PROJECT MANAGEMENT Flashcards
It is the use of procedures, techniques, abilities, knowledge, and experience to accomplish certain project goals in accordance with the project acceptance criteria within set bounds.
PROJECT MANAGEMENT
It is important because it makes every aspect of the company work more smoothly and successfully. When done properly, it gives leadership the ability to plan and manage projects such that every goal and delivery are met on schedule and on budget.
Importance of Project Management
Advantages of Project Management
Objectives that are clearly defined
Improved efficiency among developers, stakeholders, and project managers
Better communication and collaboration among team members
More accurate risk management and risk management analysis
Enriched quality control and better products
Disadvantages of Project Management
Can be a time-consuming process, especially during initial phases
Project management can increase project costs or require an initial investment, as tools and resources will be required to incorporate it initially
Project management can make organizations more rigid, depending on the project management methodology employed
Project management can add a layer of complexity to projects
Overreliance on technology is a consideration, as project management tools and software will need to be incorporated for project managers to track tasks and report effectively
PHASES OF PROJECT MANAGEMENT
INITIATION
PLANNING
EXECUTION
MONITORING
COMPLETION
The project manager develops the initial concept for the project and receives authorization to proceed during the beginning phase. It also lists the important components, such as the project’s objectives, scope, restrictions, stakeholders, and hazards. The project manager assembles the team and assigns roles at this point.
INITIATION
In this phase, the project manager outlines each action that will be taken as well as the order in which those steps will be completed. The project manager establishes milestones, assigns duties to team members, and produces a more thorough timetable. The stakeholders finalize and approve the budgets at this point.
PLANNING
The daily duties needed to advance the project are completed by the project manager. This entails ensuring quality control, managing issues and hazards, and making sure the team is on schedule. During this stage, the manager is responsible of everything from procurement to communication.
EXECUTION
The project manager keeps track of the project’s advancement and evaluates it in light of the plans outlined in the earlier phase. Any deviations are corrected if the manager notices them. During this phase, the project may also be modified in response to risks or opportunities that have just been identified.
MONITORING
By shutting all open projects, the project manager concludes the undertaking. This include completing any tasks that are unfinished, carrying out a post-mortem to evaluate the project’s success, and archiving any project files. It also entails releasing all resources and informing all relevant parties that the project is over
COMPLETION
Project managers are responsible for organizing, planning, and overseeing projects from start to finish. To ensure that the team completes everything on time, within the predetermined scope, and within the allocated budget, they may continuously monitor every project-related procedure. A project manager’s primary duties include some of the following:
Creating a realistic strategy that covers all project execution aspects.
Assembling a group of experts with specialized knowledge in carrying out numerous project-critical tasks.
Ensuring that everyone is performing their duties and resolving any problems that may emerge along the road to manage job fulfillment.
Keeping in close contact with the project’s stakeholders.
Keeping detailed records of the entire project completion procedure
Distributing the project’s outcomes to its recipients and providing them with instructions on how to sustain them going forward.
Being aware of the various project risks and having the skills to manage them.
Knowing when to seek assistance from superiors or other experts.
DIFFICULTIES FACED BY PROJECT MANAGEMENT
Cost
Time
Scope
The most significant constraint for the majority of projects is ____________, which is directly related to the project’s budget. It can affect how the project is carried out and has a big impact on how it is planned. It is frequently the responsibility of project managers to make sure they maintain cost and budget control.
Cost
Since each project has a deadline, _______ is still another important limitation. The cost and execution of the project may be directly impacted by this constraint. Managers meticulously plan each step of the project and make sure it is executed efficiently in order to finish it by the deadline.
Time
The third major constraint on every project is its ________. It outlines the project’s goals and suggests ways a team could work to meet them. The scope can impact how the project is carried out, which has an impact on the project’s time and cost estimates. Managers carefully establish and monitor the scope of the project to make sure the team achieves its goals.
Scope
