Chapter 1: Modern Project Management

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7 Terms

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Project

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

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Major Characteristics of a Project

  • Has an established objective

  • Has a defined life span (beginning and end)

  • Involves multiple departments or professionals

  • Does something that’s never been done before

  • Has specific time, cost, and performance requirements

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Program

A group of related projects designed to accomplish a common goal over an extended period.

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Project Management

Coordinating these related, interdependent projects in a way that supports organizational strategy

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Key Drivers of Project Management

  • Compression of product life cycles

  • Global competition

  • Explosion of knowledge

  • Corporate downsizing

  • Increased focus on customers

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Technical Dimension

Formal, structured aspects—planning, scheduling, controlling projects.

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Sociocultural Dimension

The messy, human side—creating a temporary social system of diverse professionals to implement the project.