MIST 5740s Final questions and answers 2023

MIST 5740s Final questions and answers 2023 Project A temporary endeavor undertaken to create a unique product, service, or result. Project Management The application of knowledge, skills, tools, and techniques to project activities to meet project requirements Managing a project includes 1. identifying requirements 2. establishing clear and achievable objectives 3. balancing the competing demands of quality, scope, time, and cost 4. adapting the specifications, plans, and approach to the different concerns and expectations of the various stakeholders How do projects create measurable organizational value? ... What are the triple constraints? Resources, Time, Scope Why/How does the triple constraints apply to all projects? A project manager must balance all three variables(Resources, Time, Scope) to create the optimal project. What are the challenges involved in Managing Projects? Personnel Estimating Authority Controls Managing Projects Challenges - Personnel Every project has different personnel needs. The number of people and their skillsets are different for each project. Staffing the projects is difficult as these people may work on more than one project for the organization. Managing Projects Challenges - Estimating To evaluate potential projects, organizations may need accurate estimates of costs and schedules. Because each project is different, estimates may contain more assumptions than facts. Managing Projects Challenges - Authority When projects cross organizational borders, it is no longer clear who has authority in many decisions. This can lead to political maneuvering and a gridlock that block progress Managing Projects Challenges - Controls Normal accounting practices match operational budgets to operational costs on a quarterly or an annual basis. But these time frames are not sufficient to keep a project on track. By the time quarterly accounting reports show a project to be over budget, it may be so far out of control that it is beyond recovery. How can you meet stakeholder expectations of value? 1. Set realistic expectations about the cost-schedule-quality equilibrium with all the project's stakeholders and connect these constraints to the business case used to justify the project 2. Manage expectations throughout the project. If the equilibrium changes, make sure everybody knows and accepts the new equilibrium. 3. If at any point it appears that delivering to the cost-schedule-quality target will fail to meet the original business objectives, re-evaluate the target 4. Deliver the promised product, on time and on budget. What is the ultimate challenge for any project manager? No Damage. The ultimate challenge for project managers is to meet the cost, schedule, and quality goals without hurting the people working on the project. What are the three project management functions? Project Definition Project Planning Project Control Project Definition Lays out the foundation of the project. Made of two activities. - PM must determine the purpose, goals, and constraints of the project. They must answer questions like "Why are we doing this?" and "What does it mean to be successful?" These questions lay out the foundation for the project because they describe the triple constraints and connect the project to the mission of the organization. - the manager must establish basic project management controls. They must get an agreement on the personnel and organizations involved in the project and what their roles will be. The manager must also clarify the chain of command, communication strategy, and change control process. The documented acceptance of these decisions and strategies communicate expectations about the way the project will be managed. It will also allow you to keep people accountable. Project Planning Puts together the details of how to meet the project's goals, given the constraints. Common estimating and scheduling techniques will lay out just how much work the project entails, who will do the work, when it will be accomplished and how much it will cost. Along the way, risk management activities will identify areas of greatest uncertainty and create strategies to manage them. The detailed strategies laid out in the plan becomes a reality check for the triple constraints developed during the project definition. Project Control Includes all the activities that keep the project moving towards the goal. These activities include... Progress measurement Communication Corrective action Project Control - Progress Measurement Measuring progress frequently identifies any problem early, making them easier to solve. Progress measurement is also a feedback mechanism, validating the estimates in the plan and the triple constraints. Project Control - Communication Communication is critical in controlling a project, because it keeps all the participants coordinated and aware of project progress and changes Project Control - Corrective action This consists of the day-to-day responses to all the obstacles and problems a project may encounter. Project Life Cycle 1. Define 2. Plan 3. Execute 4. Closeout Project Life Cycle - Define This phase begins when a project and project manager are named in a project charter and it is completed when the project rules are approved. Approving this document means that all parties agree on the project goals, approaches, and triple constraints Project Life Cycle - Plan After the rules are approved, the PM begins building the project plan. As the details of how to execute the project are worked out, it is likely that some of the decisions in the project rules will change. At the end of the planning phase, all parties must approve the plan and any changes made to the rules. Project Life Cycle - Execute This is the stage of performing the project. This phase takes about 90 percent or more of the project's effort. The execution phase of the project is complete when the goal of the project is reached. Project Life Cycle - Closeout This is the smallest phase of the project. Closeout activities perform 3 important functions. 1. making the transition to the next phase 2. establishing formal closure of the project in the eyes of the customer. 3. reviewing project successes and failures with a view to improving future projects. Organizational Structures Function-Driven Firms Matrix Organizations Project-oriented Organizations Function Driven Firms Organized around primary functions such as advertising, engineering, information systems, manufacturing, and human resources. Projects within functional groups pose no organizational problems, but projects that span functional groups are arduous to manage because they project managers have no functional authority and must work through the managers to assign, monitor, and coordinate work. Matrix Organization Are required when many projects span functional boundaries. This structure gives authority to both project managers and functional managers by having them all report to the same executive. Functional managers are responsible for assigning personnel to projects and will maintain responsibility for long term administration issues. Project managers assign, monitor, and coordinate work among members of the project team. Main problem with the matrix organization is that every person working on a project has two bosses and if these people work on more than one project, they will have even more. Project-Oriented Organization Appropriate for firms that work on large, long term projects. Rather than finding projects within and among functional departments, functional departments exist with the project. Project oriented firms may have redundant operations among multiple projects, but they are willing to put up with that organizational inefficiency in order to maximize management effectiveness for each project. Surviving your organizational structure - Authority The difference between organizational styles is that some favor projects while others favor ongoing operations. Less authority means more effort goes into making and implementing decisions. Surviving your organizational structure - Communication Is a primary project success factor no matter the organizational style. Most organizational structures facilitate vertical communication patterns, but your communication requirements may run counter to the prevailing patterns. Crossing organizational boundaries always takes more effort, but you must do whatever is necessary to keep all stakeholders informed and coordinated. Surviving your organizational structure - Priority Multiple projects often compete for limited quantities of people, equipment, and funding, especially in firms with the traditional, function-driven management style. Project managers in a function-driven structure often have their teams an resources raided to handle a problem with ongoing operations or to work on a new project. Surviving your organizational structure - Focus If a firm is project oriented, you can be certain that projects are the center of its attention and the reason for its existence. Everyone has a unifying purpose that drives all decisions and helps to increase productivity. This compares favorably with matrix and function-driven organizations, where project team members are often working on projects less than half their time. In these companies, the diffused focus and increased span of responsibilities tend to lower emotional commitment and productivity. Surviving your organizational structure - Chain of command If the chain of command for a project runs counter to the organizational structure, it takes more effort to bring a problem to the attention of the proper manager. As the projects breaks through functional boundaries, more and more functional managers are required to approve decisions. And if certain functional groups have competing interests, clashes over authority can bring progress to a standstill. Why are project managers considered leaders? Every project needs someone who performs the functions of project management. The primary responsibility of the project manager is to lead all the stakeholders and encourage them to work together during the course of a project. Outcome Frame Model Focuses on what you think you need or want. It closes the gap from the present state to the desired state. How does the outcome frame model differ from the traditional problem-solving model? The outcome frame model focuses on the desired outcome instead of directly focusing on solving the problem. It directs you toward accomplishing a satisfying outcome. Followership Committing one's talents and knowledge in support of organizational goals in response to the influence of a leader or in anticipation of this influence. 5 Reasons to Follow Fear of Retribution Blind Hope Faith in Leader Intellectual Agreement Buying the vision