Project Management Fundamentals

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Questions and Answers

What is the MAIN difference between a project and operations?

  • Projects are managed by program managers, while operations are managed by project managers.
  • Projects are ongoing and sustain the business, while operations are temporary and create a unique output.
  • Projects require fewer resources than operations.
  • Projects are temporary endeavors undertaken to create a unique product, service, or result, while operations sustain the business. (correct)

Which of the following is NOT typically considered a project attribute?

  • Involving a high degree of certainty. (correct)
  • Having a unique purpose.
  • Requiring resources from various areas.
  • Being temporary in nature.

A company is developing a new smartphone application. This initiative involves various tasks such as design, coding, testing, and marketing. Which project attribute BEST describes the way these tasks are carried out incrementally to complete the application?

  • Resource allocation
  • Unique purpose
  • Temporary nature
  • Progressive elaboration (correct)

What is the primary role of a program manager in relation to project managers?

<p>To oversee a group of related projects and provide leadership to project managers. (A)</p> Signup and view all the answers

Which of the following BEST describes project management?

<p>The application of knowledge, skills, tools, and techniques to meet project requirements. (B)</p> Signup and view all the answers

A construction company is building a new office tower. Which of the following would be considered project stakeholders?

<p>The construction team, the project sponsor, the future tenants, and the surrounding community. (D)</p> Signup and view all the answers

A project team is struggling to balance the project's scope, timeline, and budget due to unexpected challenges. Which area of project management knowledge is MOST relevant to address these competing constraints?

<p>Integration management (C)</p> Signup and view all the answers

During the execution of a software development project, the project manager identifies a potential security vulnerability that could impact the final product. Which project management knowledge area is MOST directly related to addressing this issue?

<p>Risk management (B)</p> Signup and view all the answers

A project manager is working on a project that aims to significantly alter the company's current business model. Under which IT project portfolio category does this project fall?

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

Which of the following responsibilities is MOST likely to be part of a project manager's role, regardless of the specific job description?

<p>Planning, scheduling, and coordinating project activities (B)</p> Signup and view all the answers

In a rapidly evolving project environment, what is the MOST important attribute a project manager should possess?

<p>Comfort and flexibility in the face of change (B)</p> Signup and view all the answers

Which of the following skills is MOST crucial for a project manager aiming to foster a collaborative and productive team environment?

<p>Conflict management and resolution (C)</p> Signup and view all the answers

A project manager consistently demonstrates honesty, strong moral principles, and reliability in their actions. Which characteristic is the project manager exhibiting?

<p>Ethical behavior, integrity, and consistency (B)</p> Signup and view all the answers

When managing a large, complex project, which skill is MOST important for a project manager to ensure its successful completion?

<p>Relevant prior experience (B)</p> Signup and view all the answers

A project involves several innovative elements with outcomes that are difficult to predict. What skill is MOST valuable for the project manager in this scenario?

<p>Risk management (A)</p> Signup and view all the answers

In a highly innovative project with unclear goals, which skill is MOST crucial for a project manager to guide the team effectively?

<p>Having vision and goals (B)</p> Signup and view all the answers

A project manager primarily focuses on the day-to-day tasks required to meet explicit objectives. Which role is the project manager mainly embodying?

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

An IT professional wants to enhance their career prospects in a high-demand area. Based on current trends, which skill would be MOST beneficial to develop?

<p>Full-stack software development (B)</p> Signup and view all the answers

Which of the following scenarios best illustrates the application of project portfolio management (PPM)?

<p>A company decides to discontinue a project focused on developing a new app because market analysis suggests low potential ROI, and instead invests in a project aimed at improving customer service based on its strategic alignment with the company's long-term goals. (B)</p> Signup and view all the answers

A project, initially deemed successful because it met scope, time, and cost goals, is now facing criticism due to low user adoption and failure to deliver the expected business value. Which aspect of project success was most likely overlooked?

<p>Stakeholder satisfaction and achievement of strategic objectives. (D)</p> Signup and view all the answers

A project manager discovers that a key team member lacks the necessary skills for a critical task. According to the factors that help projects succeed, which of the following actions should be prioritized?

<p>Providing the necessary training and support to develop the team member's skills. (A)</p> Signup and view all the answers

Which of the following scenarios exemplifies a project failing due to a lack of emotional maturity among team members?

<p>The project team struggles to adapt to changing requirements due to resistance to change and poor communication. (D)</p> Signup and view all the answers

A company is deciding between two potential projects: Project A, which promises a high return on investment but is misaligned with the company's strategic goals, and Project B, which has a lower ROI but strongly supports the company's strategic objectives. Which project aligns better with the principles of project portfolio management?

<p>Project B, because it is more aligned with the company's strategic goals. (A)</p> Signup and view all the answers

Which of the following situations demonstrates the benefit of using project management tools and techniques to improve project performance?

<p>A project team effectively uses a WBS to define and organize project tasks, resulting in better scope control and reduced scope creep. (D)</p> Signup and view all the answers

A construction project is behind schedule, and the project manager is considering options to accelerate progress. Which of the following actions would be most aligned with critical chain scheduling?

<p>Focusing on identifying and managing project constraints to prevent bottlenecks and delays. (A)</p> Signup and view all the answers

What is the key distinction between project management and project portfolio management (PPM)?

<p>Project management ensures projects are completed on time and within budget, while PPM ensures the organization is investing in the right projects. (A)</p> Signup and view all the answers

Flashcards

What is a Project?

A temporary endeavor undertaken to create a unique result.

Project Attributes

A unique aim, temporary duration, involves uncertainty, has a sponsor, requires resources and progressive elaboration.

Project Manager

Works with sponsors and teams to meet project goals.

What is a Program?

A group of related projects managed in a coordinated way.

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Program Manager

Oversee programs and provide leadership/direction to project managers.

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Successful Project Management

Meeting scope, time and cost goals while satisfying the sponsor.

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Project Management

Applying knowledge, skills, tools, and techniques to meet requirements.

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Project Stakeholders

Those involved in or affected by project activities.

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Project Management Tools

Tools that aid project managers in various project aspects, like planning and monitoring.

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Project Charter

A document that formally authorizes a project and defines its initial objectives and managers' authorities.

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Project Success

Meeting scope, time, and cost goals; satisfying stakeholders, and fulfilling the project's primary objective.

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Drivers of Project Success

Executive buy-in, user involvement, clear objectives, scope optimization, and skilled resources.

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Project Portfolio Management (PPM)

Grouping projects as investments that contribute to an organization's overall success.

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Portfolio Manager Role

Select and analyze projects from a strategic viewpoint to optimize the organization's investments.

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Project Management Focus

Focuses on achieving tactical goals, such as completing projects on time and within budget.

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Project Portfolio Management Focus

Concentrates on achieving strategic goals by selecting and managing the right projects for investment.

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Venture Projects

Projects that help transform the business.

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Growth Projects

Projects that help the company increase revenue.

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Core Projects

Projects essential for running the business.

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Project Manager Role

Planning, scheduling, coordinating, and working with people to achieve project goals.

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People Skills

Ability to effectively interact and communicate with individuals.

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Leadership

Guiding and motivating a team towards a common goal.

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Listening

Actively paying attention to and understanding information conveyed by others.

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Verbal Communication

Clearly expressing information through spoken words.

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Conflict Management and Resolution

Resolving disagreements and disputes in a constructive manner.

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Problem Solving & Critical Thinking

Analyzing situations and developing effective solutions.

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Study Notes

  • IT projects have a poor track record, with a small percentage meeting scope, time, and cost goals

What is a Project?

  • A project is a temporary endeavor to create a unique product, service, or result
  • Operations are the work done to sustain the business
  • Projects end when objectives are reached or terminated
  • Projects can vary in size and duration

Project Attributes

  • A project
    • Has a unique purpose
    • Is temporary in nature
    • Involves some uncertainty
    • Needs a primary customer/sponsor providing direction and funding
    • Requires resources from different areas
    • Develops through progressive elaboration

Project and Program Managers

  • Project managers collaborate with project sponsors, the project team, and others to meet project goals
  • A program is a group of related projects managed in a coordinated way to obtain benefits not available from managing them individually
  • Program managers oversee multiple programs and provides leadership and direction to project managers

Measuring Project Success

  • Successful project management is a balance of scope, time, and cost while satisfying the project sponsor

Project Management

  • Project management applies knowledge, skills, tools, and techniques to meet project requirements

Project Stakeholders

  • Stakeholders are involved in or affected by project activities, consisting of
    • Project sponsors
    • Managers
    • Teams
    • Support staff
    • Suppliers
    • Customers
    • Users
    • Project Opponents

Project Management Framework

  • Project management knowledge areas
    • Project scope management
    • Time management
    • Cost management
    • Risk management
    • Integration management
    • Stakeholder management
    • Quality management
    • Procurement management
    • Human resources management
    • Communications management
  • Project management tools and techniques assist project managers and teams
    • Project charter, scope statement, and work breakdown structure (scope)
    • Gantt charts, network diagrams, critical path analysis, and critical chain scheduling (time)
    • Cost estimates and earned value management (cost)

Improved Project Performance

  • Projects average cost has been cut in half
  • Improved project performance is attributed to better tools, skilled project managers, and management processes

Requirements for Project Success

  • Factors determining project success
    • Meeting scope, time, and cost goals
    • Satisfying the customer/sponsor
    • Meeting the project's main objectives
    • Generating a good return on investment
  • Factors helping projects succeed
    • Executive support
    • User involvement
    • Clear business objectives
    • Scope optimization
    • Agile process
    • Tools and infrastructure
    • Skilled resources
    • Project management expertise
    • Emotional maturity
    • Proper project execution

Project Portfolio Management

  • Project portfolio management is when organizations manage groups of projects and programs as a portfolio of investments
  • Portfolio managers help organizations select and analyze projects from a strategic perspective

Project Management vs Project Portfolio Management

  • Project management aims for tactical goals: carrying out projects, staying on time/budget, and ensuring stakeholder awareness
  • Project portfolio management focuses on strategic goals: selecting right projects, investing in right areas, and securing competitive resources

IT Project Portfolio Categories

  • Venture projects transform the business
  • Growth projects increase company revenue
  • Core projects are vital to running the business

Project Managers

  • Project managers plan, schedule, coordinate, and work with people for project goals

Suggested PM Skills

  • Project managers
    • Should be comfortable with change
    • Understand organizations
    • Lead teams to accomplish goals
  • Top 10 skills and competencies
    • People skills
    • Leadership
    • Listening
    • Verbal communication
    • Strong at building trust
    • Strong at building teams
    • Conflict management and resolution
    • Problem solving and critical thinking
    • Ethical behavior, integrity and consistent
    • Understand and balance priorities

Skills for Different Projects

  • Large projects require
    • Relevant prior experience
    • Verbal communication
    • Team building skills
    • Leadership
    • Planning
    • People skills
  • High-uncertainty projects require
    • Risk management and expectation management
    • Leadership, people skills, and planning
  • Novel projects require
    • Vision and goals
    • Self-confidence
    • Expectation management
    • Listening
    • Leadership and people skills

Qualities of Effective Leadership

  • Effective PMs provide leadership by example
  • Managers do things right, leaders do the right things
  • Leaders set the vision, managers enable it
  • Leaders focus on long-term goals while managers deal with daily details

Top IT Skills

  • Full-stack software development
  • Project management
  • Cybersecurity
  • Networking
  • UI design
  • Quality assurance testing
  • Cloud engineering
  • Big data
  • ML and AI
  • DevOps

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