24 Questions
What information is requested from the business staff in the call for projects in step 1 of the selection process?
Project ideas, project goals overview, deliverables description, business case, affected business areas, desired implementation date, cost-benefit analysis
What criteria are used to assess projects in the selection process?
Company factors (market share, financial benefits, investment, customer retention), people serving on the selection committee (public or political perception), relationship to strategic vision
What is done during the meeting in step 2 of the selection process?
Review projects and determine which project will be included in the upcoming list for the new year
How are the remaining projects prioritized in step 3 of the selection process?
Based on importance and benefit to the organization
Where are the selected projects documented?
On the project list
When is the progress of active projects reported?
At the regular monthly steering committee meetings
What is considered a sound project?
A sound project is one where the costs to implement or produce the product of the project are less than the financial benefits.
What are the components of the total cost of developing and marketing a bank database software?
The costs include developing the software, marketing costs, and ongoing operational support costs.
What is the total cost involved in developing and marketing the bank database software?
$5 million
What are the projected revenues over a three-year period for the bank database software?
$12 million
What type of recommendation should the bank database software project receive based on the cost-benefit analysis provided?
A go recommendation
What do agreements refer to in the context of a project?
Documents that define the intent of the project and are usually legal in nature
What is the purpose of a project scope document?
To determine what work is done within the boundaries of the project and what work is outside the project boundaries.
What is scope creep and why is it considered a threat to project success?
Scope creep refers to the incremental expansion of the project scope. It threatens project success by requiring additional resources, adjustments to the budget and schedule, and creating confusion due to changes in expectations that are not documented.
How does a business case relate to the business need for a project?
A business case helps understand the business need for the project and determines whether the investment in the project is worthwhile.
What are some common factors that contribute to the business need for a project?
Governmental regulation, technological advances, and market demands.
Why is it mentioned that no template works for all projects when it comes to project scope?
Because some projects may require a very detailed scope of work while others may need only a short summary document.
How is the success of a project related to the ability to develop and maintain a common understanding of project deliverables?
The success of a project is related to the ability of the project manager and stakeholders to have a common understanding of what products or services the project will deliver.
What types of agreements are mentioned in the text?
Memorandum of understanding, emails, intergovernmental agency agreement, verbal commitment
How can Organizational Process Assets help in project management?
Avoid repeating mistakes, provide historical information, offer organization's policies and guidelines
What is the purpose of using tools and techniques in project management processes?
To produce the outputs of each process
Why is it beneficial to review activity estimates and budgets from past projects before estimating costs for a new project?
To learn from past projects and avoid repeating mistakes
What are some examples of tools and techniques used in project management processes?
Brainstorming, meetings, focus groups, alternatives analysis
When is a contract applicable in project management?
When performing a project for a customer external to the organization
Study Notes
Project Scope
- Determines what work is done within and outside the project boundaries
- No template works for all projects; some have detailed scope of work, while others have a short summary document
- Includes:
- Description of the scope
- Project deliverables
- Project constraints
- Project assumptions
- Product acceptance criteria
- Project exclusions
Scope Creep
- Incremental expansion in project scope
- Any change in expectations not captured and documented creates confusion
- Requires additional resources not in the original plan
- Adjustments are made to the project budget and schedule
Business Need
- Relates to the needs of the organization itself
- Based on:
- Governmental regulation
- Technological advances
- Market demands
- The business case describes the cost-benefit analysis and the business need or demand that brought about the project
Project Selection Process
- Step 1: Call for projects, including project ideas, goals, deliverables, business case, and cost-benefit analysis
- Step 2: Conduct a meeting to review projects and determine which ones to include
- Step 3: Prioritize projects based on importance and benefit to the organization
Project Evaluation Methods
- Compare the cost to produce the product or service to the benefit the organization will receive
- A sound project is one where the costs to implement or produce the product are less than the financial benefits
Agreements
- Documents that define the intent of the project and are usually legal in nature
- Examples include contracts, memorandum of understanding, emails, and verbal commitments
Organizational Process Assets
- Processes and procedures knowledge base
- Helps to:
- Avoid repeating mistakes
- Review historical information and organization's policies, guidelines, and procedures
- Used with inputs to produce outputs in every process
Learn about the project scope and complexity during the initiation phase of a project. Understand how project requirements can challenge project capabilities and the importance of defining boundaries in a project scope document.
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