Test Your Project Management Knowledge

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What are the primary constraints in project management?

Scope, time, and budget

What is the objective of project management?

To produce a complete project that complies with the client's objectives

What is the critical path method (CPM)?

An algorithm for determining the schedule for project activities

What is earned value management (EVM)?

A method for measuring earned value in a project

What is the purpose of a work breakdown structure (WBS)?

To provide a common framework for planning and control of a contract

What is project portfolio management (PPM)?

The means of selecting the right projects and delivering outcomes in the form of benefits to the organization

What is the difference between project management success criteria and project success criteria?

Project management success criteria include output, outcome, and impact success while project success criteria only include output success

What is risk management in project management?

The identification of potential problems and understanding of their consequences

What is virtual project management?

The management of a project done by a virtual team with concerns of remote work and global collaboration

Study Notes

Project Management: An Overview

  • Project management is the process of leading a team to achieve project goals within given constraints.

  • The primary constraints are scope, time, and budget, with the secondary challenge being to optimize the allocation of necessary inputs.

  • The objective of project management is to produce a complete project that complies with the client's objectives, which should influence all decisions made by other people involved in the project.

  • Projects are temporary and unique endeavors designed to produce a product, service, or result with a defined beginning and end.

  • Project management developed from several fields of application including civil construction, engineering, and heavy defense activity.

  • Project management types include construction project management, IT project management, biotechnology project management, and public project management.

  • Approaches to project management include phased, lean, iterative, and incremental, with careful consideration given to the overall project objectives, timeline, and cost.

  • Benefits realization management (BRM) enhances normal project management techniques through a focus on outcomes (benefits) of a project rather than products or outputs.

  • Critical path method (CPM) is an algorithm for determining the schedule for project activities.

  • Critical chain project management (CCPM) is an application of the theory of constraints (TOC) to planning and managing projects.

  • Earned value management (EVM) extends project management with techniques to improve project monitoring.

  • Phases of a project lifecycle include initiating, planning, executing, monitoring and controlling, and closing.Overview of Project Management

  • Project management involves planning, executing, monitoring, and closing a project within a specified timeframe and budget.

  • Conceptual design of the final product may be performed concurrently with project planning activities to inform the planning team.

  • Proper allocation, coordination, and management of resources is essential for successful execution of a project.

  • Documentation is key to maintaining budget, scope, effectiveness, and pace of a project.

  • Monitoring and controlling processes ensure that potential problems are identified in a timely manner and corrective action is taken.

  • Project control should be established as an independent function in project management to reinforce defined performance and formal goals.

  • Project complexity plays an important role in project management, and its identification is specifically important to multi-project engineering environments.

  • A project manager is responsible for planning, executing, controlling, and closing a project while understanding the order of execution of a project.

  • Project management success criteria are different from project success criteria, which includes output, outcome, and impact success.

  • Risk management is proactive identification of future problems and understanding of their consequences allowing predictive decisions about projects.

  • Work breakdown structure is a tree structure that shows a subdivision of the activities required to achieve an objective.

  • Organizational breakdown structure, cost breakdown structure, and risk breakdown structure are other types of breakdown structures used in project management.Project Management Overview

  • Work breakdown structure provides a common framework for planning and control of a contract.

  • Work breakdown structure can be displayed as a table or organizational chart.

  • WBS is used to record and track work packages when the project is scheduled.

  • Other decomposition techniques are organization breakdown structure, product breakdown structure, cost breakdown structure, risk breakdown structure, and resource breakdown structure.

  • Programs are collections of projects that support a common objective.

  • Project networks are temporary projects formed of several different evolving phases.

  • Project portfolio management is the means of selecting the right projects and delivering outcomes in the form of benefits to the organization.

  • PPM is performed by a dedicated team of managers organized within an enterprise project management office.

  • Project management software helps plan, organize, and manage resource pools.

  • Virtual project management is management of a project done by a virtual team with concerns of remote work and global collaboration.

How well do you know project management? Test your knowledge with our quiz that covers the basics of project management, including the objectives, constraints, approaches, and phases of a project. Learn about project management types and techniques such as critical path method, critical chain project management, and earned value management. Explore the importance of documentation, risk management, and work breakdown structure in project management. Challenge yourself and discover how much you know about project management!

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