Project Management Midterm Week 3

Company Description

• An executive summary provides a brief overview of the company
• A company's mission, vision, and values guide its objectives and decisions
• Products and services offered by the company are essential to its operations

Project Description

• A project is a temporary endeavor with a specific goal and objectives (SMART)
• The project charter includes project description, objectives, background, scope, milestones, risks, budget, assumptions, and stakeholders
• Project scope defines what is included and excluded from the project

Project Charter

• Includes project description and objectives
• Outlines project background and history
• Defines project scope, including planning, execution, and launch
• Identifies key milestones, risks, and budget
• States assumptions and constraints, and stakeholders involved

Project Planning

• Management plan includes scope, time, cost, quality, resource, communication, risk, and stakeholder management
• Scope management plan outlines the work required and includes the Work Breakdown Structure (WBS)
• Time management plan includes the Gantt chart with critical path and milestones
• Cost management plan includes budget estimation and identification of key costs
• Quality management plan ensures quality standards and control
• Resource management plan organizes the project team and identifies responsibilities
• Communication management plan identifies communication channels
• Risk management plan identifies and mitigates risks
• Procurement management plan identifies necessary resources
• Stakeholder management plan identifies and manages stakeholders

Project Scope

• Planning scope includes management activities
• Product scope includes features and key concepts
• Defines what is included and excluded from the project
• Identifies the Work Breakdown Structure (WBS)

Project Schedule

• Based on the WBS, identifies work packages and tasks with specific durations and milestones
• Critical path is identified in the project schedule
• Buffer strategy allocates extra time to mitigate unexpected delays

Risk Management

• Identifies and prioritizes risks, including positive and negative risks
• Response plan includes preventive, contingency, and contingency management plans
• Agile methodologies can mitigate risks in a VUCA (volatile, uncertain, complex, and ambiguous) context

Agile Methodologies

• Emphasizes continuous collaboration and improvement
• Follows a cycle of planning, executing, and evaluating
• Focuses on customer and user needs, adapting to change and feedback
• Agile Manifesto prioritizes individuals and interactions, working software, customer collaboration, and responding to change

Agile Frameworks

• Scrum facilitates project management in a flexible way, with iterative progress towards a well-defined goal
• Roles in Scrum include Product Owner, Scrum Master, and Development Team
• Product Owner prioritizes and represents stakeholders, and provides progress visibility
• Scrum Master ensures high performance and focus, organizes meetings, and removes obstacles
• Development Team is self-organizing and cross-functional