Chapter 1: Introduction to project management Flashcards
What is a project?
- A project is: a temporary endeavor undertaken to create a unique product, service, or result
- Operations is work done to sustain the business
- Projects end when their objectives have been reached, or the project has been terminated
Project attributes
- Has unique purpose
- Is temporary
- Drives change and enables value creation
- Is developed using progressive elaboration or in an iterative fashion
- Requires resources, often from various areas
- Should have a primary customer or sponsor (=> provides the direction and funding for the project)
- Involves uncertainty
Project constraints: “The magic triangle” or triple constraints
Scope, Schedule and cost
Project constraints ?
- Technical constraints
- Quality
- Availability of key resources
- Risk
- Customer satisfaction
- Stakeholders
- Statutory regulations
- Statutory regulations
- Sustainability
- Ethics
- Organizational structures and processes
- Methodologies
Project Success
- Project provided value? (Worth, importance or usefulness of something)
- Project met scope, time and cost goals
- Project satisfied the customer/sponsor
- Net promoter score (=> represents the customer’s willingness to recommend a product or service to others)
- Project Produced the desired results
What is project Management?
It is the application of knowledge, skills tools and techniques to project activities to meet project requirements.
Project Management Framework: 10 knowledge areas
- Project integration M
- Project Scope M
- Project Schedule M
- Project Cost M
- Project quality M
- Project Resource M
7.Project Communications M - Project Risk M
- Project Procurement M
- Project Stakeholder M
Project Management – Tools and techniques
- They assist project managers and their teams in various aspects of PM
- More than just a software package
Tools and techniques examples
project charters, scope statements, and WBS (scope)
Gantt charts, network diagrams, critical path analyses (time)
Net present value, cost estimates, and earned value management (cost)
Agile projects often require product roadmaps, backlogs, burndown charts, retrospectives,etc
New Terminology: Seventh Edition Framework
- Principles for a profession serve as foundational guidelines for strategy, decision making, and problem solving
- Project performance domain is a group of related activities that are critical for the effective delivery of project outcomes
- Tailoring is the deliberate adaptation of the project management approach, governance and processes to make them more suitable
- A model is a thinking strategy to explain a process, framework, or phenomenon (leadership models, change models)
- A method is the means for achieving an outcome, output, result or project deliverables (like tools and techniques, methods for data gathering and analysis, estimating, meetings and events)
- An artifact can be a template, document, output, or project deliverable (project charter, product backlog, contract)
What are Programs ?
- A group of related projects, subsidiary programs and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
- A program manager provides leadership and direction for the project managers heading the projects within the program
- Examples of common programs in the IT field include infrastructure, applications development (ERP, CRM, SCM)
Project portfolio management
- Portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
- Many organizations support an emerging business strategy of project portfolio management by continuously selecting and managing the optimum set of projects and programs to deliver maximum business value
distinction between project/program management and portfolio management ?
is a focus on meeting tactical versus strategic goals
Project and program management address questions like:
- Are we carrying out projects well?
- Are projects on time and budget?
- Do project stakeholders know what they should be doing?
Portfolio management addresses questions like:
- Are we working on the right projects?
- Are we investing in the right areas?
- Do we have the right resources to be competitive?
