Project Management Fundamentals
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Questions and Answers

Which of the following best describes the role of a project sponsor?

  • Providing financial resources and overall support for the project. (correct)
  • Overseeing the project's planning, execution, and completion stages.
  • Providing the technical expertise required for project execution.
  • Managing the day-to-day tasks of project team members.

A project team is using historical data from similar past projects to estimate the cost of a new project. Which cost estimation method are they employing?

  • Analogous estimating (correct)
  • Parametric estimating
  • Bottom-up estimating
  • Three-point estimating

During which phase of the project management life cycle are resources allocated and tasks actively managed?

  • Closure
  • Execution (correct)
  • Initiation
  • Planning

Which of the following is a primary goal of the 'Monitoring & Controlling' phase in the project management life cycle?

<p>To track project progress and ensure it stays within the defined schedule and budget. (C)</p> Signup and view all the answers

Which cost management component involves creating a detailed cost baseline against which project expenditures will be measured?

<p>Cost Budgeting (A)</p> Signup and view all the answers

Flashcards

What is a project?

A temporary effort with a defined goal, timeline, and resources.

Project Manager Role

Oversees planning, execution, and completion of a project.

Cost Management

Managing project expenses to ensure the project stays within the approved budget.

Cost Estimation

Predicting project expenses using methods like analogous, parametric, bottom-up, and three-point estimating.

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Project Life Cycle

A structured process guiding a project from the beginning to the end, including initiation, planning, execution, monitoring & controlling, and closure.

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Study Notes

  • Project management is a temporary endeavor with a specific goal, timeline, and resources.
  • The project manager oversees planning, execution, and completion.
  • The project team consists of individuals assigned specific tasks.
  • Customers are the end-users of the project's outcome.
  • Sponsors provide funding and support.
  • Stakeholders are anyone with an interest in the project.
  • Project management involves planning, organizing, and guiding a project.
  • Project management involves managing resources, time, budget, and quality.
  • Key aspects of project management are scope, time, cost, quality, resources, risk, communication, stakeholders, and integration management.

Cost Management

  • Cost management manages project costs to stay within budget.
  • Cost estimation predicts costs using methods such as analogous, parametric, bottom-up, and three-point estimation.
  • Analogous estimation uses historical data.
  • Parametric estimation uses statistical analysis
  • Bottom-up estimation uses detailed breakdown of project elements.
  • Three-point estimation considers best-case, worst-case, and expected costs.
  • Cost budgeting creates a cost baseline using cost aggregation and reserve analysis.
  • Cost control tracks and manages budget changes using Earned Value Management (EVM), variance analysis, and trend analysis.
  • Regular monitoring, stakeholder communication, risk management, and documentation are cost management best practices.

Project Management Life Cycle

  • The project management lifecycle is a structured process guiding a project from start to finish.
  • The phases are: initiation, planning, execution, monitoring and controlling, and closure.
  • The project is defined, stakeholders identified, and a project charter created during initiation.
  • During planning, plans are developed for execution, resource allocation, and risk management.
  • The plan is implemented, resources allocated, and tasks managed during execution.
  • Progress is tracked to ensure the project stays on schedule and within budget during monitoring and controlling.
  • Deliverables are finalized, resources released, and a post-project review conducted during closure.
  • The project management life cycle ensures clarity, quality control, stakeholder satisfaction, resource efficiency, adaptability, and risk management.

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Description

Overview of project management principles. Key roles, including project managers, teams, customers, and stakeholders, are defined. The summary highlights core processes such as planning, resource management, and the importance of managing scope, time, cost, and quality.

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