Project Management Midterm Week 3

Study Notes

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

Description

This quiz covers project management concepts, including company description, project description, project charter, and project objectives. Test your understanding of project planning, execution, and scope.