CMI 513 - Learning Outcome 1.1

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Questions and Answers

What is the primary distinction between project management and business as usual?

Type of resources allocated

Budget of the project

Scope of the project

Temporary nature of the endeavour (correct)

According to the Concise Oxford Dictionary, what is a project?

A management environment

A set of co-ordinated activities

A long-term plan

A plan, a scheme, a planned undertaking, a long-term task a course of action (correct)

What is the benefit of using project management techniques in delivering day-to-day work?

It helps to increase the budget of the project

It helps to plan and manage discrete pieces of work (correct)

It helps to innovate organisational change

It helps to reduce the scope of the work

What is the primary goal of a project?

To deliver a specific product or service Signup and view all the answers

What is a common characteristic of projects?

They have a defined start and end date Signup and view all the answers

What is the primary objective of Business as Usual (BAU) activities?

To maintain efficiency and effectiveness in existing processes Signup and view all the answers

What is the primary distinction between projects and BAU activities?

Their objectives and nature Signup and view all the answers

What is the primary role of project management in delivering organisational strategy?

To facilitate strategic change and drive business improvements Signup and view all the answers

What guides the development of Strategic Breakthrough Objectives and annual goals?

The organisation's mission and vision Signup and view all the answers

What is the outcome of deriving annual improvement priorities from Strategic Breakthrough Objectives?

The outlining of projects and initiatives for the year Signup and view all the answers

What is the primary benefit of integrating project management with BAU?

Enhancing operational stability Signup and view all the answers

What is a key outcome of project management in achieving a competitive advantage?

Improving customer satisfaction Signup and view all the answers

What is a key aspect of project management that supports innovation?

Encouraging collaboration among diverse teams Signup and view all the answers

What is the outcome of project management's focus on risk management?

Minimising disruptions Signup and view all the answers

What is the result of ongoing monitoring and evaluation in project management?

Refined approach and continuous improvement Signup and view all the answers

What is a key benefit of project management in supporting decision-making?

It provides a structured framework for planning, delivering, and monitoring projects Signup and view all the answers

Which of the following is NOT a benefit of project management in enabling change?

It eliminates the need for continuous monitoring and evaluation Signup and view all the answers

What tool is used to provide a clear visual representation of project status?

Gantt chart Signup and view all the answers

What is achieved through project management's risk assessment and mitigation?

Proactive decisions are made to address potential issues Signup and view all the answers

What is a key aspect of project management that enables effective and sustained change?

Continuous monitoring and evaluation Signup and view all the answers

Study Notes

What is a Project?

A project is a planned undertaking with a specific start and finish, pursuing a specific goal with constraints on time, cost, and resources.
A project is a unique piece of work with a defined start and end date, with a deliverable.
Projects are entities of themselves, commissioned to achieve specific outcomes or results, which set them apart from day-to-day routine.

Projects vs. Business as Usual (BAU)

Project management involves planning, executing, and overseeing temporary endeavours with specific goals, defined timelines, and allocated resources.
BAU refers to routine, ongoing activities that ensure day-to-day operations.
Projects are finite and aim for specific, transformative outcomes, while BAU maintains regular operations.
Project management requires methodologies and tools to handle challenges like risk management and timeline planning, whereas BAU emphasizes steady performance and process optimization.

Delivering Organisational Strategy

Project management is a structured method for achieving specific goals and implementing changes aligned with the organisation's broader strategic aims.
Change projects typically stem from the organisation's mission and vision, defining its purpose and long-term aspirations.
Strategic Breakthrough Objectives and annual goals are derived from the organisation's vision, outlining projects and initiatives for the year.
Integrating project management with BAU ensures operational stability while pursuing innovative projects that enhance performance and competitive advantage.

Achieving Competitive Advantage

Project management helps organisations achieve competitive advantage by completing initiatives efficiently, on time, and within budget, enhancing overall performance.
It supports innovation by developing new products, services, and processes, keeping the organisation ahead in the market.
Project management can make the most of resources, reduce waste, and maximise productivity, leading to cost savings and improved profitability.
It can also enhance risk management by identifying potential issues early and implementing mitigation strategies, minimising disruptions.

Supporting Innovation

Project management provides a structured framework for developing, executing, and realising innovative ideas.
It encourages a systematic approach to exploring and transforming creative concepts into practical solutions.
Project management enhances collaboration among diverse teams, encouraging creativity and cross-functional synergy.
Careful planning, resource allocation, and risk management ensure innovative projects are completed on time and within budget.

Supporting Decision Making

Project management provides a structured framework for planning, delivering, and monitoring projects, facilitating informed decisions.
It ensures comprehensive data collection and analysis, offering insights that inform strategic choices.
Project management includes risk assessment and mitigation, allowing proactive decisions to address potential issues.
It promotes stakeholder transparency and communication, enabling informed discussions and collaborative decisions.

Enabling Change

Project management is beneficial in enabling change within organisations, providing a structured approach to implementing new initiatives.
It involves detailed planning, defining clear objectives, timelines, and resources, and addressing all change aspects.
Project management enables communication and stakeholder engagement, ensuring key stakeholders' buy-in and support.
It includes risk management to identify and mitigate potential issues, ensuring smoother transitions.
Continuous monitoring and evaluation enable organisations to track progress, measure success, and make necessary adjustments, ensuring effective and sustained change.

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Description

Explore the role of projects in delivering organisational strategy and understand the concept of a project through various definitions. Learn how to analyse projects as a plan, scheme, or long-term task.