Podcast
Questions and Answers
Which action exemplifies a project manager effectively balancing project constraints?
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?
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?
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?
Which of the following is an essential element of a project charter?
Why is it important for a project manager to identify stakeholders?
Why is it important for a project manager to identify stakeholders?
What is the MOST likely consequence of overlooking cultural differences in global project management?
What is the MOST likely consequence of overlooking cultural differences in global project management?
In project selection, combining 'gut feelings' with quantitative information aims to:
In project selection, combining 'gut feelings' with quantitative information aims to:
What is the main purpose of a Request for Proposal (RFP)?
What is the main purpose of a Request for Proposal (RFP)?
Ensuring that all potential contractors receive equal information during the solicitation process aims to:
Ensuring that all potential contractors receive equal information during the solicitation process aims to:
Why should contractors carefully evaluate the 'bid/no-bid' decision for a project?
Why should contractors carefully evaluate the 'bid/no-bid' decision for a project?
In a project proposal, which section focuses on demonstrating a clear understanding of the customer's needs?
In a project proposal, which section focuses on demonstrating a clear understanding of the customer's needs?
Which contract type is MOST suited for well-defined projects with minimal risks?
Which contract type is MOST suited for well-defined projects with minimal risks?
What does a 'Win Ratio' measure in the context of measuring proposal success?
What does a 'Win Ratio' measure in the context of measuring proposal success?
What is the purpose of defining a project's scope?
What is the purpose of defining a project's scope?
Why is it important to monitor project progress regularly?
Why is it important to monitor project progress regularly?
What is the purpose of a Work Breakdown Structure (WBS)?
What is the purpose of a Work Breakdown Structure (WBS)?
In a responsibility assignment matrix, what does 'P' typically denote?
In a responsibility assignment matrix, what does 'P' typically denote?
What is the primary goal of 'laddering' in network diagrams?
What is the primary goal of 'laddering' in network diagrams?
Which of these projects would benefit MOST from the Systems Development Life Cycle (SDLC) methodology?
Which of these projects would benefit MOST from the Systems Development Life Cycle (SDLC) methodology?
What is the MAIN benefit of using a network diagram in project management?
What is the MAIN benefit of using a network diagram in project management?
Flashcards
Clear Project Objective
Clear Project Objective
A well-defined goal to be achieved.
Interdependent Project Activities
Interdependent Project Activities
A series of connected tasks.
Various Project Resources
Various Project Resources
Utilizing different types of resources.
Specific Project Time Frame
Specific Project Time Frame
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Unique Project Endeavor
Unique Project Endeavor
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Project Sponsor or Customer
Project Sponsor or Customer
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Degree of Project Uncertainty
Degree of Project Uncertainty
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Initiating Phase (Project Life Cycle)
Initiating Phase (Project Life Cycle)
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Planning Phase (Project Life Cycle)
Planning Phase (Project Life Cycle)
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Performing Phase (Project Life Cycle)
Performing Phase (Project Life Cycle)
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Closing Phase (Project Life Cycle)
Closing Phase (Project Life Cycle)
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Project Stakeholders
Project Stakeholders
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Project Charter
Project Charter
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Request for Proposal (RFP)
Request for Proposal (RFP)
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Fixed-Price Contract
Fixed-Price Contract
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Cost-Reimbursement Contract
Cost-Reimbursement Contract
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Network Diagram
Network Diagram
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Systems Development Life Cycle (SDLC)
Systems Development Life Cycle (SDLC)
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Project Scope
Project Scope
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Quality Planning
Quality Planning
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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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