Project Management Fundamentals

Project Management Fundamentals

• Process: A series of actions to achieve a particular end.
• Project: A set of interrelated activities to achieve a common goal over a specified time.
• Project Management: Planning, scheduling & orchestrating project activities to achieve objectives.
• Team: A group of people with complementary skills working towards a common goal.
• Self-Directed Work Team: Teams meeting daily to complete a whole work process (e.g., steel mill).
• Virtual Team: Geographically dispersed individuals working together on specific tasks (e.g., global consultants).
• Project Team: A team assembled to address a specific problem and then disbands (e.g., medical unit leaders).
• Project Characteristics: Complex, one-time processes with budget, schedule and resource limitations, customer-focused.
• Project Definition: A temporary endeavor to create a unique product, service or result.
• Modern Management Functions (Project Management): Planning, organizing, influencing, and controlling.
• PMP Certification: The highest standard of professional qualification for a project manager.
• PMI: The world's largest professional project management association.
• PMBOK Guide: PMI's flagship publication, a fundamental resource for project management.
• PMP Certification Requirements: Passing a comprehensive exam testing knowledge of PMBOK components.
• Functional Managers (Project Role): Provide specialized resources & support to project teams.
• Project Development Stages: Concept/design, prototyping, testing/validation, final delivery.
• Matrix Organizational Structure (Project): Team members report to both project & functional managers.
• Project Manager Responsibilities: Leading the project team and overseeing project execution.
• Project Manager Designation: Project manager.

Project Initiation & Scope

• Project Initiation Phase (First Step): Determining the real problem.
• Project Phases: Conceptualization, Planning, Execution, Termination.
• Progress Reporting: Define communication and reporting systems.
• Execution Phase Activity: Monitor progress regarding schedule, budget & risks.
• Project Termination Phase: Closure, identifying the next step.
• WBS: Work Breakdown Structure
• Project Planning: Identify stakeholders, define objectives, make rough cost/time/skill estimates.
• Project Selection Factors Beyond NPV: Organizational goals, strategy, industry specifics.
• Simplified Scoring Model Limitation: Lack of accuracy.
• Project Scope Definition: Identify stakeholders and needs.
• Project Objectives Definition (Step 4): Define Objectives.
• Project Objectives Process (Step 2): Brainstorm Alternatives.

Project Scope, Objectives, & Stakeholders

• Project Scope & Objectives Anticipation: Trade-offs.
• Project Scope & Objectives Definition Step 1: Define the problem.
• Problem Solving Questions: Questions that uncover practical and business issues the project will tackle.
• Importance of Defined Objectives: Guiding the project towards problem-solving, reflecting stakeholder needs.
• Probing Questions (New System): Uncover underlying problems, ensuring solutions meet fundamental concerns.
• Symptoms (New System): Difficulty accessing/retrieving data, complex process to update records.
• Project Sponsor: The individual authorizing the project.
• Project Stakeholder: Anyone with an interest in the project outcome.
• Project Manager Role (Stakeholder): Integrating stakeholder expectations into coherent project objectives.
• Importance of Stakeholder Needs: Understanding what success means to each stakeholder, integrating their expectations into project objectives.
• Stakeholder Success Definitions: Differ due to varying interests and priorities.
• Project Sponsor Responsibilities: Authorizing the project, championing it, supporting senior management, defining scope of work, providing necessary resources, approving final deliverables, communicating project progress.
• Project Objectives Definition: Project specific goals, guiding the project, reflecting stakeholder needs.

Project Time, Cost, & Resources

• Time-Bound Objectives: Achieved within a specific timeframe (e.g. timely project completion)
• Realistic Objectives: Achievable given constraints (e.g. time and resources)
• Measurable Objectives: Gauged using quantitative or qualitative assessments.
• Specific Objectives: Clearly define the details of the objective.
• SMART: Specific, Measurable, Achievable, Realistic, Time-bound.
• Project Iron Triangle: Quality, Time, and Cost.
• Quality: Features that make the product suitable for its intended purpose.
• Time: The duration needed to complete the project’s deliverables.
• Cost: The expenditure of money, people, and resources necessary for project completion.
• Project Scope Definition (Team): What the team realistically can achieve.
• Customer Perception of Quality (Features): Quality is sometimes seen to be linked to the number and complexity of features in a product.
• Scope & Quality (Interchangeable): Customers perceive items in terms of qualities or deliverables.
• Identifying Trade-Offs (Key Steps): Understand stakeholder conflicts, master communication skills, strategically manage scope.
• Scope Creep: Expanding project goals while in progress.
• Avoiding Scope Creep: Resisting pressure to solve everyone's problems; prioritising project goals over others.

Project Scheduling

• Project Scheduling with Deliverables: Use deliverables as a basis for creating realistic milestone dates.
• Project Scheduling First Step: List project tasks using Work Breakdown Structure or a similar framework.
• Project Scheduling Systems: Control and communication systems for updating & revising.
• Scheduling Flexibility: Room for problems.
• Time Segment Recording: Record all time segments in consistent increments (e.g., days, weeks).
• Schedule & Resource Allocation: Develop schedules according to logical possibilities, allocating resources later.
• Scheduling Deadlines: Be aware of rigid vs. flexible deadlines, allowing flexibility where possible.
• Project Scheduling Tools: Bar charts, flow charts, PERT charts.
• Bar Charts (Gantt Charts): Listing project tasks, showing task sequences, and indicating task start/end times.
• Bar Chart Blocks: Indicating task start and end times, based on task relationships.
• Bar Chart in Project Management: Visual representation of project schedule.
• Bar Chart Components: Task names, start & end dates, task duration, task dependency.
• Critical Path: Longest task sequence, determining project completion time.
• Critical Path Benefit (Resource Allocations): Efficient resource allocation by focusing on activities on the critical path.

Project Costs & Budgeting

• Contingency Funds: Budget allocations for unplanned expenses.
• Budget Estimates: Best guesses, estimates may deviate from actual costs.
• Contingency Fund Percentage: Commonly suggested 5% of the estimated project budget.
• Contingency Fund Importance: Flexibility for unforeseen expenses.
• Project Budget Adjustment Reasons: Changing circumstances.
• Typical Cost Categories: Personnel, Travel, Training.
• Personnel Budget Considerations: Full-time, temporary workers (often largest part).
• Travel Budgeting: Whether team members are on-site or require travel; location impacts meals, lodging; if any travel is required.
• Training Budgeting: Location (in-house vs. external), if hiring external training staff, fees and expenses are to be considered.
• Professional Service Budgeting: Costs of market research, consultants, legal advice.
• Capital Expenditure Budgeting: Equipment, technical upgrades that may need to be paid for.
• Relocation Budgeting: Cost if relocating team members.
• Equipment/Supply Budgeting: Costs for physical supplies.
• Research Budgeting: Options for data collection: purchase existing data or perform in-house research.
• Overlooked Costs: Training costs, ongoing maintenance costs, insurance, licensing fees, consulting with external parties.

Project Management Overview

• Project Charter: Concise written document outlining project mission, roles, scope, objectives, relationship with organizational goals, estimated timeframe, milestones, resources, constraints, assumptions, quality requirements, and major risks.
• Project Charter Benefit: Ensuring your project aligns with greater organizational goals.
• Project Charter Issues: Scope creep.
• Project Charter Project Relationship: Aligning a project with strategic organizational goals.
• Project Success Measurement: Project completion within budget.

This quiz explores the essential concepts of project management, including definitions of processes, projects, and different types of teams. Learn about key characteristics of projects and the functions involved in effective project management. Perfect for anyone looking to enhance their understanding of project dynamics.