Introduction Flashcards
What is a project? (5)
(Hint: Don’t Underestimate The Determined Racer)
1) A project has a DEFINED GOAL - a purpose with well-defined end-items, deliverables, or results to achieve specific benefits.
2) It is UNIQUE. It requires doing something differently than was done previously. It is a one-time activity, never to be exactly repeated again.
3) It is a TEMPORARY organization formed to accomplish the project goal in a limited time frame.
4) It utilizes people and other resources from DIFFERENT organizations and functions.
5) Given that each project is unique, it carries UNFAMILIARITY and RISK.
What are the 5 functions of management?
1) planning (what must be done, how will it be done, goal)
2) organizing (hiring, training, acquire materials, create organization structure)
3) leadership
4) control (monitor performance)
5) change (assess performance, determine whether goals need to be changed)
How is complexity of a project measured?
Complexity is measured by the magnitude of the effort - the number of groups and organizations involved and the diversity of skills or expertise needed - to accomplish the work.
Time and resource commitments tend to increase with complexity.
How is uncertainty of a project measured?
Uncertainty is measured roughly by the difficulty in predicting the final outcome in terms of the dimensions of time, cost and technical performance.
True or False?
When the uncertainty of a project drops to nearly zero, and when the project effort is repeated a large number of times, then the work is usually no longer considered a project.
True.
Give one difference between projects and repetitive, high-certainty activities.
In all cases, projects are conducted by organizations that, after the project is completed, go on to do something else or are disbanded.
Repetitive, high-certainty activities are performed by permanent organizations that do the same thing repeatedly, with few changes in operations other than scheduling.
Because projects are not repetitive, they must be managed differently.
Give the dimensions and levels of the NTCP model.
Novelty
- Derivative
- Platform
- Breakthrough
Technology
- Low-tech
- Medium-tech
- High-tech
- Super-high-tech
Complexity
- Assembly
- System
- Array
Pace
- Regular
- Fast / competitive
- Time-critical
- Blitz
How can the goal of every project be conceptualized?
The goal of every project can be conceptualized in terms of hitting a target that floats in three-dimensional space - the dimensions of cost, time, and performance.
Cost is the specified or budgeted cost for the project.
Time is the scheduled period over which the work is to be done.
Performance is what the project end-item, deliverables, or final result must do. It includes whatever the project customer, user, and other stakeholders consider necessary or important.
What is the purpose of project management?
The purpose of project management is to hit the project target goal.
The target represents a goal to deliver a certain something to somebody by a certain date and for a certain cost.
Project management is a … approach to management.
systems
What is the systems approach?
Focus: optimize overall system, not individual elements, to achieve the goal.
1) define goal
2) identify elements of systems that do / don’t contribute to meeting the goal
3) manage elements to achieve goal
Involves all functions of management.
What three features distinguish project management from traditional forms of management?
The person.
The team.
The methodology.
Describe the role of a project manager.
Has overall responsibility to plan, direct, and integrate the efforts of everyone associated with the project, to achieve the project goal.
Held accountable for project and is dedicated to achieving its goals.
Coordinates the efforts of every functional area and organization in the project.
Oversees the planning and control of costs, schedules, and work tasks.
What is a key difference between a project manager and a functional manager?
Project manager focuses on project goals.
Functional manager focuses on goals of each functional unit.
What is the project management methodology?
Methodology provides for integrative planning and control of projects.
Refers to pulling together of all important elements of information related to:
1) products / results of project
2) time
3) cost in funds, manpower, or other key resources
for all phases of project.
Requires continual revision of future plans, comparison of actual results with plans, and projection of total time and cost at completion (through interrelated evaluation of all elements of information).
Why does the project manager rely on the project management methodology?
1) identify project tasks
2) identify required resources and costs
3) establish priorities
4) plan and update schedule
5) monitor and control end-item quality and performance
6) measure project performance.
Where do you need project management?
Situations where the work:
1) is unfamiliar
2) requires greater effort
3) is in a changing environment
4) requires a multifunctional effort
5) could impact the reputation of the organization / other stakeholders
Where is project management not appropriate?
Standardized, repetitive operations where there is much certainty.
What does MBP stand for, and what is it?
Managing by Project.
It refers to managing any kind of work as a discrete project.
It involves well-defined objectives, a scope, requirements, plan of work, completion date, and budget.
A team is formed for the sole purpose of performing the work.
Project manager / team leader is assigned.
What are the different forms of project management? (5)
1) basic project management
2) program management
3) new venture management
4) product management
5) project portfolio management
What are the main similarities and differences between programs and projects?
Similarities:
- defined in terms of goals / objectives
- emphasize time period
- require plans, budgets, and schedules
Differences:
- PROGRAM extends over longer time
- PROGRAM consists of several work efforts / projects to meet program goal.
- PROJECTS within a PROGRAM share a common goal & resources, and are often interdependent.
What are the similarities between project groups and venture groups?
- focus on single unifying goal
- multidisciplinary
- action-oriented
- temporary
What is the purpose of project portfolio management?
Make sure right projects and programs are selected, to ensure that they align with organization’s strategic and financial goals, and fit within available limited resources.
What does PRINCE2 stand for?
Projects In Controlled Environment, version 2
It covers the project’s:
- management
- control
- organisation
