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Flashcards in Chapter 8 (Project Management) Deck (14)
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1

Definition of Project

1.Has a defined objective,
2.has a deadline,
3.requires integration of knowledge and experience from various organizations

2

Definition of Project Management

Causing a Planned Undertaking to Happen

3

What is Project Management

- Complex & numerous activities
- Unique (a one time set of events)
- Finite (begin and end date)
- Limited resources and budget
- Many people involved
- Sequenced activities
- Result: End product or service
- Summarized: a project is unique with fixed cost and time constraints.

4

Program Management

- Made up of several projects
- Larger in scope than a project
- Made up of a number of similar product
- Programs tend to be more permanent

5

Factors for Project Success

- Project Management Philosophy
(Golden Rule = Plan, Organize, Control)
- Project Management Role and Responsibility
(Project Execution, Maintain Customer Relations, Create a positive environment)
- Project Management Principles and Practices
(Define Project Objectives, Define Project execution plan, define baselines for control, manage risk, close out effectively)

6

Four Cornerstones of Project Management

Cost, Schedule, Scope, Quality

7

Gantt Chart

Shows what has to be done (activities / resource allocation) and when (the schedule)

8

Critical Path Method

- Identifies project priorities
- Enables schedule analysis
- Reflects project strategy
- Promotes teamwork

9

PERT Chart (Program Evaluation Review Technique)

- Project management tool (Statistical tool)
- Use to schedule, organize, and coordinate tasks within a project
- developed by the U.S. Navy in 1957 to manage the Polaris submarine missile program.
- Critical Path Method (CPM) was developed for project management in the private sector at about the same time.

10

WBS (Work Breakdown Structure)

- WBS help break down a project into manageable chunks that can be effectively estimated and supervised

11

Difference between GANTT Charts & PERT CHART (PROGRAM EVALUATION REVIEW Technique)

- Gantt chart present information in the format of bar chart
- PERT displays information as a network model
- GANTT charts are ideal for straightforward project with interlinking task
- GANTT charts don’t demonstrate the link that 2 tasks may have
- GANTT chart present project tasks and time allocation mainly as the only pieces of data
- PERT charts, while also including project tasks and time allocation, display dependency between tasks
- GANTT charts are easier to change as a task moves along and it comes to closer completion

12

Phases of Project Management

Five phases of Project Management
Define > Planning > Organize > Control > Close

13

WHY DO MANY PROJECTS FAIL?

- Poorly managed
- Undefined objectives and goals
- Lack of management commitment
- Lack of a solid project plan
- Poorly defined roles and responsibilities
- Inadequate requirement
- Team conflict
- Unrealistic timeframes and tasks
- Poor communication
- Politics
- Lack of prioritization and project portfolio management

14

PMI & Prince 2

*The Project Management Institute (PMI) is a US nonprofit professional organization for project management.
- Used in the aerospace, construction and defense industries.
*PRINCE2 emphases dividing projects into manageable and controllable stages. The owner of PRINCE2, Axelos, originated as a joint venture of the UK government and Capita.