Project Management Ch. 1-3

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project
is a temporary endeavor undertaken to create a unique product, service or result.
stakeholders
are persons or organizations that are actively involved in the project, or whose interests may be positively or negatively affected by the project.
Project Management
is the application of knowledge skills, tools, and techniques to project activities to meet project requirements.
Project life cycle
a collection of generally sequential project phases whose name and number determined by the control needs of the organization(s) involved in the project.
process groups
Initiating, Planning, Executing, Monitoring and controlling, & Closing
money and people
Projects are limited by time and resources such as
Soft skills
include communication and leadership activities.
Hard Skills
include risk analysis, quality control, scheduling, and budgeting work
Project Management includes
administrative tasks for planning, documenting, and controlling work
Tradeoffs
are made among the scope, quality, cost, and schedule
Functional Manger
someone with management authority over an organizational unit.
Project Executive Roles
Steering team, Sponsor, CPO
Project Management Roles
Project manager and Functional Manager, Facilitator, Senior Customer Representative
Project Team Roles
Core team members and subject matter experts
Initiating
when a project is proposed, planned at a high level, and key participants commit to it in broad terms
Planning
starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept the entire detailed plan
Executing
includes authorizing, executing, monitoring, and controlling work until the customer accepts the project deliverables
Closing
all activities after customer acceptance to ensure project is completed, lessons are learned, resources are reassigned, and contributions are recognized
scope
the sum of all products, services, and results to be provided by the project
quality
the degree to which a set of inherent characteristics fulfills requirements
Scope and quality
measure performance and should result in outputs that satisfy customers
time and cost
scope and quality are subject to constraints of
Scope management
determining all the work and only the work necessary for project completion
Time management
defining, sequencing, estimating duration, and resourcing work activities as well as developing and controlling the schedule
Cost management
planning, estimating, budgeting, and controlling costs
Quality management
quality planning, assurance, and control
Human Resources management
acquiring, developing, and managing the project team
Communications management
generating, collecting, disseminating, storing, and disposing of timely and appropriate project information
Risk management
risk identification, analysis, response planning, and monitoring and control
Procurement management
purchasing or acquiring product and services as well as contract management
Integration management
unifying and coordinating the other knowledge areas by creating and using tools such as charters, project plans, and change control
Project success
creating deliverables that include all of the agreed upon features
Project Classifications
industry, size, timing of determination of project scope and by application
Large projects
often require more detailed planning and control
planning and control
all projects require
portfolio
a logical grouping of the project management processes described in the PMBOK® Guide…. Collectively, these five process groups are required for any project, have clear dependencies, and must be performed in the same sequence on each project, independent of the application area or the specifics of the applied project life cycle
program
a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. May include elements of work outside of the scope of discrete projects in the program
subproject
a smaller portion of the overall project created
when a project is subdivided into more manageable components or pieces
Portfolios and programs
managed at a level above the typical project manager
Steering Team
The top leader (CEO) and his/her direct reports that select, prioritize, and resource projects in accordance with the organization’s strategic planning and ensure that accurate progress is reported and necessary adjustments are made
Project Management Office
an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects within its domain. The responsibilities can range from providing project management support functions to actually being responsible for the direct management of a project.
Chief Projects Officer
Keeper, facilitator, and improver of the project management system, Responsible for project standards, methods, training, documentation. Is either on the leadership team or one rung down in the organization
sponsor
the person or group that provides the financial resources, in cash or in kind, for the project
Facilitator
Helps the project manager with the process of running meetings and making decisions. Frees the project manager to concentrate on the content of the project. helps the PM understand organizational politics and provides suggestions on how to handle situations.
Senior customer representative
Ensures that the needs and wants of the various constituents in the customer’s organization are identified and prioritized
and that project progress and decisions continually support the customer’s desires
Core team member
People assigned to a project from start to finish that does most of the planning and makes most of the project level decisions.
Subject matter experts
Temporary members that are brought on board during busy times
Strategic Analysis
Analysis of internal and external environments
SWOT
Strengths, Weaknesses, Opportunities, and Threats
Strengths and Weaknesses
Elements within the project team’s control
opportunities or threats
Elements for which the project team has little/no control
Guiding Principles
vision and mission statement
vision
describes the organization of the future
mission statement
provides a mechanism for achieving the vision
Purpose
communicates why an organization exists
Beliefs
what the leaders of an organization stand for
Core values
how decisions will be made and how people will be treated
Culture
how members should act
Primary business areas
what business the organization engages in
SMART
Specific,Measurable,Achievable,Results-based,Time-specific
Strategic Objectives
Describe short term and long term results; occur annually; Support the vision and mission; Describe measures of achievement; effective measures are SMART
Flow-down Objectives
optional for large or complex organizations to ensure that appropriate goals are established
reason projects fail
Not enough resources, time, Unclear expectations
Changes to the project or disagreement about expectations
Aligned projects
contribute to the organization’s objectives
Project Portfolio
A collection of projects grouped to be collectively managed
Portfolio alignment
identifies, selects, and prioritizes projects to help achieve an organization’s strategic goals
Net present value
The most widely accepted financial model. Discount the expected future value of project costs and benefits.Subtract the stream of discounted project costs from the stream of discounted project benefits
benefit-cost ratio model
Divide the cash flow by the initial cash outlay
internal rate of return model
Calculate the percentage return expected on the project investment. A ratio above the current cost of capital is considered positive
payback period
Calculate how many years would be required to pay back the initial project investment. Shorter is better
financial models
ensure that projects make sense from a cost and return perspective
Sensitivity Analysis
Examine what would happen to the decision if factors going into it were to change
Prioritizing Projects
Determine which projects should be assigned resources and be scheduled to begin first
Scoring models
a tool to help you select and prioritize potential projects.
Types of organizational structures
Functional organization, Project organization, Matrix organization, Project Management Office organization
Projectized Organizations
The project manager assigns projects, applies resources, and directs personnel assigned to the project. No Formal Departments,
Co-location
team members are physically close
Matrix Organization
A combination of the task focus of the projectized organization with the technical capability of the functional organization
Values
personal standards that influence judgments, interaction with others, and organizational goals
organizational culture
Formal and informal practices shared among members of the organization
Power culture
formal authority (the “boss”) controls competition, conflict resolution, and communication
Role culture
strictly follow formal designations of responsibility (“roles”)
Task culture
getting the job done is most important
Person culture
genuine interest in needs and development of workers
Culture of the Project
Act ethically in the best interests of the project, the project team, other project stakeholders
Project manager behaviors
Responsibility,Respect,Fairness,Honesty
Independent tasks
Prioritize the project, Select a good contractor, kill project if needed.
joint tasks
Write and sign charter, develop clear requirements, use control system, conduct kickoff meeting.
Categories: Project Management