MGMT 364 Quiz 1

difference between a project and a process

-project: working with different people, deliverables, and resources; not routine -process: no start or finish, improvement, predictable

project governance: an integrative approach

-senior mgmt linked to project execution -firm's project mgmt improvement -project mgmt activities -resource usage -project portfolio risk level funnels into senior mgmt

what is a project limited by?

-time -budget -resources -performance specifications

what is a project?

a complex non-routine one time effort

how is project success determined

customer satisfaction, goal achievement, parameters met

increased customer focus

customization, multiple product lines

small projects

more than 1 project at a time

the challenge of project management

must induce the right people at the right time to address the right issues and make the right decisions

knowledge explosion

need to understand what is valuable knowledge and what is not

key to project governance

orgs must have a set of tools and processes to use consistently to increase effectiveness

technical

scope, wbs, schedules, resource allocation, baseline budgets, status reports

triple bottom line (planet, people, profit)

selecting projects important to the company

general project characteristics

what it is, how long, how much

why is project management important?

-evolving profession with increased opportunity -not limited to the private sector -who is a project manager? can be anyone

project characteristics

-has specific time, cost, and performance requirements -has an established objective -has a defined life span with a beginning and end -requires across-the-org participation -involves doing something never been done before

project manager roles

-marshals resources for the project -provides direction, coordination and integration to the project team -is linked directly to the customer interface -is responsible for performance and success of the project

closing includes

1. train customer 2. transfer docs 3. release resources 4. eval 5. lessons learned

project life cycle stages

1. defining 2. planning 3. executing 4. closing

defining includes

1. goals 2. specifications 3. tasks 4. responsibilities

problems resulting from the uncoordinated project mgmt systems include

1. projects that do not support the orgs overall strategic plan and goals 2. independent decisions that create internal conflict and confusion 3. failure to prioritize results in wasted resources

planning includes

1. schedules 2. budgets 3. resources 4. risks 5. staffing

the two dimensions of the project management process

1. sociocultural 2. technical

executing includes

1. status reports 2. changes 3. quality 4. forecasts

compression of the project life cycle

be competitive, be better organized, be a good time manager

not all stages have to be ___________ before others can begin

complete

current drivers of project mgmt

compression of the project life cycle, knowledge explosion, triple bottom line, increased customer focus, small projects

sociocultural

leadership, problem solving, teamwork, negotiation, politics, customer expectations

project manager

manages temporary, non-repetitive activities and frequently acts independently of the formal org