Intro to PM Flashcards
Abilities
What is a project?
-Define
- temporary endeavours it entails cycle of tasks, practically planned to create a unique product, services, and end result, in a restrict environment (time, scope, cost, quality).
- temporary endeavor indicates it a one-time effort to achieve its unique objective within a given a fixed timeframe.
- Execute by the project team to conducts, the project plans with a unique singular goal in mind.
For instance of unique creations are the innovative development of electric vehicle in the series and construction of new building like Jewel Changi Airport, these are a complex project.
-defined from its degrees of complexity, non-routine, one-time efforts limited by time, budget, available resources, and performance design to meet end users needs.
Projects are temporary endeavours it entails cycle of tasks, practically planned to create a unique product, services, and end result, in a restrict environment (time, scope, cost, quality).
The temporary endeavor indicates it a one-time effort to achieve its unique objective within a given a fixed timeframe.
Execute by the participate project team to conducts, the project plans with a unique singular goal in mind. For instance of unique creations are the innovative development of electric vehicle in the series and construction of new building like Jewel Changi Airport, these are a complex project.
A Project can be defined from its degrees of complexity, non-routine, one-time efforts limited by time, budget, available resources, and performance design to meet end users needs.
What is a project?
Major characteristics of a project
- always have a clearly defined objective or goal,
- a definite timeframe that is contrary to regular duties,
- a combination of varies specialist,
- creation of new or special or unique project which differentiates from other competitors
- has a requirement for a specific time, cost and performance.
The main characteristic of a project, always have a clearly defined objective or goal, a definite timeframe that is contrary to regular duties, a combination of varies specialist, creation of new or special or unique project which differentiates from other competitors, have a requirement for a specific time, cost and performance.
It is the most widely applied in all industry, often aims to deliver substantial change.
Comparison of routine work with projects:
- creates repeatable results, generally known as general operational work in an organization and
- performances are managed with the departmental goals,
- remains fix and moved forward only with time.
Routine work creates repeatable results, generally known as general operational work in an organization and performances are managed with the departmental goals, remains fix and moved forward only with time. Example of routine work is bookkeeping and daily retail booth.
A program
- continuation of long duration work because it consists of multiple projects that complement each other to form a connected set of specific deliverables.
- defined as one-off activities but a set of repeated task on a regular or semi-regular basis, in other words, a day-to-day management concern
- Some similarity characteristic between project and program was their consideration of time, budget or quality.
A program is often program for continuation of long duration work because it consists of multiple projects that complement each other to form a connected set of specific deliverables.
Therefore is not defined as one-off activities but a set of repeated task on a regular or semi-regular basis, in other words, a day-to-day management concern. Some similarity characteristic between project and program was their consideration of time, budget or quality.
Evolution of projects
- Researchers accessed views in relation to historical project management that their method and practice of project management are not that different from what we practice today.
- However, researchers found a notable difference, that in history they have an unlimited budget with no economic returns, unlimited workforce, unrestricted timelines, the concept was too advanced and complex for modern use.
- follow years, different types of Modern project management and it uses continues to form as economy and technology grow.
Researchers accessed views in relation to historical project management that their method and practice of project management are not that different from what we practice today.
However, researchers found a notable difference, that in history they have an unlimited budget with no economic returns, unlimited workforce, unrestricted timelines, the concept was too advanced and complex for modern use.
The revolution of project management started only in the middle of the 20th century when the first Program Evaluation and Review Technique (PERT) was first developed by the US Navy in the 1950s. It is statistical tools used for calculating activity duration of a large complex project.
In the follow years, different types of Modern project management and it uses continues to form as economy and technology grow.
What is Project Management?
- key factor [example]
- important align
- optimizes the many different productivity or lifecycle phrases, stage, and approach to coordinate its project activities.
- keys factor of Project management requires a set of knowledge, skills, tools and technical techniques.
- [ For example, the possibilities to predict any risk;
- and to clearly defined strategic plan,
- organize and control various activities to achieve the agreed project proposal
- for an effective and efficient project outcome.]
- Likewise is important that the project aligns its task according to a set of agreed upon project scope, time, cost and quality to determine the project success.
- A project team that could also include collaborators from a different organization with different disciplines to manage the different role of scope assigned by Project Management that according to the agreed upon contract.
Project management optimizes the many different productivity or lifecycle phrases, stage, and approach to coordinate its project activities.
The keys factor of Project management requires a set of knowledge, skills, tools and technical techniques. For example, the possibilities to predict any risk; and to clearly defined strategic plan, organize and control various activities to achieve the agreed project proposal, despite all the risk for an effective and efficient project outcome.
Likewise is important that the project aligns its task according to a set of agreed upon project scope, time, cost and quality to determine the project success.
A project team that could also include collaborators from a different organization with different disciplines to manage the different role of scope assigned by Project Management that according to the agreed upon contract.
Begins a project without a clear objective, a specific direction, and a prepared plan; it expected that the project is doom to fail.
Determinants of Project Success:
Time, Cost, Scope, Quality
-
Project Life Cycle
- is a series of sequential and overlapping phrase, contain practices of 4 stages to achieve end result within a restricted timeframe. Each stage has an input and output.
- defining stage establishing new objective with cost, time and performance;
>influence a team of specialized people and >stakeholder to obtain authorization. (Authorize the work) - the planning stage, effort increases. Develop a coordinated task, foresee risks, schedule, budget, and performance that the board intends to achieve the project objective.
- executing is when the major project takes place, involve both physical and mental. Manage and control the risk and make reliable changes. Constant monitor and control process on the task to align the project objective. (Work and control the plan)
- Fourth, closure of the last phrase of a project delivers to end-user. Ends all activities (Finish the work)
- is important because, without realistic objective, unprepared plan and an unspecified direction will lead to a common cause of the unsuccessful project with high expenses incurred.
- To conclude, the product life cycle was used by project management for lower cost of changes, reduces risk and improves productivity.
is a series of sequential and overlapping phrase, contain practices of 4 stages to achieve end result within a restricted timeframe. Each stage has an input and output.
First, defining stage establishing new objective with cost, time and performance;
influence a team of specialized people and stakeholder to obtain authorization. (Authorize the work)
Second, the planning stage, effort increases. Develop a coordinated task, schedule, budget, and performance that the board intends to achieve the project objective.
Third, executing is when the major project takes place, involve both physical and mental. Manage and control the risk and make reliable changes. Constant monitor and control process on the task to align the project objective. (Work and control the plan)
Fourth, closure of the last phrase of a project delivers to end-user. Ends all activities (Finish the work)
Project Life Cycle is important because, without realistic objective, unprepared plan and an unspecified direction will lead to a common cause of the unsuccessful project with high expenses incurred.
To conclude, the product life cycle was used by project management for lower cost of changes, reduces risk and improves productivity.
The Challenge of Project Management
The Project Manager
- In general, the project manager holds in responsibility to control and ensure the achievement of time, scope, cost, and quality. (performs all function of a project to succeed)
[right]
-Includes of reliably to organize the resource, coordinate with task and labor, implement and integration multitude of the task. This is to ensure the performance and success of the project.
- They are the link between management, stakeholders, team members, and end-user.
The challenge of project management varies; each project is different so do we face different problems and risks.
In general, the project manager holds key responsibility to control and ensure the achievement of time, scope, cost, and quality. Includes of reliably to organize the resource, coordinate task and labor, implement and integration multitude of the task. This is to ensure the performance and success of the project.
They are the link between management, stakeholders, team members, and end-user.
Set a course of strategic direction, effective and efficient coordination, address any issue to make the right decision and combines teamwork eliminate negativity in the team.
All these are some of the challenges in project management.
Importance of Project Management
Factors leading to the increased use of project management:
1) Compression of the product life cycle
2) Knowledge explosion
3) Triple bottom line (people, planet, profit)
4) Corporation downsize
5) Increase customer focus
6) Small project represent big problems
Compression of the product life cycle
- is of means reducing the duration of the product development; it does considerably affect the demand on project management whether in their organising phrase and planning stage for the project.
- [ For instance], with today’s’ technology and its competitive environment, the rate of the market demand for a new model of phone and a new series vehicle takes an average of 1-3 years product life cycle. As compared to 30 years ago where the product life cycle was 10 to 15 years.
[as a reasult]
- Therefore, more organization are outsourcing their project work, to deliver a new project to market in the shortest period of time.
-In conclusion, has been discussed that compression of product life cycle factor also increases the used of project management role significantly, to manage a project deliver at a faster pace.
Product life cycle compression is of means reducing the duration of the product development; it does considerably affect the demand on project management whether in their organising phrase and planning stage for the project. For instance, with today’s’ technology and its competitive environment, the rate of the market demand for a new model of phone and a new series vehicle takes an average of 1-3 years product life cycle. As compared to 30 years ago where the product life cycle was 10 to 15 years. Therefore, more organization are outsourcing their project work, to deliver a new project to market in the shortest period of time. In conclusion, has been discussed that compression of product life cycle factor also increases the used of project management role significantly, to manage a project deliver at a faster pace.
Knowledge explosion
- growth in newly discovered knowledge and technology brings a good trade-off to its dynamic nature,
- and it has increased the complexity of the project that project should be in the latest advanced technology.
- For example, making a wireless phone 30 years ago from now, was the least complex process.
- Along the years, innovation makes the majority of the changes to in the global scale such as material, aesthetic, equipment, function and might require a combination of a specialist.
- Advance technology would increase in product complexity that needed other integration work to improve.
- As a result product management does play an important role in this advancement.
The growth in newly discovered knowledge brings a good trade-off to its dynamic nature, and it has increased the complexity of the project that project should be in the latest advanced technology. For example, making a wireless phone 30 years ago from now, was the least complex process. Along the years, innovation makes the majority of the changes to in the global scale such as material, aesthetic, equipment, function and might require a combination of a specialist. Advance technology would increase in product complexity that needed other integration work to improve. As a result product management does play an important role in this advancement.
Triple Bottom Line (People, Planet, Profit)
- is a measure of economic [Profit], ecological [Environment] and social [People] aspects for the development of sustainable concepts.
- Implement sustainability concepts in project management, to plan for Quailty deliverables for the well being of the environment while also Priortising the end-user or people in mind. As of equal measurable concern for profit.
- This mission set for sustainable development, which is not only for short term goals but also long term objective.
is a measure of economic [Profit], ecological [Environment] and social [People] aspects for the development of sustainable concepts. Implement sustainability concepts in project management, to plan for Quailty deliverables for the well being of the environment while also Priortising the end-user or people in mind. As of equal measurable concern for profit. This mission set for sustainable development, which is not only for short term goals but also long term objective.
briefly, triple bottom line is the ability to tracks various risk factor is the key component of a project manager
Corporate Downsize
is often due to poor economic growth or future technology improvement. With the reduction of human capital, companies are outsourcing a significant section of their work, this requires project management to manage internally and externally.
Customer Focus
project management needs to be technically capable but hard work on project counts only if the project is customer-centric. Project managers are linked to acknowledging end-user needs.
