Chapter 1

Question 1

What is a project?

Answer 1

A project is a unique venture with a beginning and end, conducted by people to meet established goals within parameters of cost, schedule, and quality.
PMBOK: a temporary endeavor was undertaken to create a unique product, service, or result.
Projects are complex, one-time processes.
Projects are limited by budget, schedule, and resources.
Projects are developed to resolve a clear goal or set of goals.
Projects are customer-focused.

Question 2

What are general properties of a project?

Answer 2

Projects are ad hoc endeavors with a clear life cycle.
Projects are building blocks in the design and execution of organizational strategies.
Projects are responsible for the newest and most improved products, services, and organizational
processes.
Projects provide a philosophy and strategy for the management of change.
Project management entails crossing functional and organizational boundaries.
The traditional management functions of planning, organizing, motivation, directing, and control apply to project management.
The principal outcomes of a project are the satisfaction of customer requirements within the constraints of technical, cost, and schedule objectives.
Projects are terminated upon successful completion of performance objectives

Question 3

Why are projects important?

Answer 3

Shortened product life cycles.
Narrow product launch windows.
Increasingly complex and technical products.
Global markets.
An economic period marked by low inflation.

Question 4

What is the project life-cycle?

Answer 4

Rfers to the stages in a project’s development.
Four distinct phases:
Conceptualization
Planning
Execution
Termination

Question 5

What components may change during project life cycle?

Answer 5

Client interest
Project stake
Resources
Creativity
Uncertainty

Question 6

What are three ways to assess project success?

Answer 6

Four constraints:
-Time
-Budget
-Performance
-Client acceptance
Commercial success + potential for generating new business an opportunities
-project efficiency
-impact on customer
-Business success
-preparing for the future
Stakeholder assessment

Question 7

What are project management maturity models?

Answer 7

Allows organizations to benchmark the best practices for successful project management firms. It recognizes that different organizations are at different levels of sophistication in the best practices for managing projects.