IN4MTX 151 Quiz 1

Project

A temporary endeavor undertaken to create a unique product, service, or result.

Operations

Ongoing work that sustains the business (continuous production of goods/services).

Project management

Applying knowledge, skills, tools, and techniques to project activities to meet requirements.

Projects vs. Operations

Projects have a start and end; operations continue indefinitely to keep the business running.

DevOps

Collaboration between project work (development) and operations to release software faster and more reliably.

Historical IT project success rate

~16.2% success rate in the 1980s (success defined as on time + on budget + met goals).

Project cancellation rate

31%+ canceled before completion; $81B+ cost cited.

PwC survey findings

Over half of projects fail (survey of 200 companies, 30 countries).

Corporation success rate

Only 2.5% of corporations consistently meet scope, time, and cost targets.

Key attributes of projects

Unique purpose, temporary, drives change, progressive elaboration, require resources, have a primary customer/sponsor, involve uncertainty.

Stakeholders

Anyone involved in or affected by the project (sponsor, team, customers/users, suppliers, etc.).

Triple constraint

Scope, Time, Cost; managing projects often means trade-offs among these.

Quadruple constraint

Adding Quality to the triple constraint; meeting scope/time/cost can still fail if quality is poor.

Knowledge areas in project management

Scope, Schedule, Cost, Quality, Resource, Communications, Risk, Procurement, Stakeholder, Integration management.

Common project management tools

Gantt charts, network diagrams, critical path analysis, kickoff meetings, progress reports, change requests.

Super tools in project management

Scheduling software, scope statements, requirements analysis, lessons-learned reports.

Project success definitions

Met scope, time, and cost goals; satisfied the customer/sponsor; delivered value/met the main objective.

CHAOS-style project outcomes

Successful, Failed, Challenged; 2015 data: 29% successful, 19% failed, 52% challenged.

Agile vs. Waterfall

Agile projects are reported as more successful overall than waterfall, especially in small projects.

Program

Coordinated group of related projects managed together to gain benefits/control not available if managed separately.

Megaproject

A single huge project (often >$1B; affects >1M people; lasts years).

Project portfolio management

Managing projects/programs as investments to meet strategic objectives.

Project management vs. Portfolio management

Project management = tactical; Portfolio management = strategic.

Primary stakeholder

project teams, users, directly affected

Seondary stakeholder

suppliers, advisors, competitors, indirectly affected

Tertiary stakeholder

government regulators/agencies, community partners

What indicates project success?

A project is considered successful when stakeholders are happy, the budget is maintained, objectives are met, deliverables are as promised, timelines are adhered to, costs are within budget, and the project performs as expected with few defects or issues.

What are the signs of project failure?

A project is deemed a failure if it misses objectives, experiences time or budget overruns, delivers poor quality outcomes, or leads to stakeholder dissatisfaction.

What does it mean for stakeholders to be happy?

Stakeholders are happy when their expectations are met, and they feel satisfied with the project's outcomes and processes.

What is meant by 'delivering on time'?

Delivering on time means completing project tasks and milestones according to the established schedule without delays.

What does 'delivering on budget' refer to?

Delivering on budget refers to completing the project within the financial constraints set at the beginning, without exceeding the allocated budget.