MAN 4583 Exam 1 Study Guide Graded A 2024

What constitutes a project? - - Temporary endeavor - Beginning and end - Creates unique product - Not continuous operation - Budget Project Manager - - Assigned to achieve projects objectives - Leads projects team - Organizes projects resources - Planning/ overseeing project in its entirety - COMMUNICATING - Authorization given through project charter Simple Project Life Cycle/ Knowledge Areas of Process Groups - Initiating, planning, executing, monitoring/controlling, closing Waterfall (traditional) Approach: - - Each process occurs one after another - Works well when project is relatively familiar - Goal and solution are easy to identify - Scope and deliverables are clear - Use familiar technology and tools - High degree of certainty - Typically planning first and then executing - Ex. construction, events Agile Approach: - - Low level of certainty - Ex. experimentation where plan will come down to results of hypothesis testing - Broad plan in beginning but more detailed plan iteratively or repetitively one bit at a time - Smaller teams of skill people monitor and control project more closely Sought after project management skills and abilities: - 1. Communication 2. Technological skills 3. Leadership 4. Planning 5. Team building/management 6. Stakeholder management SME's - Subject Matter Experts: in depth knowledge of specific job under analysis, skills, abilities. There to help with certain aspects of the project that require their input and or specialized help. Initiating: - - Develop project charter - Identify stakeholders Planning: - - Plan project management plan - Plan scope management - Plan schedule management - Plan cost management - Plan quality management - Plan resource management - Plan communications management - Plan risk management - Plan procurement management - Plan stakeholder engagement Execution: - - Direct and manage project work - Manage project knowledge - Manage quality - Acquire resources - Develop team - Manage team - Manage communications - Implement risk response - Conduct procurements - Manage stakeholder engagements Closing: - - Lesson learned: get feedback, wrap up meeting to share thoughts, document lessons and share with other project teams - Final work: file documents for reference - Contract closeout: pay vendors, end contracts of temporary team members, have client sign off on contract/deliverables Program Management: - -2 or more projects that work together that aim to achieve the same deliverables over extended period of time - End after a project is ended Portfolio Management: - -Set of projects linked together by business goal/ aim to complete same strategic objective - Close link to executives within a corporation because they are the first point of contract to align strategy with the programs and projects (which make up portfolio content) - Select and staffs programs and projects -Needs to ensure portfolio brings value and org. is investing money wisely Triple Constraint: - Triangle - Time (to complete project)