Foundations of Project Management.docx - Foundations of Project Management [email protected] 416-829-4553 Lecture 1 Open book exam Midterm 40

Foundations of Project Management.docx - Foundations of...

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Foundations of Project Management[email protected]416-829-4553Lecture 1:Open book exam Midterm – 40 questions E-learning activities : confidence quizzes [ do when ever as long as completed ]ProjectsoPhysical oBuilding a McDonalds is a project Project attributes: scope [what a project, what is include and what isn’t]; cost, schedule [time evolved during, people]; quality; product specificat ion Resources: knowledgeable people and money Project constraints: time and money oScope, schedule and costoOthers are quality, resources, and risks Project vs. operationsQuestions: 1. C 2. B 3. DProject management oSet of skills, suite of tools, series of processes oKnowledge area {10}Project plan – knowledge area and how it applies; tool/tools; narrative words {1 pg to 1.5 pg}Project life cycle – typically start, work through it and finish oDifferent from product life cycle oTesting [is a project when doing apps or projects]oTypes: predictive [plan ahead], iterative [plan as through], incremental, adaptive, hybridFive process groups oInitiating – starting a project or a phase of project [beginning or near]oPlanning - deciding what to do nextoExecuting – doing [** most of the time being spent ••]oMonitoring and controlling – checking along the wayoClosing – finishing things Qoff 10 Knowledge areas:oIntegration – bring altogether oScope – what it is and what is not
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oSchedule – how long it takes oCost – value of the resources [people and stuff]oQuality – how well it worksoResource – human resources oCommunication – transferable oRisk – uncertainty oProcurement – needed from the outside for the project oStakeholder – effected by the project activities Questions: 1. b 2. d 3. c Project, program, and portfolio management oPortfolio - everything and strategicoProgram – group related projectsoProject – unique effort with a defined end; Questions: 1. a 2. b 3. aProject management as a profession oHuman resourcesoTen project management areasoBusiness knowledge oProject environment oApplication areaManagement and leadership PMP certificate – this course 35hrs, read the pmi ethics, 4500 hours of experience; 61% 200 questions A b d Introduction oIntegration as a subsection oScope, schedule [time] and cost [in that orderLecture 2:-Project selection oHow and why?Strategic initiativeBusiness caseStatement of workContractAn idea oProject and strategy oSelection process – collecting projects – project selection – project selected [project charter] or project denied [lessons learned]oSWOT – strength, weakness, opportunity, threat oFour stage planning process oOrganizational needs oD B D2
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-Financial components oThree primary methods Payback period – time [outcome]Net present value – dollar [outcome]; higher the better [decision criteria]Return on investment oNet cash flow – cost of the benefits o
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