itm 750 notes.docx - Module 1 Project A temporary endeavor...

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Module 1 Project - A temporary endeavor undertaken to create a unique product, service, or result. O perations - Work done in organizations to sustain the business. Projects are different from operations in that they end when their objectives have been reached or the project has been terminated. Gartner, Inc., a prestigious consulting firm, identified the top 10 strategic technologies for 2015. A few of these technologies include the following: o Computing everywhere : The needs of mobile users in diverse contexts and environments will continue to drive companies to develop new products and services. o The Internet of things : Expanding digitization and connectivity will continue to enable companies to combine information from people, places, and things to extend services, improve how assets or machines operate, or create new sources of revenue. o 3D printing : New applications continue to be found for producing items at lower costs through improved designs, streamlined prototyping, and short-run manufacturing. o Advanced, pervasive, and invisible analytics : The challenge is analyzing data to provide “the right information to the right person at the right time.” Project Attributes A project has a unique purpose . Every project should have a well-defined objective. A project is temporary . A project has a definite beginning and end. A project is developed using progressive elaboration . Projects are often defined broadly when they begin, and as time passes, the specific details of the project become clearer. Therefore, projects should be developed in increments. A project requires resources, often from various areas. Resources include people, hardware, software, and other assets. A project should have a primary customer or sponsor . Most projects have many interested parties or stakeholders, but for a project to succeed someone must take the primary role of sponsorship. The project sponsor usually pro- vides the direction and funding for the project. A project involves uncertainty . Because every project is unique, it is sometimes difficult to define its objectives clearly, estimate how long it will take to complete, or determine how much it will cost. An effective project manager is crucial to a project’s success. Project managers work with the project sponsors, team, and the other people involved to achieve project goals. Project Constraints The following limitations are sometimes referred to in project management as the triple constraint . To create a successful project, a project manager must consider & balance these three often-competing goals: o Scope : What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project? How will the scope be verified?

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