Questions and Answers
What is a stakeholder in the context of project management?
An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project
What is a disadvantage of a matrix organizational structure?
Inefficient utilization of resources
Why is loyalty to the project organization seen as an advantage?
It enhances team members' commitment
In what way can a stakeholder affect a project according to the text?
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What can happen when team members do not have a designated 'home' during a project?
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How do stakeholders interact with projects according to the text?
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Why is the lack of a clear project manager career path considered a disadvantage?
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What is a characteristic of stakeholders' responsibility levels as per the text?
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'Interaction with stakeholders is an integral part of project management' implies that:
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What is a common problem associated with a functional organizational structure according to the text?
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Study Notes
Strategy Execution Framework
- Utilizes project, program, and portfolio management, as well as organizational enabling practices to consistently and predictably deliver organizational strategy
- Produces better performance, results, and a sustainable competitive advantage
- Advances organizational capability by linking project, program, and portfolio management principles and practices with organizational enablers to support strategic goals
Project Management
- Application of knowledge, skills, tools, and techniques to project activities to meet project requirements
- Managing a project includes: requirements identification, addressing stakeholder needs, managing stakeholders, setting up and maintaining communications, balancing competing project constraints
- Constraints include: scope, quality, schedule, budget, resources, risk, and customer satisfaction
Project Constraints
- Constraints limit project options and are set by management, but managed by the PM
- Used to evaluate competing demands
- Changes to one component will affect the others
Reasons for Project Authorization
- Market demand
- Customer request
- Strategic opportunity or business need
- Technological advance
- Social need
- Legal requirement
- Environmental consideration
Project Management Office (PMO)
- Supports project managers by managing shared resources, identifying and developing methodology, best practices, and standards
- Coaches, mentors, trains, and oversees project managers
- Monitors compliance and develops organization process assets
- Coordinates communication across projects
Types of PMO Structures
- Supportive: provides templates, best practices, training, and access to information and lessons learned from other projects
- Controlling: requires compliance with methodologies or specific templates, forms, and tools
- Directive: directly manages projects
Project Management Approaches
- Predictive (Waterfall): sequential approach, most planning is done up front
- Adaptive (Agile, Scrum, etc): iterative approach, embraces change, fosters collaboration, and encourages frequent stakeholder engagement
- Lean: focuses on maximizing efficiency, seeks to eliminate waste, and places high value on customer needs
- Six Sigma: focuses on quality and consistency, sometimes used in conjunction with Lean
- Critical Path Method (CPM): focuses on which activities yield the greatest benefit
The Project Manager
- The person assigned by the performing organization to lead the team responsible for achieving project objectives
- Possesses the authority necessary to accomplish the project work
- Needs to possess knowledge, performance, and personal effectiveness competencies to be effective
- Interpersonal skills include: leadership, team building, motivation, communication, influencing, decision making, political and cultural awareness, negotiation, trust building, conflict management, and coaching
Organizational Structures
- Projectized: the company is organized by projects
- Functional: the company is organized by areas of specialization (e.g., accounting, marketing, etc.)
- Matrix: a hybrid of functional and projectized structures
Organizational Structures Advantages and Disadvantages
- Functional: centralized resources, more support from functional, clear career paths, efficient project organization
- Disadvantages: more than one boss, no "home" when project is over, no PM career path
- Matrix: improved PM control over resources, more support from functional, efficient project organization
- Disadvantages: more than one boss, no "home" when project is over, no PM career path
- Projectized: clear PM control over resources, efficient project organization, team members report to only one supervisor
- Disadvantages: no "home" when project is over, no functional career path
Stakeholders
- An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a project
- Can be positively or negatively affected by the project outcome
- Must be identified to determine project requirements
- Have varying levels of responsibility that can change over the course of the project
