10- Project Management Flashcards
What is a project? characterised by:
human activity that achieves a clear objective against a timescale
A one-off event
Clear objective
Set timescale
PM organising and controlling the project
Project team charged with executing the project
Resources and budgets allocated
An end-customer
What is project management?
Integration of all aspects of a project, ensuring proper knowledge and resources are available, expected outcome is produced in a timely and cost-effective manner
Project mng methodologies- Advantages
The set processes of the methodology can become familiar to the project team
* Gives a systematic guide to managing the project stage-by-stage
* Projects can be assessed according to the methodology, making any deviations from
the plan or methodology easy to detect
* The methodology can be improved and adapted over time according to the
individual project team’s needs
Project mng methodologies- Disadvantages
No single methodology suits all projects or organisations
* The methodology may need customising to fit a particular project, which can be
difficult
* They may be too bureaucratic or complicated and detailed for smaller projects
* The wrong methodology can make project management less effective
* Some parts of a chosen methodology may not be suitable or necessary for the
project
9 areas of Project Management
Scope
Covers the content, objectives and boundaries of a project. Defining
these from the start helps to focus planning and control of the project
within the budget.
Time
It is important to define key activities, their duration and the sequence
they will occur in. Gantt
Charts or Critical Path Analysis.
Cost
A clear and achievable budget should be set at the start of the project.
Cost monitoring and cost control e.g. through variance analysis.
Quality
Quality needs to be balanced against cost. Quality plans
Human resource
management
Ongoing management of the project team to ensure the right staff are
selected for tasks, and that they are effectively managed, supported
and monitored throughout the project.
Procurement
Selecting the right suppliers and negotiating, contracting and
monitoring their performance for the duration of the project.
Integration
Bringing together the different areas of a project, and ensuring
everything is well-managed and effectively coordinated, e.g. by using
project plans to manage the project.
Communication
Must be carried out between all the different stakeholders involved in
the project, e.g. project board and suppliers, to avoid
misunderstandings and ensure good coordination.
Risk
Risks need to be identified and quantified, with strategies developed to
reduce and manage them, to ensure the project is prepared for most
eventualities.
Project failure
Poor initial plan E.g. not complying with a sponsor’s requirements or not considering
all regulations.
Project plan is not
followed
The specifications within the project are not followed, e.g. the needs
of the end-user are not met.
Lack of sufficient skills
Some or all of the project leadership or team do not possess the right
set of skills to fulfil their individual role or task.
Inaccurate estimates
The project plan is based on assumptions and estimates at the start of
the project, and are often subjective or related to that particular time.
This means they are prone to imprecision and human error.
Inadequate leadership
As strong and stable leadership is essential to the success of the
project, if there is not a sufficiently qualified project manager in
charge, the project team may fail to follow the project plan or the
plan may be improperly generated.
Poor resource
management
Poor usage or planning of material and human resources can mean
the project goes over budget or can lead to a skill shortage.
Instability in the project
team
Conflict within the project team can cause disruption to the project, or
if a team member leaves, they may take away vital skills or knowledge
Gido and Clements- identified hierarchy project stakeholders. High to low
Project sponsor- funding and resources, investment decisions
Project owner- overseeing the project
Client - end user
PM
Project Team
Conflicts- stakeholder why they may occur
Conflicting objectives
* Personal grievances or differences
* Lack of clear or established hierarchy
* Lack of clear communication between stakeholders
High decision during the implementation of the project
Project board project steering committee
PM- Prepare to deal with the stakeholders conflicts
Negotiation
The dispute is discussed between the parties, and they aim to come to a
mutually acceptable solution/ Mediator.
Satisficing
Both sides of the conflict have to compromise to find the fairest and least
objectionable solution for each side.
Sequential action
Taking turns focusing on the needs of different stakeholder groups.
Role of Mng Accountants
Managerial and leadership experience and knowledge
* Negotiation skills for dealing with suppliers
* Mediation skills for handling relationships between project
team members
* Problem-solving skills that can help them to manage risks
arising during the course of the project
Business partner
Management accountants in the finance department may be called
upon to provide financial information for project planning, including
feasibility assessments, and during the execution of the project.
PM- Skills
Integration- change mng skills- overcoming resistance to change
Scope-Knowledge of the project area, e.g. an IT project requires good IT
knowledge.
Human resource
management
Requires leadership skills, including:
* Obtaining results through personal direction and influence
* Team participation and consultation
* Fostering team spirit and motivation
* Recognising staff achievement
* Conflict resolution
Require delegation skills, including:
* Communicating overall and individual objectives
* Passing down responsibility for tasks
* Encouraging individual learning
Time- Effective use of time-planning models and software and assertiveness
to keep staff and suppliers focused on key targets.
Cost- Financial and budgeting expertise.
Quality- Planning and monitoring abilities, and knowledge of quality
techniques, e.g. Total Quality Management
Communication- Strong written and verbal communication skills and ability to run
meetings.
Procurement- Negotiation skills including:
* Knowing the desired outcome, e.g. price or quality
* Understanding leverage points
* Seeing the buyer’s perspective
* Knowing when it is best to walk away from negotiations
Risk- Problem-solving skills, including analysing problems, brainstorming
solutions and decision-making.
Performance measurement and control
One for the most important roles of the project manager is to monitor and control the project’s
performance and report back to the relevant stakeholders.
Considerations for a project manager:
- Performance management – Considers the project’s KPIs
- Conformance management – Ensures that the output of the project will meet the
requirements or specifications of the project sponsor and project customer
