Comments on “Things every project manager should do”

I read through a statement that “you do not understand project management if you do not understand five or more of the following items”. The list makes great sense to me, so I list here and add my own comments in italic.

1. A step-by-step process for managing projects and why each step is necessary.   I will only be confident in iterative model.
2. Project manager, sponsor and team roles.
3. Historical information from previous projects.
4. Lessons learned from previous projects.
5. Creation of lessons learned on your projects.
6. Project charter. Everyone must understand the same charter and work towards the same goal. This is not so strait forward during the project execution.
7. What is a work breakdown structure, how to create it, and that it is not a list in a bar chart. My understanding is this means the breakdown is not a list on paper, the team member should understand the meaning.  A good practice is to break down into 5 to 8 sub tasks in terms of time and size. For example, a quarter duration should be break down into biweekly tasks.
8. How to manually create a network diagram Don’t understand this.  How it is related to project management. Does it talking about human network.
9. Critical path-how to find it and what benefits it provides the project manager. Key points
10. Three-point estimating: To estimate a value (cost, duration, etc.), assume a=the best-case estimate m=the most likely estimate b=the worst case estimate, then the weighted average E=(a+4m+b)/6, and standard deviation=(b-a)/6
11. Monte Carlo analysis： refers specifically to a technique in which the project team leader or project team computes and/or quantifies the complete and total project cost and/or project schedule a number of times through the use of input values that have been selected at random through the careful utilization of probability distributions or potential costs and/or potential durations. I think it is an iterative way to define project cost or schedule.
12. Earned value. refers to the actual methodology of management in which the project management team embarks in the process of integrating the scope, the schedule, and the resources that are determined to be needed in the process of making an objective measurement of the progress that has taken place to date on a project, and also on how successful the performance has been to date. Performance is measured by assessing the budgeted cost of all work that has been performed to date (also known as earned value, or EV) and comparing it to the actual cost of work that had been performed to date (which is also known as the actual cost). Progress is determined by comparing the earned value to date and measuring it against the planned or expected value. Earned value management is essential to maintaining a proper budget.
13. Schedule compression, crashing and fast tracking
14. An unrealistic schedule is the project manager's fault. Mostly because the project scope, dependency, team capability not well understood.
15. Creating a realistic and approved project management plan that you would be willing to be held accountable to achieving.  At least for firmware project, a realistic plan is only possible if the domain and scope are understood. I don’t dare to say fully here, as in many cases, it is poorly understood.
16. Measuring and implementing corrective action.
17. Risk management process and that risk management is not just using a checklist.
18. Expected monetary value. Agree
19. Calculating budget reserves and their relationship to risk management.
20. Controlling the project to the project management plan.