COMM 153 Study Guide - Final Guide: Requirements Traceability, Voicemail, Fixed Price
26 Jun 2018
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FALL 2017 Asia Apostol
TEXTBOOK SUMMATIVE
COMM 153 FINALS REVIEW
LECTURE 7: Succeeding in Commerce Panel and Initiating Projects: Project Charter &
Stakeholders
CHAPTER ONE: PROJECT MANAGEMENT OVERVIEW
PROJECT MANAGEMENT is the process of managing project.
●It covers a variety of subjects, processes, skills, and tools - but, key fundamentals are more
consistent across industries
●Understanding project management requires that you understand components of the actual
project - project scope, obstacles, critical path, etc
●One must also understand what the term managing
implies and how it compares against
“traditional business management” (coming for you, Libitz)
PROJECT MANAGEMENT is the work performed by an organization one time (must have a definite
beginning and end) to produce a unique (must be different than anything the firm has produced
before) outcome.
THE DIFFERENCE BETWEEN PM AND OPERATIONAL WORK - OW is ongoing/repetitive series of
tasks that sustain the organization; PM is more temporary.
FEATURE
PROJECTS
OPERATIONS
KEY SIMILARITIES
●Planned, executed, controlled
●Performed by people
●Resource constrained
PURPOSE
Attained objectives then terminate
Sustain the organization
TIME
Temporary w/ definite end and
beginning
Ongoing
OUTCOME
Unique product, service, or result
Non-unique product, service, or result
PEOPLE
●Dynamic, temporary teams
that are formed to meet
project needs
●Not usually aligned with
organizational structure
Functional teams that are generally
aligned with organizational structure
MANAGER AUTHORITY
Varies based on structure; but usually
minimal direct line authority
Generally formal, direct line authority
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FALL 2017 Asia Apostol
MANAGING PROJECTS involves the following:
●Defining a project, developing a plan, executing the plan, monitoring plan progress,
overcoming obstacles, managing risks, and taking corrective actions.
●Involves managing the competing demands/trade-offs between the desired results of the
project (scope, performance, quality) and the natural constraints of the project (time and cost)
●The process of leading a team that has never worked together to accomplish a new foal
within a given timeline/budget
●Applying both the science and art to planning, organizing, implementing, leading, and
controlling the work of a project to meet the goals/objects of the organization
PMI DEFINITION OF PROJECT MANAGEMENT: the application of knowledge, skills, tools, and
techniques, to project activities to meet project requirements. It has been further broken down into
a set of FIVE process groups and NINE knowledge areas:
PM PROCESS GROUPS:
1. INITIATING (“preliminary planning”/”kicking off”) authorizing the project/phase
2. PLANNING (defining”/”developing the plan”/”setting the stage”) defining and refining project
objectives and selecting the best course of action to attain those objectives
3. EXECUTING (“making it happen”/”getting it done”/”coordinating”) coordinating the people
and resources to implement the plan
4. CONTROLLING (“tracking progress””keeping on course”) ensuring project objectives are met
by monitoring/measuring progress regularly to identify variances from the plan so that
corrective actions can be taken
5. CLOSING (“client acceptance”/”transition”/”closeout”) formalizing project acceptance or
bringing to an orderly end
PMBOK KNOWLEDGE AREAS
1. PROJECT INTEGRATION MANAGEMENT processes required to ensure the elements of the
project are properly coordinated
○Project charter, project plan, change requests, work results
2. PROJECT SCOPE MANAGEMENT processes required to ensure that project includes all the
work that is required and only the work that is required to complete the project successfully
○Scope statement, work breakdown, structure, formal acceptance
3. PROJECT TIME MANAGEMENT processes required to ensure timely project completion
○Network diagram, tasks estimates, project schedules
4. PROJECT COST MANAGEMENT processes required to ensure the project is completed within
the approved budget
○Resource requirements, cost estimates, project budget
5. PROJECT QUALITY MANAGEMENT processes required to ensure the project will satisfy
client needs
○Quality management plan, checklists, quality reviews
6. PROJECT HR MANAGEMENT processes required to make the most effective use of the
people enlisted
○Role and responsibility matrix, organization chart, performance evaluations
7. PROJECT COMMUNICATIONS MANAGEMENT processes required to ensure the
timely/appropriate generation, collection, dissemination, storage, and disposition of project
info
○Communication plan. Status reports presentations, lessons learned
8. PROJECT RISK MANAGEMENT processes concerned with identifying, analyzing, and
responding to project risk
○Risk management plan, risk response plan, risk log
9. PROJECT PROCUREMENT MANAGEMENT processes required to acquire goods/services
outside the performing organization
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○Procurement plan, statement of work proposals, contracts
Due to the rising commonality of organizations becoming more global, competitive, and demanding’
firms must adapt with the use of effective project management via the employment of strategic
value points of”
●Providing a controlled way to rapidly respond to changing market conditions and new
strategic opportunities
●Maximize the innovative and creative capabilities of the organizations by creating
environments of focus/open communications
●Enable organizations to accomplish more with less costs
●Enable better leverage of both internal/external expertise
●Provide key information and visibility on project metrics to enable better decision-making
management
●Increase the pace and level of stakeholder acceptance for any strategic change
●Reduce financial losses by “killing off” poor project investments ealy in their life cycles.
At a personal level the value of effective project management is:
●Ensures that work is put to best use of the organization and will be properly recognized
●Provides a career path that:
○offers unique , challenging opportunities for each new project
○required all our abilities/knowledge on management, business, people, and technical
skills
○is in high demand, and increased income ($UGAR DADDY $TATU$)
○prepares you for organizational leadership positions.
○Is recognized more each year as preparation for C-Suite positions
○Enables you to be on the front lines of strategic organizational initiatives and have a
major impact on the firm’s future.
STAKEHOLDER is an individual/organization who is actively involved in the project or whose
interests might be impacted by the project completion/execution
WHY ARE PROJECTS CHALLENGING?
1. UNCHARTED TERRITORY projects created are usually quite new, so it must be approached
with an innovative mindset
2. MULTIPLE EXPECTATIONS due to the presence of multiple stakeholders, there will be
several expectations and needs for the project based on the project’s clients
3. COMMUNICATION OBSTACLES arises due to organizational boundaries, communication
channels, team development stages, etc. Thus, project communication must be proactively
managed
4. BALANCING THE COMPETING DEMANDS; as each project is comprised of several
deliverables, with a set deadline, budget - which must meet the quality benchmarks and
stakeholder approval - some aspects of the project make complement or compete with
others.
5. CUTTING EDGE due to its employment of leading-edge tech, which can lead to more risks,
unknowns, and estimation difficulties
6. ORGANIZATIONAL IMPACTS project manager must be able to manage overalps in
organizational approval/authority domains, contend with competing priorities for shared
resources, deal with annual budget cycles (which may not be aligned with the project’s
needs), and ensure that the project is aligned with organizational focus.
7. COLLABORATION issues may occur due to unfamiliarity with other team members
8. ESTIMATING THE WORK can be difficult, but an essential aspect of project management, as
resource allocation, budget, and time constraints are reliant on these estimates. It tends to be
difficult because:
○Project is unique
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Document Summary
Lecture (cid:581): succeeding in commerce panel and initiating projects: project charter & Project management is the process of managing project. It covers a variety of subjects, processes, skills, and tools - but, key fundamentals are more consistent across industries. Understanding project management requires that you understand components of the actual project - project scope, obstacles, critical path, etc. One must also understand what the term managing implies and how it compares against (cid:440)traditional business management(cid:441) (coming for you, libitz) Project management is the work performed by an organization one time (must have a definite beginning and end) to produce a unique (must be different than anything the firm has produced before) outcome. The difference between pm and operational work - ow is ongoing/repetitive series of tasks that sustain the organization; pm is more temporary. Dynamic, temporary teams that are formed to meet project needs. Functional teams that are generally aligned with organizational structure.
