Is project management the new management 2.0?

This paper considers the evolving nature of project management (PM) and offers a comparison with the evolving nature of management generally. Specifically, we identify a number of management trends that are drawn from a paper that documents a proposed ‘Management 2.0’ model, and we compare those trends to the way in which PM is maturing to embrace the challenges of modern organizational progress.Some theoretical frameworks are offered that assist in explaining the shift from the historically accepted ‘tools and techniques’ model to a more nuanced and behaviorally driven paradigm that is arguably more appropriate to manage change in today’s flexible and progressive organizations, and which provide a more coherent response, both in PM and traditional management, to McDonald’s forces. In addition, we offer a number of examples to robustly support our assertions, based around the development of innovative products from Apple Inc. In using this metaphor to demonstrate the evolution of project-based work, we link PM with innovation and new product development.

A New Schedule Estimation Technique for Construction Projects

Allen studied hundreds of construction projects and developed an accu-rate, practically useful model of their labor profiles. We combine Al-len’s labor profile with standard Earned Value Management (EVM) techniques and derive a simple, practical formula that estimates the fi-nal schedule from early project data. The schedule estimation formula is exact; it requires no approximations. The estimate is also surprisingly accurate and available early enough in the project for the project manager to be able to take appropriate actions. We use one of Allen’s real-world construction data sets to calibrate and validate our theoreti-cal model. Early estimates of the final schedule are remarkably accu-rate, and available early enough to be used to effect management changes. We also explain why a current schedule estimation method, Earned Schedule (ES), has a poor theoretical foundation and show that our model is superior to ES in predicting construction schedule delays. The model should provide warning of schedule delays early enough for project managers to take corrective actions

Proceeding of the 2017 IRNOP Research Conference: The Modern Project -- Mindsets, Toolsets, and Theoretical Frameworks

IRNOP 2017 highlights the theme of modern project. The proceedings consists of refereed papers by scholars from a diverse background in business, economics, engineering and other fields, with a common interest in projects, project organizations and temporary systems.Published versio

Developing and teaching of a world-class online project management curriculum

  The evolution of the internet and collaboration tools have made it possible to enhance the range of online education, and make it universally accessible and eminently affordable. Around 2000, the faculty at Boston University’s Metropolitan College proposed an online master’s degree in project management, using the emerging learning management systems. The program grew quickly from 40 to 200 students, and was one of the first in the United States to be accredited by the Project Management Institute’s Global Accreditation Committee. This academic model has now been extended to other disciplines and programs.It was expected from the outset that the BU online and classroom academic experiences would be completely equivalent. This presented several challenges, the first of which was developing online equivalents for the face-to-face pedagogical course components. Second, writing online courses, recording videos and developing innovative discussion topics is time-consuming, and we quickly realised that only fulltime faculty had the commitment and motivation to devote the required effort to produce quality courses. Finally, the technological resources associated with course development and course operation required significant investment, beyond the faculty time, currently estimated at around $60,000 per course.We surveyed our students and alumni every two years and now have enough data to describe accurately the evolution in attitudes to online education.As one of the earlier and premier adopters of a rigorous academic online education model, BU has a vested interest to contribute to the growing debate about the academic quality and rigour of online education, the application of high pedagogical standards, and the innovative use of online teaching frameworks and tools. This paper will address and document these issues and assist in raising awareness of emerging “best practice” in the online education domain.&nbsp

Earned schedule formulation using nonlinear cost estimates at completion

This work contributes to improving available methodologies for duration and cost estimates of ongoing projects with nonlinear cost profiles. It is demonstrated that accurate time estimates can be made when a generalized mathematical formulation of the Earned Schedule and the point estimate methodology are used. It also highlights the advantages of using these duration estimate methodologies to provide more accurate nonlinear schedule-based cost estimates at completion. This is shown via application and comparison of the proposed methodologies to datasets of eight real case projects from the construction industry. In particular, the defined methodologies tend to perform better, on average, than traditional index-based formulae, especially in the early stages of project development when the practical benefits are the greatest for project teams to take their corrective actions

On the Lambert W function: Economic Order Quantity applications and pedagogical considerations

We illustrate the use of the Lambert W function by analysing two Economic Order Quantity (EOQ) scenarios: an EOQ model with perishable inventory; and a Net Present Value analysis of an EOQ problem with trim loss. Both scenarios are motivated by real-world situations. Via these two examples, we reflect upon the pedagogical aspects of using the Lambert W function. We present a Lambert W function ‘look-up’ table for classroom use and a Microsoft Excel ‘Add-In’ for self-study and practical use. We also illustrate the use of the Laplace transform to conduct NPV analyses of the EOQ model

The safety stock and inventory cost paradox in a stochastic lead time setting

We study a stochastic lead-time problem motivated by real world global shipping data. Replenishment quantities are generated by the Order-Up-To policy which aims to achieve a strategic availability target. We show that unlike the constant lead-time case, minimum safety stocks do not always lead to minimum costs under stochastic lead-times

Inventory management for stochastic lead times with order crossovers

We study the impact of stochastic lead times with order crossover on inventory costs and safety stocks in the order-up-to (OUT) policy. To motivate our research we present global logistics data which violates the traditional assumption that lead time demand is normally distributed. We also observe that order crossover is a common and important phenomenon in real supply chains. We present a new method for determining the distribution of the number of open orders. Using this method we identify the distribution of inventory levels when orders and the work-in-process are correlated. This correlation is present when demand is auto-correlated, demand forecasts are generated with non-optimal methods, or when certain ordering policies are present. Our method allows us to obtain exact safety stock requirements for the so-called proportional order-up-to (POUT) policy, a popular, implementable, linear generalization of the OUT policy. We highlight that the OUT replenishment policy is not cost optimal in global supply chains, as we are able to demonstrate the POUT policy always outperforms it under order cross-over. We show that unlike the constant lead-time case, minimum safety stocks and minimal inventory variance do not always lead to minimum costs under stochastic lead-times with order crossover. We also highlight an interesting side effect of minimizing inventory costs under stochastic lead times with order crossover with the POUT policy—an often significant reduction in the order variance