2.01 Project Management Flashcards
A project has 3 key aspects…
1) start and end point
2) specific objectives
3) specific resources at disposal
A project may be measured ITO…
Outcomes
Output
Or benefits
Note
Projects bring about change and PROJECT MANAGEMENT is recognised as the most efficient way of managing such change
Ways in which a project may fail? (3)
Overrun (time)
Over-budget
Restarted/cancelled
See
Successful/unsuccessful project page 2.3
What are the triple constraints of a project? Why are they important?
Time
Cost
Quality
Important to define and control each of these parameters to increase likelihood of successful project
(Often a gain in one constraint leads to a compromise in another)
What other constraints are often relevant in a project? (4)
Benefits
Resources
Risk
Health and safety
6 benefits of project management?
1) improved project communication
2) effective resource management
3) better delivery of results
4) facilitates risk taking
5) lessons learned and shared
6) improves governance
BEFIIL
(Page 2.5 expands on these!)
What is operations management?
It is the activity of the business that is affected by, but does not form part of, a project.
Ie. BAU (business as usual)
(OM is concerned with managing routine activities, performing ongoing activities that produce the same product or a repetitive service)
See and understand
Operations management diagram page 2.6
Note
The delivery of routine products and services fulfills the strategic mission of the organisation, and the expansion or improved efficiency within BAU constitutes the benefits of a project, programme or portfolio
5 characteristics of projects (vs BAU)?
1) projects have SPECIFIC results, with objectives being measured ITO time/cost/quality parameters
2) Follow LIFE CYCLE of specific phases
3) complex interrelationships and cross functional in nature
4) cost of changing objectives rises as completion nears
5) stakeholder influence, risk and uncertainty is typically greatest at start of project
(See table 2.7)
What is programme management?
The coordinated management of projects and change management activities to achieve beneficial change
Basically a programme has a vision of a changed organisation and the benefits that will arise from this, and to achieve this changed organisation it uses multiple projects and possibly some BAU activities
(Diagram page 2.8)
Key difference between project and programme management?
A project typically produce or change something and then are disbanded
An organisation undergoing a programme will typically realise some of the benefits of the programme whilst the programme is still happening (eg. Could be several years)
What does a programme manager NOT do?
Not involved with day-to-day running of individual projects
What is portfolio management? What is its main goal?
The selection, prioritisation and control of an organisations projects and programmes in line with its strategic objectives and capacity to deliver.
It’s goal is to balance change initiatives and BAU while optimising return on investment