MGMT 430: Project Management Exam 1

What is the connection between a firm's strategy and its project selections?

- Strategic analysis > guiding principles: vision & mission > strategic objectives > flow-down objectives > portfolio alignment

Agile project life cycle model

- Used for information systems & other projects that allow for incremental plans & benefits - Project envisioning, requirements gathering, incremental implementation (sprints)

What are the six activities required of the PM to develop the project team?

1. Understand stages of project team development. 2. Understand characteristics of high-performing project teams. 3. Assess individual member capability. 4. Assess project team capability. 5. Build both individual and team capability. 6. Establish team ground rules (team charter).

Range of Uniqueness

95%-5%

Closing and realizing

Includes all activities after customer acceptance to ensure project is completed, lessons are learned, resources are reassigned, contributions are recognized, and benefits are realized.

What types of power might a project manager use to "get things done?"

Legitimate Power Reward Coercive Referent Expert Information Connection

Resource

Skilled human resources, equipment, services, supplies, commodities, material, budget, or funds

Legitimate Power

a. Formal authority based upon user's position b. When used Asking people to perform within their job description

Project selection & prioritization matrix:

rate on a specific criterion, then multiply by the weight assigned, then total each project. Highest scoring should win, other criteria can be used as tie breakers

Planning

starts after initial commitment, includes detailed planning, and ends when all stakeholders accept the entire detailed plan

How do teams develop?

- Developing a highly effective project team requires the following six activities from the project manager. A. Understand stages of project team development Forming Norming Storming Performing Adjourning B. Understand characteristics of high-performing project teams Personal Values Behavior Methods Communication Methods Project Methods Feelings for each other Personal Rewards Project Results C. Assess individual member capability Activity-specific knowledge and skills Personal planning and control Personal learning Organizational understanding Interpersonal skills and sensitivity D. Assess project team capability Having members understand their roles in order to perform better. E. Build both individual and team capability Demonstrate personal leadership Utilize project management tools Demand situational leadership Create a desirable team identity Teach personal responsibility Develop understanding and respect Use a learning cycle F. Establish team ground rules (team charter) Encourage participation Discuss openly Protect confidentiality Avoid misunderstandings Develop trust Handle conflict

How is "agile" project management different from "traditional" project management?

- The customer representative role is so continuous and active that it's both an executive and managerial role which is also called a "product owner." - There also may be a designated sponsor (also known as a "product manager") who controls the budget. - Collaborative effort and communication, specifically with the client, are common features of Agile project teams. - Agile project management has resources and schedules that are fixed and considered constraints. - Agile project management consists of a project manager that serves and leads while facilitating collaboratively is known as a scrum master.

Construction project life cycle model

- Used to design build projects - Pre-planning, design, procurement, construction, start up

Research & Development (R&D) Project Life Cycle Model

- Used to organize, plan & manage research & development efforts - Idea generation, idea screening, concept development, validation, transition

DMAIC model (six sigma)

- Used to plan & manage quality & productivity improvement efforts - Define, Measure, Analyze, Improve, Control

Project charter is a contract

- agreement entered freely by 2+ people, one party can not arbitrarily change it, there is something of value for each party, it's a living document that can evolve - Can also be called project request, project submission form, or project preplanning form

Cost-benefit analysis:

- financial analysis tool used to determine the benefits provided by a project against its costs

What is a project charter?

- short document (usually about three pages) serves as an informal contract between the project team and the sponsor (who represents both senior management of the organization and the outside customer, if there is one). - the project charter reflects a common understanding and collaboration between the project sponsor and the project manager. Negotiation skills of the project manager also play an important role in developing the project charter. I. First, it is an agreement entered into freely by two or more parties. Ii. Second, one party cannot arbitrarily change it. Third, there is something of value in it for each party III. Third, there is something of value in it for each party IV. Finally, it is a living document that can evolve with changing conditions if both parties agree and receive something of value for making the change.

List personal values that a PM should recruit for when establishing a high performing project team

1. High need for achievement 2. Understanding and acceptance of personal responsibility 3. Commitment to self-development and self-directed behavior 4. Ability to put project needs before their own needs within reason 5. Willingness to consider alternative views and to change 6. Personal commitment to the project

List the characteristics of communication methods on high performing project teams

1. Information is freely and widely shared within and beyond the team. 2. All important topics are openly discussed. 3. Conflict over approaches is valued, but personal conflict is discouraged. 4. Potential problems are proactively reported. 5. Teams conduct frequent debriefings and reflect to collectively learn. 6. Barriers to communication are overcome.

List ways to acquire project team

1. Preassignment of project team members 2. Negotiation for project team members

What is the PMI Code of Ethics and Professional Conduct?

1. Responsibility—take ownership for decisions. 2. Respect—show high regard for ourselves, others, and resources. 3. Fairness—make decisions and act impartially. 4. Honesty—understand the truth and act in a truthful manner.

List the behaviors that are characteristic of high performing project teams?

1. Team members are selected to represent the right skill mix. 2. Team members help each other. 3. Team members demonstrate a constant focus on improvement. 4. Team members use effective time management, including for meetings. 5. Team members strive for innovation with few formal procedures. 6. Team members capture, share, and use lessons learned.

Subject Matter Experts

1. many projects also have a specific and temporary need for additional help. The necessary help may be an expert who can help make a decision. 2. may be extra workers who are needed at a busy time during the life of the project. Some extra help may be needed for as little as one meeting; other extra help may be needed for weeks or months. 3. These extra helpers are often called subject matter experts (SMEs) since they are usually needed for their specific expertise 4. SMEs are not on the core team but still are essential to the project. SMEs may be on a project for a long time and thus be almost indistinguishable from core team members. 5. However, SMEs may spend only a little time on a particular project and, therefore, may not relate strongly to it 6. Typically, a project manager would have a newly assigned SME read the project charter and the minutes from the last couple of meetings before discussing the project with him. It is a balancing act to ensure that the SME understands what she needs to do and how important it is, without spending a great deal of time in the process.

Core team members

1. the small group of people who are on the project from start to finish and who jointly with the project manager make many decisions and carry out many project activities. 2. Ideally, the core team is as small as practical. It collectively represents and understands the entire range of project stakeholders and the technologies the project will use 3. The ideal type of core team member is one who is more concerned with completing the project (on time, with good quality, and on budget, if possible) than with either personal glory or with only doing work in his or her own discipline. He or she does what it takes to get the project done.

Functional Organization

A hierarchical organization where each employee has one clear superior and staff are grouped by areas of specialization and managed by a person with expertise in that area is "an organizational structure in which staff is grouped by areas of specialization and the project manager has limited authority to assign work and apply resources. The way in which a functional organization impacts a project manager is that in which they have limited authority to assign work and apply resources. In a functional organization, it is clear of authority according to the type of work.

What are the project management (PMBOK) process, groups?

A logical grouping of project management inputs, tools and techniques, and outputs. - 5 process groups - Project Management Process Groups are not project phases

Process

A process is described as a series of actions designed to bring about consistent and similar results or services. A process is usually designed to improve productivity. Thus, processes are repetitive and produce consistent and similar results, whereas projects are unique: each project delivers results that are distinct from other projects. - Both the projects and the operations are associated with processes.

What is a program management plan?

A program management plan is defined as applying knowledge, skills, tools, and techniques to meet requirements and to obtain predetermined benefits. It also consists of portfolios, projects, and subprograms.

What are PM strategies to promote project needs at the norming stage?

Add SMEs as needed, authorize work, and improve work processes

Project Management Office (PMO)

An organizational structure that standardizes project-related governance processes and facilitates the sharing of methodologies, resources, tools, and techniques

Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project specifications

Scope Change - Scope Creep -

Any change to the project scope. A scope change almost always requires adjustments to the project cost or schedule. Uncontrolled expansion to product or project scope without adjustments to time, cost, and resources

What are the various roles on a project team?

Core team members Subject Matter Experts

Methodology

Defines the approaches, tools, and data sources that will be used to perform risk management

What are PM strategies to promote project needs at the Forming stage?

Develop scope overview, milestone schedule, risks, and learnings in charter

What are PM strategies to promote project needs at the storming stage?

Develop scope statement, WBS , schedule and risk register

What are the different types of organization forms, and how do they impact the project manager role?

Functional Organization Projectized Organization Matrix Organization Composite Orgnaization

Traditional project management roles

Functional manager Project manager Facilitator

What are the project management (PMBOK) knowledge areas?

Identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques - 10 knowledge areas

What are PM strategies to promote project needs at the performing stage?

Monitor and control project according to plan and update plans as needed.

PM Technical and Administrative

PM must possess sufficient technical knowledge in order to direct the project. PM must possess skills for keeping a project on schedule and within costs as well as ensuring reports are accurate and timely; making sure the team has equipment, labor, and material when needed; and representing interests

What are characteristics of high performing project teams?

Personal values drive behavior, communication and project methods, which result in feelings for each other which result in personal rewards and project results.

Describe the PDCA model for building project team capability cycle?

Plan: Use lessons from previous projects to drive learning Do: Develop shared meaning and approaches Check: Evaluate approaches and select desired approach Act: Enact approach and gain border commitment

Contigency Reserve

Planned amount of money or time that is added to an estimate to address a specific risk

Management Reserve

Planned amount of money or time that is added to an estimate to address unforeseeable situations

PMBOK

Project Management Body of Knowledge

Project Constraints

Scope, Quality, Schedule, Budget, Resource, Risk

Selecting and initiating

Starts when an idea for a project first emerges and the project is selected and planned at a high level, and ends when key participants commit to it in broad terms.

Traditional project executive roles

Steering team Sponsor Customer Chief projects officer/ project management office

What are PM strategies to promote project needs at the adjourning stage?

Test project deliverables and secure team member endorsement of them

Budget

The approved estimate for the project or any work breakdown structure component or any schedule activity

Composite Organization

The complexities of the real world rarely lead firms to organize their projects in any of the "pure" structure forms; thus, combinations are common in practice

Schedule

The conversion of a project work breakdown structure into an operating timetable

Quality

The degree to which a set of inherent characteristics fulfills requirements

Define acquire project team?

The process of confirming human resource availability and obtaining the team necessary to complete project assignments.

Define develop project team

The process of improving the competencies, team member interaction, and overall team environment to enhance project performance.

Define manage project team

The process of tracking team member performance, providing feedback, resolving issues, and coordinating changes to optimize project performance.

Project Life Cycle

The series of phases that a project passes through from its initiation to its closure. The PLC describes the time and work that has been put in from the start to the end of a project. The stages in a project life cycle are - initiation - planning - execution - closure

Scope

The sum of the products, services, and results to be provided as a project

Executing (Process Group)

Those processes performed to complete the work defined in the project management plan to satisfy the project specifications.

Closing (Process Group)

Those processes performed to finalize all activities across all Process Groups to formally close a project or phase.

Initiating (Process Group)

Those processes preformed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase

Planning (Process Group)

Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.

Monitoring and Controlling (Process Group)

Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.

When is the most ideal time to onboard project team members and SME's?

When the charter is being written.

Matrix Organization

a combination of functional and projectized - developed in the attempt to gain collective benefits and avoid their limitations. Categorized as weak, balanced, or strong depending on the relative level of power and influence between the functional managers and the project manager matrix organization is "any organization in which the project manager or project team leader actually shares responsibility for the project with a number of individual functional managers. The impact on the project manager role is that there is shared responsibility for the project with different functional managers. Something else to note as well is that both managers may give conflicting advice on a project on what they think is "best."

Program

a combination of related projects which are managed in a well-coordinated manner for gaining various advantages and control which cannot be achieved by managing these separately. It can incorporate the various related work which is not within the control of the scope of discrete projects in the program. Example: Implementation of Six Sigma in the production unit.cope: In comparison to projects, it has more scope and the main focus remains on achieving the goals. The extent to which the program fulfills the needs and advantages which are determined for the program.

Portfolios

a combination of various projects or programs and other related activities that are combined together in order to obtain effective management of work so that strategic business objectives can be fulfilled. It is not necessary that there should be a direct connection or relation of projects and programs of the portfolio Example: Satellite launch program of NASA Scope: Strategic business objectives define the scope of portfolios. The aggregate performance of the elements of the portfolio determines the success of it along with long term value creation for the stakeholders.

Agile

a form of adaptive or change-driven project management largely reacting to what has happened in the early stages of a project rather than planning everything in detail from the start - Change-driven project / adaptive / "agile" - Early results lead to planning work later - Values individuals more than processes, working software more than documentation, customer collaboration more than negotiation, & response to change over following a plan

Project team

a selected group of individuals with complimentary skills & disciplines who are required to work together on interdependent & interrelated tasks for a predetermined period to meet a specific purpose or goal

Projects

a special combination of various activities which are well controlled and coordinated to accomplish a certain objective following some certain requirement and including the various constraints such as time cost and efforts. It can also be defined as a temporary endeavor to develop a certain product or service - unique, no two projects are identical Example: Development of Apple iPhone Scope: It includes the well-defined objectives and scope of the projects that are extended during the project life cycle. The success of the project is evaluated in terms of quality, schedule and budget compliance, and customer satisfaction level

Reward

a. Persuading others based upon giving them something b. When used If team members perform well and if negotiating for resources

Four purposes of a charter

authorization, understanding, commitment, & screening

Benefit Cost Ratio (BCR):

cash flow/project investment; neutral ratio = 0, higher ratio better

Operations

consist of the ongoing work needed to ensure that an organization continues to function effectively. Operations managers can often use checklists to guide much of their work.

Net Present Value (NPV):

discounted project revenue minus discounted project costs; neutral NPV = 0, higher NPV is better

List the stages of team development

forming, storming, norming, performing, adjourning

Scoring Models:

helps to prioritize potential projects with criteria other than financial - First steps: · Identifying potential criteria · Determining mandatory criteria · Weighing criteria · Evaluating projects based on criteria

Performing

high mutual trust, high commitment, self-managed team

Storming

interdependence of members, manage difference & conflict, focus on consensus-building

Forming

low familiarity with the team, individual roles not clear, emphasis on collective goals

Adjourning

members prepare for disbandment Leaders can help ease the transition by rituals celebrating "the end" and "new beginnings"

Projectized Organization

often have departments, but they can either report directly to a project manager or provide support services to the various projects projectized organization can be defined as "group employees, collocated or not, by activities on a particular project. The way in which a projectized organization impacts a project manager is that in which they may have complete, or very close to complete, power over the project team. The project manager also extensive authority for budgets, personnel, and other decision-making issues.

Norming

participation & empowerment, commitment to team goals, roles & responsibilities

Internal Rate of Return (IRR):

percentage return on project investment; neutral IRR = cost of capital, higher IRR better

Integration Management (knowledge area)

processes and activities to identify, define, combine, unify, and coordinate the various processes and project management activities

Cost Management (knowledge area)

processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget

Risk Management (knowledge area)

processes of conduction risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project

Scope Management (knowledge area)

processes to ensure that the project includes all the work required, and only the work required, to complete the project successfully

Communications Management (knowledge area)

processes to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information

Stakeholder Management (knowledge area)

processes to identify the people, groups, or organizations, that could impact or be impacted by the project, analyze their expectations and impact, and develop strategies for engaging them in project decisions and execution

Resource Management (knowledge area)

processes to identify, acquire, and manage resources needed to successfully complete the project

Quality Management (knowledge area)

processes to incorporate the organization's quality policy regarding planning, managing, and controlling quality requirements to meet stakeholders expectations

Schedule Management (knowledge area)

processes to manage timely completion of the project

Procurement Management (knowledge area)

processes to purchase or acquire products, services, or results from outside the project team

Payback period (PP):

project costs/annual cash flows; neutral PP = accepted length, shorter PP better

What is the role of a project sponsor?

project sponsor is a manager or executive of the company who is responsible for the accountability of the project, project sponsor ensures that the project is meeting the goal set by the business. - : a senior manager serving in a formal role given authority & responsibility for successful completion of a project deemed strategic to an organization's success - Represents senior management of the organization & outside customer (if there is one) - Often a busy executive that cannot be present throughout the whole process, helpful to create the first draft to tell project manager/core team what the project is & why it's important & what considerations to make (constraints, assumptions, risks, etc.) - The sponsor is presented with the project charter for approval

Executing

starts when the plan is accepted and includes authorizing, executing, monitoring, and controlling work until the customer accepts the project deliverable's

What types of selection criteria are used to select projects for implementation?

the contractor should understand the project's source selection criteria, the "basic minimum criteria the sellers have to be fulfilled to get shortlisted."* While criteria will vary extensively from one project to another, generally a client will likely want to be convinced that the potential contractor is technically, managerially, financially, and operationally competent. Successful project managers try hard to convince potential clients that they are capable of all four dimensions. There are two different methods for selecting a project: Financial and Scoring Models But there are 3 different approaches to use as factors when selecting a project 1st- Some organizations use financial analysis as the primary means of determining which projects are selected. 2nd- Some organizations use financial models as screening devices to qualify projects or even just to offer perspective, qualified projects go through a scoring model. 3rd- Financial justification is one factor used in a multifactor scoring model.