1-Fundamentals Flashcards
What is a Project?
A temporary endeavor undertaken to create a unique product, service or result.
Project management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
What does “Temporary endeavor” mean?
Temporary endeavor means that a project has a definite start and end date.
A project comes to an end when …
Either it’s goals and objectives are met or the project is brought to a premature end (Termination)
Progressive elaboration involves …
Continuously improving and detailing a plan as more detailed / specific information and more accurate estimates become available.
Project management tasks in brief (7)
- Preparing a business case to justify the
investment - Developing and implementing a management plan for the project
- Estimating resources and times
- Leading and motivating the project delivery team
- Managing the risks, issues, and changes on the project
- Monitoring progress against plan
- Closing the project in a controlled fashion when appropriate
“Projects
drive change in organizations”
From a business perspective, project helps an organization to move from one state (can be referred as current state) to another state (can be referred as future state) in order to achieve a specific objective.
Sometimes in between state is referred as Transition state which involves intermediary steps to bring to future state
Business value in projects refers to …..
The benefit that the results of a specific project provide to its stakeholders .
Business value is defined as …
net quantifiable benefit derived from a business endeavor.
Organizational Leaders initiate Projects in response to …
Factors acting upon their
organizations.
Projects get initiated due to some context which basically falls into four fundamental categories. What are they?
1-Meet regulatory, legal or social requirements.
2-Satisfy stakeholder’s requests or needs.
3-Create, improve or fix products, processes, or services.
4-Implement or change business or technological strategies.
Differences between project and operation
Project: Temporary and unique
Operation: Ongoing and repetitive.
Similarities among project and operation
Both are planned, executed and controlled. Both need manpower.
Program
A program means a collection of related projects working towards a common goal,
that are managed in a coordinated manner to obtain shared benefits and control that
might not be achieved by managing them individually
Program management
Program management is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by
managing program components individually.
Program Component
A program component refers to projects and other programs within a program.
Project management focuses on …
Interdependencies within a project to determine the optimal approach for managing the project.
Program management focuses on …
The interdependencies between projects and between projects and the program level to determine the optimal approach for managing them.
Portfolio
Portfolio means a collection of projects, programs, subsidiary portfolios, and operations that the organizations invest in and managed as a group to achieve strategic objectives
Portfolio management is defined as …
The centralized management of one or more portfolios to achieve strategic objectives
Objectives of portfolio management (6)
1-Guide Organizational investment decisions.
2-Select the optimal mix of programs and projects to meet strategic objectives.
3-Provide decision-making transparency.
4-Prioritize team and physical resource allocation.
5-Increase the likelihood of realizing the desired return on investment.
6-Centralize the management of the aggregate risk profile of all components.
Relationship between Project and Operations
At each point, deliverables and knowledge are transferred between the project and operations for implementation of the delivered work.
This implementation occurs through a transfer of project resources or knowledge to operations or through a transfer of operational resources to the project.
Intersect between Project and Operations (4)
- When developing a new product, upgrading a product, or expanding outputs;
- While improving operations or the product development process;
- At the end of the product life cycle; and
- At each closeout phase.
OPM Stands for …
Organizational Project Management
OPM helps organizations deliver value through … (5 principles)
▪ Alignment with organizational strategy
▪ Consistency of education and delivery
▪ Organizational integration
▪ Value to the organization
▪ Continuous development
Components of Project (6)
1-Project life cycle
2-Project phase
3-Phase gate
4-Project management processes
5-Project Management Process Group
6-Project Management Knowledge Area
Deliverable
A deliverable is any unique and verifiable
product, service or result.
* May be tangible or intangible
* Must be accepted by the customer or sponsor for the phase
Project phase
A collection of logically related project activities that culminates in the completion of one or more deliverables.
Phase gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a program or project.
Project life cycle
The series of phases that a project passes through from its start to its completion.
Predictive (other names)
Plan driven, Traditional, Waterfall
“Change Driven” Project Life Cycle Types (3)
Iterative, Incremental, Adaptive
Project Life Cycle Can be either ……. or ………
predictive, adaptive
Project management process groups
A logical grouping of project management inputs, tools and techniques, and outputs. The Project Management Process Groups include Initiating, Planning, Executing, Monitoring and Controlling, and Closing. Project Management Process Groups are not project phases.
Project Management
Knowledge Area
An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques.
Product
A product is an artifact that is produced as part of the project that might go into the
operation or market or live environment
Product Lifecycle
Product life cycle is a series of phases that represents the evolution of a product,
from introduction through growth, maturity, and retirement
Project Management Knowledge Areas (10)
- Integration management
- Scope management
- Schedule management
- Cost management
- Quality management
- Resource management
- Communications management
- Risk management
- Procurement management
- Stakeholders management
Project Integration Management
Includes the processes and activities to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups.
Project Scope Management
Includes the processes required to ensure the project includes all the work required, and only the work required, to complete the project successfully.
Project Schedule Management
Includes the processes required to manage the timely completion of the project.
Project Cost Management
Includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget.
Project Quality Management
Includes the processes for incorporating the organization’s quality policy regarding planning, managing, and controlling project and product quality requirements, in order to meet stakeholders’ expectations.
Project Resource Management
Includes the processes to identify, acquire, and manage the resources needed for the
successful completion of the project.
Project Communications Management
Includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information.
Project Risk Management
Includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a
project.
Project Procurement Management
Includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team
Project Stakeholder Management
Includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution.
Project Governance
A framework within which project decisions are made (to continue, to terminate, to allocate more resources etc.)
Three pillars of Project Governance
- Structure
- People
- Information
Stakeholders
*Individuals, group, or organization that may affect, be affected, or perceive to be affected by the project.
Key Stakeholders of Project
- Project Manager - manages the project
- Customer - uses the project deliverable
- Project team - the collection of individuals completing the project work
- Project Sponsor – Provides resources and support
- Functional Manager - Departmental Manager, i.e Manager of Engineering, Vice President of Marketing, Director of IT. Generally controls resources
Project Management Office
Organizational Structure that standardizes
the processes and facilitates the sharing
of resources, methodologies, tools, and
techniques
Types of Project Management Office
- Supportive: Supports the project manager, such as providing templates, training, or lessons learned from other projects.
- Controlling: Determines the framework or methodology and use of specific forms
- Directive: Controls the project. The PM will be assigned and reports to the PMO.
Project Manger Role (6)
- Initiator
- Negotiator
- Listener
- Coach
- Working member.
- Facilitator
Project Manger Role (Initiator)
An initiator is someone who takes the first step or proposes an idea or action. They are proactive in bringing forth new concepts, projects, or solutions to problems. Initiators are often innovative, creative, and forward-thinking individuals who drive the initiation and development of ideas within a group or organization.
Project Manger Role (Negotiator)
A negotiator is an individual who engages in discussions or formal negotiations to reach mutually agreeable solutions or outcomes. Negotiators focus on finding common ground, resolving conflicts, and reaching compromises that satisfy the interests of all parties involved. They possess strong communication, problem-solving, and interpersonal skills to facilitate effective negotiation processes.
Project Manger Role (Listener)
A listener is someone who pays attention to others’ ideas, thoughts, or concerns during conversations or discussions. They give importance to active listening, empathizing with speakers, and comprehending the messages being conveyed. Listeners create a supportive and respectful environment, encouraging open communication and fostering understanding among team members.
Project Manger Role (Coach)
A coach is a person who guides and supports individuals or teams in achieving their goals, improving performance, and enhancing their skills. Coaches provide constructive feedback, offer guidance, and assist in developing action plans. They help individuals unlock their potential, overcome challenges, and maximize their personal and profession
Project Manger Role (Working member)
A working member refers to an individual who actively participates as a member of a team or group. They contribute their knowledge, skills, and efforts towards achieving collective objectives. Working members collaborate with others, fulfill assigned tasks, and take responsibility for their contributions within the team dynamics.
Project Manger Role (Facilitator)
A facilitator is someone who manages group processes, discussions, or meetings to ensure effective communication, collaboration, and decision-making. They create a structured environment, encourage equal participation, and help the group achieve its intended outcomes. Facilitators remain neutral, unbiased, and focus on maintaining a productive and inclusive atmosphere
Milestone
A milestone is a significant event or achievement in a project that marks a key point or completion of a major deliverable.
Task Duration
Task duration refers to the amount of time it takes to complete a specific task or activity within a project.
Project Roles (3)
1) Project Manager: Empowered to lead the project, Authorized to make decisions, Responsible for the success or failure of the project
2) Project Coordinator: Weaker then the PM, May be authorized to make some decisions
3) Project Expeditor: Weakest role of the PM world, Very limited decision ability
Project Bosses (2)
1- Sponsor:
* Internal or External
* Project Champion
* Funding the project
* Maybe used to resolve conflicts in the
project
2- Program Manager:
* Senior to Project Manager
* Maybe responsible for several projects
executing at the same time
* Maybe used to resolve conflicts in the
project
Organizational Structures (4)
- Functional Organizations
- Matrix Organizations
- Project Oriented Organizations, (Projectized)
- Hybrid
Organizational Structures: Functional Organizations
Structure that groups staff members according to
their area of expertise (sales, marketing,
construction, etc.). Functional structures require
the project team members to report directly to
the functional manager
Organizational Structures: Matrix Organizations
There are three matrix structures: weak, balanced, and strong. The different structures are reflective
of the project manager’s authority in relation to
the functional manager’s authority.
Organizational Structures: Project Oriented Organizations, (Projectized)
Structure where the PM has the greatest amount
of authority. The project team is assigned to the
project on a full-time basis. When the project is
complete, the project team members moves on to
other assignments within the organization
Organizational Structures: Hybrid
Blended type
PM Authority in different Organizational Structures
Functional: No/Little
Weak Matrix: Low
Balanced Matrix: Low to moderate
Strong Matrix: Moderate to high
Projectized: High/Total
Resource Availability in different Organizational Structures
Functional: No/Little
Weak Matrix: Low
Balanced Matrix: Low to moderate
Strong Matrix: Moderate to high
Projectized: High/Total
Budget Controls in different Organizational Structures
Functional: Functional Manager
Weak Matrix: Functional Manager
Balanced Matrix: Mixed
Strong Matrix: Mixed
Projectized: PM
PM Role in different Organizational Structures
Functional: Part time
Weak Matrix: Part time
Balanced Matrix: Part time / Full time
Strong Matrix: Part time / Full time
Projectized: Full time
PM staff in different Organizational Structures
Functional: Part time
Weak Matrix: Part time
Balanced Matrix: Part time / Full time
Strong Matrix: Part time / Full time
Projectized: Full time
Product Manager
- Product management encompasses
the strategic planning, development, and lifecycle management of a product or service. - It involves understanding market
needs, defining product strategy, gathering requirements, and overseeing the product’s
development, launch, and ongoing optimization. - Product managers are responsible for the overall success of the product, aligning it with business objectives and customer demands.
PM works within the lifecycle of ……
Product Management
Two types of resources in Project Management
People and Material
Areas of a Project: Scope
Work to be done
Areas of a Project: Schedule
Time to get the work done
Areas of a Project: Cost
Budget of the work
Areas of a Project: Quality
Customer satisfaction of work
Areas of a Project: Resources
Managing the people and material resources
Areas of a Project: Communications
All stakeholders get the correct information at the right time
Areas of a Project: Risk
Identifying and responding to risk over the lifecycle of the project
Areas of a Project: Procurements
Acquiring resources from outside the project team
Areas of a Project: Stakeholders’ engagement
Keeping all stakeholders active and alert on the project
Risks
Risks are potential events or situations
that may occur in the future and have an
impact on the project’s success.
Issues
Issues refer to problems or challenges
that arise during the course of a project.
They are typically negative events or
circumstances that can hinder progress
or impact project objectives.
Assumptions
Assumptions are statements or beliefs
that are considered to be true or valid
for the purpose of planning and
decision-making.
Constraints
Constraints are limitations or restrictions
that affect project planning and
execution.
Project Constraints
Scope
Schedule
Cost
Risk
Quality
Resources
In Predictive Approach the scope generally ……..
does not change, while in adaptive it does
The predictive approach follows …
a linear and sequential
process.
Predictive Approach Characteristics (5)
- It involves detailed planning and
documentation upfront, with a focus on
predicting and defining the project scope,
objectives, timeline, and deliverables. - Extensive upfront planning
- Sequential execution
- Emphasis on control and documentation
- Limited flexibility, limited changes with a
well define change control process
The adaptive approach focuses on … (3)
flexibility, collaboration, and iterative
development.
The adaptive Approach Characteristics (6)
- It embraces change throughout the
project and emphasizes continuous
feedback and improvement. - Iterative and incremental
development - Customer collaboration
- Emphasis on adaptability
- Self-organizing teams
- The adaptive approach, commonly
used in agile methodologies like
Scrum or Kanban
Emotional Intelligence (EQ) refers to …
the ability to recognize, understand, and
manage emotions, both in oneself and in
others.
Emotional Intelligence involves ….
being aware of one’s own emotions, effectively handling them, empathizing with others, and using
emotions to guide thinking and behavior.
Emotional Intelligence Techniques (5)
- Relationship Building
- Communication and Conflict Management
- Motivation and Influence
- Leadership and Decision Making
- Stakeholders Management
Management focuses on …
tasks,
processes, and operations to ensure
efficient execution
Management involves … (4)
planning, organizing,
coordinating, and controlling
resources
Leadership focuses on ….
inspiring and influencing others
Leadership involves …
setting direction, motivating and empowering
individuals. They encourage collaboration, trust, and empowerment.
