Introduction to Project Management (3) Flashcards
What’s the purpose of the PMBOK Guide?
Provide and promote a common lexicon (standard) for discussing, writing, and applying Project Management practices.
What are the 5 process groups?
Initiating, Planning, Executing, Monitoring & Controlling, Closing
What’s the purpose of the Initiating process group?
Make sure you have captured all the stakeholders needs, wants, and expectations correctly - requirements gathering for the project
What’s the purpose of the Planning process group?
Establish project objectives that your team can achieve and come up with a detailed plan to achieve these objectives
What’s the purpose of the Executing process group?
Execute the project as per plan and allow for flexibility to accept project related changes
What’s the purpose of the Monitor & Control process group?
Maintain and balance scope
What’s the purpose of the Closing process group?
Meet the customer expectations. Satisfy your customer/client’s needs
What is a project?
A temporary endeavor that creates a unique product/service/result, or deliverable, even though recurring elements exist
What are the characteristics at the BEGINNING of a project?
- Cost and staffing levels are low
- Risk will be. High
- The level of uncertainty is The highest
- Probability of completing successfully is very low
- Stakeholders influence is High
What is an Operation?
An ongoing work effort meant to sustain the business; a repetitive process
Similarities: Project vs. Operation
- Planned, executed and controlled
- Resource constrained
- Performed by people
Differences: Project vs. Operation
- Project: deliverable is unique; temporary endeavor; conversion of business strategy to successful operations
- Operations: Repetitive; Ongoing work effort; sustain the business operations
Generally, strategic planning deals with at least one of three key questions:
1) “What do we do?”
2) “For whom do we do it?”
3) “How do we excel?”
What’s the relationship of Strategic Planning to Projects?
Activities that cannot be addressed within the organization’s normal operational limits are called projects.
Therefore, projects are often utilized as a means of achieving an organization’s strategic plan
Define project management?
To apply knowledge, skills, tools, and techniques to project activities to meet the project objectives
How is project management accomplished?
Through the application and integration of the 5 Project Management process groups
Who is the project manager?
The person responsible for accomplishing the project objectives
What are the three project management levels?
1) Portfolio; Executives/Directors 2) Program; Program Managers 3) Project; Project Managers
What is program management?
A group of related projects managed in a coordinated way to obtain benefits unavailable by managing them individually
What is portfolio management?
A collection of projects AND/OR programs and other work that are grouped together to facilitate effective management of that work to meet strategic objectives of the organization is called Portfolio Management
Define Organizational Project Management?
The execution of an organization’s strategies through projects by combining the systems of project management, program management and portfolio management
What is a process?
A series of actions bringing about a result
What are the characteristics of a process?
- Measurement Criteria
- Deliverables
What is a Project Management Process?
- Describe, organize and complete the work of a project
- The purpose is to initiate, plan, execute, monitor and control and close a project
- It is common to all projects
What is a Product Oriented Process?
- Specify and create the projects product
- Defined by the products life cycle
- It varies by application area
What are the elements of a process?
Inputs, Tools & Techniques, Outputs
Process groups are NOT …
Project Phases
Process Groups could be represented within a …
Project phase
Initiating process group is also called what?
Concept phase
Highlights of the initiating process group
- Project may be approved or terminated
- Determines project objectives
- Develops project charter
- Identifies all the stakeholders
- Assigns Project Manager
Highlights of the Planning process group
- Most of the project time is spent here
- It is a process of formulating and revising project goals and objectives
- The project manager with help of the team creates management plan for each of the knowledge areas
- The planning processes develop the overall Project Management Plan
Highlights of the Executing process group
- Most Of the project money will be spent here
- All the work packages/plans that were designed and developed during planning will be executed
- Implement approved changes, defect repair, preventative and corrective actions
- Team building
Highlights of Monitor & Control process group
- Measure and monitor performance against baselines
- Recommend changes, defect repair, preventative and corrective actions
- Verify scope of project
- Control procurements
- Monitor and Control project work
- Monitor stakeholder engagement
Highlights of Closing process group
- Main goal is to formally and orderly end the project activities
- Contract closure as well as archiving any project records, documents, etc.
- Procurement audits and payments are made
- Conduct customer satisfaction survey, and sign-off on project
What are the 10 Knowledge Areas?
1) Scope Management
2) Schedule Management
3) Cost Management
4) Quality Management
5) Communications Management
6) Resource Management
7) Risk Management
8) Procurement Management
9) Integration Management
10) Stakeholder Management
Define Project Scope Management:
The work and effort required to complete the goals and objectives of the project
Define Project Schedule Management:
The amount of time to complete all the activities related to the project. Also concerning project schedule
Define Project Cost Management:
The finances, expenditures, and cost associated with completion of project objectives within budget
Define Project Quality Management
THe standards relevant to the project to reach customer satisfaction and the quality deliverables
Define Project Communications Management:
Generating, collecting, storing, retrieving and distributing project related information to customers
Define Project Risk Management
Minimizing the adverse effects of consequences or actions that may inhibit project success
Define Project Procurement Management:
Securing goods and services from outside the performing organization to meet project objectives
Define Project Integration Management:
The coordination and unification of all the knowledge area processes and project activities
What are the project phases relationship with process groups & knowledge areas?
Each phase contains the entirety of all process groups and knowledge areas
