked to functional area cost accounts that are made up of individualwork packages. Whether you need three levels or seven, work packages should add up

through each WBS level to form the project total.

Product or Process Oriented?

The WBS was initially defined as a product oriented family tree, however subsequentdefinitions have introduced more flexibility -- so a WBS can also be deliverable orprocess oriented. Your WBS can be built on nouns or verbs. If the results of your projectare primarily verbs, then a verb based or process based WBS may make more sense. Ifyour WBS is to be product or deliverable oriented, then you can start by thinking of theWBS as a parts list for the ultimate end-items of your project. This link will give asimple illustration of aproduct or process based WBS orientation. These differences are

not shown to tell you what is the right way for your project, but just to familiarize youwith the distinctions, so you can think about them and choose what's best for yourproject.

WBS Numbering
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WBS elements are usually numbered, and the numbering system may be arranged anyway you choose. The conventional numbering system is shown in the figure. The shadedbox shown in the above slide could be numbered 1.2.2.3, which would tell you it was inthe second box in level 2, the second box in level 3, and the third box in level 4.

WBS Dictionary

If a WBS is extensive and if the category content is not obvious to the project teammembers, it may be useful to write a WBS dictionary. The WBS dictionary describeswhat is in each WBS element, and it may also say what is not in an element, if that isunclear. Here is a sample of a WBS dictionary description:

WBS Element 1.5.4.5. - Systems Integration Test Equipment Planning - This element

includes the effort to identify requirements and specify types and quantities of testequipment needed to support the System Integration and Test process. It does not include

the design or procurement of such equipment, which is covered in Element 1.5.4.6.

Mapping WBS for Cost Management

In a product-oriented WBS, functional categories of work may form "cost accounts"within a WBS element. Cost account managers are responsible for a functional areascontribution to a WBS element. Cost accounts from several departments or functions maycombine into one WBS element.

Internal department planning for a cost account will be made up of individual workpackages. A work package will typically have its own budget and schedule. Workpackages should be small enough to be executed by individuals or small groups in a

single department, and they should be of relatively short schedule duration. A smallproject might define a maximum work package size as two weeks of effort. Largerprojects will assemble larger work packages that can be appropriately managed andcontrolled.

The project manager will have to decide to what degree employment of various details ofWBS implementation will benefit the efficient management of the project. On a verysmall project, a formal WBS may serve no useful purpose, but it can become valuable ifproject size or complexity start to increase.

As an organizations project management environment matures, or as larger size and

complexity are encountered, application of the WBS concept can evolve from an ad hoclist of tasks, to time-phased activity lists, task lists clustered by project deliverables andservices, or an end-product focused WBS fed by cost accounts and work packages.


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If you are using MS-Project or a similar project management software application, youmay encounter the WBS as a vertical list with indents to show structure. This will becompatible with the Gantt View data entry screens. While some software packagesprovide a separate WBS view, you could prepare your WBS in the vertical format using aword processor, and then cut and paste your WBS into your project management softwarepackage.

Program and Contract WBSs

A top-level WBS for a large program is sometimes called a Program WBS (PWBS) orProgram Summary WBS (PSWBS). If a project involves several organizational

participants or contractors, guidance for one contractor can be provided in a ContractWBS (CWBS). The project manager may provide a high-level CWBS for each developer,perhaps to level 2 or level 3. The developer will then fill in the details of lower WBSlevels to reflect the work to be accomplished and the data flow in that organization.

Organizational Standards

Your organization may want to decide on a standard WBS format or group of formats,use these across all projects, and communicate definitions widely so everyone will bespeaking the same language. This can save re-learning project lessons and can lay thegroundwork for successful data gathering to aid future cost estimates.

WBS Implementation

When you set up a project WBS, think about how you will be using it later in the project.Try to consider how you will organize the WBS, schedule format, manager assignments,and charge numbers, in your early project planning. These days, the WBS in smallerprojects ends up automatically being the indent structure in your Gantt schedule, so payattention to those indents, and make sure that is the WBS you want for rolling up costs in


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your project, especially if you will be using EVM. It will be helpful if you can map thecharge numbers, managers, and task groups to each other. This will help you track costsand progress for each manager. If your project schedule will on MS-Project, you maywant to insert "text" columns into your schedule (Gantt View) for project charge numbersand manager names.

If your project charge numbers cannot be linked to groups of tasks assigned to specificmanagers, you will have no way to provide performance measurement feedback tomanagers.

Some project management environments have definite conventions for grouping items ina WBS. The best method is to have a WBS that works for your particular projectenvironment. The WBS should be designed with consideration for its eventual uses. YourWBS design should try to achieve certain goals:

Be compatible with how the work will be done and how costs and schedules will

be managed, Give visibility to important or risky work efforts, Allow mapping of requirements, plans, testing, and deliverables, Foster clear ownership by managers and task leaders, Provide data for performance measurement and historical databases, and Make sense to the workers and accountants.

There are usually many ways to design a WBS for a particular project, and there aresometimes as many views as people in the process. Experience teaches that everyonetakes a slightly different slice of the apple, so make sure WBS arguments seekingmetaphysical certainty are quickly brought to closure. Simple practicality combined with

enlightened trial and error usually is the best approach.

Generating a WBS from Microsoft Project

There is a third-party add-on software application for MS-Project calledWBS Chart Prothat will convert your Gantt chart task list with indents into a standard WBS graphic in afew clicks. You can also use this application to create a WBS and transfer it back MSP.I have found this software very valuable in organizing project work into a WBS,reviewing the scope of proposed projects, and helping managers visualize the WBSimplicit in their MS-Project schedules.

PMI Practice Guide for WBS

The Project Management Institute (PMI) has a document, Project Management InstitutePractice Standard for Work Breakdown Structures, that provides examples of WBSformats commonly used in several different project areas, construction, defense, etc.From the PMI Web site, upper right corner, click on Publications & InformationResources, then on Bookstore. Key word search for Work Breakdown Structure willbring up this standard and other references.
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Timeboxing

October 19th, 2004 by Steve Pavlina Email this article to a friend

Timeboxing is a simple time management technique I use often. I first learned about it insoftware development terms. Lets say you have a fixed deadline for a new product youneed to release, such as an annual upgrade to software for calculating income taxes. Youmust have a new version ready by a certain date. So youll probably use timeboxing foryour development cycle, meaning that you do the best job you can within the timeavailable. What new features you can implement are totally determined by the timeframe. Slipping the schedule is simply not an option, so if you get behind, you must cutfeatures.

In terms of managing your own tasks, timeboxing can be a helpful technique. I primarilyuse it in two different ways.

First, lets say you want to get something done, but theres a risk it could end up takingfar more time than its worth because its the kind of task where you might exhibitperfectionist tendencies. So you give yourself a specific amount of time, which you wontgo over, and you simpy do the best job you can within that time.

As an example I use timeboxing when doing my Christmas shopping each year. I usuallyallocate a total of 2 hours to the task, which for me involves buying gifts for 8 people (mywife handles the rest). I decide in advance what kind of gift I should get each person on

my list, and then I order as much as I can online and then head off to the local mall,where I zoom from one store to the next picking up gifts as I go. I also usually takeadvantage of my flexible schedule, doing the shopping on a weekday morning when thestores arent busy and I dont have to wait in line. So Im in and out with everyones giftsin under two hours.

(I know some people love holiday shopping, and taking multiple trips to browse is fine ifits something you enjoy. But if youre shopping-challenged like me, and youre no morelikely to get gifts that are any better if you invest an extra 10 hours in the task, then itmay be best to simply resign yourself to doing the best job you can within the time youhave available.)

The second way I use timeboxing is when I have a task or project that I wish to complete,but I dont really know where to begin, or it seems like its going to be a long time beforeI can finish a meaningful chunk. Or maybe its something I find really tedious and wouldhave a tendency to procrastinate on. Then I use timeboxing to simply commit to workingon the task for a given period of time to make a dent in it. I normally use a period in therange of 30-120 minutes. I release any concern about reaching a particular milestonewithin that time I simply commit to putting in the time, regardless of how far I get. An
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example where I use this approach would be when Im writing a new article. Finishing acomplete article will usually take me 3-8 hours. Sometimes I can complete an article in asingle stretch, but most of the time Ill stretch it over multiple sessions. So I usetimeboxing to just put a dent in the article and get started, committing myself to writingfor 1-2 hours without worrying about how far I get. Then I just repeat the process until

the work is complete.

A side effect of this last method is that Ill often end up working much longer than Ioriginally intended. If I commit to working on a tedious task for just 30 minutes, its easyto get started because Ive given myself permission to stop after only 30 minutes. Butonce Ive overcome that inertia and am now focused on the task, 90 minutes may passbefore I even feel the desire to stop.

Timeboxings ability to circumvent perfectionism and avoid procrastination makes it auseful time management technique. I even used it for this blog entry, and now that mywife has returned home with dinner and a movie rental, its time to say goodbye.

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1. Roger JackSays:October 19th, 2004 at 7:10 pm

I have had success with both forms of timeboxing, especially the second form.Sometimes I commit to working on something for just 15 minutes that I dontreally want to work on. At the end of 15 minutes, Im often becoming moreinterested in the task and I may keep working on it.

2. cliffski Says:October 21st, 2004 at 8:25 am

wow this definitely works. it actually motivated me enough to do a properschedule for my current game, and jeez there is a lot to do.

3. GBGames Says:October 21st, 2004 at 11:04 am

Time boxing is one of those hard-to-google items. Prime-time boxing comes upmore of then than not.

Whats interesting is that this description seems a bit different from what you canfind elsewhere. The idea here is Get something/anything done within a period oftime whereas the other descriptions Ive found make it seem like time boxingsays Get specific things done in this time.

Then again, it could be because those descriptions are for time boxing over longerperiods of time. The idea is probably release software within 6 months with twomonth milestones, no matter what features are ready by then as opposed to this

article which seems more like heres your deadline. Do something with yourtime!

4. Dmitry Chestnykh Says:February 7th, 2005 at 9:00 am

It just works! Thanks!

5. Fry Crayola Says:March 15th, 2005 at 6:26 am

Having just read this article (and the related one), I realised that Id actually beenusing Timeboxing myself in my own way.

For the last few years I had been studying at university. Come the crunch time ofexam revision, it wa clear that I needed to do some work for an exam that mayhave been a week or two later. Always safer to start early yet hard to convincemyself to do. I hated studying. Heck, I still do.
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So I went to the shop, and bought myself a nice big bottle of chocolate milk (Imjust a big kid). I stuck it in the fridge, and promised myself I could have it if Iwork for an hour. I did this a lot. If I didnt work for the hour, I couldnt have themilk (and if I did have it, it tasted of pure guilt). If I did the work, whatever theachievement, I got the milk and it felt good.

It becomes a part of my work ethic now. If I reward myself in small doses atregular intervals, I get a lot more done.

6. neon Says:March 15th, 2005 at 9:37 am

Fry Carola

I think, Steves answer would be:

Have your purpose as your chocolate milk.

7. Beck from Australia Says:April 13th, 2005 at 7:30 pm

This is wonderful!

All I needed to get started on the 3 essays I have due next week was a hint onplanning, motivation and overcoming procrastination (I got here via yourprocrastination article)Ive got you bookmarked thank you!

Beck

8. EleanorSays:April 22nd, 2005 at 10:19 pm

im a high school student from australia, and i find myself procratinating a lot. ihave often tried to overcome this, with no success at all. All my assessment tasksare completed at the very last minute and i make myself work through the taskthroughout the night. By doing this, i have found out that i also suffer memoryloss.

On several occasions i have said to myself ive got to start seeking professional

help and today, i finally came about to search the net for causes ofprocrastination and how to resolve it. i came across the article you wrote and ifound it very interesting. i always thought that if i could find a secluded place, icould concentrate more on my work. i still havent found a way to overcomeprocrastination but after reading your article it had helped me alot.

i have found myself some motivation and will follow your advice
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Thank you very much

9. Clive Crous Says:May 9th, 2005 at 2:44 am

Great articles. Ive been looking for a solution to this affliction of mine forquite some time. This looks like a great way to start

Thanks

10. katherine Says:June 3rd, 2005 at 11:44 pm

I am going to try this!

11.Jasmine Says:August 26th, 2005 at 7:48 am

Thanks Steve!!!i found your article is very uplifting and your piece of writing style is verydifferent from others!!! Good ones!ive shared ur website with my siblings and my friends. Its really nice of you toshare your experience and knowlegde with us!!!Procrastination i cant find any good books about it yet but your writing are insuch an organized way and clearly brought out the points. its pretty easy tounderstand especially for those who has sufferred from it! Once again, thanks!

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art

Gantt Chart

During the era of scientific management, Henry Gantt developed a tool for displaying theprogression of a project in the form of a specialized chart. An early application was thetracking of the progress of ship building projects. Today, Gantt's scheduling tool takes theform of a horizontal bar graph and is known as a Gantt chart, a basic sample of which isshown below:

Gantt Chart Format

Task Duration Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 2 mo.

2 2 mo.

3 2 mo.

4 2 mo.

5 2 mo.

6 2 mo.

The horizontal axis of the Gantt chart is a time scale, expressed either in absolute time orin relative time referenced to the beginning of the project. The time resolution depends on

the project - the time unit typically is in weeks or months. Rows of bars in the chart showthe beginning and ending dates of the individual tasks in the project.

In the above example, each task is shown to begin when the task above it completes.However, the bars may overlap in cases where a task can begin before the completion ofanother, and there may be several tasks performed in parallel. For such cases, the Ganttchart is quite useful for communicating the timing of the various tasks.

For larger projects, the tasks can be broken into subtasks having their own Gantt charts tomaintain readability.

Gantt Chart Enhancements

This basic version of the Gantt chart often is enhanced to communicate more information.

A vertical marker can used to mark the present point in time. The progression of each activity may be shown by shading the bar as progress is

made, allowing the status of each activity to be known with just a glance. Dependencies can be depicted using link lines or color codes.


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Resource allocation can be specified for each task. Milestones can be shown.

Gantt Chart Role in Project Planning

For larger projects, a work breakdown structure would be developed to identify the tasksbefore constructing a Gantt chart. For smaller projects, the Gantt chart itself may used toidentify the tasks.

The strength of the Gantt chart is its ability to display the status of each activity at aglance. While often generated using project management software, it is easy to constructusing a spreadsheet, and often appears in simple ascii formatting in e-mails amongmanagers.

For sequencing and critical path analysis, network models such asCPM orPERTaremore powerful for dealing with dependencies and project completion time. Even when

network models are used, the Gantt chart often is used as a reporting tool.

Alternative spellings: The name of this tool frequently is misspelled as "Gannt Chart".

Operations > Gantt Chart

The project scope management knowledge area is defined by the processes that limit andcontrol the work included in a project. These processes ensure that all the work of theproject is included. Processes in this knowledge area include the initiation process as wellas all the processes related to the scoping of the project. Each process has a set of inputand a set of output. Each process also has a set of tools and techniques used to convert

input into output.

Initiation

Process Group: Initiating Input includes: product description; strategic plan; project selection criteria;

historical information

Methods used: project selection methods and expert judgment from other units

within the organization; consultants; industry groups; or professional / technical

associations. Output includes: scope statement; supporting detail, scope management plan,

project charter, identified project manager, constraints, and assumptions.

Committing the organization to begin the next phase of the project.

The process of formally recognizing that a new project exists or that an existing

project should continue to its next phase.
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Scope Planning

Process Group: Planning

Input includes: the product description; project charter; constraints, andassumptions.

Methods used: product analysis; benefit / cost analysis; identifying alternatives,

and expert judgment.

Output includes: scope statement; supporting detail, and scope management plan

The process of developing a written scope statement as the basis for future

project decisions.

The scope statement forms the basis for an agreement between the project teamand the project customer by identifying the project objectives and major project

deliverables.

Scope Definition

Process Group: Planning

Input includes: scope statement; constraints; assumptions; and historical

information.

Methods used: work breakdown structure templates (or WBS from a previous

project) and decomposition (subdivision).

Output includes: work breakdown structure

The process of subdividing the major project deliverables into smaller, more

manageable components.

Scope Verification

Process Group: Controlling

Input includes: work results (completed or partially completed deliverables,

incurred or committed costs, etc.), and product documentation (plans,specifications, technical documentation, etc.)

Methods used: inspection (measuring, examining, reviewing and testing to

determine if results conform to requirements)

Output includes: formal acceptance

The process of formally accepting the project scope by the stakeholders (sponsor,

client, customer, etc.)

Scope Change Control


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Process Group: Controlling

Input includes: WBS, performance reports, change requests, and the scope

management plan.

Methods used: a scope change control system; performance measurement

techniques; and additional planning.

Output includes: scope changes; corrective action, and lessons learned. The process of controlling changes to project scope.

Welcome to Project Staffing Company!

PSC is a full-service staffing company performing business and technology consulting, andprofessional services, and providing highly qualified and experienced specialists for your

projects worldwide. We are dedicated to creating unique experience and remarkablecustomer satisfaction for all our customers, big and small, throughout the commitment anddedication of our every consultant.

Do you have an ongoing project? Is its completion critical for your business? Do you needto meet a deadline? Don't have all the necessary resources? Or you can't find valuableresources in your area? We can help you. Our staff is there to serve you. We employ onlythe best. Our people are recognized specialists in their fields. We can provide you with ateam of most reliable people whose number one mission is to help you succeed.

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Why PSC?

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Terminology

Readers today may be confused by some of the terminology: Welke was often inventingboth the concepts and the terminology, and whilst concepts are valid in any time, theterminology we use today has taken a different route. Welke's terminology is described

on page 3; what he calls a meta-model is nowadays more commonly referred to as ameta-metamodel; what he calls a meta-schema is nowadays referred to as a metamodel.

Original Abstract

There is increased awareness within the CASE (Computer-Aided Software Engineering)arena, of the need for a central Repository of system description information. This isbrought on by a growing recognition that only with a strong central repository, can CASEtool sets be integrated, cope with large projects, provide full life-cycle support, producecomplete documentation, perform system-wide validation and verification, and

adequately control a project. In examining the various approaches chosen or proposed byvarious vendors it is apparent that, for many users and providers, a CASE Repository isnothing more than an off-the-shelf database management system into which specificationinformation is directly placed. However, as this paper will demonstrate, commerciallyavailable database systems cannot be directly employed as a CASE repository.

Author Bio

Dr. Welke is Director of the Center for Process Innovation, professor and previouschairman of the CIS department at Georgia State University. Prior professorships includeappointments in the Netherlands (TU-Delft as Cor Wit Research Professor,

Erasmus/RSM as HL, Business Informatics) and Canada (McMaster University).

Dr. Welke was co-founder of the information systems discipline's now-major academicorganizations, (ICIS, AIS, TIMS College on IS, and IFIP WG 8.2). He has been the ICISprogram chair (1986) and co-conference chair (1996) as well as serving on its executivecommittee.

He has started, owned and managed two Computer-aided Software Engineering (CASE)companies; one in Canada (Methodsworks) and the other in the US (Meta Systems).

Risk ManagementRisk Manager Careers

By Mark Kolakowski, About.com Guide

See More About:
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financial jobs risk compliance securities traders

Risk Management Career Overview: Within the financial services industry, riskmanagement involves assessing and quantifying business risks, then taking measures tocontrol or reduce them. Risk management often is part of the compliance function, butalso may be part of specific business units, such as securities trading desks orloanorigination departments.

Education: To work in risk management, a bachelor's degree is the bare minimum, andoften an MBA also is required. Strong quantitative skills are a must, and thus abackground in management science and in the development or use ofpredictive modelscan be very helpful.

Certification: There are several formal risk management certifications. They arerequired by a growing number of employers, and may help start or advance a career inthe field with other firms, but a majority of companies do not yet demand them. In anycase, experience in law,accounting, compliance, insuranceand/oroperational areas ofthe financial services industry are important credentials. For example, risk managers whooversee securities trading should have intimate knowledge of trading practices andprocedures, knowledge that is best gained from prior experience as a trader or as a tradingdesk assistant.

Duties and Responsibilities: Risk management is concerned with identifying andmeasuring the risks faced by the firm. Risk managers either may be generalists who cover

several different areas, or specialists who concentrate on a single one. Within thefinancial services industry, the major categories of risk include, but are not limited to:

Defaults on loans extended by the firm Losses on securities inventories held by traders Losses on investment securities held for the firms own account Counter party risk (another financial firm failing in its obligations to yours)

Risk management personnel develop, implement and enforce rules and proceduresdesigned to mitigate these risks. For example, the value of inventory held by a securitiestrader might be strictly limited.

Risk management personnel also employ various financial instruments and contracts tocontrol risks, such as:

Insurance Swaps Derivatives Futures contracts
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Options contracts

Typical Schedule: The time commitment is highly variable, dependent on the firm andthe position. Since risk management is a vital function, risk managers can expect to put inworkweeks that far exceed 40 hours. Moreover, during periods of high market turbulence

and financial uncertainty, risk management personnel may be constantly on call.

What's to Like: Risk management is a crucial function, and thus has a great deal ofintrinsic job satisfaction. Additionally, positions in this field are well-paid and well-respected. The work can be fast-paced and stimulating.

What's Not to Like: The flipside of working in such a critical field is that the demandsof the job can become overwhelming in turbulent periods for the industry or the firm,when weighty decisions may have to be made on a moment's notice. Also, the"policeman" aspect of risk management can create an unpleasant adversarial relationshipwith some categories ofproducers, especiallysecurities traders. Moreover, the

psychology of poweris such that influential people in the firm, such as members ofexecutive management, are likely to resist playing by the rules.

Salary Range: The Bureau of Labor Statisticscombines risk managers with othercategories of financial managers. As of May 2006, the median annual salary for allfinancial managers was $91,000 and the top 10% earned over $132,000. Within thefinancial services industry, however, the median salaries for risk managers can exceed$132,000.

Home > documentation

documentation

Instructions for using a computerdevice orprogram. Documentation can appear in avariety of forms, the most common being manuals. When you buy a computer product

(hardware orsoftware), it almost always comes with one or more manuals that describehow to install and operate the product. In addition, many software products include anonline version of the documentation that you can display on yourscreenor print out on aprinter. A special type of online documentation is a helpsystem , which has thedocumentation embedded into the program. Help systems are often called context-sensitivebecause they display different information depending on the user's position(context) in the application.
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Documentation is often divided into the following categories:

installation: Describes how to install a program or device but not how to useit. reference: Detailed descriptions of particular items presented in alphabetical

order. Reference documentation is designed for people who are already somewhatfamiliar with the product but need reminders or very specific information about aparticular topic.

tutorial: Teaches a user how to use the product. Tutorials move at a slowerpace than reference manuals and generally contain less detail.

A frequent lament from computer users is that their documentation is inscrutable.Fortunately, this situation is improving, thanks largely to advances in help systems andonline tutorials. These forms of documentation make it much easier to deliver the specificinformation a user needs when he or she needs it.

Whether You Bill Clients Hourly or on a Per Project Basis

Documents

Transcript of Whether You Bill Clients Hourly or on a Per Project Basis