Project Management Midterm 1 Pt. 1

Project Management

a temporary endeavor to produce a unique product or service

Project Management Institute (PMI)

gives professionals a venue to exchange knowledge and discuss issues related to project management

PMI Project Management Definition

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements

Project Management Professional (PMP)

expert in project management

Project Management Body of Knowledge (PMBOK)

Standardized the approach to project management based on the input of professionals in the industry

Projects

The purpose is to attain objectives and terminate

Operations

The purpose is to sustain the organization

Initiation

Processes performed to define a new project or a phase

Planning

Establish the scope of the project, and define the course of action required to meet the objectives of the project or the phase

Execution

complete the work as defined in the project plan

Monitoring & Controlling

Track, review, and regulate the progress and performance of the project – identify corrective actions if required

Closure

finalize all activities across all process groups to formally close the project or the phase

Six Constraints

Time, Budget, Scope, Quality, Risk, Resources

Project Stakeholders

anyone who could impact or be impacted by the individual project

Planner

ensures the project is well defined, that resources are available, and puts processes in place for execution and control

Organizer

determines complete work effort like sequences of activities, due dates, assignments, and costs

Point Person

point of contact for all project communications

Quartermaster

ensures proper resources, materials, and facilities are available

Facilitator

links stakeholders and project team members

Persuader

gains agreement from stakeholders and manages expectations and forces resource decisions

Problem Solver

uses a full background to resolve issues

The Umbrella

shields the team from politics and noise

The Police Officer

continuously measures progress against the plan and takes corrective action 

Coach

motivates, improves skills, provides feedback

The Bulldog

master of follow-up

Librarian

manages all information and communication

Insurance Agent

continuously identifies risks and mitigation

Salesperson

change agent and team inspiration

Business Management Skills

Budgeting, finance, purchasing, coaching, performance management

Technical Knowledge

Experience and competence in a focal area of a project, Credibility

Communication Skills

Written/oral/presentation skills, Active listening

Leadership Skills

General people skills, Adaptability, flexibility, problem-solving, People management, focusing on the “big picture”

Ultimate Successful Project

Delivered as promised, Completed on time, Completed within budget, Met all stakeholder expectations

Organizational Level Issues

Projects not aligned with the business unit or organization's goals, Lack of management support, Inadequate project sponsored, Lack of leadership, Price wars, Resource conflict, Lack of dedicated team members, Underestimate the change impact

Project-Level Issues

Lack of Stakeholder Buy-In, Lack of clarity on roles and responsibilities, Poor communication, Inadequate project manager, Inadequate planning, Lack of change control management, Lack of Completion Criteria, Inadequate progress tracking, Unforeseen technical difficulties

Project Definition Document

defines project purpose, objectives, success criteria, and scope statement

Requirements Document

defines the specifications for the output of the project

Project Schedule

Shows all work efforts, properly estimated, assigned to responsible resources, and scheduled against the calendar

Project Log

captures key information for each project risks, issues, action items, and change requests

Change Request Form

Captures key information for any requested change that impacts scope, schedule, or budget

BCR (Benefit Cost Ratio)

benefit/cost

• If BCR < 1, then costs are greater than benefits

• If BCR > 1, the costs are less than the benefits

Weighted Scoring Model

Emphasize the importance of each factor by assigning a higher weight to factors that are more important and a lower weight to less important factors

Payback Period

Cash inflows are used to pay back the initial investment over a given period of time

Composite Organization

organizations in which projects can be organized and managed in functional, matrix, or projectized ways depending on the needs of the project (hybrid/flexibility)

Project Sponsor

the person or group that provides the working budget for the project (securing financing) and protects the project from unnecessary changes and low resources

Project Charter

the official, written acknowledgment that a project exists and resources will be committed to it

The State of Work (SOW)

narrative description of products or services to be supplied by the project

Business Need

describes how the project will solve a business problem or exploit a business opportunity

Product Scope Description

should show the relationship between the product and the business need that the project will meet

Strategic Plan

should document which strategic goals the project will help achieve

Business Case

a document that identifies why a project should be funded and how the project meets the business need described in the SOW

Contract

if the project is being delivered for an external customer, then the project contract can serve the same purpose as a business case serves for internal projects

Project Stakeholder

Anyone who could impact or be impacted by the project

Project Stakeholders Analysis

1. Identify all potential stakeholders

2. Identify stakeholders who might have a substantial impact on the project

3. Assess reactions or responses of key stakeholders to various situations