Project - E2 Flashcards
Define Project Phases & Management.
Every project is divided into phases for better management and control. These phases are generally:
Need: Understanding the problem or opportunity.
Solution: Identifying the solution or design.
Implementation: Executing the solution.
Completion: Finalizing and closing the project.
In the context of TrimAyr.
Need: Identify the need for new systems (e.g., online booking, new product lines).
Solution: Choose the best technology or method to fulfill the need.
Implementation: Roll out the new system or service in phases.
Completion: Evaluate the success, close the project, and ensure all deliverables are met.
Key Considerations.
Clear Objectives: Define specific goals for each phase.
Resource Allocation: Ensure enough resources (staff, time, money) are dedicated to each phase.
Risk Management: Identify potential risks early in the project and address them in each phase.
Define Managing Constraints: Time, Cost, and Quality.
In every project, time, cost, and quality are key constraints that must be managed:
Time: The duration needed to complete the project.
Cost: The budget allocated for the project.
Quality: The standard expected from the final output.
In the context of TrimAyr.
Time: Ensure the project is completed by the planned deadline (e.g., launching a new salon system before peak season).
Cost: Keep the project within the allocated budget (e.g., maintaining costs for product development or a new website).
Quality: Ensure the quality of services/products is maintained even within budget and time constraints.
Key Considerations.
Risk of Imbalance: Overemphasizing one constraint (e.g., time) may negatively impact cost or quality.
Mitigation: Use a project management triangle to balance these factors effectively.
Define Resource Allocation and Team Composition.
Resource allocation refers to distributing the necessary resources (staff, technology, budget) across various parts of the project.
In the context of TrimAyr.
Team Composition: Identify the key members needed for the project team. For Trimayr, this might include IT staff, franchisees, marketing, or salon managers.
Maximum Team Size: Typically, a project team should be no more than 5-7 people for effective communication.
Skills and Roles: Assign roles based on expertise, e.g., project leader, technical specialist, operations lead, and finance manager.
Key Considerations.
Cross-functional teams: Include members from various departments (e.g., IT, HR, operations).
Stakeholder Involvement: Involve key stakeholders (e.g., franchisees) early in the project to align expectations.
Define Project Scope and Scope Creep.
Scope refers to the objectives, deliverables, and boundaries of the project. Scope creep is the uncontrolled change or continuous growth in a project’s scope.
In the context of TrimAyr.
Managing Scope: Clearly define the deliverables and objectives for a project (e.g., launching a new haircare product range).
Preventing Scope Creep: Regularly review project objectives and avoid adding unnecessary tasks or features. Ensure all stakeholders agree on project deliverables.
Key Considerations.
Risk of Scope Creep - Mitigation: Set clear boundaries and agreements upfront. Reassess and adjust the scope only when necessary, ensuring all changes are documented.
Define Stakeholder Management.
Stakeholder management involves identifying and managing the expectations of anyone affected by the project (e.g., employees, customers, suppliers, franchisees).
In the context of TrimAyr.
Identifying Stakeholders: List out stakeholders such as salon staff, franchisees, customers, suppliers, etc.
Stakeholder Expectations: Manage and align expectations by regularly communicating project progress, issues, and changes.
Key Considerations.
Mitigation of Stakeholder Risks:
Communication Plans: Develop a communication strategy that includes regular updates to all key stakeholders.
Engagement: Ensure stakeholders are involved in key decisions and updates, especially franchisees or key salon managers.
Define Project Risk Management.
Risk management involves identifying, assessing, and responding to potential risks that may affect the project’s success.
In the context of TrimAyr.
Identifying Risks: Common risks for Trimayr might include technology failures, regulatory compliance issues, or supply chain delays.
Assessing Risks: Evaluate the likelihood and impact of risks on the project timeline, budget, and outcomes.
Responding to Risks: Develop strategies for mitigating risks, such as backup plans for technology issues or supplier alternatives.
Key Considerations.
Mitigation Strategies:
Risk Log: Maintain a risk log to track identified risks and mitigation strategies.
Contingency Plans: Always have a backup plan in case a major risk materializes.
Define Project Monitoring and Reporting.
Monitoring and reporting are vital for tracking a project’s progress, identifying issues, and making adjustments to stay on course.
In the context of TrimAyr.
Key Performance Indicators (KPIs): Monitor key metrics such as timeline adherence, budget performance, and stakeholder satisfaction.
Project Reports: Provide regular reports to key stakeholders and senior management, ensuring transparency and accountability.
Project Health: Regularly assess if the project is on track in terms of scope, cost, and schedule.
Key Considerations.
Mitigation Strategies:
Frequent Check-ins: Set regular project milestones and meetings to ensure progress is on track.
Adaptation: Be flexible and adjust resources and timelines if project goals are at risk.
Define Quality Management in Projects.
Quality management ensures that the project’s output meets the required standards and customer expectations.
In the context of TrimAyr.
Quality Control: Regularly inspect and test the project’s deliverables (e.g., salon booking software, haircare product quality).
Customer Satisfaction: Ensure that the end result meets or exceeds customer expectations (e.g., the new product line should align with Trimayr’s premium brand).
Key Considerations.
Mitigation of Quality Risks:
Quality Assurance: Implement a quality assurance process where products and services are continuously reviewed.
Customer Feedback: Gather customer feedback throughout the project lifecycle and adjust accordingly.
