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Total Project Control
Total project control (TPC) is a project management method that emphasizes continuous tracking and optimization of return on investment (ROI). It was developed by Stephen Devaux. It builds upon earlier techniques such as earned value management, critical path method, and program evaluation and review technique, but uses these to track and index projected project profitability as well as the more traditional cost and schedule. In this way it aims to manage projects as profit and investment centers, rather than cost centers. Introduced with TPC are a variety of project management metrics and techniques, among them critical path drag, the value breakdown structure (VBS), Devaux's Index of Project Performance (the DIPP), Doubled Resource Estimated Duration (DRED), and Cost of Leveling with Unresolved Bottlenecks (CLUB). The Project Management Institute's monthly magazine PM Network reviewed the TPC methodology as making "solid points about what can be done to maximize ROI durin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Return On Investment
Return on investment (ROI) or return on costs (ROC) is a ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments.Return On Investment – ROI , Investopedia as accessed 8 January 2013 In economic terms, it is one way of relating profits to capital invested. Purpose In business, the ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earned Value Management
Earned value management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner. Overview Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs. In a single integrated system, earned value management is able to provide accurate forecasts of project performance problems, which is an important contribution for project management. Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success. Popularity of EVM has grown in r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Program Evaluation And Review Technique
The program evaluation and review technique (PERT) is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project. First developed by the United States Navy in 1958, it is commonly used in conjunction with the critical path method (CPM) that was introduced in 1957. Overview PERT is a method of analyzing the tasks involved in completing a given project, especially the time needed to complete each task, and to identify the minimum time needed to complete the total project. It incorporates uncertainty by making it possible to schedule a project while not knowing precisely the details and durations of all the activities. It is more of an event-oriented technique rather than start- and completion-oriented, and is used more in those projects where time is the major factor rather than cost. It is applied on very large-scale, one-time, complex, non-routine infrastructure and on Research and Developmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critical Path Drag
Critical path drag is a project management Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. T ... metric developed by Stephen Devaux as part of the Total Project Control (TPC) approach to schedule analysis and compression in the critical path method of scheduling. Critical path drag is the amount of time that an activity or constraint on the critical path is adding to the project duration. Alternatively, it is the maximum amount of time that one can shorten the activity before it is no longer on the critical path or before its duration becomes zero. In networks where all dependencies are finish-to-start (FS) relationships (i.e., where a predecessor must finish before a successor starts), the drag of a critical path activity is equal to whichever is less: its remaining duration or (if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Breakdown Structure
A value breakdown structure (VBS) is a project management technique introduced by Stephen Devaux as part of the total project control (TPC) approach to project and program value analysis. The concept has similarities with the deliverable-oriented work breakdown structure (WBS) decomposition which is used in project management and systems engineering to break down a project into smaller components in a tree structure that represents how the work of the project will create the components of the final product. Resources and cost are typically inserted into the activities in a WBS, and summed to create a budget both for summary levels (often called "work packages") and for the whole project or program. Similarly, a value breakdown structure will provide the expected value-added of each activity and/or component of the project (or projects within a program). Mandatory and optional activities In most projects (and programs), there are some components and activities (and projects) tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Devaux's Index Of Project Performance
Devaux's Index of Project Performance (usually known as the DIPP) is a project management performance metric formulated by Stephen Devaux as part of the total project control (TPC) approach to project and program value analysis. It is an index that integrates the three variables of a project (scope, time and cost) into a single value-based index where: * Scope is monetized as the value the project is expected to generate if it is completed on a certain date; * Time is a plus or minus monetary value if the completion is earlier or later than the target date; and * Cost is the cost estimate-to-complete (Cost ETC) of the project, the monetary units that will be needed for resources to complete the project (i.e., factoring out sunk cost). As an index for project go/no go decisions The DIPP was originally proposed as a value-based metric that quantified the key variables in the decision of whether to continue funding or terminate an ongoing project. It was introduced in the Sep/Oct 199 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management Institute
The Project Management Institute (PMI, legally Project Management Institute, Inc.) is a U.S.-based not-for-profit professional organization for project management. Overview PMI serves more than five million professionals including over 680,000 members in 217 countries and territories around the world, with 304 chapters and 14,000 volunteers serving local members in over 180 countries. Its services include the development of standards, research, education, publication, networking-opportunities in local chapters, hosting conferences and training seminars, and providing accreditation in project management. PMI has recruited volunteers to create industry standards, such as " A Guide to the Project Management Body of Knowledge", which has been recognized by the American National Standards Institute (ANSI). In 2012 ISO adapted the project management processes from the ''PMBOK Guide'' 4th edition. History In the 1960s project management as such began to be used in the US aeros ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Contribution
In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, economic value added, and shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms. Business value often embraces intangible assets not necessarily attributable to any stakeholder group. Examples include intellectual capital and a firm's business model. The balanced scorecard methodology is one of the most popular methods for measuring and managing business value. See Business valuation. Philosophy The concept of business value aligned with the theory that a firm is best viewed as a network of relationships both inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JGC Corporation
JGC Holdings Corporation, formerly , and before that , is a global engineering company headquartered in Yokohama, Japan. The company was founded on 25 October 1928. In 1976, it changed its original name from Japan Gasoline Co. to JGC Corp. In 2019, it changed its name to JGC Holdings Corporation to reflect its changed corporate structure. JGC participates in the design and construction of large energy projects, such as Al Zour Refinery, Nigeria LNG, Pearl GTL, Ichthys LNG, Gorgon LNG, Tangguh LNG and Dolphin Gas Project and over the course of the company's history it implemented over projects in 50 countries. The company is listed on the first section of Tokyo Stock Exchange and is a constituent of the TOPIX 100 and Nikkei 225 stock market indices In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate mark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spider Project
Spider Project is a project management software, developed by a company, called ''Spider Project Team''. Introduction Spider Project is primarily a tool for project and portfolio scheduling and associated resource, materials, cost and risk management. It does not have features like project-related communication management, issue tracking, and document management. According to Spider Project's publisher, the product provides CPM functions and metrics, and can calculate critical path drag, which tells the user how much each critical path activity delays project completion. Spider provides automatic scheduling, driven by resource allocation and resource leveling, and does not stress manual scheduling features. Spider Project's publisher says it is closely linked with "Success Driven Project Management (SDPM)" —a methodology, developed by Spider Project Team, which describes how scheduling-related project management is done. Other project management software tools can us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
