Chapter 2 Project Management Framework Project Management Framework

Chapter 2 Project Management Framework

Project Management Framework Key Concepts • What is the definition of a Project? – Temporary endeavor with a beginning and an end – Creates a unique product service or result – Is progressively elaborated • What is the definition of a Process? – Daily routine work with no end

Key Concepts (cont…) • Project Management – Application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder needs and expectations for a project • Program – A group of projects managed in a coordinated way • Portfolio Management – Collection of Projects or programs grouped together to meet strategic business objectives Note for Kamran: Can we have some animations showing high level process of the “Project Management” such as initiating, planning, executing, monitoring and controlling, and closing

Review Quiz All of the following are the characteristics of a project EXCEPT? A. It is temporary B. It has definite beginning and end C. It has interrelated activates D. It repeats itself every month PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

Review Quiz What is a Program? A. An initiative setup by the management B. A means to gain benefits and control of related projects C. A group of unrelated projects managed in a coordinated way D. A government regulation PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

Project Objectives • Management by objectives: Management philosophy has 3 steps – Establish unambiguous and realistic objectives – Periodically evaluate if objectives are being met – Implement corrective action • Constraints : Constraints are used to help evaluate competing demands among: – Scope – Quality – Schedule – Budget – Resources – Risk Change in one will most often cause a change in at least one or the other • OPM 3® – PMI’s organizational project management maturity model – Model designed to help organizations determine their level of maturity in project management

Constraints Resources Scope Risk Budget Quality Schedule

Who are Stakeholders? • • Stakeholders are individuals or organizations whose interests are positively or negatively impacted by the project Can you think of some stakeholders in a typical project? Why are stakeholders important? What should be done with stakeholders?

Review Quiz All of the following are parts of the team’s stakeholder management effort EXCEPT: A. Giving stakeholders extras B. Identifying stakeholders C. Determining stakeholders’ needs D. Managing stakeholders’ expectations PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

Types of Organizations • Functional Organization (Most Common) – Grouped by specialization within different functional areas • Matrix Organization • Weak Matrix – Power rests with the functional manager – Project Manager can be Project Expediter / Project coordinator • Balanced Matrix – Power shared between? • Strong Matrix – Power rests with? • • Projectized Organization Composite Organization

Review Quiz The project manager has the highest level of independence and authority in what type of organization? A. Strong Matrix B. Weak Matrix C. Projectized D. Functional PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

Review Quiz A project coordinator may typically be found in what type of organization? A. Projectized B. Strong Matrix C. Weak Matrix D. Balanced Matrix PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

Project Life Cycle • Defines technical work performed in each phase • Project phases can overlap (Fast tracking) • Common characteristics of Project Life cycle structure are shown: Source: PMBOK® Guide 4 th edition – pg. 16

Project Life Cycle (cont. . ) • Cost, Staffing levels are low at start, move higher as work is carried out and drop rapidly towards close • Stakeholder influences are high at start of project • Ability to influence final characteristics are high at start • Two methodologies are required to complete a project – Project Life cycle – Project management methodology

Product Life Cycle • Spans from Conception of a new product to its withdrawal • Product can require or spawn many projects over its life – Customer’s needs are identified during conception – Analyzing project competition is done during the maturity Source - PMP exam prep, 7 th edition - Rita Mulcahy, pg 27

End of Chapter Quiz Question 1. A Project is: A. A set of sequential activities performed in a process or system B. A revenue-generating activity that needs to be accomplished while achieving customer satisfaction C. An ongoing endeavor undertaken to meet customer or market requirements D. A temporary endeavor undertaken to create a unique product, service, or result PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

End of Chapter Quiz Question 2. Which of the following is not true about project stakeholders? A. They are individuals and organizations that are actively supportive of the project B. They are individuals and organizations that are actively involved in a project C. They are individuals and organizations whose interests may be affected as a result of project execution or project completion D. They are individuals and organizations that may exert influence over the projects objectives and outcomes. PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

End of Chapter Quiz Question 3. For a large complex project with cross-functional project needs, the following organizational structure gives considerable authority to the project manager: A. A strong matrix organization B. A balanced matrix organization C. A weak matrix D. A functional organization PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com

End of Chapter Quiz Question 4. Operational work is different from project work in that it is: A. Unique B. Temporary C. Ongoing and repetitive D. A part of every project activity PMP, CAPM, Pg. MP, PMI-SP , PMI-RMP, OPM 3 and PMBOK are registered marks of Project Management Institute, Inc Inov 8 Solutions Inc – Quality Educational Services For Professionals www. Inov 8 Solutions. com