Chapter 1 – The World of Project Management

Question 1

Project

Answer 1

• A temporary endeavor undertaken to create a unique product, service or result
• End when:
- Objectives reached or terminated
• Significant portion of work
• Crucial to business organizations success

Question 2

Operation

Answer 2

Is work done in organizations to sustain the business

Question 3

Attributes of a Project

Answer 3

• Project is temporary
• A project requires resource from various areas
• Project involves uncertainty
• Project is developed using progressive elaboration
• Project has a primary customer or sponsor
• Project has a purpose

Question 4

Project management

Answer 4

Is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.

Question 5

PMBOK

Answer 5

Project Management Body of Knowledge

Question 6

The Three Goals of A Project

Answer 6

• Cost goal
• Scope goal
• Time goal

Question 7

Stakeholders

Answer 7

the people involved in or affected by project activities

Question 8

Project Manager

Answer 8

the person responsible for a leading a project from its inception to execution. This includes planning, execution and managing the people.

Question 9

Project Management Core Knowledge

Answer 9

• Project scope management
• Project time management
• Project cost management
• Project quality management

Question 10

PM Facilitating Knowledge

Answer 10

• Project human resource management
• Project communications management
• Project risk management
• Project procurement management

Question 11

Problems with IT projects

Answer 11

• Lack of leadership
• The Mid-course Correction
• The Detached Engineering Team
• Working Backwards From a Deadline

Question 12

Project Life Cycle (PLC)

Answer 12

• a collection of logical stages or phases that maps the life of a project from its beginning to its end in order to define, build and deliver the product of a project - the information system.
• Each phase should provide one or more deliverable.

Question 13

Deliverable

Answer 13

a tangible and verifiable product of work.

Question 14

Deliverables at the end of each phase

Answer 14

provide tangible benefits throughout the project and serve to define the work and resources needed for each phase.

Question 15

Project Time Line

Answer 15

1. Define project goal
2. Plan project
3. Execute project plan
4. Close project
5. Evaluate project

Question 16

Define Project Goal

Answer 16

• Define the project’s overall goal should be the first step
• The goal should focus on providing business value to the organization
• A well defined goal gives the project team a clear focus and drives the other phases of the project.

Question 17

Plan Project

Answer 17

• Deliverables, tasks, resources and time to complete each task must be defined for each phase of the project.
• This initial plan, baseline plan, defines the agreed upon scope, schedule and budget and is used as a tool to gauge the project’s performance throughout the life cycle.

Question 18

Execute Project Plan

Answer 18

• Put the plan into action
• Progress, scope, schedule, budget and people must be actively managed to ensure that the project achieves its goal.
• Progress must be documented and compared to the baseline plan.
• Project performance must be communicated to all of the stakeholders.
• At the end of this phase, the team implements or delivers a completed product to the organization.

Question 19

Define project success

Answer 19

• Successful when:
	- Delivers agreed project objectives such as:
		~ Scope
		~ Budget
		~ Schedule
		~ Quality
		~ Outcome

Question 20

6 mistakes that mess up a project

Answer 20

• Not understanding the requirements
• Start the project without a Plan
• Poor communication
• Lack of resources, skills and knowledge
• Fail to manage and control
• Fails to learn from past

Question 21

Monitoring and Controlling Process

Answer 21

• Progress is regularly:
- Managed
- Monitored
~ to ensures project objectives are met by the team
• Progress is:
- Monitored
- Measured
~ When necessary: Corrective actions are taken
• Performed throughout the project’s lifespan

Question 22

Performance reports

Answer 22

• Identify any necessary changes
- By project stakeholders
~ Required to keep project on track

Question 23

Closing Project

Answer 23

• Ensures:
	- All the work is completed as planned and as agreed to
		~ By team & sponsor
• Formal acknowledge:
	- By sponsor
	- Final project report
		~ Documents that all promised deliverables have been completed to client
	- Needed:
		~ To formally close the project

Question 24

Evaluate Project

Answer 24

• Determine:
	- Project has met its goal or not
• Other way of evaluation:
	- Project team:
		~ Document its experiences (lesson learnt)
		~ Based on its current project experiences next project would be done differently
	- Project team & project:
		~ Evaluated at the end of the project
• Outside third party:
	- Audit the project
		~ Well-managed or not
• Team & project manager:
	- Evaluated whether acted in:
		~ Professional
		~ Ethical Manner

Question 25

Evaluating Project Success – The MOV

Answer 25

• MOV (Measurable Organization Value)
	- Defined at the beginning of the project
	- Cannot be readily determined
	- Example:
		~ Measurable
		~ Agreed by stakeholder
		~ Provides value to the organization
• Provided:
	- Basis for taking on the project
• Supported:
	- Many of the decision points
		~ In PLC
• Envisioned benefits:
	- Requires weeks or months to implement into system before they are realized
• Conducted by:
	- Project sponsor
	- Client’s organization
	- Organizations responsible for the project

Question 26

Financial Analysis of Projects

Answer 26

• Financial considerations:
	- Important
• Primary methods:
	- Net present value (NPV) analysis
	- Return on investment (ROI)
	- Payback analysis