MODULE 1
What are the phases of project management
1. Defining
2. Planning
3. Execution
4. Closure
Describe Strategic alignment
Have criteria to ensure that projects contribute to strategic goals; projects must be value-adding
Describe the critical path method
Critical path = longest time
Differentiate a project, routine work, and program from each other.
Project - do something that has never been done before to achieve a particular objective
Routine work - repetitive activities performed as part of the regular operations of the organization.
Program - series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal. It is a higher level group of projects targeted at a common goal.
Differentiate WBS and OBS
WBS - Work breakdown structure
this breakdown groups work
packages by type of work within a
deliverable and allows assignment of
responsibility to an organizational
unit.
OBS - Organizational Breakdown structure
depicts how the firm is organized to discharge; its work responsibility for a project; provides a framework to summarise; organization work unit performance; identifies organization units responsible for work packages; ties the organizational units to cost control accounts
3 main objectives to DEFINE your project
Scope
Cost
Time
3 ways to use influence as currency
THE LAW OF RECIPROCITY
one good deed deserves another, and likewise, one bad deed deserves another
QUID PRO QUO
mutual exchanges of resources and services (“back-scratching”) build relationships
INFLUENCE “CURRENCIES” (Cohen and Bradford)
cooperative relationships are built on the exchange of
organizational “currencies” (favors)
What is portfolio management? What are the parts of a project portfolio matrix (dont explain in-depth)?
- ensure that projects are aligned with strategic goals and prioritized appropriately
- provides information that allows people to make better business decisions
[COL 2-300]
Relevant documents needed to DEFINE a project
WBS, OBS, Responsibility matrix, Communication Plan
Enumerate the 7 advantages of using project management. (Don't explain)
TIP: STICCK
Increased customer focus
Triple Bottom Line (People Planet Profit)
Corporate Downsizing
Compression of Product life Cycle
Knowledge Explosions
Differentiate project manager vs project leader
Managing - coping with complexity
Leading - coping with change
5 Steps for DEFINING a project
TIP: DS-EP-CWBS-IWBS-CWBSIS
STEP 1: defining the Project Scope
STEP 2: establishing Project Priorities
STEP 3: creating the Work Breakdown Structure
STEP 4: integrating the WBS with the Organization
STEP 5: coding the WBS for the Information System
Enumerate and explain the advantages of project management
STICCK
Small Projects Represent Big Problems - streamline existing processes, avoid hidden costs, maximize finite resources
Triple Bottom Line - balance people, planet, profit
Increased Customer Focus - helps create customized products for a better competitive advantage
Corporate Downsizing - ensure get things done in a volatile environment (also escape corporate downsizing with good PM skills).
Compression of Project Life Cycle - speeds up process of launching products in a competitive market
Knowledge Explosion - Use PM to incorporate complex knowledge in the process of innovation; newer innovations = more complicated = need PM to flourish
Explain each part of the project portfolio matrix
[COL2-500]
9 Building Blocks of Business
Key Partners
Key Activities
Key Resources
Costs
Value Proposition
Customer Relationships
Customers
Channels
Revenue