Project Management: Core Concepts

Project Management Fundamentals and Core Concepts

• This area covers the fundamentals of project management
• Includes project life cycles
• Addresses the nuances of project management and operations
• Covers ethics in project management

Projects, Programs, and Portfolios

• A project is a short-term endeavor
• Projects have and defined beginning and end
• Projects are undertaken with the goal of creating a unique deliverable
• This deliverable may be a product, service, or other result
• A program gathers related projects, subprograms, and activities
• Programs are managed together in a coordinated way
• Programs obtain benefits not available if managed individually
• A portfolio collects projects, programs, subportfolios, and operations
• Portfolios are managed together to achieve strategic objectives

Projects vs Operations

• Project work is temporary
• Projects create unique outputs
• Projects are defined by specific objectives
• A project has a defined lifespan
• Operations are regular and continuing activities
• Operations are focused on sustaining the business

Predictive vs Adaptive Approaches

• Predictive methodologies involve detailed upfront planning
• Predictive approaches suits environments with infrequent changes and a good understanding of requirements
• Traditional waterfall models are an example of predictive methodologies
• Adaptive methodologies are iterative and flexible
• Adaptive approaches allow for frequent changes and updates
• Adaptive approaches are suitable for environments with high uncertainty and change
• Agile methodologies are an example of adaptive methodologies

Issues, Risks, Assumptions, and Constraints

• Issues are current problems that need to be resolved
• Risks are events that could potentially impact the project in the future
• Assumptions are statements believed to be true without proof for planning
• Constraints are limitations affecting project execution like time, budget, and scope

Project Scope Review

• This involves assessing the project scope
• Ensures alignment with project objectives
• Checks that the project scope is comprehensive
• Verifies that the project scope is fully defined

Ethics

• Project managers are expected to adhere to ethical standards
• This includes responsibility, respect, fairness, and honesty
• PMI's Code of Ethics and Professional Conduct defines these standards

Projects as Change Agents

• Projects often initiate organizational changes
• Projects can introduce new ones and alter the existing to drive objectives
• This can take the form of products, services, processes, or systems
• The result should facilitate strategic business objectives

Project Management Planning

• Cost management involves planning, estimating, budgeting, and controlling costs
• Ensures project completion within budget and financial viability
• Quality management meets quality standards and stakeholder expectations
• Quality management includes planning, assurance, and control
• Quality management maintains reputation, ensures satisfaction, and reduces rework costs
• Risk management identifies, analyzes, and responds to project risks
• Effective risk management anticipates and mitigates problems that could derail the project
• Schedule management plans, develops, manages, and controls schedules
• Effective schedule management ensures timely delivery, efficient resource use, and satisfied stakeholders

Deliverables

• Project Management Plan (PMP) is a formal, approved document
• A PMP guides execution and control
• The primary purpose of the PMP is to document the agreed-upon approach
• A PMP covers how to manage and control the project
• It includes schedules, costs, quality, resources, communication, risk, and stakeholder engagement
• Product Management Plan manages a product or service produced by the project
• Focus is centered on the roadmap, strategy, features, and market positioning
• Product management ensures market success rather than project execution specifics

Milestones vs Task Durations

• A milestone marks a significant event or phase completion in the project schedule
• Milestones indicate project progress without duration
• Task duration is the time needed to complete a specific task or activity
• Task duration is critical for developing the project schedule
• Task duration affects the overall project timeline

Project Resources

• This includes human, equipment, materials, and other resources
• Determine the scope and the tasks involved
• Estimate the types and quantities of resources needed for each task

Risk Register

• A risk register is a project management tool
• The register helps identify, assess, and plan responses to project risks
• The tool includes details of risks, their severity, impacts, mitigation strategies, and status

Stakeholder Register

• The stakeholder register lists the project stakeholders
• The register provides information on their roles, interests, power, influence, and requirements
• The tool plans for stakeholder engagement and communication strategies

Ending Projects And Transitions

• Project closure finalizes all project activities
• This involves formally closing the project
• This involves handing over deliverables
• Project closure documents lessons learned
• Project closure releases project resources
• Project closure ensures all aspects of the project have been completed
• Transition moves project outputs from development to operations
• This ensures effective use in their intended context

Project Roles and Responsibilities

Comparing Project Managers And Sponsors

• Project managers handles planning, execution, monitoring, controlling, and closure
• Project managers lead the team, manage resources, and are accountable for objectives
• Project sponsors are senior management who champion the project
• Project sponsors ensure projects align with strategy, providing resources and support
• Project sponsors are not involved in day-to-day management

Comparing Project Teams and Sponsors

• The project team executes tasks and contributes expertise
• The team collaborates to achieve project goals
• Sponsors play a strategic role, ensuring alignment, securing funding, and aiding decisions

Role of a Project Manager

• Project managers steer projects to completion, acting as intermediaries
• The managers manage communications, resolve conflicts, and adapt plans
• Project managers serve as initiators, negotiators, listeners, coaches, and facilitators
• Project managers ensure projects stay on track and aligned with their goals

Leadership vs Management

• Leadership inspires and motivates teamwork and innovation
• Management plans, organizes, and controls resources efficiently

Emotional Intelligence

• Emotional Intelligence (EQ) is the ability to manage emotions in oneself and others
• High EQ helps project managers communicate effectively
• High EQ can help foster a positive team environment
• High EQ can help navigate stakeholder relationships
• High EQ can help adapt to changing dynamics

Planned Strategies and Frameworks

Responding to Planned Strategies

• It involves recognizing the context
• Adjust actions accordingly
• Tailor communication to stakeholder needs for better information flow
• Identify potential risks, assess their impact, and proactively reduce

Project Initiation and Benefit Planning

• Project initiation is the first phase
• Project initiation defines the project aims and objectives
• Secures approval to proceed and identifies stakeholders
• This phase culminates in a project charter
• The charter formally authorizes the project
• The charter grants the project manager authority
• Benefit planning identifies and plans the realization of project benefits
• It ensures alignment with strategic objectives
• Establishing metrics and plans for sustaining these benefits is important
• Return on Investment (ROI) measures gain or loss versus investment
• ROI expresses the efficiency or profitability of an investment in percentage
• Net Present Value (NPV) is the difference between cash inflows and outflows
• Use NPV to assess project profitability
• A positive NPV indicates that the project is expected to generate profit
• Benefit-Cost Ratio (BCR) is a financial metric comparing benefits to costs
• The BCR expresses the relationship as a ratio
• A BCR greater than 1 indicates that benefits outweigh costs
• Internal Rate of Return (IRR) is the discount rate making NPV equal to zero
• Use IRR to evaluate project attractiveness
• A higher IRR indicates a more desirable opportunity
• Payback Period (PBP) calculates the time to recover the sum of the original investment
• It is a simple calculation assessing investment risk
• Shorter payback periods are generally better

Problem Solving Tools and Techniques

Evaluating Meeting Effectiveness

• Objective achievement
• Efficient conduct
• Engage participation
• Effective meetings have clear agendas + start and end on time
• Effective meetings facilitate constructive discussion + actionable outcomes
• Techniques involve clear objectives, the right participants and a structured agenda

Meeting Categories

• Focus Groups gather qualitative data
• Focus Groups can understand user needs
• Focus Groups are used for testing new ideas with small diverse people
• Standup (Daily Scrum) Meetings provide quick project status updates in Agile projects
• Standup meetins Enhance team communication and quickly address issues
• Brainstorming generates a wide range of creative ideas
• Brainstoriming explores solutions and promotes innovative thinking
• Workshops achieve specific outcomes
• workshops leverage collective knowledge and skills
• Kick-off Meetings introduce project outline objectives
• Kick-off meetings ensures everyone understand, sets tone
• Retrospective Meetings improve processes for the next cycle in Agile
• Retrospective meetings involve team learning

Predictive Plan-Based Methodologies

• Predictive plan-based methodologies detail activities
• Activities are within project processes
• Activities are within and provide project controls documentation

Predictive Approach

• Predictive approach is suitable for when the organizational structure has:
• Virtual : Suited for projects with team members who work remotely
• Colocation: Team members physically located together + facilitates communication
• Matrix structure: Roles and responsibilities are defined ensures effective project function
• Hierarchical (traditional): Clear chain of command supports structured planning

Activities within Each Process

• Activities are defined by the PMBOK® Guide's process groups
• These groups are: Initiating, Planning, Executing, Monitoring and Controlling, and Closing
• Each process contains activities
• An example is developing project charters
• Another example is creating the project management plan

Process Groups: Initiation

• Develop Project Charter: This document authorizes a project or phase
• Identify Stakeholders: Identify people/organizations affected by the project to document their involvement

Process Groups: Planning

• Develop Project Management Plan: This document shows you will execute,monitor and control
• Plan Scope Management: Develop a scope management plan
• Determine, document, and manage stakeholder needs to meet project objectives
• Define Scope: Develop a detailed description of the project and product
• Create WBS (Work Breakdown Structure): Divide deliverables into manageable parts
• Plan Schedule Management: Establish criteria/activities for developing, controling schedule
• Define Activities: Identify actions to perform to produce deliverables
• Sequence Activities: Identify/document relationship among activities
• Estimate Activity Durations: Estimate work periods to complete with resources
• Develop Schedule: Analyze durations, resource requirements, analyze to create plan
• Plan Cost Management: define how project costs will be tracked
• Estimate Costs: Approxomate monetary resources needed to complete all activities
• Determine Budget: Add costs to establish baseline
• Plan Quality Management: Identify quality requirements and/or standards for deliverables
• Plan resources management: Identify project roles responsibilities, required skills
• Estimate activity resources: Estimate type/quantities of materials/people/equipment
• Plan communications Management: Develop approaach and plan for communications
• Plan Risk management: Conduct risk management activities for the project
• Plan stakeholders engagement: Develop approaches to involve project stakeholders

Executing Process

• Manage Project Work Lead work defined to achieve project objectives
• Manage knowledge to achieve objectives and contribute to organizational learning

Performing Procurement

• Implement Risk Responses response Plans
• Conduct Procurements: Obtain seller response, award contract/seller

Monitoring and Control

• integrated change Control Approve changes/ deliverables
• Validate Scope: Formalize acceptance of the completed project deliverables
• Control Scope: Update project baseline/manage changes to project scope
• Control Resources: Monitor resources corrective action where necessary

Closing Process

• Close Project or Finalize all activities across all
• Main activities: Initating develop charter identify stakeholders.

Planning

• A plan for quality, costs resources. risk and procurement management team, and manage stakeholder engagement

Executing

• Direct the team,manage stakeholder engagement

Distinguishing projects

• Budget: Finance allocation for activities Scope is description boundaries objective Schedule is sequence of timelines Quality deliverable requirements

Applying Critical Path Method

• CPM identifies tasks to determine shortest duration to complete project
• CPM helps identify critical tasks enabling focused monitoring/control of activities

Calculating Schedule Variance

• A positive value is ahead, schedule, and negative behind
• Helps monitor variance so you can track manager project delivery

Work Breakdown structures

• WBS decompose the scope of the work to carry out team objective
• WBS organizes the team's work in manageable sections

WorkPackages

• WBS and deliverable info execution scope
• descriptions: time requirements, resources,estimates

Applying Quality Management Plan

• Define how the project will be met, outlining, procedures, policies
• Responsibilities and objectives. Ensure the project satisfy

integration managemtn

• is a process to ensure projects are properly coordinated
• choosing objectives and managing the interdependencies knowledge areas

Identifying Artifacts used

• Artifacts evidence provide artifacts include communication, planning, monitorering aspects

artifacts include in projects

• Project charter: authorizes the project
• Management plan: project will execute managed ,controlled
• work breakdown structure -visualizes projects scopes

More Artifacts

• Schedules activity timing documentation is the financial plan
• Risk the response is known Document -the knowledge
• Reports project updates with stakeholder tasks and progress
• CHangelogs -change approval is in place, impact
• Isues logs monitor/documentation logs is the discussion documented during project meetings

cost scheduled calculated

• Cost Variance is the value of work between the actual + cost incured
• Schedule Variance is the difference of of work-performing planned

Adaptive Approaches

• These work in Agile to planning projects with project controls documentation
• Comparing plan based projects for appropriate approach

Adaptive:

• Agile Methods emphasize iterative development with flexible feedback that is continuous
• Is appropriate for uncertain Projects with rapid requiremnts

• Flexibility engagement value response

• Less is in an highly regulated project that is cultural
• Predictive comprehensive: ideal is well requireed +clear/timeline is for requirements, with strict preferences
• less is in an industry where more relevant

Adaptive structue

Adaptive approaches for the organizational virtual structure:

Virtual communication and collaboration Colocation solves a collaborative problem Matrix hierachital flexible culture

Organizational process facilitate adaptation Organize asset involve organizations influence procedure Environemntal undercontrol condition culture

planning iteration

Distinguish: Understand the iterations Interpret: Interpret with pros and cons Frequent priorities Detection of issues , team productivity lead to backlog properly collabrated with close

TranslateWBS iteration to adaptive iteration adaptive value is that they focus more on high priority Determine input scope derive enhance the current state and get input from that aspect

Importance adaptive

Adaptive emphasizes flexibility. Adjust planning Predict adhere to a baseline,managed changes to forma processes

Controls

identify what artifacts are used in adaptive projects agile project management emphasis is working Agile emphasizes that documentation need be need backlog: prioritizing requirement-refining stakeholders Sprint backlog: deliver product the goal for Sprint selected BURDOW charts: visual tools remaining definitions of done: -alignment of complete Stories -the future

Methods

Scrum box iteration prioritize: prioritize subsets Reviews review/ discuss improve programing: share test: writing tests before with driven pair integration is shared improvement :Design with not changing

Safe AgileFrameworks

Release train long to deliver programs increment to test Face event

Components

• visual of workflow flow management Reflecting process

Dynamic

User, empower Method of prioritizing features

steps

adaptive. agile:flexibility, feedback , value success meet principles,customer

management. In agile:

evolves: regulate influence , impact. have, -value.

Explore project management fundamentals, including project life cycles and ethics. Understand the differences between projects, programs, and portfolios. Distinguish project work from ongoing operations.