Lecture 1 - The Project Context Flashcards
What are the four key aspects a project requires?
- Uniqueness
- Temporary
- Focused
- Constraints
Define ‘uniqueness’:
Exactly the same project has not been done before.
Define ‘temporary’:
- Projects have a beginning and an end.
- Temporary team move on after the project has finished.
Define ‘focused’:
The task is to deliver a specific benefit.
Give examples of constraints which can be applied to projects:
- Time
- Cost
- Quality
What are the three factors which suggest Project Management is important?
- Projects are ubiquitous and are replacing traditional organisational structures.
- Projects impact the bottom line (majority of income for companies comes from projects).
- There are disastrous consequences from poor project management (e.g. Heathrow Terminal 5 and Olympic Games 2012).
Name the 7 common project characteristics:
- Change
- Mission focused
- Temporary
- Integrating.
- Social Construction
- Emergence / uncertainty
- Aspects of uniqueness.
What are the two variables which define the common type of project?
- Volume; ‘how many tasks per unit time?’.
- Variety; ‘degree by which the tasks vary’.
These variables are typically related to the uncertainty and risk involved.
What are the three common types of projects?
- First-timers
- As but’s
- Painting by numbers
Define ‘first-timers’:
No comparable projects undertaken before.
Define ‘as buts’:
As last jobs, but with these differences.
Define ‘painting by numbers’:
Projects which are extremely similar to ones performed before thus a system to conduct them can be established.
What is the case study for Project Environment?
Nintendo Wii.
What were the major problems which occurred at the launch of the Nintendo Wii?
- Supply was unable to keep up with demand.
- Serious injuries because customers were not used to exercise.
- Large numbers of insurance claims.
What are the two models which relate to the different project environments?
- The PESTEL model; refers to the external environment.
- The MODEST model; refers to the internal environment.
What is the PESTEL model?
What in the external environment can affect the project?
- POLITICAL
- ECONOMICAL
- SOCIAL
- TECHNOLOGICAL
- ENVIRONMENTAL
- LEGAL
What is the MODEST model?
What in the internal environment can affect the project?
- MISSION
- ORGANISATION
- DELIVERY
- STAKEHOLDERS
- TEAM
Draw out the ‘conventional hierarchies’ in projects:
This is the traditional and inefficient way of managing projects
…
Define ‘general management’:
“Maintenance”
- Manages status quo, improvements through optimisation.
- Permanent organisational structures, authority well defined.
Define ‘project management’:
“Innovation”
- Overseeing change, involves resolution of conflicts.
- Works om temporary structure; fuzzy lines of authority.
Write out the flow chart of projects within an organisation (V,O,P,P,P,P):
- VISION
- ORGANISATIONAL STRATEGY
- PORTFOLIOS
- PROGRAMMES
- PROJECT STRATEGY
- PROJECT TASKS
What should the vision of a project be?
- Narrow focus (don’t try to be good at everything).
- It is expressed through a mission statement.
What tools are used in the process of organisational strategy? And what does organisational strategy provide?
- Porter’s Five Forces
- SWOT Analysis
Organisational strategy provides focus on where to invest resources.
What is the role of portfolio management?
- Vision and strategy shows that one company cannot be good at everything.
- Portfolio management focuses the company on what they are good at and pushes them in the direction of choosing appropriate projects for their skill set.
- Implement financial selection criteria (payback period, discounted cash flow, internal rate of return).
- Use scoring methods to help focus choice of projects.
