5001 - Project Management - Introduction (Lecture 1) Flashcards Preview

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1

What is project management?

A project is a temporary endeavour undertaken to create a unique product or service.
(Project Management Institute, 2014)

2

Characteristics of a typical project?

- A unique set of resources, tasks and objectives, set up as a self-contained organisation

- Has a focus, being pursued with a goal/end in mind

- Project is temporary, starts and ends, finite life.

- Has a set of constraints (Usually revolving time +resources)

- Something needs to be changed throughout project, change that is measurable

3

Why are projects important?

More innovation means more projects, with increasingly more complex products. Projects help with:

- Shortening product lie cycles
- Narrow launch windows
- Products become more and more complex to make as we innovate

4

Factors leading to increased use of project Management

- Compression of the product life cycle
- Global competition
- Increase in smart people
- Corporate downsizing
- Increased customer focus

5

Difference between a general manager and a project manager

General Managers are:

•Responsible for managing status quo
•Authority defined by management structure
•Responsibility limited to their own function
•Works in ‘permanent’ organisational structures


Project Managers are:

•Responsible for overseeing change
•Lines of authority ‘fuzzy’
•Responsibility for cross functional activities
•Structures exist for the life of the project
•Ever changing tasks

6

What are project managers tasks based around?

Innovation compared to a general manager who would be focused on maintenance, main task is usually conflict resolution and success is determined by their ability to achieve the stated goals

7

How do projects come about?

Because a change is required either:

- Voluntarily
. Internally generated - new
product line
. Collectively generated -
Co-operative project

- Involuntarily
. Externally generated -
change in law

8

What is the 4D model of Project Management?

1.Define the project:
What is to be done?
Why is it to be done?

2.Design the project process:
How will it be done?
Who will be involved?
When will it start & finish
3.Deliver the project:
How should the project be done?
4.Develop the process:
How can the process be improved?

9

Project Goals - Questions to ask

•What strategic decision lead to this project?
•How does this project relate to the business plan? •Is this project the follow up of another project?
•What will be done with the results of this project?
•What will happen if this project doesn't happen?
•Is this project related to other projects that take place in the same time frame?
•Does the competition address the same issues taken on by this project? •Why was such a project not performed earlier?

10

What are the stages of the project life cycle?

Defining
Planning
Executing
Delivering

11

What happens in the defining stage of the project life cycle?

Goals
Specifications
Tasks
Responsibilities
are all defined at this stage

12

What happens in the planning stage of the project life cycle?

Schedules
Budgets
Resources
Risks
Staffing

13

What happens in the executing stage of the project life cycle?

Status reports
Changes
Quality
Forecasts

14

What happens in the delivering stage of the project life cycle?

Train Customers
Transfer Documents
Release Resources
Release Staff
Lessons Learned

15

What is the 7S structure?

Splits project management into:
Strategy
Structure
Systems
Staff
Skills
Style - Culture
Stakeholders

16

Key People around a project

Project Manager
Project Team Members
Champion (Supporter)
Sponsor - Customer
Eventual Users

17

Ways of dealing with risk

- Avoiding it - find a way around it
- Transfer it - transfer the risk to someone else like through insurance
- Reduce It - Find ways to reduce impact
- Make a contingency plan in case it occurs
- Accept and live with that risk - Take the risk with your eyes open

18

How is the success of a project determined?

The Iron Triangle / Triple Constraint:

On Time
On budget
To Specification
Customer Satisfied

19

During a project, if the constraint of time, cost or quality is changed. what is the required adjustment

Shorter Time =
- Higher costs or
- Reduced Quality

Reduced Costs =
- More Time or
- Reduced Quality

Higher Quality =
- More Time
- Higher Costs

20

Neo View of a projects success

Project efficiency
Impact on customers
Preparation for the future
Impact on the team
Business Results