E2 - C5 - Project Mangement

Question 1

What is a project

Answer 1

1. One off event
2. Clear objective
3. Set timescale
4. Project manager organising and controlling
5. Project team charged with executing
6. Resource and budgets allocated
7. An end customer

Question 2

9 Areas of project management

Answer 2

1. Scope - Clear boundaries from the start
2. Time - Defined and sequenced key activities and their duration
3. Cost - Clear budget and cost monitoring
4. Quality - A quality plan ensures quality retained throughout
5. HR management - Management of key personnel
6. Procurement - Selection of suppliers, negotiation, contracting and monitoring ongoing performance
7. Integration - Coordination, well ran and well managed
8. Communication -
   Avoidance of misunderstandings
9. Risk - ID and quality risks and planning strategies

Question 3

Causes of Project Failure

Answer 3

1. Poor Plan
2. Plan not followed
3. Lack of skills
4. Inaccurate estimates
5. Inadequate leadership
6. Poor resource management
7. Instability within the team

Question 4

Project Stakeholders

Answer 4

Sponsor - Provides funding and resources
Owner - Oversees project
Customer - End user
Project manager - Responsible for project
Project team - Execute project
Steering Committee - High level decisions
Champion - Support for project

Question 5

Role of a management accountant

Answer 5

1. Managerial and leadership experience
2. Negotiation skills
3. Mediation skills
4. Ability to interpret financial data

Question 6

Skills of a project manager

Answer 6

Link to each of the 9 project areas
1. Integration - Change management skills
2. Scope – Project area knowledge
3. HR management – leadership and delegation
4. Time – Time planning, assertiveness
5. Cost – Budgeting and finance expertise
6. Quality – Planning and monitoring skills
– Knowledge of quality techniques (TQM, Six Sigma, QualityCircles)
7. Communication
8. Procurement – Negotiation skills
9. Risk – Problem solving skills

Question 7

Project Team - Qualities of successful teams

Answer 7

1. Work as a team
2. Well-coordinated and controlled
3. Motivated
4. Good mix of skills
5. Efficient management during group development
6. Have clear objectives
7. Have appropriate resources
8. Clear roles and responsibilities