Lecture 2 (ch1,2,3)

Question 1

What is a project?

Answer 1

Projects are timeless (the result of the projects) (they are timebound) and universal

Question 2

Why do we do projects? (3 reasons)

Answer 2

Unmet needs, development of a new product or service, changing an organization (ex Building a house or a bridge, carrying out a political campaign or market expansion)

Question 3

Define a project:

Answer 3

“a temporary endeavor undertaken to
create a unique product, service or result”

Question 4

What is project management?

Answer 4

it is the managerial activities needed to lead a project to a successful end.

Question 5

Name characteristics of a project:

Answer 5

Definable goals (scope, quality and time bound), temporary, unique (Has probably not been done before), Invovles several departments and professions, has a unique combo of stakeholders

Question 6

What does the tripple constraints consist of?

Answer 6

SCOPE, COST, AND TIME

Question 7

What is project-based work/organization?

Answer 7

It is when an organization bases its work on projects and not so much departments and recurring maintainance work. Everyone works on timebound projects and not in their separate department.

Question 8

Why is international projects more challenging?

Answer 8

Cultural differences,
language differences,
different infrastructures (technical solutions in place or used, can also be different documentation standards etc),

Question 9

What is project management tools and why are they good?

Answer 9

It is standard processes used to agree on scope, timeline and budget. It is good for clarifying roles, it enables progress tracking and uses standard decision points.

Question 10

What is a Gantt chart?

Answer 10

A Gantt chart is a project management tool that illustrates work completed over a period of time in relation to the time planned for the work

Question 11

What is the project life cycle?

Answer 11

It is a project management tool.
The project management life cycle is broken down into four phases: initiation, planning, execution, and closure. These phases make up the path that takes your project from the beginning to the end.

Question 12

What is traditional /waterfall project management?

Answer 12

Each stage in the project is viewed as a stand-alone activity whose completion has a bearing on how and when the next stages begin.

Question 13

When does waterfall project management work well?

Answer 13

It works well when work is broken down into stages that can be completed before moving to the next one. And also when the final goal is known and tangible.

Question 14

What is agile project management?

Answer 14

Agile project management is an iterative approach to managing projects that focuses on continuous releases and incorporating customer feedback with every iteration. Work is organized in “sprints”. It is used when the scope is hard to define.

Question 15

What to consider when choosing projects?

Answer 15

Consider the project’s connection with the vision of the organization. How will the project help to achieve the mission and vision? And what projects can create synergies with other projects already undertaken by the firm?

Question 16

What does a business case explain?

Answer 16

How the project will help the org to achieve its strategy and vision and how much resources the project will need. As well as why the project is worth investing in.

Question 17

The __________________ best
describe(s) why a project is
being undertaken.
A) Statement of work
B) Business case
C) Subprojects
D) Source selection criteria

Answer 17

B

Question 18

Why do projects fail?

Answer 18

not enough resources,
Not enough time,
unclear project expectations,
Scope creep,
disagreeing stakeholders,
poor planning

Question 19

Signing a charter represents transition between which two project stages?

Answer 19

From the high-level project initiating into the more detailed project planning stage

Question 20

What is a project charter?

Answer 20

An informal contract between the project
team and the sponsor.

Question 21

What functions does a project charter have?

Answer 21

Authorizes the Project Manager to proceed,
Helps to develop a common understanding,
Helps the team and the sponsor to commit

Question 22

What are two key elements of a project charter?

Answer 22

The business case (Why the project is needed) and the scope overview (What the project entails).

Question 23

What is scope creep?

Answer 23

“uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.”

Question 24

How is a charter like a contract? How is it different from a contract?
This is an example of an open-ended question for the exam. 10 point possible.

Answer 24

• It is an agreement entered into by the two parties through consensus and one of
  them cannot arbitrarily change it. (2p)
• It is a living document that can be changed if both parties agree and both receive
  something of value. This means that if a sponsor needs to change the terms of the
  project such as to make a demand for earlier completion, the sponsor then needs to
  work with the team to determine how to accomplish it – not just demand more
  overtime with no compensation. (4p)
• A charter is different from a contract in that the parties are agreeing to the “spirit” of
  the project. The details are not worked out yet, so there is no “fine print” as in many
  contracts. (3p)
• The schedule, budget, exact deliverables, etc. may change, but all parties agree to
  keep working hard to help make the project successful.(1p)

Question 25

Difference between projects and operations?

Answer 25

Operations are ongoing work needed to ensure that an organization continues to function properly whilst projects are temporary and unique.

Question 26

Is processes needed for both projects and operations?

Answer 26

Yes. A process is a series of actions undertaken to bring about consistent and similar results. The project management is concerned with processes such as planning, budgeting, risk management etc.

Question 27

What is a sponsor?

Answer 27

A senior manager serving in a formal role is given authority and accountability for the successful completion of a project. The sponsor also assists and mentor the project manager.

Question 28

What is a customer?

Answer 28

In project management, the customer is the one defining the requirements of the project and often setting the parameters such as budget and deadlines.

Question 29

What is a steering team?

Answer 29

It is often the CEO or other officer that has responsibility to choose, prioritize and resource all projects undertaken.

Question 30

What is the Project management office (PMO)?

Answer 30

A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Question 31

What are the four main purposes of a project charter?

Answer 31

1. Authorize the project manager to proceed.
2. Help the project manager and sponsor to develop a common understanding.
3. Help the PM and sponsor to commit to the spirit of the project.
4. Quickly screen out obviously poor projects.

Question 32

What is acceptance criteria?

Answer 32

They stipulate which conditions must be met in order for the deliverables to be approved.