How is a project defined?
A temporary endeavor undertaken to create a unique product, service or result
What are major characteristics of a project?
established objective
defined life span with beginning and end
involves several departments and professionals
involves doing something that hasn’t been done before
specific time, cost and performance requirements
What is a program?
group of related projects, designed to accomplish a common goal over an extended period of time
What are the stages of the Project Life Cycle?
What does a Project Manager do?
manages temporary, non-repetitive activities -> frequently acts independently of the formal organization
negotiates resources for the project
is direct link to customer
works with diverse troupe of characters
provides direction, coordination and integration to the project team
responsible for performance and success of the project
must induce right people at the right time to address right issues and make the right decisions
What are current drivers of Project Management?
Compression of product life cycle
Knowledge explosion
Triple bottom line (planet, people, profit)
Increased customer focus
Small projects represent big problems
What is the Socio-Technical Approach?
Technical Dimension (Science)
formal, disciplined, puely logical parts of process
includes planning, scheduling and controlling projects
Sociocultural Dimension (Art)
contradictory and paradoxical world of implementation
create temporary social system within larger organizational environment to combine talents of divergent set of professionals working to complete the project
Why do project managers need to understand their organization’s mission and strategy?
To make appropriate decisions and adjustments
To be an effective project advocate
What are the two major dimensions of strategic management?
Responding to changes in the external environment and allocate scarce resources to improve competitive position
Internal responses to new action programs aimimg to enhance the firm’s competitive position
What are the four activities of the strategic management process?
Review and define the organizational mission
Analyze and formulate strategies
Set objectives to achieve strategies
Implement strategies through projects
Which problems cause the need for a Project Priority System?
Implementation Gap
(lack of understanding and consensus of organization strategy among top and middle-level managers)
Organization Politics
(project selection based on persuasiveness and power of people)
Resource Conflicts and Multitasking
(in a multi-project environment - resource sharing)
What are characteristics of objectives?
Smart
Measurable
Assignable
Realistic
Time related
What is a “sacred cow” in project management?
A project that a powerful, high-ranking official is advocating
What are benefits of Project Portfolio Management?
disciplined project selection process
links project selection to strategic metrics
common set of criteria rather than politics or emotions
allocate resources that align with strategic direction
balance risk
justify killing projects
improve communication and agreement on project goals
How can projects be classified?
Compliance (must do projects)
-> safety
Strategic projects
-> move strategy forward
Operational projects
->automate process
What is a Phase Gate Model
series of gates that a project must pass through
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