Project Management and Schedule Management

Study Notes

Project Management

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
Key elements include initiation, planning, execution, monitoring and controlling, and closure.
Effective project management results in successful project delivery within constraints of scope, time, cost, and quality.

Schedule Management

Schedule management involves defining, sequencing, and scheduling project activities.
Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT) are used to identify critical paths and estimate project durations.
Key activities include developing a work breakdown structure (WBS), defining activity dependencies and durations, creating a project schedule, and managing schedule changes.
Effective schedule management ensures project tasks are completed on time, minimizing delays and maximizing efficiency.
Gantt charts visually display project schedules, improving communication, clarity, and understanding of the timeline.

Resource Management

Resource management plans, acquires, and manages resources needed for project tasks.
Resources include personnel, materials, equipment, and facilities.
Effective resource management allocates resources efficiently, ensures availability, and optimizes utilization for project completion.
This includes developing a resource plan, identifying resource requirements, allocating resources, managing resource conflicts, and tracking resource utilization.
Good resource management supports efficient project execution.

Budgeting / Cost Control

Budgeting and cost control estimate project costs, develop a budget, monitor actual costs, and control costs to stay within the budget.
Cost estimation techniques are crucial for realistic budgets.
Key elements include developing a cost baseline, monitoring budget variances, taking corrective actions for cost overruns, and adjusting the project plan if needed.
Effective budgeting and cost control keep projects within budget, enhancing profitability and success.

Risk/Issue Management

Risk management identifies potential risks affecting project objectives and develops strategies to mitigate or avoid them.
A risk register documents potential risks and their responses. Issue management addresses problems during project execution.
Risk and issue management activities include identifying risks and issues, analyzing risks and impacts, developing response plans, and monitoring for/responding to emerging issues.
Proactive risk identification minimizes impact, improving project success.

Change Control

Change control manages modifications to project scope, schedule, budget, or other elements.
Changes arise from new requirements, market conditions, or technological advancements.
Change control processes include defining a change management system, documenting change requests, evaluating change impact, obtaining approvals, and implementing authorized changes.
A formalized change control mechanism manages project changes effectively, maintaining control, and minimizing negative consequences.

Description

This quiz covers the fundamentals of project management, focusing on the key elements such as initiation, planning, execution, monitoring, and closure. Additionally, it explores schedule management techniques including the Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT) to ensure project tasks are completed on time.