Project Management Essentials

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Questions and Answers

Which outcome signifies the completion of a project, as defined by the Project Management Institute (PMI)?

  • When the project is halfway to completion based on the initial timeline.
  • When the assigned project manager leaves the company.
  • When the project's objectives have been achieved or the project is terminated due to unachievable goals or lack of need. (correct)
  • When the project's budget has been fully spent.

A marketing VP suggests setting up kiosks in grocery stores. What validates this endeavor as a 'project' according to typical project characteristics?

  • The endeavor has a specific start and end date, aims to create a unique offering, and has defined criteria for completion. (correct)
  • The project's resources are unlimited.
  • The operation is ongoing and continuous.
  • The initiative is a repetition of existing services.

What is the primary risk of neglecting good project management practices?

  • A reduction in team member communication.
  • An over-reliance on standardized processes.
  • A higher likelihood of the project failing to meet its objectives in terms of performance, schedule, and budget. (correct)
  • An increase in the number of office supplies required.

Within the context of project management, how does 'scope' distinctly influence project success?

<p>By outlining what the project aims to achieve and the work required to deliver the intended outcomes. (C)</p> Signup and view all the answers

How does effective quality assurance (QA) contribute to project success?

<p>By providing confidence that the project will meet the relevant quality standards through regular evaluation of project performance. (A)</p> Signup and view all the answers

What is the most accurate interpretation of 'risk' in project management?

<p>Potential external events that could negatively impact the project if they occur. (A)</p> Signup and view all the answers

What role do 'resources' play in the execution of project tasks?

<p>They are essential for carrying out the project tasks, encompassing people, equipment, facilities, and funding. (B)</p> Signup and view all the answers

How do project managers navigate the 'triple constraint' of time, cost, and scope??

<p>By making balanced decisions that recognize the interdependence of these constraints. (A)</p> Signup and view all the answers

How does a project manager's understanding of the 'application area' enhance project outcomes?

<p>It enables more effective project management by understanding the specific aspects of the project's application areas. (A)</p> Signup and view all the answers

Within the framework of project management, what characterizes 'regulations'?

<p>Mandatory rules that must be followed, such as government-imposed requirements through laws. (B)</p> Signup and view all the answers

In managing international projects, how should a project manager approach cultural and social environments to ensure project success?

<p>Consider cultural and social environments; adapt strategies to respect customs, courtesies, and business protocols of different cultures. (E)</p> Signup and view all the answers

Why is effective communication among project stakeholders considered crucial for project success?

<p>It keeps everyone informed, ensures project staff knows expectations, and monitors project progress. (D)</p> Signup and view all the answers

How should project managers approach 'problem-solving' within a project?

<p>By understanding the root cause of the problem, seeking viable solutions, and then making and executing a decision. (A)</p> Signup and view all the answers

In which phase of the project life cycle is the project solution developed in as much detail as possible, and the steps necessary to meet the project’s objectives are planned?

<p>Planning Phase (A)</p> Signup and view all the answers

What is the primary goal of 'risk management' in the project planning phase??

<p>To identify high-threat potential problems and determine actions to reduce their probability or impact. (C)</p> Signup and view all the answers

Flashcards

Project (PMI Definition)

A temporary endeavor undertaken to create a unique product, service, or result.

Project Characteristics

Unique, temporary, and completed when goals are achieved or no longer viable.

Managing a Project

Includes identifying requirements, setting objectives, and aligning stakeholders.

Project Management

The application of knowledge, skills, tools, and techniques to meet project requirements.

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Cost (Project Constraint)

Approved budget with necessary expenses.

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Scope (Project Constraint)

What the project is trying to achieve.

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Quality (Project Constraint)

A combination of standards and criteria.

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Time (Project Constraint)

Time to complete the project.

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Risk (Project Constraint)

Potential external events with a negative impact.

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Resources (Project Constraint)

Required to carry out project tasks.

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Management Skills

The ability to plan, execute, and control the project.

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Application Knowledge

Guiding or preferred approaches.

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Interpersonal Skills

Skills to manage personal relationships and personnel issues.

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Leadership Skills

Skills to motivate and inspire towards results.

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Project Life Cycle

Four phases that represent project path.

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Study Notes

  • Project Management is the application of knowledge, skills, tools, and techniques to meet project requirements through planning, action, and performance management

Definition of a Project

  • A project is a temporary endeavor to create a unique product, service, or result
  • Projects have a definite beginning and end, either when objectives are met or when the project is terminated

Project Characteristics

  • Projects are unique and temporary
  • They have a definite start and end date
  • Projects are completed when goals are achieved or when the project is no longer viable

Project Success

  • Success is determined by meeting or exceeding stakeholder expectations

The Process of Project Management

  • Effective project management involves more than just spontaneous action
  • Poor project management can lead to unmet customer expectations
  • Organizations should avoid simply jumping into development without a plan

Project Failure Statistics

  • Many projects fail to meet original goals due to performance, schedule, and budget issues
  • In the U.S., billions are wasted annually on IT projects
  • A significant percentage of projects are challenged by delays, budget overruns, or insufficient features

Addressing Project Challenges

  • Vast majority of project failures are avoidable through understanding business needs early and applying project management techniques

Project Constraints

  • Project constraints include cost, scope, quality, risk, resources, and time
  • As a project manager, balance competing constraints

Cost

  • Cost is the approved budget, and managers must balance staying within budget and avoiding underspending

Scope

  • Scope defines what the project aims to achieve and the work involved

Quality

  • Quality involves standards and criteria for product performance, functionality, and meeting requirements

Risk

  • Risk is potential external events that could negatively impact the project
  • Risk management involves identifying and proactively managing potential risks

Resources

  • Resources are needed to carry out the tasks. They can be people, equipment, facilities and funding

Time

  • Time is the duration to complete the project, often a frequent point of oversight
  • Proper scheduling involves identifying tasks, estimating durations, and allocating resources

The Triple Constraint

  • The triple constraint consists of time, cost, and scope
  • Changes to any constraint affect the others, requiring careful balance

Project Management Expertise

  • Project managers need expertise in application areas, standards, regulations, project environment, management skills, and interpersonal skills

Application Knowledge

  • Application knowledge includes understanding guidelines and mandatory rules in the industry

Project Environment

  • The project environment involves cultural, social, international, political, and physical factors

Cultural and Social Environments

  • Differences is culture affects interactions with clients and team members

Management Knowledge and Skills

  • Project managers need general management and interpersonal skills for efficiency and control

Interpersonal Skills

  • Project managers manage relationships and address personnel issues

Communication

  • Project managers ensures clear understanding through communication and managing communication plan.

Influence

  • Project management involves navigating political dynamics and competing interests within the organization

Leadership

  • Leadership is used to inspire vision and rally people around common goals

Motivation

  • Motivation is used to help people effectively work together for project goals.

Negotiation

  • Negotiation is used to find mutually agreeable solutions

Problem Solving

  • Problem solving is used to identiffy the right solutions

Project Life Cycle Phases

  • A project typically involves initiation, planning, implementation, and closure phases

Initiation Phase

  • Initiation is identifying the project objective or need through a business case and feasibility study

Planning Phase

  • Planning is developing the project solution in detail, outlining tasks, and identifying resource requirements

Implementation Phase

  • Implementation is executing the project plan, monitoring progress, and communication

Closing Phase

  • Closing is releasing deliverables, documentation, terminating contracts, and conducting lessons-learned studies

Framework for Project Management

  • Project management has been evolving as a specialized practice

Project Management Institute (PMI)

  • PMI is a non-profit promoting best practices
  • PMI offers the Project Management Professional (PMP) certification

PMBOK Guide

  • PMBOK Guide by PMI consolidates project management terms and concepts.It is categorized into 10 knowledge areas listed below

Knowledge Areas of Project Management

  • Managing Integration
  • Managing Scope
  • Managing Time/Schedule
  • Managing Costs
  • Managing Quality
  • Managing Human Resources
  • Managing Communication
  • Managing Risk
  • Managing Procurement
  • Managing Stakeholders

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