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Project Management Basics

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48 Questions

What is a characteristic of a project?

It creates a unique product, service or result

What is one of the key factors that drives project success?

Collaboration and communication within the team

What is the main goal of project management?

To meet the project requirements

When was the Project Management Institute (PMI) founded?

1969

What is an essential aspect of project management?

Application of knowledge, skills, tools, and techniques

What is a key characteristic of a project's outcome?

Is unique

What is organizational project management (OPM) described as?

A strategy execution framework

What is the main purpose of OPM?

To deliver on strategy

What is the external environment in relation to OPM?

The organization's external stakeholders

What is the system for value delivery in OPM?

A system that coordinates project, program, portfolio and operations management

What is Portfolio A and Portfolio B in the OPM framework?

Portfolios within an organization

What is the relationship between Program A.1 and Program A.2?

They are programs within a portfolio

What is the relationship between Projects within Program A.1 and Projects within Program A.2?

They are projects within a program

What is the relationship between Operations and the other components in the OPM framework?

It is a separate entity that interacts with the system for value delivery

What is the primary influence of organizational structure and governance on project management?

How organizational groups and individuals interrelate

In a project-oriented organizational structure, what is the level of authority held by the project manager?

high authority

What is a characteristic of a functional organizational structure?

The team members report to the functional manager

In a matrix organizational structure, what is the level of control the project manager has over team members?

medium control shared with the functional manager

What is a characteristic of a composite organizational structure?

The structure is a combination of functional, matrix, and project-oriented elements

In a project-oriented organizational structure, what is the role of the team member?

full-time on project and no functional tasks

What is the primary difference between a functional and a matrix organizational structure?

The way team members report to the manager

In a matrix organizational structure, what is the challenge faced by team members?

Conflicted loyalty between functional and project managers

What is business value in a project?

The net quantifiable benefit of a business endeavor

What is benefits realization based on?

Declared business value

What is strategic alignment in a project?

Alignment with the organization's strategy

What is a key aspect of project management?

Following guidelines for effective business decision-making

What is an organizational influence on projects?

Global trends

What is a topic covered in project management?

Defining strategic alignment and business acumen

What is a benefit of project management?

Alignment with organizational strategy

What is a characteristic of business value?

It is tangible and intangible

What is crucial when coaching coworkers to support business change?

Patience and compassionate mentoring

Why is it essential to keep knowledge current?

To improve processes and knowledge

What is the purpose of an attitudinal survey?

To find out how people are feeling

What should be included in the informational campaign?

Potential effects of changes

Why is it important to be open and transparent about the changes?

To avoid conflicts

What is the purpose of creating a rollout plan?

To implement the change brought by the project

Why is it essential to enable an agile operating system?

To facilitate adoption of a change-centered mindset

What is the goal of defining knowledge transfer, training, and readiness activities?

To implement the change brought by the project

What is the primary purpose of a North Star statement?

To articulate the vision and strategic objectives

What is the primary benefit of using internal volunteer champions for transformation efforts?

They are more familiar with the organization's culture and operations

What is the primary focus of the Brightline Transformation Compass?

Establishing an enterprise-level change management framework

What is the primary goal of the Inside-Out Employee Transformation approach?

To align employees with the organization's vision and strategic objectives

What is the primary characteristic of a flat, adaptable cross-functional transformation operating system?

It is flexible and responsive to changing business needs

What is the primary role of customer insights in organizational transformation?

To inform the development of strategic objectives

What is the primary benefit of using global megatrends in organizational transformation?

To inform the development of strategic objectives

What is the primary focus of the Brightline initiative?

Establishing a framework for enterprise-level change management

What is the primary characteristic of the transformation operating system?

It is flexible and responsive to changing business needs

What is the primary benefit of using the five building blocks of transformation?

They provide a comprehensive approach to enterprise-level change management

Study Notes

Project Definition and Success

  • A project creates a unique product, service, or result, is time-limited, drives change, and enables value creation for a business or organization.
  • Project success depends on organizational project maturity, project manager effectiveness, funding and resource availability, team member skill levels, collaboration and communication, and understanding of the core problem and related needs.

Evolution of Project Management

  • The application of knowledge, skills, tools, and techniques to project activities to meet project requirements has evolved significantly since 1969.

Organizational Project Management (OPM)

  • OPM is a strategy execution framework that coordinates project, program, portfolio, and operations management, enabling organizations to deliver on strategy.
  • It consists of portfolios, programs, projects, and operations.

Organizational Structures and Governance

  • Organizational structure and governance affect how groups and individuals interrelate, the authority of the project manager, and resource availability.
  • There are three main organizational structures: functional, matrix, and project-oriented.

Relative Authority in Organizational Structures

  • In functional structures, the functional manager has authority, and the project manager has little authority.
  • In matrix structures, authority is shared between the functional manager and project manager.
  • In project-oriented structures, the project manager has full authority.

Project Benefits and Value

  • Business value is the net quantifiable benefit (tangible and/or intangible) identified from a business endeavor.
  • Benefits realization is based on declared business value.

Supporting Change

  • To support change,coach co-workers, enable an agile operating system, and keep knowledge current.
  • Don't force changes; instead, involve and consult to secure buy-in to the reasons for change.

Planning for Change

  • Plan for change by defining knowledge transfer, training, and readiness activities required to implement the change brought by the project.
  • Consider creating a rollout plan, including an attitudinal survey, informational campaign, and open communication about potential effects of the changes.

Agile Manifesto

  • Values individuals and interaction over process and tools
  • Prioritizes working software over comprehensive documentation
  • Emphasizes customer collaboration over contract negotiation
  • Favors responding to change over following a plan

Agile Principles

  • Highest priority is to satisfy the customer through early and continuous delivery of valuable software
  • Welcome changing requirements, even late in development, to harness change for the customer's competitive advantage
  • Deliver working software frequently, with a preference for shorter timescales
  • Businesspeople and developers must work together daily throughout the project
  • Build projects around motivated individuals and give them the environment and support they need
  • Adopt a flexible, change-friendly way of thinking and behaving

Tailoring Projects to Contexts

  • Adapt methods to the unique project context to determine the most appropriate ways of working
  • Tailor iteratively and continuously throughout the project

Tailor Hybrid Approaches

  • Apply product knowledge, delivery cadence, and awareness of available options to select the most appropriate development approach
  • Tailor processes for the selected life cycle and development approach
  • Tailor practices and methods to the environment and culture

Organizational Influences

  • Enterprise Environmental Factors (EEFs) refer to internal and external conditions that influence an organization's processes
  • EEFs include, but are not limited to, business plans, processes, policies, protocols, and knowledge

Financial Influences

  • Financial factors include time value of money, present value (PV), future value (FV), net present value (NPV), internal rate of return (IRR), and return on investment (ROI)

Project Selection Using Present Value (PV) and Net Present Value (NPV)

  • PV applies to projects that span several time periods when the value of money might change
  • Factors to determine PV include future value, interest rate, and number of periods
  • NPV is used for capital budgeting, accounts for inflation and macro-economic change, and compares the value of a currency unit today to the value of the same currency unit in the future

Organizational Transformation

  • A North Star statement articulates the vision and strategic objectives
  • Customer insights and global megatrends inform organizational transformation
  • A flat, adaptable cross-functional transformation operating system is necessary for successful transformation
  • Internal volunteer champions, not external consultants, lead transformation efforts
  • The Brightline Transformation Compass and its five building blocks of transformation provide a framework for enterprise-level change management

Learn about the fundamentals of a project, including its characteristics and key factors that contribute to its success. Understand how organizational project maturity impacts project outcomes.

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