Project Management Fundamentals

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Questions and Answers

Which action exemplifies a project manager effectively balancing project constraints?

  • Ignoring stakeholder support to meet the budget.
  • Prioritizing scope above all other constraints.
  • Minimizing risks by cutting resources.
  • Adjusting the schedule to accommodate resource limitations while maintaining quality. (correct)

What is the primary focus of the 'Planning' phase within the project life cycle?

  • Identifying potential project sponsors.
  • Defining how the project scope will be achieved. (correct)
  • Securing funding for the project.
  • Managing and controlling changes with sponsor approval.

What is the MOST important reason for a project to have a clear objective?

  • To ensure the project remains within the initial budget.
  • To guarantee that all project activities are completed on time.
  • To ensure the project aligns with stakeholder expectations.
  • To define the deliverable, schedule, and budget, agreed upon by the customer. (correct)

Which of the following is an essential element of a project charter?

<p>Sponsor approval. (C)</p> Signup and view all the answers

Why is it important for a project manager to identify stakeholders?

<p>To understand who has an interest in the project's outcome. (D)</p> Signup and view all the answers

What is the MOST likely consequence of overlooking cultural differences in global project management?

<p>Delays in project timelines and miscommunication. (D)</p> Signup and view all the answers

In project selection, combining 'gut feelings' with quantitative information aims to:

<p>Balance subjective judgment with objective data for well-informed decisions. (D)</p> Signup and view all the answers

What is the main purpose of a Request for Proposal (RFP)?

<p>To solicit detailed proposals from potential contractors. (A)</p> Signup and view all the answers

Ensuring that all potential contractors receive equal information during the solicitation process aims to:

<p>Maintain fairness and impartiality in the bidding process. (D)</p> Signup and view all the answers

Why should contractors carefully evaluate the 'bid/no-bid' decision for a project?

<p>To realistically assess their chances of winning and optimize resource allocation. (A)</p> Signup and view all the answers

In a project proposal, which section focuses on demonstrating a clear understanding of the customer's needs?

<p>Technical Section (C)</p> Signup and view all the answers

Which contract type is MOST suited for well-defined projects with minimal risks?

<p>Fixed-Price Contract (A)</p> Signup and view all the answers

What does a 'Win Ratio' measure in the context of measuring proposal success?

<p>Number of proposals won divided by the number submitted. (A)</p> Signup and view all the answers

What is the purpose of defining a project's scope?

<p>To outline what needs to be accomplished. (C)</p> Signup and view all the answers

Why is it important to monitor project progress regularly?

<p>To ensure adherence to quality standards and specifications. (D)</p> Signup and view all the answers

What is the purpose of a Work Breakdown Structure (WBS)?

<p>To organize project work into manageable components. (C)</p> Signup and view all the answers

In a responsibility assignment matrix, what does 'P' typically denote?

<p>Primary responsibility. (B)</p> Signup and view all the answers

What is the primary goal of 'laddering' in network diagrams?

<p>To optimize resource use and shorten project time. (D)</p> Signup and view all the answers

Which of these projects would benefit MOST from the Systems Development Life Cycle (SDLC) methodology?

<p>Overhauling a company's Enterprise Resource Planning (ERP) system. (B)</p> Signup and view all the answers

What is the MAIN benefit of using a network diagram in project management?

<p>It facilitates communication. (B)</p> Signup and view all the answers

Flashcards

Clear Project Objective

A well-defined goal to be achieved.

Interdependent Project Activities

A series of connected tasks.

Various Project Resources

Utilizing different types of resources.

Specific Project Time Frame

A defined start and end date.

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Unique Project Endeavor

A one-time endeavor.

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Project Sponsor or Customer

Someone who supports or receives the project.

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Degree of Project Uncertainty

Inherent risks and unknowns.

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Initiating Phase (Project Life Cycle)

Identifying a need, problem, or opportunity.

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Planning Phase (Project Life Cycle)

Showing how the project scope will be accomplished.

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Performing Phase (Project Life Cycle)

Accomplishing project objectives.

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Closing Phase (Project Life Cycle)

Collecting and making final payments.

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Project Stakeholders

Individuals or groups with an interest in the project's outcome.

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Project Charter

Formally authorizes a project.

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Request for Proposal (RFP)

Describes project requirements.

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Fixed-Price Contract

A contract where the price remains fixed.

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Cost-Reimbursement Contract

A contract where payment covers actual costs incurred.

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Network Diagram

Defines the sequence of activities and their relationships.

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Systems Development Life Cycle (SDLC)

A project management methodology used to plan, execute, and control IS development projects.

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Project Scope

Defines what needs to be done in a project.

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Quality Planning

Ensuring work is completed according to specifications and standards.

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Study Notes

Project Attributes

  • Projects possess key attributes such as a clear objective, interdependent activities, various resources, a specific time frame, unique endeavor, a sponsor or customer, and a degree of uncertainty

Balancing Project Constraints

  • Project managers have to balance constraints like scope, quality, schedule, budget, resources, risks, customer satisfaction, and stakeholder support

Project Manager Actions

  • A project manager must prevent challenges, plan effectively, communicate and be responsible

Project Life Cycle Phases

  • The project life cycle includes initiation, planning, performing, and closing

Initiating Phase Elements

  • The initiating phase involves identifying a need/problem/opportunity, determining project selection, developing a project charter (rationale, objective, benefits, requirements), and deciding if an RFP is needed

Planning Phase Focus

  • The planning phase is about showing how the project scope is accomplished, the work planning itself, and developing a baseline plan by addressing scope, deliverables, activities, sequence, resources, schedule, budget, and risks. It also involves the actual resources

Performing Phase

  • The performing phase involves accomplishing objectives, the project manager leading, the team completing, increasing resource pace with the addition of more resources, monitoring progress, and corrective action as needed. Also managing changes with stakeholder approval. Delivering customer satisfaction with acceptance of deliverables

Closing Phase Tasks

  • Final payments are collected and made, staff is recognized, post-project evaluations are performed, lessons are documented, and project documents are archived in the closing phase

Project Planning Process Steps

  • The project planning process involves establishing project objectives, defining scope, creating a WBS, assigning responsibility, defining activities, sequencing activities, estimating resources and durations, developing a project schedule, estimating costs, and determining a budget

Stakeholders Defined

  • Stakeholders are individuals or groups who have an interest in the outcome of a project, and they are managed with a stakeholder register. The stakeholder register is used to understand what drives each stakeholder, like customers provide support, project team delivers the work, expectations around roles involved, etc

Global Project Management Competencies

  • Globalization increases the complexity of projects requiring foreign language skills, cultural knowledge, awareness of global events, understanding cultural differences, familiarity with international economics, awareness of global etiquette, business and political organization knowledge, technology adaption skills, and workforce availability awareness

Project Management Institute (PMI) Facts

  • PMI is a global association for project management practitioners with ~500,000 members in nearly 200 countries, has ~270 chapters in >80 countries, boasts 30 online communities, publishes the PMBOK Guide, offers certifications, maintains a code of ethics, and its website is www.pmi.org

Critical Success Factors

  • Key elements include planning/communication, clear objectives, customer/sponsor involvement, customer satisfaction, project control, post-project evaluation, and cultural sensitivity

Identifying Projects

  • Identifying what to project, recognizing a need/problem/opportunity is key, often influenced by methods that originate from within an organization's strategic planning, and responding to unexpected events. Forming groups can help

Project Selection Evaluation

  • Evaluate the potential needs, costs, and benefits, determining alignment of a project, developing selection criteria, list assumptions, acquire data needed, evaluate each opportunity. Use a combination of data and intuition for decisions

Project Charter Purpose

  • A Project charter formally authorizes a project, provides sponsor approval, commits funding, and establishes a framework for developing a baseline plan

Project Charter Elements

  • Key components include the project title, milestone schedule, purpose or description, key assumptions, objective, constraints, success criteria, major risks, a summary of key conditions, expected benefits, funding needs, project manager designation, major deliverables expected, reporting requirements, acceptance criteria, sponsor designation, and approval signature

RFP Preparation

  • RFP (Request for Proposal) is essential when looking for external resources, and it's goal is to describe needs. It enables contractors to develop solid proposals, and aids in development of evaluation criteria

RFP Guidelines

  • A solid RFP consists of the project goal or purpose, a statement of work, customer requirements, listing format and content instructions, also deliverables, the due date, acceptance criteria, supplied times, approvals, contract type & terms, schedules, evaluation criteria, and funding levels.

Soliciting Proposals Steps

  • The process of soliciting a proposal includes notifying possible contractors, notifying a select group, advertising in publications and identifying needs, situations, problems or opportunities. Also providing equal information and holding bidders meetings for questions

Project Identification Success Factors

  • Success depends on clearly defining needs before preparing the RFP, basing decisions on benefits, having a good selection process & committee, establishing quantitative success criteria, and allowing contractors to fully understand customer expectations. Finally; statements of work, requirement, and deliveries

Relationships and Funding

  • Customer and partner relationships are crucial for funding and establishing opportunities. This includes active listening, consistent contact, trust, positive presence

RFP Marketing Helps

  • Pre RFP marketing helps identify client needs, win contracts, and focus the RFP response. Pre RFP leads to unsolicited proposals and uncontested contracts

Bid/No-Bid Decision Assessment

  • Proposal development takes time and investment, carefully weigh the bid and decision. Bad proposal reputations follow

Factors to Consider in Bid/No-Bid Decisions

  • Competition
  • Risk
  • Alignment
  • Capability
  • Resources

Winning Proposal Traits

  • A winning proposal has to solve problems, be unique, benefits the customer, be easy to digest, covers requirements, and has realistic goals

Proposal Team

  • Composed of subject matter experts and led by a manager

Proposal Content

  • Has a technical overview, management outline and cost breakdown

Technical Section Highlights

  • Demonstrates the needs are understood and presents solutions

Management Section Details

  • Includes tasks, deliverables, schedules, structure and experiences

Cost Section Inclusions

  • Includes labor, materials, equipment, travel

Prices & Budget

  • Includes reserves & fees, should be competitive, factoring competition, risks, and customer budget. Never offer underpriced or overpriced work

Simplified Elements

  • Simplified proposals describe customer needs, scope, outputs, resources, time and cost, risks and the benefits

Proposal Submission Tactics

  • Submission considerations are on time, formatted, following guidelines, hard and soft copies

Proposal Follow-Up Actions

  • Be proactive

Proposal Contracts

  • Requires contracts to be signed before work

Fixed Price Contract

  • Low risk for customer, high risk for provider

Cost Plus

  • High risk for customer, low risk for provider

The contract includes

  • Overruns, equipment and international conditions

Strategies to measure proposal success include:

  • High win ratio and total dollar value from wins

Defining Scope Focus

  • Defines project objective and plans to a manageable WBS, quality plan and responsibility delegation

Clear Project Objectives

  • The objective must define what it aims to achieve and is detailed in a charter

Project Scope Defined

  • Highlights what needs to be done, from requirements, charters to WBS

Quality Planning Focus

  • Ensures all work follows standards & processes

WBS

  • Work Breakdown Structure, that manages outputs. A deliverable

Responsibility Delegation Involves

  • Designating one member to be responsible for each individual work item and delegating support roles

Defining Activities

  • Using resources that breakdown work packages into items

Sequencing Activities

  • A diagram of PERT, CPM & PDM

Loops

  • Loops are illogical

Laddering

  • Laddering involves a set of repeating activities in a serial sequence. It can be used to optimize the use of resources and shorten the overall project time

Diagrams Require

  • A diagram requires dependency and logic between activities

Software Development

  • A system follows cycles of input to process and produce helpful information

SDLC

  • SDLC is used to plan and executes

A software build example

  • ABC designs builds IS to handle prices and manage clients in four cities

Systems Used to Manage Projects

  • Planning, testing, reporting

Critical Factors of Success

  • Committing to work, having clear goals, and the ability to have quality reporting and management

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