Project management Flashcards
What is the primary goal of project management and why is pm needed?
Deliver satisfactory results on time within budget.
PM is needed because modern professional life is project-oriented: well-defined, specific and limited in terms of objectives, budget and time-frame
What is a widely used project management framework and what are its steps?
Project life cycle
1. Project definition/initiation (including tendering)
2. Project planning
3. Implementation and execution
4. Monitoring and quality control
5. Close-down
- Project definiton/initiation
Two options
- Client has a job and defines the project -> PM must fully understand project content
- Client has a problem -> PM help client analyze situation and identify solution, problem, etc
For large products a tendering procedure is performed to ensure best results with lowest cost
Describe open tendering
Ensures best results at lowest cost
- A client with a large project publishes a call for tender with project definition.
- A tender with detailed technical/financial specifications is developed and submitted
- Client selects tender winner
- Tendering can sometimes be conducted in 2 steps
- Further negotiation between client and winner before contract is signed and project is defined
High competition with many bids is good, many bids with same price or only one bid is bad
- Project planning
Project planning defines and finalizes the scope, partly done in tendering process and partly when contract is negotiated and signed.
For both client and contractor -> all practical/technical/legal requirements and assumptions must be clarified
- Implementation and exection
After contract award, project planning concerns a detailed work plan to ensure successful implementation of project work
Tools for detailed project work:
- Create a work breakdown structure for whole project life cycle
- Divide project into several WP and make detailed plan for each
- Make a time schedule, plan tasks and assign responsible persons
This step also include tasks of a PM, project organization, risk management, communication, financial management, documentation and reporting, and soft values in PM
Tasks of a project manager
- Complete contracted project with good results
- Keep time-schedule
- Follow budget
- Manage human and other resources
- Manage risks and handle problems
- Communication
How does a project organization look?
- Owner/representative
- Decision makers above PM
- PM
- Team members, internal experts
- Supporting staff
- External consultants
What does risk management include?
Risks are factors that can prevent the project from being completed or affect the project result quality
Two types of risk factors
1. External factors: “Force majeure”, often ruled out by contracts as they are out of control
2. Internal factors: Hardware breakdown, malfunctioning software, key personnel leaving company, etc
Three important risk aspects to assess
- Severity of consequences
- (How likely is) Occurrence
- (How easy is) Detection
Contingency plans are prepared in advance based on risk assessment
With who does PM communicate with?
- Within the project group
- Within the company
- The client
- Third parties like relevant authorities, media, other stakeholders, etc
What are important soft values in PM?
Important for achieving success in projects with more than one person
- Good cooperation
- Good communication
- Respect
- Honesty and transparency
- Social responsibility
- Joint responsibility
- Sharing knowledge
- Contract discipline
- Monitoring and quality control
Continuous monitoring: Ensuring work is completed on time, having time schedules for project members, identify changes, problems, etc, follow up expenses vs budget
QC of everything: All deliverables are double checked by another person, and an external controller if needed
- Close down
When everything including QC is done: Submit deliverables to client, submit final reports and send out last invoice
Briefing: Evaluation for future improvements with project team and client, discuss what when good and bad and why to learn from it
MSc degree project objectives
- Apply knowledge/skills from previous courses
- Receive training to develop analytical/intellectual skills
- Get experiences in independent research based on sound scientific method
