Project Management Overview Quiz

Project Management Overview

• A project is a temporary task or effort aimed at creating something new, such as a product, service, or result (deliverables).
• Projects can be stand-alone or part of a larger project.
• Examples of projects include building a structure, creating new software, improving business operations, training employees on AI, or searching for oil.

Project Deliverables

• Product: A physical item or artifact, typically measurable.
• Service: Something that enhances employee performance or customer satisfaction, often like training.
• Result: A study or plan, such as a feasibility study or blueprint for a larger project.

Difference Between Projects and Operations

• Projects: temporary, specific start and end dates, well-defined scope, create unique outputs and business value.
• Operations: ongoing activities in an organization, daily activities of a business, repetitive tasks, use standard operational procedures, sustain the business.

Project Initiation Context

• Projects are undertaken for four primary reasons:
  • Meeting regulatory, legal, or social requirements
  • Satisfying stakeholder needs and expectations
  • Creating, improving, or modifying products, processes, or services
  • Implementing or changing business or technological strategies

Project Outcomes

• Projects create value by helping organizations transition from their current state to a better future state through specific activities.
• Projects use time effectively to generate business value.
• Projects are tools for making changes and enhancing organizations. Organizations encompass government agencies, companies, partnerships, and similar arrangements.

Project Value Delivery System

• A system for value delivery is a set of strategic business activities that help an organization grow, improve, or sustain itself.
• This system includes portfolios, programs, projects, products, and operations.
• Portfolio: A group of projects, programs, smaller portfolios, and operations, managed together to achieve strategic goals.
• Program: A collection of related projects, smaller programs, and activities managed together for gains that wouldn't be possible if handled separately.

Measuring Project Success

• Projects require clear, measurable objectives.
• Success is judged on how well these objectives are achieved.
• Organizations measure project performance using several criteria:
  • Comparing actual performance to the project plan
  • Monitoring resource use, completed work, spent budget, and achieved quality
  • Ensuring project team and manager accountability
  • Sharing information with stakeholders
  • Checking if deliverables are on track to achieve expected benefits

Project Management

• Project management is the process of managing projects successfully to achieve their objectives, employing effectively managed resources and risk mitigation
• Project Management Body of Knowledge (PMBOK): A term used to describe the knowledge and practices in project management.
• Project Stakeholders: People or groups affected by the project's activities or results, who directly or indirectly influence the project, its activities, or outcomes.

Project Constraints

• Scope: The work required to deliver a product, service, or result, with specific features and functions.
• Schedule: Available time to complete project deliverables.
• Resources: Required personnel, funds, and materials to create deliverables.
• Quality: How well the product meets its requirements based on its characteristics.

Project Manager Skills and Expertise

• Technical Project Management: knowledge and skills related to specific fields
• Leadership: ability to guide, motivate, and manage a team
• Strategic and Business Management: understanding industry and organizational operations to improve project performance

Project Manager Management Style

• Centralized Management: project manager handles all tasks, responsible for results.
• Distributed Management: project tasks shared among team members.

Servant Leadership

• Servant leadership prioritizes purpose, people, and process.
• Focus: helping team members grow, supporting their personal and professional development, encouraging team members to become servant leaders.
• Behaviors: removing obstacles, shielding from distractions, providing encouragement and opportunities for growth

Critical Leadership Skills

• Vision: setting clear goals and keeping the team focused.
• Critical Thinking & Communication: analyzing situations and clearly sharing ideas.
• Motivation: inspiring self and team to achieve goals.
• Interpersonal Skills: building strong relationships and teamwork

Project Management Office (PMO)

• A PMO is an organizational unit that standardizes project management processes. It shares resources, tools, techniques, and methods.
• Types of PMOs:
  • Supportive: provides advice, templates, training
  • Controlling: supports projects and enforces compliance with frameworks, and governance.
  • Directive: directly manages projects and has high control over projects.
• Key Purpose of a PMO: A central place where all project-related information is stored and accessible to all team members.

Project Terminology

• Project: A temporary effort to create a unique product, service, or result, with a clear start and end date.
• Product: A measurable item (a component or end product) created by the project.
• Outcome: The result of a project or process, focusing on its benefits and the value it delivers.
• Value: The worth or importance of something, valued differently by different stakeholders.
• Project Management: Using knowledge, skills, tools, and methods to deliver project activities, and meet objectives, using predictive, hybrid, or adaptive approaches to attain deliverables.
• Project Manager: assigned to lead the team, ensuring project objectives are met, facilitating teamwork, and managing processes to deliver results
• Project Team: A group working together, to achieve the projects goals.
• System for Value Delivery: Strategic activities that help organizations grow, sustain, or improve (like portfolios, programs, projects, and operations that help organizations develop).
• Portfolio: A group of projects, programs and operations, managed together to attain strategic goals.
• Program: Related projects and activities managed together to gain benefits that might not be possible if handled separately.