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Project Management Basic Concepts
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Project Management Basic Concepts

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@SignificantLilac1964

Questions and Answers

Which characteristic distinguishes a project from ongoing operations?

  • A defined objective (correct)
  • Lack of a deadline
  • Permanent teams
  • Repeated tasks

    • What is the primary role of a project manager?

  • Ensure department compliance
  • Train team members
  • Manage financial budgets
  • Marshals resources (correct)

    • What phase comes immediately after the Design/Plan phase in the project life cycle?

  • Monitoring
  • Termination/Closure
  • Feasibility/Define
  • Execution (correct)

    • What differentiates a program from a project?

    <p>Programs encompass multiple related projects</p> Signup and view all the answers

    What is NOT considered a characteristic of a project?

    <p>Continuous function</p> Signup and view all the answers

    In traditional project management, how does the project manager differ from a functional manager?

    <p>Project managers act independently</p> Signup and view all the answers

    Which factor is a current driver of project management?

    <p>Increased project complexity</p> Signup and view all the answers

    Which of the following is a component of the Project Life Cycle?

    <p>Execution</p> Signup and view all the answers

    What does EPMO stand for in the context of project governance?

    <p>Enterprise Project Management Office</p> Signup and view all the answers

    Which financial metric is NOT typically used in project selection?

    <p>Stakeholder Satisfaction Score</p> Signup and view all the answers

    What is one of the primary functions of a Project Portfolio Management System?

    <p>Monitoring Resource Usage</p> Signup and view all the answers

    What is a key role of the Project Management Office (PMO)?

    <p>Assessing risk of projects</p> Signup and view all the answers

    What is the primary purpose of implementing strategies through projects?

    <p>To achieve long term organizational goals</p> Signup and view all the answers

    What can result from uncoordinated project management systems (PMS)?

    <p>Independent managerial decisions leading to internal conflicts</p> Signup and view all the answers

    Which is an example of a non-financial criterion for project selection?

    <p>Project Impact on Community</p> Signup and view all the answers

    Which function is NOT a major responsibility of project portfolio management?

    <p>Evaluating employee performance</p> Signup and view all the answers

    What are the typical phases of the project life cycle?

    <p>Define, Plan, Execute, Close</p> Signup and view all the answers

    What is a consequence of failure to prioritize projects?

    <p>Wastage of resources on non-value-added activities</p> Signup and view all the answers

    Which financial model emphasizes the recovery of initial investment over time?

    <p>Payback Model</p> Signup and view all the answers

    What aspect is vital for maintaining organizational perspective in project management?

    <p>Maintaining communication among stakeholders</p> Signup and view all the answers

    Which of the following is NOT typically considered a phase in the project management life cycle?

    <p>Negotiate</p> Signup and view all the answers

    What is the main link between strategy and projects in an organization?

    <p>Projects are essential to achieving long term strategies.</p> Signup and view all the answers

    Which of the following describes Agile Project Management?

    <p>Emphasizes flexibility and adaptive planning.</p> Signup and view all the answers

    What factor would most likely cause a company to prioritize ongoing programs over new programs?

    <p>Urgency and ability to postpone evaluation</p> Signup and view all the answers

    Which characteristic distinguishes a project from a program?

    <p>A program consists of multiple related projects.</p> Signup and view all the answers

    What is one of the key current drivers of project management?

    <p>The need for effective resource allocation and management.</p> Signup and view all the answers

    How has the project approach in business evolved over time?

    <p>It has evolved to become the primary way of conducting business.</p> Signup and view all the answers

    What role does a Project Manager play in comparison to a Functional Manager?

    <p>Project Managers focus on specific projects while Functional Managers handle broader departmental responsibilities.</p> Signup and view all the answers

    Why is understanding the socio-technical approach important in project management?

    <p>It helps in creating a balance between social and technical aspects of projects.</p> Signup and view all the answers

    Which of the following is a primary function of overseeing project selection?

    <p>To ensure alignment with organizational objectives</p> Signup and view all the answers

    What can be considered an 'implementation gap' in project management?

    <p>Discrepancies between strategy formulation and execution</p> Signup and view all the answers

    What is essential when evaluating projects using the Net Present Value (NPV) model?

    <p>Discounting future cash flows</p> Signup and view all the answers

    When assessing multiple projects, which model incorporates various financial and non-financial metrics?

    <p>Multi-weighted Scoring Model</p> Signup and view all the answers

    In the context of portfolio management, what does compliance typically consider?

    <p>Strategic targets and &gt;NPV</p> Signup and view all the answers

    Under stable inflation conditions, what is a key consideration for project evaluation?

    <p>Discounting future cash flows appropriately</p> Signup and view all the answers

    If Alpha Co. expects to earn a minimum of 14 percent on its investment, how should this affect their project selection?

    <p>Fund projects with an NPV greater than zero at 14 percent discount rate</p> Signup and view all the answers

    Which project is likely to be funded by Alpha Co. based on the financial evaluation of cash flows provided?

    <p>The project with shorter payback period</p> Signup and view all the answers

    Study Notes

    Project Management - Basic Concepts

    • Importance: Project management is essential for achieving organizational goals and adapting to modern business practices.
    • Characteristics of Projects: Unique, temporary endeavors with specific objectives, cross-functional participation, and defined timeframes, costs, and performance metrics.
    • Project vs. Program vs. Portfolio: Projects are individual initiatives, programs are collections of related projects, and portfolios encompass all projects and programs within an organization.
    • Project Life Cycle: Consists of phases:
      • Feasibility/Define
      • Design/Plan
      • Execution
      • Termination/Closure

    Role of Project Manager

    • Project managers operate independently and are responsible for directing, coordinating, and integrating project activities.
    • Function involves managing resources and interfacing with customers, pivotal for project performance and success.

    Traditional vs. Agile Project Management

    • Traditional: Follows a linear, structured approach focusing on defined stages and control.
    • Agile: Emphasizes flexibility and iterative progress, accommodating changes in requirements.

    Drivers of Project Management

    • The need for alignment with organizational strategy ensures projects support long-term goals, necessitating effective management systems.
    • Projects should prioritize resource allocation to prevent conflicts and inefficiencies.

    Integrated Management of Projects

    • Portfolio Management Functions: Involves overseeing project selection, monitoring resource usage, promoting best practices, and ensuring communication among stakeholders.
    • Focus on balancing projects to optimize risk and align with strategic objectives.

    Project Portfolio Management System

    • A robust portfolio management system is crucial to bridge the implementation gap and resolve resource conflicts.
    • Selection Criteria include financial metrics (NPV, IRR, payback period) and non-financial factors.

    Project Governance

    • Establishment of a Project Management Office (PMO) is vital for monitoring activities and evaluating project risks.
    • EPMO (Enterprise Project Management Office) plays a strategic role linking senior management with project management.

    Financial Criteria for Project Selection

    • Payback Period: Time required to recover the initial investment.
    • Net Present Value (NPV): Present value of future cash inflows minus the initial investment, crucial for profitability analysis.
    • Internal Rate of Return (IRR): The discount rate at which NPV equals zero, guiding investment decisions.

    Problem Solving Activity

    • Evaluation of two projects (X and Y) based on initial investment and expected cash flows, applying concepts from financial criteria to determine viable project funding given a required return of at least 14%.

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    Description

    Explore the foundational elements of project management, including its importance, unique characteristics, and differentiation among projects, programs, and portfolios. Understand the project life cycle phases and the critical role of project managers in ensuring project success. Gain insights into traditional versus agile methodologies.

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