PM Flashcards
(33 cards)
what is Project Management
Deals with seeking new methods of planning, organizing and controlling new routine tasks
Project management differs from enterprise management
goal of a project team: to accomplish its prescribed mission and then disband (auflösen)
Need for Project Management
more important than ever due to the shifting emphasis on teams in accomplishing tasks
many tasks do not fit neatly into business-as-usual
need to assign responsibility and authority for achievement of organizational goals
Advantages of Project Management
control of financial, physical and human resources
improved customer relations
shorter development times
higher quality, reliability, profit margins, productivity, worker morale
more coordination
Projects Explanation
Big problems we want to solve
Have a fixed direction (time period)
Strategic decisions, planning, monitoring
Projects Characteristics
Complex Conflict Impact of outcome Money Multidisciplinary Part of programs Specific deliverable Specific due date Stake of work (succeed or go) Uncertainty (risk) Unique
Definition of Project Management Institute:
“a unique temporary endeavor (Bemühung), with a set beginning and end”
“the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet the requirements of a particular project”
Project Goals
To finish within time & budget
To create a unique product or service
Consideration of Project Management
Complexity & Size
Need of Integration of several activities
Boundaries needing to be crossed
Tightness of constraints (Einschränkungen)
Unfamiliarity with Job Content/ work
Advantages of Project Management
to avoid surprises
to provide assurance
to reduce risk
to provide the tools and environment to plan, monitor, track and manage schedules, resources, costs and quality
to provide a base for future planning and good documentation
to let members learn and grow by working in a cross-functional team environment
Abilities needed for successful Project Management:
Conflict Resolution (Lösungsansätze) Creativity and Flexibility Ability to adjust to changes Negotiation Conflict Resolution Persuasion Avoiding of irrational optimism
Project success factors:
Executive support User involvement Experienced project manager Clear business objectives Minimized scope Standard software infrastructure Firm basic requirements Formal methodology Reliable estimates
Project Management Tools and Techniques:
Assistance for manager and team
Critical Path Analysis, Gantt charts, Project Charter, Work Breakdown Structure (WBS), Critical Chain Scheduling (time), Cost estimates and earned value management
Project Charter (Projektauftrag):
Statement of scopes (Möglichkeiten), objectives, goals and people who are participating in a project
Categories: components of a product, functions/ organizational units, geographical areas, time phases, deliverables (Ergebnisse)
Start: defining roles, responsibilities, stakeholders, authority of project manager (Befugnis)
Main content/ points:
Essence of a project: goals, objectives, plan, achievements
Understanding of a project: value/ reason
Final check: duties/ responsibilities
Nonnumeric selection methods:
The sacred cow (heilige Kuh) Somebody higher in the organization values project & project is supported by him till he leaves The operating necessity needed to keep the system running Competitive necessity Comparative benefits Which suits well to aim/ products of a company Comparative Benefit Method Compare different projects if possible
Numeric Selection Methods
Financial Assessment Methods
Payback period
Number of years it takes to reach Break Even Point
Discounted cash flow
Scoring methods
Unweighted
Weighted (personal relevance, agreement on … criteria * weights)
Project Portfolio Management:
selecting, supporting and managing projects
requires: decision making, prioritization, review, realignment (Wiederausrichtung), reprioritization (Priorisierung)
Steps:
Establish Project Council (Projektrat)
Identify Categories and Criteria
Collect Project Data
Assess Resource Availability
Reduce Project and Criteria Set
Prioritize Projects
Select Projects to be funded and held in reserve
Implement process
Reasons why Teams fail:
poorly developed & unclear goals
poorly defined project team roles & interdependencies
lack of motivation
poor communication
poor leadership
turnover among project team members
dysfunctional behavior (unusual behavior)
Reasons to plan:
better understanding of objectives
reduce/ eliminate uncertainty
framework for communication
basis for monitoring/ controlling/ analyzing impact of changes
Improve efficiency of operation
To facilitate the action (erleichtern)/ to guide execution
Project Master Plan (Projektgesamtkonzept):
Overview, Objectives, General Approach, Contractual Aspects, Schedules, Resource Requirements, Personnel, Evaluation Methods, Potential Problems
Statement of Work (SOW):
Detailed narrative (erzählerische) description of the work required for a project Content: Introduction, background, technical description, timeline, milestones, client/ stakeholder expectations
Tools for Planning:
WBS, Responsibility & Data Matrices, Network Diagrams, Gantt Charts
Overview of the whole Planning Process:
Statement of Work: Work, Complexity, Boundaries, Tasks,..
What & Who: Work Breakdown Structure, Organization (Pure, Functional, Matrix)
Who does what: Linear Responsibility Matrix (Task-Responsibility)
Task Description
Networks WHEN
Manpower & Material Resource Estimates HOW MUCH
Budgets:
Plans for allocating organizational resources to project activities
Forecast for resources in time, quantity and costs
Advantages:
Tying project to objectives
Tool for upper management: to monitor and guide project
Different Budgets: Top-down, Bottom-up, Activity-based costing (ABC)
What makes budgets successful:
Schedule: expenditures & revenues on a time line
Units: quantitative measurable (e.g. dollar per person)
Division: long, middle and short ranges
Milestones: for measurable goals
Use: monitoring & control
Budget breakdown: by organizational units
Target budget: include total costs & management reserves + undistributed monies
Reference: specific budget standards
