Project Management Reviewer PDF

Module 1: Introduction to Project Management Project A project is a temporary endeavor aimed at creating a unique product, service, or result. It has a definite start and end, either when objectives are achieved or the project is terminated. Project Characteristics 1. Unique 2. Temporary wit...

Module 1: Introduction to Project Management Project A project is a temporary endeavor aimed at creating a unique product, service, or result. It has a definite start and end, either when objectives are achieved or the project is terminated. Project Characteristics 1. Unique 2. Temporary with a definite start and end date 3. Completed when goals are met or the project is no longer viable Project Constraints 1. Cost: Budget approved for all expenses. 2. Scope: All work needed to deliver the product Top Management and its purpose. Top management includes company executives who 3. Quality: Standards the project must meet, direct strategy. Key tasks: including functionality, reliability, and Develop detailed plans and milestones. maintainability. Controlled through Quality Assurance (QA). Keep them informed of risks and impacts. Project Team 4. Risk: Potential external events that negatively The team may be full-time or part-time members. Key impact the project. If risk is too high, a proactive points: plan is necessary. 5. Resources: People, equipment, facilities, Involve them in planning. funding, or other necessary assets. Build rapport and support their efforts. 6. Time: Duration to complete the project, which Address issues like missed deadlines or conflicts needs careful planning to avoid missed deadlines early. and incomplete deliverables. Manager What is Project Management? Managers assign the project and provide resources. Key The application of knowledge, skills, tools, and techniques tasks: to project activities to meet requirements, accomplished Keep your manager informed for resource through initiating, planning, executing, monitoring and allocation and support. controlling, and closing processes. Clarify performance expectations and develop a First Rule of Project Management: The people who reporting schedule. must do the work should help plan it. Peers Peers are colleagues at the same level in the organization, who may have a vested interest in the project. Challenges include: Conflicting priorities and instructions. Personality or technical conflicts. Suggestions: Set clear goals and standards for performance. Resource Managers Resource managers control the resources needed. Good relationships ensure access to top resources for the project. Internal Customers Internal customers are stakeholders within the organization. Key tasks: Clarify and document specifications early. Address issues such as unrealistic deadlines or changing project scope. External Customers External customers include users, middlemen, or owners. The project must meet their needs and expectations. Government Projects in regulated industries (e.g., pharmaceutical, Module 2: The Stakeholders banking) must comply with government regulations at technology (software development, engineering, etc.), or various levels. management specialties (procurement, research and Contractors, Subcontractors, and Suppliers development, etc.). These areas focus on disciplines, When outsourcing, managing contractors or suppliers regulations, and the specific needs of the project or requires skills in conflict resolution, negotiation, and industry. For instance, government procurement rules interpersonal relations. Key challenges include: differ from those in construction. Quality issues, cost overruns, and schedule delays. Suppliers' poor performance can negatively impact the project. Managing these relationships can take up significant time. Module 3: Project Constraints Three Components of the Plan 1. Strategy: The overall approach or “game plan” to do the work. 2. Tactics 3. Logistics: Ensuring the team has the necessary materials and supplies. Project Management Constraints 1. Cost: The approved budget covering all project expenses. Project managers balance not running out of money while avoiding under-spending, as some funds come with a “use it or lose it” clause. Poor budgeting can lead to a rush to spend funds. Cost is usually a limiting constraint. 2. Scope: What the project aims to achieve, including all the work and processes involved in delivering the outcomes. 3. Quality: The standards and criteria for the project's product to perform effectively, solving the identified problem and delivering expected Management Knowledge and Skills value. Quality also includes service levels like Ability to plan, execute, control the project, and availability, reliability, and maintainability. Quality guide the team to achieve objectives while is controlled through quality assurance (QA) balancing constraints. processes. Interpersonal Skills 4. Risk: Potential external events that could Ability to manage personal relationships and negatively impact the project. Risk is a handle personnel issues within the project. combination of the likelihood of an event and its impact on the project. High probability and impact require a proactive risk management plan. 5. Resources: People, equipment, facilities, funding, or any other assets needed to complete project tasks. 6. Time: The duration to complete the project. Time is often overlooked, leading to missed deadlines and incomplete deliverables. Effective scheduling requires task identification, accurate duration Module 5: Project Management Documents (The estimates, and resource allocation, accounting Project Charter) for holidays and vacations. Major Project Documents 1. Project charter – authorizes the project. Module 4: Project Management Knowledge and Skills 2. Scope statement – defines work and Areas of Expertise of a PM deliverables. Some projects require specific skills in certain application 3. PM Plan – outlines how work will be done. areas, defined by industry (pharmaceutical, financial, The Project Charter etc.), department (accounting, marketing, legal, etc.),  Authorizes the PM to apply organizational resources. PM is selected when the project is feasible, Module 6: Principles of Marketing before planning begins. Issued by project initiator or sponsor. Documents business needs, project justification, and customer requirements. PC Generally Addresses Requirements for customer, sponsor, and stakeholder expectations. Business needs, high-level project description, and justification. Assigned PM and authority level. Summary milestone schedule, stakeholder influences, and functional participation. Organizational assumptions and constraints. Business case, ROI, and summary budget. Charter may be updated as necessary. Reasons for PM Market demand, business need, customer request, technological advancement, legal requirements, social need. Project Charter - Inputs 1. Contract – for external customers. 2. Statement of Work (SOW) – describes products supplied by the project. o Internal projects: provided by initiator. o External projects: part of bid documents/contracts. 3. Enterprise Environmental Factors o Company culture, government/industry standards, infrastructure, and marketplace conditions. o Stakeholder risk tolerances, commercial databases, info systems. 4. Organizational Process Assets o Standard processes, policies, templates, quality procedures, risk management, and financial control. o Project files, historical info, lessons learned, and issue management. PC Techniques 1. Project Selection Method – determines which project to select using benefit measurement or mathematical models. 2. Project Management Methodology – defines PM process groups and related functions. 3. PM Information System (PMIS) – standardized tools to support and refine the charter. 4. Expert Management – assesses inputs for the project charter using specialized knowledge from various sources.  Dividing a target market into defined groups with similar needs, expected to respond similarly to marketing actions. Types of Consumers Innovators: high income, individual preferences. Thinkers: knowledgeable, resourceful. Believers: value peer approval. Achievers: high resources, brand loyalty. Strivers: lower-resource, similar values to achievers. Experiencers: high resources, enjoy uniqueness. Makers: focused on self-expression, limited resources. Survivors: least resources, brand-loyal. Ethical Marketing Involves fairness, honesty, and responsibility in marketing. Principles of Ethical Marketing Marketing should be truthful. End-user privacy is a priority. Adherence to government norms and standards. Transparency in marketing. Dos of Ethical Marketing Ensure transparency and provide full product information. Respect data privacy. Prioritize consumer concerns, respond promptly. Don'ts of Ethical Marketing Avoid exaggeration (puffery). Don’t promise unachievable results. Avoid false claims and comparisons. Protocol Specific (details) Measurable (quantitative) Acceptable (to stakeholders) Realistic (within project constraints) Time-based (deadlines, not durations) What is Marketing? Marketing is the activity and processes for creating, communicating, delivering, and exchanging value offerings for customers, clients, partners, and society (American Marketing Market Segmentation Criteria Society). Industry: Define by primary activities. Marketing Activities Location: Geographic segmentation based on Identifying customer needs via marketing market needs. research. Size: Target small, midsize, or large companies. Anticipating and predicting customer needs Legal Structure: Different marketing strategies based on data. for varied business structures. Satisfying customer needs to encourage repeat Performance: Consider market share and sales purchases. performance. Profitability, where revenue exceeds expenses, Technographics: Segment by technology adds value to products. usage. Marketing Segmentation Needs-based: Target customers who need and can afford the product.  Value-based: Segment by customer value ATMs demonstrate a wide range of requirements, potential, examining purchase history. including physical features and functions for Behavioral Segmentation: Group by consumer customer interaction, and business objectives. interactions with the brand. Software Requirements Fundamentals Software requirements must be verifiable and Module 7: Project Planning solve specific problems, often involving complex Planning phase documents project plans, defines inputs from multiple levels of the organization. deliverables, and creates the schedule. Measuring Requirements Helps manage time, cost, quality, changes, and Quantifying requirements helps estimate risks. changes in development or maintenance costs. Critical for controlling staff, suppliers, and ensuring timely delivery within budget. Most challenging for estimating resources, staff, and equipment needed. Purpose of Planning Phase Establish requirements, costs, schedule, deliverables, and resources. Obtain management approval to proceed. Basic Processes of Project Planning Scope Planning: Define in-scope requirements. Work Breakdown Structure (WBS): Break down tasks and sub-tasks. Schedule Development: Detail activity sequences. Resource Planning: Assign tasks, identify required skills. Budget Planning: Specify project costs. Module 8: Project Requirements Functional Requirements Describe the characteristics of the final deliverable in non-technical language, understandable to customers, who should be involved in development. Scope Inputs Non-Functional Requirements Gather facts from the project charter and Specify criteria to judge the final product or stakeholders to create the project vision and service. scope. Types of constraints: Techniques for Gathering Requirements o Time: When to deliver. Interviews, focus groups, facilitated groups o Resource: Available budget. (JAD), creativity techniques, prototyping, o Quality: Standards and methods. observation, surveys, and group decision-making Technical Requirements methods. Derived from functional requirements, specifying Requirements Traceability Matrix how the system is designed and implemented. Tracks key information about each requirement, Business Requirements such as unique identifier, description, rationale, Express the needs of the sponsoring organization status, and acceptance criteria. and the rationale behind the project, aligned with Matrix Fields business goals. Include a unique ID, requirement statement, User Requirements source, priority, testing information, and Focus on user experience and what users need modification details. to do with the system, guiding design and testing. Work Breakdown Structure (WBS) Regulatory Requirements Decomposes the project into smaller Internal or external restrictions, licenses, and components, organizing work elements to define laws imposed by the government. the project’s total scope. Example of Requirements Scope Statement Describes the deliverables, objectives, success criteria, and users of the project. It includes:  o Project name, charter, owner, goals, Communication Planning: Plan communication requirements, deliverables, milestones, with stakeholders. and cost estimates. SMART Objectives for Project Planning o In project-oriented organizations, may Specific (details) also include the scope management Measurable (quantitative) plan, change requests, assumptions, Acceptable (agreed with stakeholders) risks, and acceptance criteria. Realistic (achievable) Time-based (with deadlines). Module 9: Work Breakdown Structure (WBS) What is WBS? A tool that organizes the project hierarchy, subdividing it into deliverables, and outlines dependencies and sub-dependencies. Common Terms in WBS Acceptance Criteria: Standards to meet stakeholder requirements. Budget: Project expenses broken down by deliverables or phases. Deliverables: Products or results at various project stages. Milestones: Critical stages identified in the WBS. Phases: Project stages, like discovery, design, and launch. WBS: Work Breakdown Structure. Creating and Using WBS Effectively Include all components of the project without excessive detail (apply the 100% rule). Steps: 1. Define the project. 2. Set project boundaries. 3. Identify high-level deliverables (e.g., Project Scope Statement). 4. Define Level 1 elements (apply the 100% rule). 5. Decompose Level 1 elements into smaller tasks. 6. Identify team members responsible for each element. 7. Create a Gantt chart to visualize the project schedule. Module 10: The Gantt Chart Gantt Chart A bar chart developed by Henry Gantt to illustrate a project schedule. It shows start and finish dates for project activities. Key Information in a Gantt Chart Project name, duration, activity list, start and end dates, and remarks. Visual indicators for planned vs. actual commencement/completion dates. Procurement Planning: Plan for external vendors/subcontractors. Risk Management: Identify and plan for risks. Quality Planning: Define quality criteria.