Project Management Overview

Question 1

Define Project Management.

Answer 1

Project Management is the application of knowledge, skills, tools, and techniques to projects activities to meet the project requirements.

Question 2

Identify and Explain the foundations of Project Management.

Answer 2

The foundations of Project Management includes:

1. Projects themselves are temporary, and each one is unique. Each promising to result in a deliverable (Product, Service, or Result).
2. Projects have a definite beginning and end.
3. Projects drive change within their organization. This means bringing it from one original state to a new future state.
4. Projects enable business to create value. Whether tangible or intangible, it is the perceived benefit from the completion of the project.
5. Project Initiation Context

Question 3

What are four fundamental contexts that warrant the initiation of a project?

Answer 3

1. Meet Legal, Regulatory, or Social needs.
2. Satisfy Stakeholder requests or needs
3. Implement or change business or technological strategies.
4. Create, improve, or fix products or services.

Question 4

Describe how Project Management fits into the traditional business environment.

Answer 4

Due to an accelerating rate of change in the business environment, managers are embracing project management to stay competitive in a globalizing economy.

Question 5

Explain the benefits of Project Management.

Answer 5

Project Management enables organizations to:

1. Tie project results to business goals
2. Compete more effectively in the market
3. Sustain the organization
4. Respond to the impact of of business environment changes on projects by appropriately adjusting project management plans
5. The successful completion of Project Management results in value creating for the organization.

Question 6

What are some examples of the value created by Project Management?

Answer 6

They can be separated into 2 categories:

1. Tangible assets - This can be any tangible asset such as money, equity, utility, tools, or market share.
2. Intangible assets - This is any perceived benefit, such as goodwill, brand recognition, public benefit. etc.

Question 7

What roles do people have in Project Management?

Answer 7

People in Project Management have a variety of roles, such as:

1. Leadership Roles - Project Managers are usually leading a project team towards the completion of projects.
2. Business Roles - Project Managers are expected to have knowledge in business management and as well as the industry with which they are working in.
3. Technical Roles - While Project Managers may not need to know each and every technical skill within their industry they work for. It is important to know OF them.

Question 8

Discuss the challenges facing Project Management.

Answer 8

Today’s business environments have to be able to handle challenges such as:
Tighter Budgets, Shorter Timelines, A Scarcity of Resources, and rapidly changing technology.

Question 9

What are External Environmental Factors (EEF)s?

Answer 9

EEFs are conditions outside of the control of the project team that influence, direct, and constrain the project.

Question 10

What are Organizational Process Assets (OPA)s?

Answer 10

OPAs are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization.