Intro to Project Management

Question 1

What is a project?

Answer 1

A sequence of unique, complex, and connected activities having one goal or purpose that must be completed by specific time, within budget, and according to specification

Question 2

Project, Program, or Portfolio?

Answer 2

Program: a group of related projects, managed in a coordinated way, to obtain benefits and control not available from managing them individually.
Program managers above project managers.
Potfolio is NOT necessarily a Program (VWoA case)

Question 3

1995 Standish Group study showed IT projects had a terrible track record

Answer 3

16.2% of IT projects successful

31% were canceled before completion, costing over $81 billion in the U.S. alone

Question 4

2001 Standish Group Report showed improvement

Answer 4

1. Time overruns decreased
2. Cost overruns decreased
3. 78000 successful (from 28000)
4. 28% of It projects succeeded (up from 16%)

Question 5

Why the improvements based one 2001 Standish Group Report?

Answer 5

1. Better management processes being used
2. Better skilled project managers
3. Better tools have been created to monitor and control progress

Question 6

Project Success Factors

Answer 6

Executive Support
User involvement
Experience project manager
Clear business objectives
Minimized scope
Standard Software infrastructure
Firm basic requirements
Formal methodology
Reliable estimates
Other critera

Question 7

Advantages of Using Formal Project Management

Answer 7

1. Better control and coordination of financial, physical, and human resources (higher quality and increased reliability)
2. Higher profit margins as a result of: improved productivity, shorter development times, lower costs
3. Improved customer relations
4. Higher worker morale

Question 8

Project Management Knowledge Areas

Answer 8

4 core knowledge areas 
Management of:
1. Scope
2. Time
3. Cost
4. Quality
5 Facilitating knowledge areas 
Management of:
5. Human Resources
6. Communication
7. Risk
8. Procurement
9. Stakeholders
--10. Project Integration Management: affects and is affected by all of the other knowledge areas.

Question 9

Systems Thinking

Answer 9

A holistic view of a project and understanding how it relates to the larger organization

Question 10

Project Managers Skills

Answer 10

Communication Skills
Organizational Skills
Team building skills
Leadership skills
Coping skills
Technology skills

Question 11

Stakeholders

Answer 11

the people involved in or affected by project activities (project sponsor, manager, team, support staff, customers, users, suppliers, etc.)

Question 12

PMI & PMP

Answer 12

Project Management Institute provides Project Management Professional (PMP) certification

Question 13

Ethical PM Issues

Answer 13

Padding of cost and time estimations
exaggerating payoffs of project proposals
Falsely assuring customers that everything is on track
Being pressured to alter status reports
Falsifying cost accounts
Compromising safety standards to accelerate progress
Approving shoddy work