Project Management: Week 1

Sharon Ott
Flashcards by Sharon Ott, updated more than 1 year ago
Sharon Ott
Created by Sharon Ott over 4 years ago
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Project Management Chapter 1
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What is a project? A temporary endeavor undertaken to create a unique product, service or result Features: 1. start and end date 2. Unique 3. Deliverable - a product or service (tangible or intangible)
What are some attributes of projects? * Progressive elaboration * Projects require resources * Primary sponsor or customer * Uncertainty
What is a program? A group of related projects managed in a cordinated way to obtain benefits not available from managing them individually
What is a portfolio? A group of projects, programs and/or operations that may or may not be related and are managed together to achieve strategic objectives.
What is project management? * The application of knowledge, skills, tools and techniques to project activities to meet the project requirements.
How is project management accomplished? Project mgt. is accomplished through the appropriate application and integration of the 47 logically grouped project mgt. processes, which are categorized into five Process Groups.
What are the five Process Groups of project mgt.? 1. Initiating 2. Planning 3. Executing 4. Monitoring and Controlling 5. Closing IPEMC&C
What are the triple constraints? Scope, time and money
Some Project Failure Statistics (from the Standish Group) * 31% canceled before completion * 52.7% will cost over 189% of original estimates * 16.2% of software projects are completed on time and on budget * Projects completed by the largest American companies have approximately 42% of the originally proposed features
What are some project failure causes? (from Standish Group's Chaos Report) * Lack of attention to human, organizational aspects of IT * Inability to handle changes in requirements * Poor project management * Poor articulation of user requirements * Inadequate attention to business needs and goals * Failure to involve users appropriately
Name some project attributes * progressive elaboration * projects require resources * primary sponsor or customer * uncertainty
define a program a group of related projects managed in a coordinated way to obtain benefits not available from managing them individually Examples: * upgrading a company website and division pages * building a hotel
define a portfolio group of projects, programs and/or operations that may or may not be related and are managed together to achieve strategic objectives
provide some examples of portfolios * construction * HR software portfolio
what is project management? * The discipline for planning and managing resources to successful completion of goals * A set of best practices tailored to specific situations
name some benefits of project management * improved resource usage * better customer relations and high-quality * quicker development and the lower costs * increased reliability * better coordination with the project team * improved focus and worker morale
what are some objectives for achieving project success? * Cost * time * scope * operation and functionality
Name the five project management process groups 1. initiate 2. plan 3. execute 4. monitor and control 5. close
name the 10 knowledge areas of project management 1. Integration 2. Scope 3. Time 4. Cost 5. Quality 6. Human Resource 7. Communications 8. Risk Mgt. 9. Procurement 10. Stakeholder mgt.
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