Discussion Questions

Discussion Questions

After reading from chapter-3 answer these two questions.

1) Are there any reasons for using present value analysis rather than future value analysis? If yes, provide those reasons

2)Why might a decision maker like to see the payback analysis as well as the ROR and the NPV?

The overall assignment should be minimum of 400 words. APA format is must.

Project Management Processes, Methodologies, and Economics

Third Edition

Avraham Shtub

Faculty of Industrial Engineering and Management

The Technion–Israel Institute of Technology

Moshe Rosenwein

Department of Industrial Engineering and Operations Research

Columbia University

Boston Columbus San Francisco New York Hoboken Indianapolis London Toronto Sydney Singapore Tokyo Montreal Dubai Madrid Hong Kong Mexico City Munich Paris  Amsterdam Cape Town

 

 

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Copyright © 2017, 2005, 1994 Pearson Education, Inc. Hoboken, NJ 07030. All rights reserved. Manufactured in the United States of America. This publication is protected by copyright and permissions should be

 

 

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The author and publisher of this book have used their best efforts in preparing this book. These efforts include the development, research, and testing of theories and programs to determine their effectiveness. The author and publisher make no warranty of any kind, expressed or implied, with regard to these programs or the documentation contained in this book. The author and publisher shall not be liable in any event for incidental or consequential damages with, or arising out of, the furnishing, performance, or use of these programs.

Library of Congress Cataloging-in-Publication Data

Names: Shtub, Avraham, author. | Rosenwein, Moshe, author. Title: Project management : processes, methodologies, and economics / Avraham Shtub, Faculty of Industrial Engineering and Management, The Technion-Israel Institute of Technology, Moshe Rosenwein, Department of Industrial Engineering and Operations Research, Columbia University. Other titles: Project management (Boston, Mass.) Description: 3E. | Pearson | Includes bibliographical references and index. Identifiers: LCCN 2016030485 | ISBN 9780134478661 (pbk.) Subjects: LCSH: Engineering—Management. | Project management. Classification: LCC TA190 .S583 2017 | DDC 658.4/04—dc23 LC record available at https://lccn.loc.gov/2016030485

10 9 8 7 6 5 4 3 2 1

 

 

ISBN-10: 0-13-447866-5

ISBN-13: 978-0-13-447866-1

 

 

This book is dedicated to my grandchildren Zoey, Danielle, Adam, and Noam Shtub.

This book is dedicated to my wife, Debbie; my three children, David, Hannah, and Benjamin; my late parents, Zvi and Blanche Rosenwein; and my in-laws, Dr. Herman and Irma Kaplan.

 

 

Contents 1. Nomenclature xv

2. Preface xvii

3. What’s New in this Edition xxi

4. About the Authors xxiii

1. 1  Introduction 1

1. 1.1 Nature of Project Management 1

2. 1.2 Relationship Between Projects and Other Production Systems 2

3. 1.3 Characteristics of Projects 4

1. 1.3.1 Definitions and Issues 5

2. 1.3.2 Risk and Uncertainty 7

3. 1.3.3 Phases of a Project 9

4. 1.3.4 Organizing for a Project 11

4. 1.4 Project Manager 14

1. 1.4.1 Basic Functions 15

2. 1.4.2 Characteristics of Effective Project Managers 16

5. 1.5 Components, Concepts, and Terminology 16

6. 1.6 Movement to Project-Based Work 24

7. 1.7 Life Cycle of a Project: Strategic and Tactical Issues 26

 

 

8. 1.8 Factors that Affect the Success of a Project 29

9. 1.9 About the book: Purpose and Structure 31

1. Team Project 35

2. Discussion Questions 38

3. Exercises 39

4. Bibliography 41

5. Appendix 1A: Engineering Versus Management 43

6. 1A.1 Nature of Management 43

7. 1A.2 Differences between Engineering and Management 43

8. 1A.3 Transition from Engineer to Manager 45

9. Additional References 45

2. 2  Process Approach to Project Management 47

1. 2.1 Introduction 47

1. 2.1.1 Life-Cycle Models 48

2. 2.1.2 Example of a Project Life Cycle 51

3. 2.1.3 Application of the Waterfall Model for Software Development 51

2. 2.2 Project Management Processes 53

1. 2.2.1  Process Design 53

2. 2.2.2 PMBOK and Processes in the Project Life Cycle 54

3. 2.3 Project Integration Management 54

 

 

1. 2.3.1  Accompanying Processes 54

2. 2.3.2  Description 56

4. 2.4 Project Scope Management 60

1. 2.4.1  Accompanying Processes 60

2. 2.4.2  Description 60

5. 2.5 Project Time Management 61

1. 2.5.1  Accompanying Processes 61

2. 2.5.2  Description 62

6. 2.6 Project Cost Management 63

1. 2.6.1  Accompanying Processes 63

2. 2.6.2  Description 64

7. 2.7 Project Quality Management 64

1. 2.7.1  Accompanying Processes 64

2. 2.7.2  Description 65

8. 2.8 Project Human Resource Management 66

1. 2.8.1  Accompanying Processes 66

2. 2.8.2  Description 66

9. 2.9 Project Communications Management 67

1. 2.9.1  Accompanying Processes 67

2. 2.9.2  Description 68

 

 

10. 2.10 Project Risk Management 69

1. 2.10.1  Accompanying Processes 69

2. 2.10.2  Description 70

11. 2.11 Project Procurement Management 71

1. 2.11.1  Accompanying Processes 71

2. 2.11.2  Description 72

12. 2.12 Project Stakeholders Management 74

1. 2.12.1  Accompanying Processes 74

2. 2.12.2  Description 75

13. 2.13 The Learning Organization and Continuous Improvement 76

1. 2.13.1  Individual and Organizational Learning 76

2. 2.13.2  Workflow and Process Design as the Basis of Learning 76

1. Team Project 77

2. Discussion Questions 77

3. Exercises 78

4. Bibliography 78

3. 3 Engineering Economic Analysis 81

1. 3.1 Introduction 81

1. 3.1.1 Need for Econo

 
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