Intro to Project Management
Methods companies use to select projects
- Focus on competitive strategy and broad organizational needs - Perform net present value analysis or other financial projections - Use a weighted scoring model - Implement a balanced scorecard - Address problems, opportunities, and directives - Consider project time frame - Consider project priority (high, medium, low)
Program Management
A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
Project Attributes
A project has a unique purpose A project is temporary A project is developed using progressive elaboration or in an iterative fashion A project requires resources, often from various areas A project should have a primary customer or sponsor A project involves uncertainty
Project
A temporary endeavor undertaken to create a unique product, service, or result.
What is a weighted scoring model?
A weighted scoring model is a tool that provides a systematic process for selecting projects based on many criteria
How do companies select projects?
An organization's overall business strategy should guide the project selection process and management of those projects
What is a PMO?
An organizational entity created to assist project managers in achieving project goals
Project Deliverable
Any unique and verifiable project, result, or capability to perform a service that is required to be produced to complete a process, phase, or project
How is SWOT used?
Companies use it for strategic planning, which involves determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends, and projecting the need for new products and services
Project planning phase where you spend most of the money and time on a project
Executing Phase
Project Management Process Groups (Project Planning Phases)
Initiating Planning Executing Monitoring & Controlling Closing
What project planning phases require the least amount of time and resources?
Initiating Phase Closing Phase
Portfolio Management
Involves organizing and managing projects and programs as a portfolio of investments that contribute to the entire enterprise's success.
What is NPV?
Net present value (NPV) analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time
PMO
Project Management Office
Is it better to have a positive or negative NPV?
Projects with higher NPVs are preferred to projects with lower NPVs if all other factors are equal - It is better to have a positive NPV
Triple Constraints
Scope Time Cost
6 Project Constraints
Scope Time Cost Quality Risk Resources
What is the 4 stage planning process for selecting projects?
Strategic Planning Business Areas Analysis Project Planning Resource Allocation
What does SWOT stand for?
Strengths Weaknesses Opportunities Threats
Difference between tactical and strategic projects
Tactical goals are generally more specific and short-term than strategic goals, which emphasize long-term goals for an organization. Individual projects and programs often address tactical goals, whereas portfolio management addresses strategic goals.
Stakeholders
The people involved in or affected by project activities and include the project sponsor, project team, support staff, customers, users, suppliers, and even opponents to the project.
What are the benefits of a PMO?
o A PMO can help development standards and methodologies, provide career paths for project managers, and assist project managers with training and certification.
