MECH 3170 Ch 1 - PM Introduction

Question 1

What is a project?

Answer 1

A temporary endeavor undertaken to create a unique product, service, or result that is constrained by resources

Question 2

What are the characteristics of a project?

Answer 2

Goal oriented;
coordination of interrelated activities;
planned, executed, and controlled;
finite duration;
unique;
Constrained by resources.

Question 3

What is project management?

Answer 3

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements (meet or exceed stakeholder needs and expectations through the control of project scope, time, cost, and quality)

Question 4

Why do companies undertake projects?

Answer 4

Meet regulatory, legal, or social requirements;
Satisfy stakeholder requests/needs;
Create, improve, or fix products, services, or processes;
Implement or change business/technology strategies.

Question 5

What are the benefits of effective project management?

Answer 5

Business objectives are achieved;
Increased chance of success;
Happy customers/stakeholders;
More predictability;
Resolution of problems and issues;
Optimization of organizational resource use;
Better management of constraints (scope, resource, cost, quality, etc);
Better management of change.

Question 6

What are operations?

Answer 6

Ongoing endeavers that produce reptitive outputs, with resources assigned to do basically the same set of tasks.
(Projects are unique, and although temp. in nature, can help achieve operational goals)

Question 7

What are the key roles in PM?

Answer 7

Project Stakeholders;
Project Sponsor;
Project Manager;
Project Team Members;
Project Management Office.

Question 8

Who are Project Stakeholders?

Answer 8

Anyone that will either gain or lose from the project (have a stake). Can include:
PM;
Customer;
Performing Organization;
Sponsor;
Individuals/groups affected by the product of a project;

Question 9

Who/what is Project Sponsor?

Answer 9

Senior executive that advocates for the project both internally and externally. They champion the project, obtains budget, and supports the PM in managing project

Question 10

Who/what is the Project Manager?

Answer 10

Person assigned by performing organization to achieve project objectives

Question 11

What are some of the duties of the PM?

Answer 11

General management;
leadership;
communication;
negotiation;
problem solving; 
decision making.

Question 12

Who/what is the project team?

Answer 12

Group of people who directly contribute to achieving project objective. Project teams varies on the size and scope of project, and could include stakeholders, subject matter experts, administration

Question 13

What is the PMO?

Answer 13

Department that centralizes and owns the PM process for an organization

Question 14

What do PMOs provide?

Answer 14

Policies, methodologies, and templates;
Support and guidance;
PMs for different projects within organization;
Ownership of PM knowledge database;
Help manage inter-dependencies between projects.

Question 15

What is a program?

Answer 15

A group of projects (or work activities) that are related

Question 16

What are some benefits of a program approach to managing related projects?

Answer 16

May help to reduce risk, provide economies of scale, and improve management

Question 17

What is a portfolio?

Answer 17

A group of programs, individual projects, and other related work that help to achieve a specific strategic business objective. (Programs, projects, and work in a portfolio may only be related in the fact they support a common strategic goal).

Question 18

What are Organizational Process Assets?

Answer 18

The plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization (PMBOK)

Question 19

What do Organizational Process Assets Include?

Answer 19

1. Processes and Procedures for PM
   (Financial control procedures, change control procedures, communication procedures, risk control procedures, standardized guidelines for PM)
2. Corporate Knowledge Base
   (Configuration management database, lessons learned database, financial databases (labour hrs, overhead costs), previous project files)

Question 20

What are Enterprise Environmental Factors? List Examples

Answer 20

Refer to conditions not under the control of the project team that influence, constrain, or direct the project
Organizational culture, structure, and governance;
Geographic distribution of facilities and resources;
Government or industry regulations or standards;
Infrastructure;
Existing human resources;
Personnel administration;
Marketplace conditions;
Stakeholder risk tolerances;
Political climate;
etc