Lesson 7.2: Introduction to Project Management

Question 1

PM Life Cycle Model

Answer 1

A project is a purpose-driven event that has a defined start and finish. Project management frameworks ensure that projects are well defined, with clear, attainable goals, and that resources are in place for successful completion.

The project management life cycle is represented differently in various models, but projects generally include four phases: initiation, planning, execution, and closure.

Question 2

Project Initiation

Answer 2

Project initiation broadly defines the project. It usually begins with a business case, followed by a feasibility study. During the feasibility study, research assesses whether the business case will lead to a reasonable, feasible solution. Project stakeholders provide input in the analysis of the business case, resulting in a project charter, or project initiation document, that outlines the business needs, the stakeholders, and the business case.

Question 3

Project Planning

Answer 3

Project planning includes developing a road map that everyone follows. This phase starts with setting the project goals, commonly using the SMART or CLEAR frameworks, both of which are described below.

Project planning defines the project scope and drafts a project management plan. The project management plan identifies project resources, including cost and time estimations. A project generally has each of the following documents by the end of the planning phase:

-scope statement outlining the objectives, deliverables, and milestones

-work breakdown structure (WBS) breaking the project into manageable segments for the team

-milestones defining high-level goals to meet throughout the project’s duration

-communication plan outlining the frequency and methods of communicating with stakeholders

-risk management plan identifying foreseeable risks, including cost overruns and delays

Question 4

SMART

Answer 4

Specific Set a specific goal that answers the questions who, what, where, when, which, and why.

Measurable=Create criteria that can be used to measure the success of the goal.

Attainable=Ensure the goal is attainable given the resources.

Realistic=Assess the willingness to work toward the goal.

Timely=The goal should be achievable within the available timeframe.

Question 5

CLEAR

Answer 5

Collaborative=The goal should encourage employees to work together.

Limited=The goal should be limited in scope and time to keep it manageable.

Emotional=The goal should tap into the passion of employees and be something they can form an emotional connection to. This can optimize the quality of work.

Appreciable=Break larger goals into smaller tasks that can be quickly achieved.

Refinable=As new situations arise, be flexible and refine the goal as needed.

Question 6

Project Execution

Answer 6

During project execution, project deliverables are developed and completed. A kickoff meeting usually marks the start of this phase. Tasks typically include developing the project team, assigning resources, setting up tracking systems, conducting status meetings, and monitoring the project timetable.

Project performance is constantly observed during the execution phase. Key performance indicators, or metrics, are used to monitor the progress of the project, determining whether the project is on track to meet the defined milestones.

Question 7

Project Closure

Answer 7

At the project closure phase, the project is declared complete and the project team is dissolved. Project managers complete the final project documentation, including financial reports. Generally, meetings are also a part of this phase, allowing members of the project team to reflect on strengths and opportunities for improvement.

Question 8

three broad categories of risks a project may encounter

Answer 8

Risks in execution, risks in integration, and risks of the unknown

Question 9

Considering risks during the project planning phase includes several steps:

Answer 9

Identify the risks
Analyze their impact on the project outcome
Prioritize the risks by severity and likelihood
Outline a mitigation strategy to minimize potential risks
Install monitoring systems for anticipated and unanticipated risks

Question 10

Risks in execution

Answer 10

Risks in execution typically revolve around budget, people, technology, equipment, and stakeholder support. Issues that can deem a project unsuccessful include cost overrun, insufficient staff, inadequate tools to support the project, and lack of support from project stakeholders. Planning in advance is one of the best ways to mitigate risks of execution.

Question 11

Risks of integration

Answer 11

Risks of integration can be mitigated by assessing potential disruptions, ensuring adequate support from stakeholders, and having a shared understanding of the project’s complexity.

Question 12

roject risks take many forms and emerge for different reasons. Some of the most common examples of project risks are listed here:

Answer 12

Scope creep—uncontrolled change of a project’s scope, typically adding tasks and increased, unplanned costs to the project

Budget risk—budget control issues, such as underestimated or improper allocation of cost

Resistance to change—departments and individuals resist organizational changes resulting from the project

Resource risk—inability to secure sufficient resources for the project

Contract risk—a vendor fails to deliver on contractual obligations
Disputes or disagreements between project participants

Project dependencies—especially when completion of some tasks is dependent on the completion of other tasks

Project assumptions risk—when assumptions about the project are invalidated during project development

Benefit shortfall—the project meets the requirements but delivers fewer benefits than outlined in the business case

Requirements quality risk—requirements have not been properly validated or documented

Force majeure risk—the chance of a major negative event beyond human control, such as a natural disaster