Solution manual for modern advanced accounting in canada 9th edition hilton murray.pdf

Project Management: The Managerial
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Process




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1

, Project Management: The Managerial
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Process

Chapter 1 ww




Modern Project Management ww ww




Chapter Outline ww




1. What Is a Project?
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A. What a Project Is Not
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B. Program versus Project ww ww




C. The Project Life Cycle
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D. The Project Manager
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E. Being Part of a Project Team
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2. Agile Project Management
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3. Current Drivers of Project Management
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A. Compression of the Product Life Cycle ww ww ww ww ww




B. Knowledge Explosion ww




C. Triple Bottom Line (Planet, People, Profit)
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D. Increased Customer Focus ww ww




E. Small Projects Represent Big Problems
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4. Project Management Today: A Socio-Technical Approach
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5. Summary
6. Text Overview
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7. Key Terms
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8. Review Questions
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9. Snapshot from Practice: Discussion Questions
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10. Exercises
11. Case 1.1: A Day in the Life—2019
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12. Case 1.2: The Hokies Lunch Group
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Copyright © 2021 McGraw-Hill. All rights reserved. No reproduction or distribution without
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2

, Project Management: The Managerial
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Process
Chapter Learning Objectives ww ww




After reading this chapter you should be able to:
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LO 1-1
ww Understand why project management is crucial in today’s world.
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LO 1-2
ww Distinguish a project from routine operations. ww ww ww ww ww




LO 1-3
ww Identify the different stages of a project life cycle.
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LO 1-4
ww Describe how Agile PM is different from traditional PM.
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LO 1-5
ww Understand that managing projects involves balancing the technical
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and sociocultural dimensions of the project.
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Review Questions ww




1. Define a project. What are five characteristics which help differentiate
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projects from other functions carried out in the daily operations of the
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organization?
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A project is a complex, non-routine, one-time effort limited by time, budget,
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resource, and specifications. Differentiating characteristics of projects from
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routine, repetitive daily work are below:
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a. A defined lifespan
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b. A well-defined objective
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c. Typically involves people from several disciplines
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d. A project life cycle
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e. Specific time, cost, and performance requirements.
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2. What are some of the key environmental forces that have changed the
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way projects are managed? What has been the effect of these forces
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on the management of projects?
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Some environmental forces that have changed the way we manage projects are
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the product life cycle, knowledge growth, global competition, organization
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downsizing, technology changes, time-to-market. The impact of these forces is
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more projects per organization, project teams responsible for implementing
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projects, accountability, changing organization structures, need for rapid
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completion of projects, linking projects to organization strategy and customers,
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prioritizing projects to conserve organization resources, alliances with external
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organizations, and so on.
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3. Describe the four phases of the traditional project life cycle. Which phase do
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you think would be most the difficult one to complete?
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Copyright © 2021 McGraw-Hill. All rights reserved. No reproduction or distribution without
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3

, Project Management: The Managerial
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Process
1. Defining: Project specifications objectives are defined, and teams are formed
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with major responsibilities assigned. Much of this is referred to as defining
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the Scope of a project.
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2. Planning: The creation of a comprehensive plan that includes schedules,
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budgets, staffing and risk assessment.
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3. Executing: Work begins, deliverables are produced, and progress is monitored.
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4. Closing: Putting the project to bed includes customer delivery, post project
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review or audit, and redeployment of project team.
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problematic. Disagreements at the customer acceptance can lead to rework,
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tension and in many cases litigation. Veteran project managers answer to this
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question would be ―It all depends‖.
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4. What kinds of projects is Agile PM best suited for and why?
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R&D work, technological breakthroughs, and creative endeavors.
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5. The technical and sociocultural dimensions of project management are two
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sides to the same coin. Explain.
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The technical and sociocultural dimensions of project management are two sides
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of the same coin because successful project managers are skillful in both areas.
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The point is successful project managers need to be very comfortable and
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skillful in both areas.
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Snapshot from Practice: Discussion Questions ww ww ww ww




1.1 The Project Management Institute
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1. If you were a student interested in pursuing a career in project management
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how important do you think being CAPM would be?
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There is no data available on the value of the CAPM in the job market. Experts
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suggest at a minimum it demonstrates a strong interest in project management and
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a good understanding of the project management processes. Given the growing
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demand for people to work on projects, the CAPM may just separate you from
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other applicants.
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2. How valuable do you think being a certified PMP is?
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Reliable data is hard to find. PMI reported that the median salary for a PMP is
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$108,200. Non-certified project managers, on the other hand, showed a median
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income of $91,000. According to a different survey, eighty percent of high-
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performing projects used PMP certified project managers.
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1.3 London Calling: Seattle Seahawks versus Oakland Raiders
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Copyright © 2021 McGraw-Hill. All rights reserved. No reproduction or distribution without
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