Chapter 1 : Why Project Mgmt Flashcards
1. Understand why project mgmt is becoming such a powerful and popular practice in business. 2. Recognize basic project properties, including definitions 3. Understand why effective project mgmt is such a challenge. 4. Differentiate b/n project mgmt practices and more traditional, process-oriented business functions. 5. Recognize the key motivators that are pushing companies to adopt project mgmt practices. 6. Understand and explain project life cycles, stages and activities occurring in
process vs project (3 x 2)
process : ongoing day-to-day, existing, repetitive
project : abnormal, unique, continually evolving
A project is a ____ venture with a _____ and an ____, conducted by ____ to meet established _____ within parameters of ______, _____ and _____.
A project is a unique venture with a beginning and an end, conducted by people to meet established goals within parameters of time, cost and schedule.
5 reasons why projects are important
- shortened product life cycles
- narrow product launch window
- increasingly complex and technical products
- emergence of global markets
- economic period marked by low inflation
4 stages of a project
- conceptualization
- planning
- execution
- termination
definition conceptualization
development initial goal and technical specs
definition planning
detailed specs, schedule, schematics and plans developed
definition execution
actual work of the project is performed
definition termination
project is transferred to customer, resources reassigned and project closed out
what is the quadruple constraint of project success?
- client acceptance
- budget
- performance.
- schedule
4 dimensions of project success
- project efficiency
- impact on the customer
- business success
- preparing for the future
6 criterias for IT project success
- system quality
- information quality
- use
- user satisfaction
- organizational impact
- individual impact
what is the iron triangle?
cost, quality, time
4 project mgmt maturity models
- Center for Business Practices
- Kerzner’s Project Mgmt Maturity Model
- ESI’s International Project Framework
- SEI’s capability maturity model integration
5 levels for the Center for Business Practices PMM
1 : initial phase 2 : structure, process, standards 3 : institutionalized project mgmt 4 : managed 5 : optimizing
what does PMM stands for?
project mgmt maturity
5 levels of Kerzner’s PMM
1 : common language 2 : common processes 3 : singular methodology 4 : benchmarking 5 : continuous improvement
5 levels, ESI’s international project framework
1 : Ad Hoc 2 : consistent 3 : integrated 4 : comprehensive 5 : optimizing
5 levels, SEI’s capability maturity model integration
1 : initial 2 : managed 3 : defined 4 : quantitative mgmt 5 : optimizing
definition ad hoc
adequate
high maturity :
institutionalized, seeks continuous improvement
moderate maturity :
defined practices, training programs, organizational support
low maturity :
ad hoc process, no common language, little support
6 responsibilities of a project manager
- selecting a team
- developing project objectives and a plan for execution
- performing risk mgmt activities
- cost estimating and budgeting
- scheduling
- managing resources
