Project Management Study Notes

Definition: The process of defining project objectives, scope, tasks, timelines, and deliverables.
Key Components:
- Project Scope: Clearly outline what is included/excluded.
- Work Breakdown Structure (WBS): Breakdown of the project into smaller, manageable tasks.
- Timeline: Develop a schedule using Gantt charts or PERT diagrams.
- Budget: Estimate costs and allocate funds accordingly.
Tools: Microsoft Project, Trello, Asana, Jira.

Definition: Identifying, analyzing, and responding to project risks.
Steps:
- Risk Identification: List potential risks affecting project outcomes.
- Risk Analysis: Assess likelihood and impact of each risk.
- Risk Response: Develop strategies (avoid, mitigate, transfer, accept).
- Monitoring: Continuously track risks throughout the project lifecycle.
Tools: Risk matrices, SWOT analysis, risk registers.

Importance: Ensures all stakeholders are informed and engaged, aiding in project success.
Key Strategies:
- Stakeholder Analysis: Identify stakeholders and their interests/influence.
- Communication Plan: Define frequency, methods, and channels of communication.
- Feedback Mechanism: Establish channels for stakeholders to provide input.
- Reporting: Regular updates on project progress and changes.

Definition: An iterative approach to project management emphasizing flexibility and customer feedback.
Key Principles:
- Individuals and interactions over processes and tools.
- Working software over comprehensive documentation.
- Customer collaboration over contract negotiation.
- Responding to change over following a plan.
Frameworks:
- Scrum: Focuses on delivering incremental pieces of the project in sprints (2-4 weeks).
- Kanban: Visual management method to manage workflow and limit work in progress (WIP).

Definition: The process of assigning and managing assets needed for project completion.
Key Considerations:
- Resource Types: Human, financial, physical, and informational resources.
- Resource Leveling: Adjusting the start and finish dates based on resource constraints.
- Optimization: Ensure efficient use of resources to avoid wastage and over allages.
Tools: Resource management software (e.g., Resource Guru, Smartsheet).

These notes encapsulate foundational aspects of project management, providing a concise reference for understanding these subtopics.

Project planning is about defining project objectives, scope, tasks, timelines, and deliverables.
It involves outlining what’s included and excluded from the project scope.
The Work Breakdown Structure (WBS) breaks down a project into manageable tasks.
A project timeline is developed using Gantt charts or PERT diagrams.
A budget estimates costs and allocates funds accordingly.
Microsoft Project, Trello, Asana, and Jira are commonly used project planning tools.

Risk management involves identifying, analyzing, and responding to project risks.
It starts by listing potential risks that could affect project outcomes.
Risks are analyzed to determine their likelihood and impact.
Risk response strategies include avoiding, mitigating, transferring, or accepting risks.
Risk management involves continuous monitoring throughout the project lifecycle.
Tools used in risk management include risk matrices, SWOT analysis, and risk registers.

Effective stakeholder communication is crucial for project success.
It involves identifying stakeholders and their interests & influence.
A communication plan defines the frequency, methods, and channels of communication.
Feedback mechanisms are important for stakeholder input.
Regular updates on project progress and changes are essential for effective communication.

Agile methodologies are iterative approaches to project management that emphasize flexibility and customer feedback.
Agile prioritizes individuals and interactions over processes and tools.
Agile focuses on delivering working software over comprehensive documentation.
Customer collaboration is prioritized over contract negotiation.
Agile emphasizes responding to change over following a plan.
Scrum and Kanban are two popular Agile frameworks.
Scrum uses sprints (2-4 weeks) to deliver increments of the project.
Kanban uses a visual management method to manage workflow and limit work in progress (WIP).

Resource allocation involves assigning and managing the assets needed for project completion.
Resources include human, financial, physical, and informational assets.
Resource leveling adjusts start and finish dates based on resource constraints.
Resource optimization ensures efficient use of assets to avoid waste and overallocation.
Resource management software (e.g., Resource Guru, Smartsheet) assists in allocating and managing resources effectively.