Project Management Fundamentals

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Questions and Answers

What happens when conflicting demands arise during a project?

  • The project must be put on hold until demands align.
  • Trade-off analysis is used to resolve the conflicts. (correct)
  • Non-negotiables are eliminated to favor flexibility.
  • All objectives must be met to maintain project integrity.

Which of the following best describes non-negotiables in project management?

  • Goals that can always be compromised during negotiations.
  • Requirements defined by stakeholders that cannot be modified. (correct)
  • Elements that can be adjusted to meet client needs.
  • Flexible components that allow for changes in scope.

In the provided scenario, which option represents a compromise between cost and time objectives?

  • Option B - 6-bedroom house at $150,000 in 7 months.
  • Option A - 6-bedroom house at $170,000 in 4 months.
  • Option C - 4-bedroom house at $130,000 in 4 months.
  • Option D - 4-bedroom house at $120,000 in 6 months. (correct)

What is the primary goal of performing trade-off analysis?

<p>To find a balance among conflicting project objectives. (D)</p> Signup and view all the answers

When can trade-off analysis be most effectively conducted?

<p>When two or more objectives cannot be simultaneously met. (C)</p> Signup and view all the answers

What is an essential aspect that underlies trade-off analysis?

<p>Understanding of client non-negotiables and constraints. (D)</p> Signup and view all the answers

In project management, the term 'locked-in constraints' refers to what?

<p>Requirements that remain unchanged throughout the project. (C)</p> Signup and view all the answers

How does understanding project constraints impact the implementation team's approach?

<p>It provides clarity on possible adjustments and trade-offs. (D)</p> Signup and view all the answers

What can be inferred about scope in the context of the project constraints described?

<p>Scope is the only constraint that is non-negotiable. (A)</p> Signup and view all the answers

In a scenario where cost is the only locked-in constraint, which aspects can be negotiated?

<p>Schedule, quality, resources, or procurements. (C)</p> Signup and view all the answers

What is the primary purpose of conducting trade-off analyses in project management?

<p>To determine how to balance scope, time, and cost effectively. (C)</p> Signup and view all the answers

Which aspects of a project charter are critical to a project manager's authority?

<p>The charter establishes the legitimacy of the project manager's role. (C)</p> Signup and view all the answers

If options C and D change the established scope, what can be said about their feasibility?

<p>They are unusable due to scope constraints. (A)</p> Signup and view all the answers

What role does impact analysis play in project management decision-making?

<p>To provide crucial information for evaluating project conflict scenarios. (D)</p> Signup and view all the answers

In managing project objectives, what does the term 'non-negotiable' refer to?

<p>Aspects of the project that cannot change under any circumstances. (D)</p> Signup and view all the answers

Why might a client be willing to adjust cost and schedule constraints?

<p>Because scope is not changeable and other adjustments are needed. (B)</p> Signup and view all the answers

What is the significance of identifying available organizational resources in the project charter?

<p>It identifies potential resource gaps that need to be filled. (D)</p> Signup and view all the answers

How does the communication management plan affect stakeholder interactions in a project?

<p>It utilizes organizational assets to enhance stakeholder engagement. (A)</p> Signup and view all the answers

What is a primary reason for conducting high-level risk assessments in the project charter?

<p>To anticipate potential project-level threats early. (C)</p> Signup and view all the answers

Which factor is crucial for project initiators to document in the project charter regarding procurement?

<p>The procurement policies and any outsourcing requirements. (B)</p> Signup and view all the answers

What role do assumptions and constraints play in the context of project risks?

<p>They can introduce various risks that need to be documented. (B)</p> Signup and view all the answers

How does the Stakeholder Register initially relate to the project charter?

<p>It begins as an extension, referencing key stakeholders outlined in the charter. (D)</p> Signup and view all the answers

What is a critical element that the project charter should communicate concerning high-level risks?

<p>The importance of anticipating potential industry-level threats. (B)</p> Signup and view all the answers

Why is it essential for project teams to identify external resource needs in the project charter?

<p>To facilitate the timely acquisition of necessary resources. (D)</p> Signup and view all the answers

Flashcards

Stakeholder

A person or group with an interest in a project or deliverable.

Non-negotiable

A constraint that cannot be changed.

Trade-off analysis

Evaluating options when competing goals exist, and choosing the best compromise.

Project constraints

Limits or restrictions on a project, such as time, budget, or scope.

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Scope objective

The features and functionalities of the project deliverable.

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Time objective

The deadline for completing a project.

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Cost objective

The budget allocated for a project.

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Project Charter

A document that outlines the project's goals, constraints, and other important details.

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Locked-in constraint

A project constraint that cannot be changed, even if other constraints need to be adjusted.

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Trade-off

A decision to accept a change in one constraint to achieve another.

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Scope

The features and functionalities of a project, outlining what will be delivered.

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Project manager

The leader of a project team, responsible for planning, organizing, and executing the project.

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Scenario analysis

Evaluating different possible situations with different constraints to assess potential outcomes.

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Impact analysis

Assessing the potential effects of a decision on different project constraints.

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Feasible

A solution that is achievable and practical within the project's constraints.

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Project Charter Resource Availability

The project charter clarifies the availability and conditions of use for project resources like personnel, machinery, equipment, and materials.

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Project Communication Channels

The project charter specifies preferred communication methods, channels, resources, and infrastructure for interacting with stakeholders.

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High-Level Project Risks

The project charter documents potential project risks identified early on, such as those related to technology, complexity, or novelty.

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Procurement Requirements

The project charter outlines procurement policies, including whether a centralized contracting department handles project needs or if outsourcing is necessary.

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Centralized Contracting

A procurement structure where a dedicated department handles all project procurement needs.

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Project Stakeholder Identification

The project charter lists key stakeholders involved in the project, forming the basis for the stakeholder register.

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Project Assumptions

Assumptions are statements accepted as true without proof, potentially introducing risks to a project.

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Study Notes

Project Charter

  • Waterfall project management involves a sequential process, starting with initiation.
  • A project charter is the objective of the initiation stage.
  • A charter is authorization, licensing, approval, certification, or accreditation.
  • PMI defines "Develop Project Charter" as the process of formally authorizing a project.
  • Project charters formally authorize a project, defining the project and granting authority to the project manager to control resources.
  • Charters summarize client vision and constraints, acting as a compass for the project.
  • Without a charter, projects lack clear objectives, increasing time, money, and resource waste.

Genesis of Projects

  • Projects originate as ideas (new products, service modifications, problem-solving, or developing strategies).
  • Project success depends on alignment with strategic objectives.
  • Project ideas often start and quickly fade, failing to advance in organizations.
  • Project charters increase the seriousness of the ideas and chance of success.

Initiating Process

  • The initiating process involves activities leading to a project charter.
  • Project charters are more than simple documents; they incorporate multiple inputs and efforts.
  • Initiating a project is more than clerical tasks; it's about facilitating relevant engagements, research, and the project's authorization to move to the next stage.

Business Need

  • A project charter expresses the reasons for a project's initiation.
  • Projects start for market demand, new regulations, strategic opportunities, competition, or technological advancement.
  • Business needs are continually validated throughout the project life cycle.

Project Feasibility and Business Case

  • Project feasibility is critical for project success.
  • Feasibility studies determine the realism of project assumptions and likelihood of achieving project goals.
  • Technical feasibility assesses project viability.

Defining Business Value and Objectives

  • Charters define measurable business value derived from the project.
  • Charters align with the organization's strategic objectives.
  • Goals that do not align with stated objectives are considered wasted.

Defining Project Statement of Work

  • Statements of work are narrative descriptions of project deliverables.
  • They act as a reference point for further development.

Project Phases and Milestones

  • Projects can be broken down into phases with each phase producing a deliverable.
  • Phase breakdowns are helpful for management and defect avoidance.
  • Phases might involve sequential or concurrent development paths to achieve deliverables.
  • Projects are sometimes broken down to allow for incremental delivery of business value.
  • Phasing can be used to address funding and skill constraints.

Determining Implementation Strategy

  • Entities must decide whether to execute projects internally or outsource.
  • Decisions depend on infrastructure, experience, and know-how.
  • Contracts (memorandums of understanding) address outsourced projects.
  • Project governance, including a change control board, is related to issues surpassing the project manager's authority.

Defining the Project

  • Project definitions communicate intentions, expectations, and objectives..
  • High-level descriptions ensure that everyone is on the same page.

Project Manager Assignment

  • The project charter establishes the project manager's legitimacy.
  • Project managers have authority over the project activities in accordance with the charter.
  • Project sponsors finalize the charter and formalize the project.
  • Project leadership is granted for the defined purpose of the project.

Obtaining Key Signatures

  • Project support and commitment need to be secured from senior members.
  • Signatures on the charter confirm project validation.

Authorizing the Project

  • Final project authorization comes from the sponsor.

Assumption Log

  • An assumption log is a secondary document that accompanies the charter.
  • It notes assumptions about the project, cost, scope, time, etc. and can be updated during ongoing phases of development.

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The Project Charter PDF

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