Project Management Chapter 1
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Questions and Answers

What percentage of the global gross product is spent on projects?

  • 20%
  • 10% (correct)
  • 25%
  • 40%

    • What is the primary role of a project sponsor?

  • Providing direction and funding (correct)
  • Coordinating with vendors
  • Providing technical expertise
  • Managing the project team

    • What is a characteristic of a project?

  • Limited resources
  • Ongoing operations
  • Highly predictable outcomes
  • Temporary with a unique purpose (correct)

    • What is an example of a small IT project?

    <p>Replacing ten laptops for a small department</p> Signup and view all the answers

    What is the main difference between a project and operations?

    <p>Objectives and scope</p> Signup and view all the answers

    What is a program, in the context of project management?

    <p>A group of related projects</p> Signup and view all the answers

    How many people regard project management as their profession?

    <p>More than 16 million</p> Signup and view all the answers

    What is another term for 'progressive elaboration'?

    <p>Iterative development</p> Signup and view all the answers

    What is one of the tools used in project management to analyze and manage project scope?

    <p>Scope statement</p> Signup and view all the answers

    Which of the following is a characteristic of a 'super tool' in project management?

    <p>High use and high potential for improving project success</p> Signup and view all the answers

    What is one of the ways to define project success?

    <p>The project satisfied the customer/sponsor</p> Signup and view all the answers

    What is one of the tools used in project management to schedule tasks?

    <p>Project management software</p> Signup and view all the answers

    What is one of the key factors that helps projects succeed?

    <p>Executive support</p> Signup and view all the answers

    What is one of the tools used in project management to track progress?

    <p>Progress reports</p> Signup and view all the answers

    What is one of the ways to define project success in terms of cost?

    <p>The project met its cost goals</p> Signup and view all the answers

    What is the role of a program manager?

    <p>To act as a boss for project managers</p> Signup and view all the answers

    What is one of the tools used in project management to analyze critical paths?

    <p>Critical path analysis</p> Signup and view all the answers

    What is the definition of project management?

    <p>The application of skills and techniques to meet project requirements</p> Signup and view all the answers

    What is the triple constraint in project management?

    <p>Meeting project scope, time, and cost goals</p> Signup and view all the answers

    Who are project stakeholders?

    <p>The people involved in or affected by project activities</p> Signup and view all the answers

    What are the 9 knowledge areas in project management?

    <p>Project integration, scope, time, cost, quality, human resources, communication, risk, and procurement</p> Signup and view all the answers

    What is the purpose of project management tools and techniques?

    <p>To assist project managers and their teams in various aspects of project management</p> Signup and view all the answers

    Who is a project sponsor?

    <p>A project stakeholder</p> Signup and view all the answers

    What is the role of project integration management?

    <p>To affect and be affected by all other knowledge areas</p> Signup and view all the answers

    What is the primary goal of project portfolio management?

    <p>To select and analyze projects from a strategic perspective</p> Signup and view all the answers

    What is the most important skill for a project manager in a large project?

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

    What percentage of successful projects were led by experienced project managers?

    <p>97%</p> Signup and view all the answers

    What is the main difference between a leader and a manager?

    <p>A leader focuses on long-term goals, while a manager deals with day-to-day details</p> Signup and view all the answers

    What is a key skill required for project managers to accomplish project goals?

    <p>Leadership skills</p> Signup and view all the answers

    What is an advantage of using formal project management?

    <p>Improved customer relations</p> Signup and view all the answers

    What is included in the Project Management Body of Knowledge?

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

    What is the primary focus of a project manager in a high uncertainty project?

    <p>Risk management</p> Signup and view all the answers

    What is the first most important skill and competency for project managers?

    <p>People skills</p> Signup and view all the answers

    What is a characteristic of a project manager in a novel project?

    <p>Having a vision and goals</p> Signup and view all the answers

    What is the primary responsibility of project managers?

    <p>Leading and managing projects</p> Signup and view all the answers

    What is a benefit of formal project management in terms of financial resources?

    <p>Lower costs</p> Signup and view all the answers

    What skill is essential for building trust and strong teams?

    <p>Integrity and ethical behavior</p> Signup and view all the answers

    What is a key characteristic of successful project managers?

    <p>They are comfortable with change</p> Signup and view all the answers

    Study Notes

    Introduction to Project Management

    • Project management is a growing profession with over 16 million professionals worldwide.
    • The world spends nearly $10 trillion on projects of all kinds, making up about 25% of the global GDP.

    What is a Project?

    • A project is a temporary endeavor undertaken to create a unique product, service, or result.
    • Projects have a clear start and end date, and involve a specific set of activities to achieve a specific goal.
    • Examples of projects include replacing laptops, adding new features to software, and upgrading technology infrastructure.

    Project Attributes

    • Projects have a unique purpose and are temporary in nature.
    • Projects are developed using progressive elaboration, and require resources from various areas.
    • Projects have a primary customer or sponsor who provides direction and funding.

    Project and Program Managers

    • Project managers work with project sponsors, team members, and stakeholders to meet project goals.
    • Program managers oversee programs, which are groups of related projects managed in a coordinated way.
    • Program managers often act as bosses for project managers.

    The Triple Constraint of Project Management

    • Successful project management involves meeting three main goals: scope, time, and cost.
    • Project managers strive to balance these three goals to satisfy the project sponsor.

    Project Management Knowledge Areas

    • There are 9 project management knowledge areas:
      • 4 core knowledge areas: scope, time, cost, and quality.
      • 4 facilitating knowledge areas: human resources, communication, risk, and procurement management.
      • 1 knowledge area: project integration management, which affects and is affected by all other knowledge areas.

    Project Stakeholders

    • Stakeholders are people involved in or affected by project activities.
    • Stakeholders include the project sponsor, project manager, project team, support staff, customers, users, suppliers, and opponents to the project.

    Project Management Tools and Techniques

    • Project management tools and techniques assist project managers and teams in various aspects of project management.
    • Examples of tools and techniques include project charters, scope statements, WBS, Gantt charts, and change requests.

    Project Success

    • Project success can be defined in several ways, including:
      • Meeting scope, time, and cost goals.
      • Satisfying the customer/sponsor.
      • Meeting the project's main objective.

    What Helps Projects Succeed?

    • Executive support, user involvement, experienced project managers, clear business objectives, and minimized scope are all factors that contribute to project success.

    Project Portfolio Management

    • Project portfolio management involves grouping and managing projects and programs as a portfolio of investments that contribute to the entire enterprise's success.
    • Portfolio managers help make wise investment decisions by selecting and analyzing projects from a strategic perspective.

    The Role of the Project Manager

    • The project manager's job description includes planning, scheduling, coordinating, and working with people to achieve project goals.
    • Experienced project managers can often help influence success factors.

    Skills for Project Managers

    • Project managers need a wide variety of skills, including:
      • People skills
      • Leadership
      • Listening
      • Integrity, ethical behavior, and consistent decision-making
      • Strong team-building skills

    Ten Most Important Skills and Competencies for Project Managers

    • The top 10 skills and competencies for project managers are:
      1. People skills
      2. Leadership
      3. Listening
      4. Integrity, ethical behavior, and consistent decision-making
      5. Building trust
      6. Verbal communication
      7. Building teams
      8. Conflict resolution and management
      9. Critical thinking and problem-solving
      10. Understanding and balancing priorities

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    Description

    Introduction to Project Management, including its importance, and how it has changed the work environment with the use of technology and global work teams.

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