Chapter 8 (Project Management)

Question 1

Definition of Project

Answer 1

1. Has a defined objective,
2. has a deadline,
3. requires integration of knowledge and experience from various organizations

Question 2

Definition of Project Management

Answer 2

Causing a Planned Undertaking to Happen

Question 3

What is Project Management

Answer 3

• Complex & numerous activities
• Unique (a one time set of events)
• Finite (begin and end date)
• Limited resources and budget
• Many people involved
• Sequenced activities
• Result: End product or service
• Summarized: a project is unique with fixed cost and time constraints.

Question 4

Program Management

Answer 4

• Made up of several projects
• Larger in scope than a project
• Made up of a number of similar product
• Programs tend to be more permanent

Question 5

Factors for Project Success

Answer 5

• Project Management Philosophy
  (Golden Rule = Plan, Organize, Control)
• Project Management Role and Responsibility
  (Project Execution, Maintain Customer Relations, Create a positive environment)
• Project Management Principles and Practices
  (Define Project Objectives, Define Project execution plan, define baselines for control, manage risk, close out effectively)

Question 6

Four Cornerstones of Project Management

Answer 6

Cost, Schedule, Scope, Quality

Question 7

Gantt Chart

Answer 7

Shows what has to be done (activities / resource allocation) and when (the schedule)

Question 8

Critical Path Method

Answer 8

• Identifies project priorities
• Enables schedule analysis
• Reflects project strategy
• Promotes teamwork

Question 9

PERT Chart (Program Evaluation Review Technique)

Answer 9

• Project management tool (Statistical tool)
• Use to schedule, organize, and coordinate tasks within a project
• developed by the U.S. Navy in 1957 to manage the Polaris submarine missile program.
• Critical Path Method(CPM) was developed for project management in the private sector at about the same time.

Question 10

WBS (Work Breakdown Structure)

Answer 10

• WBS help break down a project into manageable chunks that can be effectively estimated and supervised

Question 11

Difference between GANTT Charts & PERT CHART (PROGRAM EVALUATION REVIEW Technique)

Answer 11

• Gantt chart present information in the format of bar chart
• PERT displays information as a network model
• GANTT charts are ideal for straightforward project with interlinking task
• GANTT charts don’t demonstrate the link that 2 tasks may have
• GANTT chart present project tasks and time allocation mainly as the only pieces of data
• PERT charts, while also including project tasks and time allocation, display dependency between tasks
• GANTT charts are easier to change as a task moves along and it comes to closer completion

Question 12

Phases of Project Management

Answer 12

Five phases of Project Management

Define > Planning > Organize > Control > Close

Question 13

WHY DO MANY PROJECTS FAIL?

Answer 13

• Poorly managed
• Undefined objectives and goals
• Lack of management commitment
• Lack of a solid project plan
• Poorly defined roles and responsibilities
• Inadequate requirement
• Team conflict
• Unrealistic timeframes and tasks
• Poor communication
• Politics
• Lack of prioritization and project portfolio management

Question 14

PMI & Prince 2

Answer 14

• TheProject Management Institute(PMI) is a US nonprofit professional organization for project management.
• Used in the aerospace, construction and defense industries.
• PRINCE2 emphases dividing projects into manageable and controllable stages. The owner of PRINCE2, Axelos, originated as a joint venture of the UK government and Capita.