Project Fundamentals

Question 1

What is a project?

Answer 1

A unique, transient endeavour, undertaken to bring about changes and to achieve planned objectives

Question 2

Characteristics of projects

Answer 2

1) Planned set of deliverables “outputs” or “products”
2) Transient: finite time to achieve delivery - clearly defined start and end
3) Of various sizes: as they aim to bring change, they are significant endeavours involving risk
4) Directed to achieve a benefit: positive and measurable changes
5) Pre-determined budget and timescale
6) Unique: they only occur once
7) Introduce a change

Question 3

What is a project success criteria?

Answer 3

The satisfaction of stakeholder needs for the deployment of a project

Question 4

What is project scope?

Answer 4

Scope covers everything that the project will produce and the work involved to achieve this

Key criteria:
1) Time
2) Cost
3) Quality “fit for purpose”

An effective balance (equilibrium) of the above competing criteria achieves project scope

Question 5

What is business-as-usual?

Answer 5

An organisation’s normal day-to-day operations Following standard procedures to achieve the same results - aiming for continuity and consistency

• process driven
• repeatable
• focus on efficiency + effectiveness

Question 6

What are the differences between projects vs business-as-usual?

Answer 6

1) Nature of work: projects introduce change; bau maintaints a stable platform for efficient production to deliver continuity
2) Time sensitivity: projects are timebound; bau is a repetitive and continuous process
3) Procedures: project teams work with unique, bespoke plans and risks; bau has highly procedural working practices to deliver operations consistently
4) Deliverables: projects produce specific scope and deliverables as a ‘one off’; bau produce specific deliverables, but repeatedly ‘production line style’
5) Life cycle: projects use project life cycles; bau use product life cycles
6) Finances: projects require a specific business case to authorise capital budget; bau is funded from operational budgets
7) Team: project teams are dynamic, multiskilled and brought together for the project; bau teams are stable and skilled in relevant areas of operations