Section 4: Project Management Foundations (Lecture Notes)

Question 1

How do you know when a project is done?

Answer 1

• Objectives are met
• Objectives can not or will not be met
• Funds are depleted
• need no longer exists
• Resources are no longer available
• Legalities or convenience terminates the project

Question 2

What do Projects do, and how do they do it?

Answer 2

They transition something from a current state to a future desired state…
M - Moving something
A - Adding something
C - Changing something
D - Deleting something

Question 3

What is Project Initiation Context are what are 4 examples.

Answer 3

Project Initiation Context is the reason why a Project is created.
- Regulatory, legal or social requirements
- Stakeholder request
- Technological advances
- Create, improve, or fix products, process or services

Question 4

What is Project Management?

Answer 4

It’s the application of knowledge, skills, tools, and techniques to meet the project requirements.

Question 5

Describe Typical the Project Management process

Answer 5

• Extract and Identify the requirements… so that our vision is in synced with what the organization is asking.
• Address the needs, concerns and expectations of stakeholders… for example, we might build the pool, but we are not filling the water, so you will need someone else to deal with that.
• Setting up, maintaining and carrying out communications…
• Manage Stakeholders… customers, vendors, contractors
• Balance competing project constraints… the big ones are Scope, Quality, Schedule, Budget, Resources and Risks