The purpose of this channel is to share knowledge and experiences within our global learning community. Our viewers and contributors are in Africa, Asia, Australia, Europe, and the Americas. We recognize that management principles may not always have universal applicability, as environmental factors such as culture, structure, social systems, legal frameworks, economic conditions, and political systems can impact outcomes. Effective managers understand the importance of accounting for these variables in their decision-making process. Our belief is that by learning together as a global community, we can grow in wisdom and understanding. Please don't hesitate to reach out with any questions, comments, or suggestions. We wish you peace, love, happiness, and wisdom, wherever you are. Happy Learning!
本频道的目的是在我们的全球学习社区内分享知识和经验。
इस चैनल का उद्देश्य हमारी वैश्विक शिक्षा समुदाय के भीतर ज्ञान और अनुभव साझा करना है।
Thanks to the leadership at Northeastern University for inviting me to give this address. It was an honor and a pleasure. Best of Luck to the NEU graduates as they enter this new world of AI and global change.
man, i have been eating up tons of videos about project management and you gotta be the first one to give me the actual useful no bs information. Deliverable is a noun/adjectives, activity is a verb, milestone is a past stance verb attached to a noun. PM videos are full of those very complicated process that totally do not work with the small company I work in and you just provided the simplest way to do things. You've just put a mind that has been racing for months at peace.
Thank you for your feedback-I am glad I could help clarify things and provide practical advice that resonates with your needs. We are always happy to share resources with our global learning community. Cheers, J,
Hi Doctor, how Can I record Daily to daily cost Uses in MS Project Like in MS Excel? For Example Today we had a construction of Bund wall and let say We spent 200USD in Aggregates, 1000USD for Casuals, 500USD for sand and 200USD in construction water. How can we record these costs for the fixed duration task???
Recording daily costs in Microsoft Project, similar to how you might in Microsoft Excel, involves tracking actual expenses against budgeted costs for specific tasks. Here's how you can manage and record daily costs in Microsoft Project for a given task such as construction of a bund wall: 1) Set Up Cost Resources: First, you need to add cost resources to your project. These are the types of costs you'll incur, like Aggregates, Casuals, Sand, and Construction Water. Go to the Resource Sheet view in Microsoft Project. Click on "View" tab, then "Resource Sheet". Add each cost item as a resource. Set the Type to "Cost". 2) Assign Cost Resources to Tasks/Activities: Go to the Gantt Chart view. Find the task "Construction of Bund Wall". Double-click on the task to open the Task Information dialog box. Go to the Resources tab. Assign the cost resources (Aggregates, Casuals, Sand, Construction Water) you created to this task. 3) Enter Daily Costs: You can record the daily costs by updating the actual cost of each resource on a daily basis. Go to the Task Usage view to enter detailed costs day by day. Click on "View" tab, then "Task Usage". In this view, you'll see your task on the left and the days spread out across the top. You can enter the costs incurred for each resource under each day. For example, under Aggregates, you can input $200 on the day the cost was incurred. 4) Tracking and Adjusting Costs: As you enter these costs, Microsoft Project automatically updates the actual cost of the task and compares it against the budgeted cost. You can track these costs in the Cost table or create custom views and reports to analyze the data. For detailed reports, go to the "Report" tab, select "Costs" and choose the type of cost report you wish to see, such as "Cash Flow" to review daily expenditures. 5) Review and Adjust: Regularly review the costs and progress. If a particular resource is consistently over or under budget, adjust your estimates or investigate the causes for variance. By using cost resources and the Task Usage view, Microsoft Project can effectively track and manage daily expenses much like you would in a spreadsheet, but with the added benefit of integration with your overall project schedule and resources. This method provides a structured approach to cost management. I hope this helps.
Is there any way to make the bar chart to the right label each bar with the entire hierachy from Summary Task ->SubTask 1->Subtask 2. For example in construction, we have 10 buildings and I wanted all 4 hierarchies labelling Building 1 - Foundation - Concrete - Post Tension Cable Stressing
Hi, The task you wish to accomplish in Microsoft Project is indeed possible. It is advisable to label the summary tasks to avoid cluttering the chart, as attempting to label each bar with excessive information can quickly lead to confusion. To label the Gantt bars in Microsoft Project with the names of the Work Breakdown Structure (WBS) elements, follow these steps: 1. Open your project in Microsoft Project. 2. Switch to the Gantt Chart view if you’re not already there. 3. Click on the “Format” tab in the ribbon. 4. Choose “Bar Styles” from the Format menu. If you’re in a hurry, you can right-click within the chart portion of the Gantt Chart view and select “Bar Styles”. 5. In the Bar Styles box, click the “Text” tab. 6. Look for the row labeled “Right” (this places the text to the right of the Gantt bars). 7. Click the “Name” field in that row. 8. To add clarity and visual appeal without cluttering the chart, consider adding task names only to summary tasks. 9. You can also customize the appearance of the text by double-clicking on individual bars and selecting the type of text you want near the Gantt bars. Remember, you can get creative and add other project information next to the bars as well, such as people’s names, task costs, or task durations. Feel free to explore additional ways to improve the look of your Gantt bars! I hope this helps. Best, J.
Hello professor, I sent a message in your LinkedIn account requesting files named in this video ... please I want to improve my skills in P6 and your explanation were brilliant
Can you please explain the following: 1. What is the effect of checking or unchecking the Impact range and event existence box? 2. What is the effect of checking or unchecking the Link in Series box?
Hi Van, Thank you for submitting your questions. Below are my answers for your consideration. 1. What is the effect of checking or unchecking the Impact Ranges and Event Existence box? In the desktop version of Primavera Risk Analysis, the "Impact Ranges" feature, specifically available in the "Risks View" tab within the Risk Register, plays a critical role in fine-tuning your project's risk model. This feature is designed to allow users to correlate the schedule and cost impacts of a particular risk. Correlation in this context refers to the degree to which changes in one variable (e.g., schedule) are related to changes in another variable (e.g., cost). This is particularly useful for capturing the complex interdependencies that often exist between different aspects of project risks. If you uncheck the box next to "Impact Ranges," you are essentially disabling the correlation feature for that particular risk. Correlate - Event Existence By default, the "Event Existence" option is set to correlate the existence of all impacts. In other words, if a risk occurs, it will simultaneously affect all the tasks associated with that risk. This is particularly useful when you have a risk that is pervasive in nature and has a broad impact across various parts of the project. For example, if a critical supplier fails to deliver essential materials on time, it may delay multiple tasks throughout the project. The default setting assumes that if the risk occurs, it will manifest across all related tasks. 2. What is the effect of checking or unchecking the Link in Series box? When the "Link in Series" option is checked, it indicates that the schedule impacts due to multiple risks should be aggregated in a sequential manner for each simulation iteration. In simpler terms, for each iteration in the Monte Carlo simulation, the task duration will be extended by the sum of all the risk durations affecting that task. For example, if Risk A extends a task by 2 days and Risk B by 3 days, checking this option will make the task longer by a total of 5 days in that particular simulation iteration. This is particularly useful for tasks that are vulnerable to a series of risks that cumulatively delay the project. For instance, a construction task might be delayed initially due to permit issues (Risk A) and further postponed due to inclement weather (Risk B). When both risks are modeled in series, their cumulative effect is represented in the risk assessment. When the "Link in Series" option is not checked, it means that the software treats multiple risks as impacting the schedule in parallel. If you leave the box unchecked, for each iteration in the Monte Carlo simulation, the task duration will be extended by the duration of the risk that has the most significant impact on the schedule, but not by the sum of all risks. I hope this information proves helpful to you. Best, Prof. Alexis
Hi, Sure thing. I'm unable to attach files on this platform. However, you can reach out to me on LinkedIn, where there is an attachment feature available. My LinkedIn handle is www.linkedin.com/in/jalexis/. Best, J.
Thank you so much Professor! I have a question.. will the results of the EMV value be appropriate in the future if the decision is selected based on the EMV value?
Hi there, Thank you for your comment. Based on my understanding of your question, the answer is yes - expected monetary value is typically calculated based on future estimates. For instance, this could include estimating the cost to mitigate poor quality materials supplied by a vendor. Since risk scenarios are always centered around future events or future conditions, values calculated based on probabilities and future scenarios will be relevant for the corresponding time period. Simply put, expected monetary value calculations are forward-looking and take into account potential future events or conditions and their associated probabilities. As a result, the calculated values will be applicable to the relevant future time frame. I hope this helps.
Thanks Prof. Great video. I had a question about after we have added the contingency. When we add 100% to the % Complete to the "Contingency Task" that I have created as a Cost Contingency, the ACtual costs increases tot he value to the contingency amount which we do not want. So then we manually need to remove that contingency amount from the Actual Cost column. Or is there a better way of managing it? Thanks Shampa
Hi there, Before setting the baseline for a project, it's important to include a contingency reserve. This reserve should be added to the project in addition to the cost of the work packages or activities. By doing so, the cost baseline will accurately reflect the overall cost of the project, including the contingency reserve. If you've added a contingency reserve to a task as a cost resource, removing it is a simple matter of removing the resource allocation. This will ensure that the project cost baseline is adjusted accordingly, without the added contingency reserve. I hope this helps.
Using burst and merge activities can not only add flexibility to the project schedule, but it can also help to reduce its duration. From your example, I observed that the project duration decreased from 175 days to 100 days. This is definitely a better and shorter schedule. Thank you!
Have not followed any P6 Risk Analysis course from beginning to end like I did in this workshop. You such a great tutor and made it so easy and applicable.
This was an excellent workshop, Professor. The ability to predict the completion date of a project with a certain level of confidence is super useful. Thanks!
Thank you, Professor, Whole content of PART 1 & PART 2 videos was terrific. Complete overview of Project Management. I am sure I will save, and download these videos and will always keep these on my PC, to brush up on the basics of project management, and all key concepts. Thank you for your appreciable efforts.💐
Thank you, Professor, it is a complete summary and more than a revision session which really helped me to remember all the topics in one short. Thank you.
