Project Management Basics Quiz
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What are the three main limitations often considered in project management?

  • Scope, Time, and Cost (correct)
  • Scope, Time, and Budget
  • Resources, Scope, and Time
  • Cost, Resources, and Time

    • What is a key characteristic of a successful project?

  • Minimizing risks and uncertainties
  • Maximizing the use of available resources
  • Receiving support from the project sponsor (correct)
  • Having clearly defined objectives

    • Which of the following is NOT a common resource required for a project?

  • Marketing Strategy (correct)
  • Software
  • Hardware
  • Financial Capital

    • What is the primary role of a project sponsor?

    <p>Providing direction and funding (A)</p> Signup and view all the answers

    What is the most significant aspect of the 'Scope' constraint?

    <p>Determining the project's deliverables (D)</p> Signup and view all the answers

    Which factor can cause uncertainty in a project?

    <p>All of the above (D)</p> Signup and view all the answers

    What is the primary purpose of defining the project's scope?

    <p>To avoid unnecessary work and ensure focus on key deliverables (A)</p> Signup and view all the answers

    How does the 'Triple Constraint' affect project management?

    <p>It creates limitations that influence project planning (B)</p> Signup and view all the answers

    What was the worldwide spending in Data Science and IT in 2017?

    <p>£2.73 trillion (A)</p> Signup and view all the answers

    What is projected about the need for individuals in project management-oriented roles by 2027?

    <p>Employers will need 87.7 million individuals. (A)</p> Signup and view all the answers

    Which skills are most sought after by employers in new college graduates as related to project management?

    <p>Teamwork, problem-solving, and verbal communications (A)</p> Signup and view all the answers

    What is the average salary for project managers in the UK as indicated in the content?

    <p>£47,500 (D)</p> Signup and view all the answers

    What percentage of project managers experienced pay increases in 2022?

    <p>65% (B)</p> Signup and view all the answers

    What is project management primarily concerned with?

    <p>Applying knowledge and skills to meet project requirements (C)</p> Signup and view all the answers

    Which of the following is NOT part of the triple constraint in project management?

    <p>Project quality (D)</p> Signup and view all the answers

    Who is considered a primary project stakeholder in a home construction project?

    <p>Potential new homeowners (A)</p> Signup and view all the answers

    What role does the project manager typically fulfill in a home building project?

    <p>The general contractor (C)</p> Signup and view all the answers

    Which of the following groups is NOT typically considered a project stakeholder?

    <p>Market researchers (A)</p> Signup and view all the answers

    Why is project integration management important in project management?

    <p>To coordinate multiple knowledge areas for project success (C)</p> Signup and view all the answers

    Which stakeholder would likely be concerned with project financing in a construction project?

    <p>Financial institution (B)</p> Signup and view all the answers

    What is a common challenge project managers face regarding stakeholders?

    <p>Managing diverse needs and expectations (D)</p> Signup and view all the answers

    What is the primary purpose of using Gantt charts in project management?

    <p>To organize and monitor project tasks (D)</p> Signup and view all the answers

    Which of the following tools is NOT specifically mentioned for creating Gantt charts?

    <p>Lucidchart (D)</p> Signup and view all the answers

    How can the success of a project be primarily defined?

    <p>By meeting scope, time, and cost goals (C)</p> Signup and view all the answers

    What crucial aspect do network diagrams help project managers understand?

    <p>Task dependencies and critical path (C)</p> Signup and view all the answers

    According to the definition of project success, satisfying the customer/sponsor is considered:

    <p>A crucial measure of success (A)</p> Signup and view all the answers

    What is the general time frame mentioned for successfully upgrading the 500 desktop computers?

    <p>Three months (A)</p> Signup and view all the answers

    Which of the following project management techniques is used for better scheduling?

    <p>Gantt charts (D)</p> Signup and view all the answers

    Which of these tools is primarily designed for resource allocation in project management?

    <p>Microsoft Project (C)</p> Signup and view all the answers

    What was AstraZeneca's primary focus in their project during the COVID-19 pandemic?

    <p>To develop, test, manufacture, and distribute a COVID-19 vaccine globally (B)</p> Signup and view all the answers

    Which strategy did AstraZeneca use to maintain focus on essential activities in their project?

    <p>Prioritizing tasks that contributed to delivering a safe and effective vaccine (A)</p> Signup and view all the answers

    What scheduling challenge did AstraZeneca face during their project?

    <p>Compressed timeline due to the urgency of the pandemic (D)</p> Signup and view all the answers

    How did AstraZeneca ensure timely completion of vaccine development phases?

    <p>By implementing an accelerated development and testing schedule (D)</p> Signup and view all the answers

    In managing their budget, what approach did AstraZeneca adopt under the not-for-profit model?

    <p>A bottom-up budgeting approach for government contracts (D)</p> Signup and view all the answers

    What was critical for AstraZeneca to maintain, despite the need for an accelerated timeline?

    <p>Quality standards for the vaccine (A)</p> Signup and view all the answers

    How did AstraZeneca manage resources to meet global vaccine demand?

    <p>By ensuring a diverse range of manufacturing partners and materials were utilized (B)</p> Signup and view all the answers

    What was a key component of AstraZeneca's project management approach during the pandemic?

    <p>Rigorous testing protocols to ensure safety and efficacy (B)</p> Signup and view all the answers

    What is the role of technical project management skills?

    <p>To effectively plan, manage, and deliver projects (C)</p> Signup and view all the answers

    Which of the following may occur if someone chooses to focus solely on their technical work?

    <p>They will likely miss opportunities to assist project managers (B)</p> Signup and view all the answers

    What can be a potential career path for someone who transitions from project management?

    <p>Entrepreneur (C)</p> Signup and view all the answers

    What does the PMI Talent Triangle define?

    <p>The essential skills for project managers in various industries (D)</p> Signup and view all the answers

    When considering a transition from project management, what is a viable option?

    <p>To pursue a higher management position (D)</p> Signup and view all the answers

    Why is understanding project management beneficial for technical professionals?

    <p>It allows them to become proficient estimators (C)</p> Signup and view all the answers

    What commonly acquired skill set is emphasized in the PMI Talent Triangle?

    <p>Technical project management skills (B)</p> Signup and view all the answers

    What may limit the career mobility of professionals who ignore project management practices?

    <p>A lack of leadership experience (D)</p> Signup and view all the answers

    Study Notes

    Lecture 1: Introduction to Project Management in Data Science

    • This lecture introduces project management in the field of data science
    • Research project management is the course name (COMP1889)
    • There is a renewed interest in project management today, globally

    Outline

    • Introduction to Project Management in Data Science
    • Definition of a project
    • Examples of data science projects
    • Project attributes
    • Project constraints
    • Project stakeholders
    • Project key knowledge areas
    • Project success
    • Role of project managers
    • Ethics in project management
    • Case study

    Introduction (1 of 4)

    • Worldwide spending in data science and IT was £2.73 trillion in 2017, a 2.4% increase from 2016
    • The Project Management Institute reported that the number of jobs reached almost 66 million in 2017
    • By 2027, employers will need 87.7 million individuals in project management roles

    Introduction (2 of 4)

    • In 2017, the average annual salary (without bonuses) for a project manager was £87,360 in the U.S. and £102,077 in Switzerland
    • Top skills employers look for in new graduates are teamwork, problem-solving, and verbal communication
    • Organizations waste £77.66 million for every £1 billion spent on projects (PMI's Pulse of the Profession report)

    Introduction (3 of 4)

    • The average project manager salary in the UK has remained at £47,500 for five years, but rising living costs mean its real value is decreasing
    • London and the South East offer the highest salaries for project managers
    • The percentage of high earners (£70,000+) in project management is slightly increasing making this a good career choice

    Introduction (4 of 4)

    • Advantages of formal project management include better control of resources, improved customer relations, shorter development times, lower costs, and higher profit margins
    • Formal project management also improves internal coordination, positively impacts strategic goals, and increases worker morale

    What is a project?

    • A project is a temporary endeavor to create a unique product, service or result (PMBOK® Guide, Sixth Edition, 2017)
    • A project has a clear start and end date and is not an ongoing operation

    Data Science Projects

    • Customer Churn Prediction: Develop a machine learning model to predict customer churn. Result: Reduce churn by identifying at-risk customers through targeted marketing strategies. Unique Aspect: Model is customized to the specific company data
    • Fraud Detection System: Create an algorithm to detect fraudulent transactions in real-time for e-commerce or financial services companies. Result: Helps reduce financial losses from fraud. Unique Aspect: System adapts to new fraud patterns.
    • Recommender System for E-commerce: Develop a recommendation engine which suggests products to users based on browsing and purchase history. Result: Personalized recommendations increasing user engagement and sales. Unique Aspect: Recommendations are tailored to the specific company's product catalog and customer behaviour.
    • Sales Forecasting: Build a model to predict future sales trends for a retail chain using historical sales data. Result: Forecasts optimise inventory, staffing, and marketing efforts. Unique Aspect: Model is tailored to company data, location-specific factors, and product lines
    • Disease Prediction and Diagnosis System: Develop a machine learning model that predicts the likelihood of disease based on medical data. Result: Helps doctors identify patients at high risk of diseases. Unique Aspect: Model is customized to a specific region or healthcare facility

    Project Constraints

    • Projects are constrained by goals (scope, time and cost)

    Constraints

    • Each project has parameters of scope, time and cost, which must be met to consider the project successful

    What is Project Management?

    • Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements

    Project Management Knowledge Areas (1 of 3)

    • Project management involves knowledge and skills in the following 10 areas: scope, schedule, cost, quality, resource, communications, risk, procurement, stakeholder, and project integration management,

    Project Management Knowledge Area (2 of 3)

    • Scope management involves defining and managing the work required to complete a project successfully
    • Schedule management involves estimating time needed, developing a schedule, and ensuring schedule completion
    • Cost management involves the budget preparations and management of the project´s budget
    • Quality management involves ensuring the project meets the stated or implied needs
    • Project resource management prioritizes effective use of people and physical resources

    Project Management Knowledge Area (3 of 3)

    • Communications management includes methods to generate, collect, disseminate and store project information
    • Risk management involves identifying, analyzing, and responding to project risks
    • Procurement management includes acquiring goods and services for the project
    • Stakeholder management includes identifying, and analyzing stakeholder needs while managing their engagement throughout the project
    • Integration management involves ensuring that the functions of all the other knowledge areas work together effectively

    History of project management

    • A video summarizes the history of project management which illustrates the application of project management knowledge to projects like the Giza Pyramid project

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    Related Documents

    Lecture 1: Introduction to Project Management in Data Science PDF

    Description

    Test your knowledge on the fundamental concepts of project management. This quiz covers key aspects such as limitations, roles, resources, and trends in the field. Get ready to explore what makes a successful project and the factors influencing project management.

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