Unit 2 - project management concepts Flashcards
How does Project management help organizations achieve their goals?
helps make them profitable, change, add new things.
Describe the role projects play in achieving strategic business initiatives.
Strategy = growing the company into new regions. The project would be to open up a new branch.
What is a project?
A temporary endeavor with a specified start and end date that results in a unique project, service, or result.
Development of a new project or service or a drastic change.
What is project management?
Managing everything about the project to get the desired results.
What is the difference between operations and projects?
Project - A project will create or change something radically (a service, product, etc.). - i.e. Creating a new course
Operations - Improving something a little bit. i.e. teaching the course
What are operations?
The day-to-day activities of an organization, that result in a project or service.
What are 6 of the list of purposes of a project?
- to achieve specific objectives and strategies that support he mission of an organization or enterprise.
- improving quality and reliability of service/goods.
- meeting government requirements
- improving competitiveness
- improving cost effectiveness & productivity
- minimizing risks
What are the 5 soft(people) skills that a project manager needs?
- Negotiation
- Conflict resolution
- Communication (written & verbal)
- Prioritization
- Budgeting (money & time)
What are the 10 competency areas a Project manager must have?
- Intergration management
- Scope management
- Time management
- cost management
- Quality management
- Human resource management
- Communication management
- Risk management
- Procurement management
- stakeholder management
What is a “business scenario”?
A description of a business situation or problem that describes:
- past events that are relevant
- current key information
- expected/desired outcomes
Describe portfolio management, program management and project management as a pyramid, list them from top to bottom, and state which group it provides value to.
- Portfolio management - Business Value
- Program management - Stakeholder Value
- Project management - Quality Deliverables
What is a portfolio?
A group of related programs that support a long-term company goal or objective. The projects in a portfolio may individually address separate initiatives within the organization but collectively move the organization toward meeting a long-term goal or objective.
What is a program?
a group of related projects.
What are the 4 phases of the project life cycle?
- Defining
- planning
- Executing
- Closing
What is a business strategy?
Activities, methods and tactics that will be employed to meet the business’s goals.
purpose = improve the value of the company to its stakeholders.
Who determines the business’s strategy?
The senior management
What criteria does an objective/end goal need to meet in order for it to be considered a project, rather than a part of operations?
S.M.A.R.T
1. Specific
2. Measurable (are the results measurable?)
3. Achievable
4. Relevant (does it fit with an organization’s strategic goals?)
5. Time-based
What is a stakeholder, with respect to project management?
Anyone who has an impact or is impacted by the project.
What is a base description of what a project manager (PM) is responsible for?
responsible for managing the project to maximize its success.
What is a more in-depth description of a project manager’s responsibilities?
They are responsible for:
- Initiating the project with clear goals, sponsorship, and a business case that aligns with the goals of the organization
- Overseeing the development and acceptance of a realistic project plan that meets the requirements approved for the project.
- Complete knowledge of the project plan
- Work with all stakeholders involved in the project, (not just project team members)
What are the triple constraints of a project?
- time
- cost
- scope
a change in any one of these will bring about changes in the other two.
What is project performance measured against?
The Scope, Schedule and budget (triple constraints), which are approved before the execution phase.
What does a project plan include?
- the requirements for the product/service being produced
- a timeline
- resource plans (people, money, material, etc.)
- A communication plan
- A risk plan identifying risks and actions
- Quality standards and directions.
What is the difference between a “working project manager” and a “dedicated project manager”?
Working project manager = someone who has another role in the organization as well as managing this project (i.e. if a product design manager was also responsible for the operational delivery of the product)
Dedicated project manager - someone whose entire role at the company is to manage projects
