PM Chapter 1

Program

A group of projects managed in a coordinated way to obtain benefits and control not available from managing them individually. (Construction Company Programs): Single Family Homes vs Apartments vs Office Buildings)

Manager

A person who deals with the day-to-day details of meeting specific goals.

Leader

A person who focuses on long-term goals and big-picture objectives, while inspiring people to reach those goals.

Program Manager (Works above project managers)

A person who provides leadership and direction for the project managers heading the projects within the program. (IE program manager: single family home division, project manager: handles one home)

Several individual housing projects done in the same area by the same firm might best be managed as part of a _______.

Program

Project Management

The application of knowledge, skills, tools, and techniques to project actuates to meet project requirements.

Project Portfolio Management

The grouping and managing of projects and programs as a portfolio of investments.

Project Manager

The person who is responsible for working with the project sponsor, the project team and the other people involved in a project to meet project goals.

Project Sponsor

The person who provides the direction and funding for a project.

Project portfolio management addresses ___________ goals of an organization, while project management addresses _________ goals.

strategic, tactical

What is the most significant characteristic or attribute of an effect project manager?

Leads by example

Which of the following is not a potential advantage of using good project management? -Shorter development times -High worker morale -Lower cost of Capital -Higher profit margins

Lower Cost of Capital

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

project

Skils for Project, Program and Portfolio Management

1) All ten project management knowledge areas 2) The application area (domain, industry, market) 3) The project environment (politics, culture, change management) 4) General business (financial management, strategic planning) 5)Human relations: soft skills (leadership, motivation, negotiations)

Project Management Knowledge Areas (chart on pg 12)

1) Integration Management: coordinates the work of all knowledge areas 2)Scope Management: working for all appropriate stakeholders to complete project successfully 3)Time Management 4) Cost Management 5) Quality Management 6) Human Resource Management 7)Communications Management 8)Risk Management 9) Procurement Management: acquiring goods and services 10) Stakeholder management: engaging all stakeholders appropriately based on their needs

Effective project manager:

1) Lead by example 2) Are visionaries 3) Are technically competent 4) Are positive 5) Are decisive 6) Are good communicators 7) Are good motivators

Determinants of Success

1) Met scope, time and cost goals 2) Satisfied customer/ sponsor 3)Met main objective

Triple Constraint

1) Scope: What work will be done as part of the project? What unique product, service or result does the customer or sponsor expect from the project? 2) Time: How long should it take to complete the project? What is the project's schedule? 3) Cost: What should it cost to complete the project? What is the project's budget? What resources are needed? *4) Quality: How good does the quality of the products or services need to be? What do we need to do to satisfy the customer? *5)Risk and Resources

Ineffective Project Managers

1) Set bad examples 2) Are not self-assured 3) Lack technical expertise 4) Avoid or delay making decisions 5) Are poor communicators 6) Are poor motivators

Project Attributes

1) Unique purpose: well defined objective 2) Temporary: end date 3) Developed using progressive elaboration or in an interactive fashion 4) Requires resources 5) Should have primary stakeholder/ customer 6) Involves uncertainty

Top Ten Skills and Competencies for Effective Project Managers (Vary for large projects, high uncertainty projects and novel projects)

1. People Skills 2. Leadership 3. Listening 4. Integrity, ethical behavior, consistent 5. Strong at building trust 6. Verbal communication 7. Strong at building teams 8. Conflict resolution/ management 9. Critical thinking/ problem solving 10. Understands and balances priorities.

Approximately what percentage of the world's gross domestic product is spent on projects?

25%

Portfolio

A collection of projects and programs that are grouped together to facilitate effective management to meet strategic business objectives.

Ethics

A set of principles that guide our decision making on personal values of what is "right" and "wrong". *PMI has a Code of Ethics and Professional Conduct (2007)

Project

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

Best Practice

An optimal way recognized by industry to achieve a stated goal or objective.

Project Management Professional (PMP)

Certification provided by the PMI that requires documenting project experience, agreeing to follow the PMI code of ethics and passing a comprehensive exam. PMP 2014: 639,237 people

CAPM

Certified Associates in Project Management CAPM 2014: 27,168 people

Project Management Process Groups

Initiation, planning, executing, monitoring, controlling and closing.

Project Management Institute (PMI)

International professional society for project managers.

Which of the following is not an attribute of a project? -Unique -Developed using progressive elaboration -Primary Customer or Sponsor -Involves no uncertainty

Involves no uncertainty

Project Management Tools and Techniques

Methods available to assist project managers and their teams; some popular tools in the time management knowledge area include Gantt charts, network diagrams, critical path analysis, and pm software. *Super-tools*: high success and potential for improving a project

Stakeholders

People involved in or affected by project activities. (project sponsor, project team, project support staff, customers, users, suppliers, and opponents of the project)

_____________ is the application of knowledge, skill, tools and techniques to project activities to meet project requirements.

Project Management

What is the popular certification program called that the PMI provides?

Project Management Professional (PMP)

What is the triple constraint of project management?

Scope goals, time goals, cost goals.

Typical Project Constraints

Triple constraint and... (these others affect the ability to meet the triple constraint) 4) Quality: How good does the quality of the products or services need to be? What do we need to do to satisfy the customer? 5)Risk 6)Resources