Key Elements & Components Of Project Management

Question 1

12 Essential Components Of A Project Plan

Answer 1

1. SMART Scope Definition
2. Relevant Success Criteria
3. Project Quality Standards
4. Procurement Plan
5. Final Product/Service Specification
6. Task Definition
7. Schedules And Deadlines
8. Budget Estimation
9. Risk Register
10. HR Strategy
11. Project Team Communication
12. Stakeholders’ Influence And Interest

Question 2

A project scope definition is based on…

Answer 2

on the clear and precise determination of all factors that impact project results, including the outcome quality, costs, required activities, measurements, etc.

Question 3

First thing that you have to do before starting a project is…

Answer 3

to define its scope

Question 4

What is SMART?

Answer 4

Specific
Measurable
Achievable
Relevant
Time-bound

Question 5

Criterias that determine the success

Answer 5

• expected deadlines and costs,
• quality standards,
• acceptable rates of product/service rejections,
• benefits that you expect your customers to obtain using your product/service, etc.

Question 6

How to realize if your project is performing well and giving you results that you expect?

Answer 6

you should define the criteria that determine its success.

Usually, this aspect of project planning includes the definition of success in several important terms, including time, money, and other important aspects.

Question 7

Reaching Quality Standarts usually includes three major phases, which are:

Answer 7

• quality standards definition
• the development of a strategy that will help achieve desired quality standards
• the determination of metrics that will help measure actual quality and compare it with standards

Question 8

Examples of project quality standards:

Answer 8

• The app is installed in less than 20 seconds.
• The app is loading in less than 5 seconds.
• The app can perform various functions at the same time.
• The app will provide a sleek experience with no bugs or delays

Question 9

Final Product/Service Specification is

Answer 9

the exact description of the final product or service, no matter whether it’s tangible or not. It includes both physical and other product features (size, length, weight, package, adequate storing ways, etc.), and it should be as detailed as possible, to avoid any type of ambiguities.

Question 10

In Procurement Plan you define:

Answer 10

• what products and services you need,
• how and when you need them,
• who you can get them from,
• how you’re going to measure their progress and quality.

Question 11

when determining the beginning and end of a project, you should have in mind…

Answer 11

both your capacities and human resources.

Question 12

What are the 5 stages of a project?

Answer 12

For proper project management, you need to take care of these 5 crucial stages:

• Initiation
• Planning
• Execution
• Monitoring
• Project closure

Question 13

What are the necessary elements of the project?

Answer 13

The necessary elements you need to take into account for project success are:

• Strategic planning
• Team communication
• Project prioritization
• Availability of necessary resources

Question 14

What are the three pillars of project management?

Answer 14

The three pillars of project management are:

• Availability of resources: Having required resources like workforce, capital, etc. at arsenal is vital for proper project management.
• Project prioritization: Prioritizing projects is vital to handle both crucial and non-crucial tasks perfectly.
• Time management: Both time management and project management go hand-in-hand because you can increase the number of successful projects only if you know exactly what you need to do and at which time.