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BSc Business Management > 5001 - Project Management - Introduction (Lecture 1) > Flashcards

5001 - Project Management - Introduction (Lecture 1) Flashcards

1
Q

What is project management?

A

A project is a temporary endeavour undertaken to create a unique product or service.
(Project Management Institute, 2014)

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2
Q

Characteristics of a typical project?

A
  • A unique set of resources, tasks and objectives, set up as a self-contained organisation
  • Has a focus, being pursued with a goal/end in mind
  • Project is temporary, starts and ends, finite life.
  • Has a set of constraints (Usually revolving time +resources)
  • Something needs to be changed throughout project, change that is measurable
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3
Q

Why are projects important?

A

More innovation means more projects, with increasingly more complex products. Projects help with:

  • Shortening product lie cycles
  • Narrow launch windows
  • Products become more and more complex to make as we innovate
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4
Q

Factors leading to increased use of project Management

A
  • Compression of the product life cycle
  • Global competition
  • Increase in smart people
  • Corporate downsizing
  • Increased customer focus
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5
Q

Difference between a general manager and a project manager

A

General Managers are:

  • Responsible for managing status quo
  • Authority defined by management structure
  • Responsibility limited to their own function
  • Works in ‘permanent’ organisational structures

Project Managers are:

  • Responsible for overseeing change
  • Lines of authority ‘fuzzy’
  • Responsibility for cross functional activities
  • Structures exist for the life of the project
  • Ever changing tasks
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6
Q

What are project managers tasks based around?

A

Innovation compared to a general manager who would be focused on maintenance, main task is usually conflict resolution and success is determined by their ability to achieve the stated goals

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7
Q

How do projects come about?

A

Because a change is required either:

- Voluntarily
   . Internally generated - new 
    product line
   . Collectively generated - 
    Co-operative project
  • Involuntarily
    . Externally generated -
    change in law
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8
Q

What is the 4D model of Project Management?

A

1.Define the project:
What is to be done?
Why is it to be done?

2.Design the project process:
How will it be done?
Who will be involved?
When will it start & finish
3.Deliver the project:
How should the project be done?
4.Develop the process:
How can the process be improved?
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9
Q

Project Goals - Questions to ask

A
  • What strategic decision lead to this project?
  • How does this project relate to the business plan? •Is this project the follow up of another project?
  • What will be done with the results of this project?
  • What will happen if this project doesn’t happen?
  • Is this project related to other projects that take place in the same time frame?
  • Does the competition address the same issues taken on by this project? •Why was such a project not performed earlier?
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10
Q

What are the stages of the project life cycle?

A

Defining
Planning
Executing
Delivering

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11
Q

What happens in the defining stage of the project life cycle?

A 
Goals
Specifications
Tasks
Responsibilities 
are all defined at this stage
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12
Q

What happens in the planning stage of the project life cycle?

A 
Schedules
Budgets
Resources
Risks
Staffing
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13
Q

What happens in the executing stage of the project life cycle?

A

Status reports
Changes
Quality
Forecasts

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14
Q

What happens in the delivering stage of the project life cycle?

A 
Train Customers
Transfer Documents
Release Resources
Release Staff
Lessons Learned
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15
Q

What is the 7S structure?

A 
Splits project management into:
Strategy
Structure
Systems
Staff
Skills
Style - Culture
Stakeholders
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16
Q

Key People around a project

A 
Project Manager
Project Team Members
Champion (Supporter)
Sponsor - Customer
Eventual Users
17
Q

Ways of dealing with risk

A
  • Avoiding it - find a way around it
  • Transfer it - transfer the risk to someone else like through insurance
  • Reduce It - Find ways to reduce impact
  • Make a contingency plan in case it occurs
  • Accept and live with that risk - Take the risk with your eyes open
18
Q

How is the success of a project determined?

A

The Iron Triangle / Triple Constraint:

On Time
On budget
To Specification
Customer Satisfied

19
Q

During a project, if the constraint of time, cost or quality is changed. what is the required adjustment

A

Shorter Time =

  • Higher costs or
  • Reduced Quality

Reduced Costs =

  • More Time or
  • Reduced Quality

Higher Quality =

  • More Time
  • Higher Costs
20
Q

Neo View of a projects success

A 
Project efficiency
Impact on customers
Preparation for the future
Impact on the team
Business Results

BSc Business Management (37 decks)

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